---
title: "HEC Infra Projects Ltd (HECPROJECT) — Share Price, Financials & Analysis"
symbol: "HECPROJECT"
company: "HEC Infra Projects Ltd"
canonical: "https://tapetide.com/stocks/HECPROJECT"
isin: "INE558R01013"
nse_symbol: "HECPROJECT"
sector: "Construction"
industry: "Civil Construction"
market_cap_cr: 131.14
generated_at: "2026-09-13T18:47:52.981Z"
---

# HEC Infra Projects Ltd (HECPROJECT)

Canonical page: https://tapetide.com/stocks/HECPROJECT

## Company

- **NSE Symbol:** HECPROJECT
- **ISIN:** INE558R01013
- **Sector:** Construction
- **Industry:** Civil Construction
- **Macro Sector:** Industrials
- **Stock Type:** EQUITY
- **Listed Since:** 2021-12-30
- **CEO:** Mr. Gaurang Parmananddas Shah
- **Employees:** 45
- **Face Value:** ₹10
- **F&O Eligible:** No
- **Website:** hecprojects.in

## About

HEC Infra Projects Ltd is an Ahmedabad-
based, asset-light EPC contractor providing design, engineering, procurement, installation, testing, commissioning and O&M for the transmission /substations/cabling, water pumping, solar, lighting and ELV systems. Capabilities include projects up to 220-kV switchyards/transmission lines, 66-kV underground cabling, AIS substations, 
SCADA and associated civil & instrumentation works. [1]

## Latest Price

- **Price:** ₹119.04
- **Change:** -0.51 (-0.43%)
- **Open:** ₹118.1
- **Day High:** ₹121
- **Day Low:** ₹115
- **Previous Close:** ₹119.55
- **Volume:** 9426
- **As Of:** 2026-09-11T09:59:46+00:00

## Key Fundamentals

Observed at 2026-09-11T04:38:36.953292Z.

- **Market Cap:** ₹131.14 Cr
- **Classification:** Microcap
- **P/E (reported):** 10.3
- **P/E (TTM):** 10.23
- **EPS (TTM):** ₹11.64
- **Book Value:** ₹60.65
- **Price to Book:** 1.97
- **Dividend Yield:** 0%
- **ROE:** 17.4%
- **ROCE:** 27.71%
- **Debt to Equity:** 0.67
- **Revenue (yearly):** ₹176.49 Cr
- **Net Income:** ₹12.65 Cr
- **EBITDA:** ₹20.15 Cr
- **52-Week High:** ₹160.5
- **52-Week Low:** ₹92.1
- **RSI (14):** 45.86

## Tapetide Score

- **Score:** 57 / 100
- **Score date:** 2026-09-04
- **Archetype:** Cheap but Weak
- **What it means:** A low multiple sitting on weak financials. Worth establishing what the market is discounting before treating the low valuation as an opportunity — weak fundamentals often justify it.
- **Pillar profile:** Quality: Weak · Valuation: Cheap · Momentum: Rising
- **Percentile:** 77.8 (of 4473 scored stocks)
- **Confidence:** 100%
- **Data coverage:** 100%

| Pillar | Score | Weight |
| --- | --- | --- |
| financial health | 56.58 | 9% |
| growth | 92.84 | 9% |
| momentum | 61.57 | 12% |
| ownership | 50 | 24% |
| quality | 47.97 | 22% |
| valuation | 60.65 | 24% |

The Tapetide Score is decision-support only, not investment advice.

## Key Insights

### Strengths

- Company is expected to give good quarter
- Company has delivered good profit growth of 110% CAGR over last 5 years
- Debtor days have improved from 94.9 to 55.4 days.
- Company's working capital requirements have reduced from 92.2 days to 40.4 days

### Weaknesses

- Though the company is reporting repeated profits, it is not paying out dividend

## Growth Rates

| Metric | QoQ | 1Y | 3Y | 5Y |
| --- | --- | --- | --- | --- |
| cash flow growth | — | -471.96% | -476.27% | — |
| ebitda margin growth | -69.7% | -14.57% | 1.43% | 48.56% |
| net income growth | -77.05% | 37.5% | 152% | 110% |
| revenue growth | -39.03% | 55.91% | 51% | 36% |
| roce | — | 95.83% | 222.96% | 12.48% |
| roe | — | 28.6% | 11.18% | — |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 15.27 | 17.09 | 28.18 | 18.02 | 20.04 | 27.54 | 46.5 | 27.91 | 40.5 | 57.35 | 50.73 | 31.12 |
| Expenses | 13.95 | 15.76 | 26.4 | 16.8 | 18.86 | 24.91 | 38.79 | 25.31 | 36.96 | 52.44 | 41.63 | 28.39 |
| Operating Profit | 1.32 | 1.33 | 1.78 | 1.22 | 1.18 | 2.63 | 7.71 | 2.6 | 3.54 | 4.91 | 9.1 | 2.73 |
| OPM % | 8.64 | 7.78 | 6.32 | 6.77 | 5.89 | 9.55 | 16.58 | 9.32 | 8.74 | 8.56 | 17.94 | 8.77 |
| Other Income | 0.08 | 3.01 | 0.18 | 0.23 | 0.7 | 0.25 | 1.01 | 0.01 | 0.32 | 0.42 | 0.79 | 0.29 |
| Interest | 0.7 | 0.51 | 0.03 | 0.25 | 0.7 | 0.87 | 1.26 | 0.73 | 0.88 | 1.4 | 0.93 | 1.42 |
| Depreciation | 0.06 | 0.05 | 0 | 0.1 | 0.1 | 0.09 | -0.1 | 0.14 | -0.07 | 0.04 | 0.04 | 0.04 |
| Profit before tax | 0.64 | 3.78 | 1.93 | 1.1 | 1.08 | 1.92 | 7.56 | 1.74 | 3.05 | 3.89 | 8.92 | 1.56 |
| Tax % | 0 | 0 | 86.53 | 22.73 | -13.89 | 25.52 | 24.87 | 23.56 | 26.56 | 24.94 | 31.61 | 12.82 |
| Net Profit | 0.64 | 3.78 | 0.26 | 0.84 | 1.23 | 1.43 | 5.67 | 1.33 | 2.23 | 2.92 | 6.1 | 1.37 |
| EPS in Rs | 0.63 | 3.73 | 0.26 | 0.83 | 1.21 | 1.41 | 5.23 | 1.23 | 2.06 | 2.69 | 5.63 | 1.26 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 82 | 80 | 39 | 38 | 44 | 52 | 74 | 112 | 176 | 180 |
| Expenses | 74 | 74 | 36 | 35 | 41 | 48 | 68 | 98 | 156 | 159 |
| Operating Profit | 8 | 6 | 3 | 2 | 3 | 3 | 5 | 14 | 20 | 20 |
| OPM % | 10 | 7 | 8 | 6 | 6 | 6 | 7 | 12 | 11 | 11 |
| Other Income | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 1 | 2 | 2 |
| Interest | 4 | 4 | 3 | 3 | 3 | 3 | 2 | 3 | 4 | 5 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 5 | 3 | 1 | 0 | 1 | 1 | 7 | 12 | 18 | 17 |
| Tax % | 32 | 26 | 28 | -94 | 9 | 34 | 29 | 21 | 28 | — |
| Net Profit | 3 | 2 | 1 | 0 | 1 | 1 | 5 | 9 | 13 | 13 |
| EPS in Rs | 3.31 | 1.93 | 0.53 | 0.31 | 0.5 | 0.78 | 4.66 | 8.53 | 11.63 | 11.64 |
| Dividend Payout % | 6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 10 | 10 | 10 | 11 | 11 |
| Reserves | 21 | 24 | 26 | 26 | 27 | 19 | 20 | 25 | 42 | 55 |
| Borrowings | 23 | 26 | 29 | 31 | 31 | 35 | 31 | 30 | 38 | 44 |
| Other Liabilities | 26 | 40 | 35 | 26 | 24 | 17 | 23 | 14 | 15 | 25 |
| Total Liabilities | 72 | 92 | 91 | 86 | 84 | 82 | 85 | 79 | 106 | 135 |
| Fixed Assets | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 | 1 |
| CWIP | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Assets | 69 | 90 | 89 | 83 | 82 | 80 | 83 | 78 | 105 | 134 |
| Total Assets | 72 | 92 | 91 | 86 | 84 | 82 | 85 | 79 | 106 | 135 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cash from Operating Activity | 11 | -2 | -4 | -5 | 2 | -4 | 7 | 7 | -26 | 3 |
| Cash from Investing Activity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4 | 0 | -5 |
| Cash from Financing Activity | -8 | 2 | 3 | 4 | -1 | 2 | -7 | -2 | 17 | 3 |
| Net Cash Flow | 3 | 0 | -1 | -1 | 0 | -1 | 0 | 9 | -9 | 0 |
| Free Cash Flow | 11 | -2 | -4 | -5 | 1 | -4 | 7 | 10 | -26 | 3 |
| CFO/OP | 163 | -2 | -60 | -138 | 64 | -133 | 221 | 169 | -169 | 30 |

### Ratios

| Item | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Debtor Days | 146 | 217 | 141 | 262 | 296 | 243 | 226 | 74 | 155 | 55 |
| Inventory Days | 22 | 48 | 68 | 299 | 229 | 231 | 247 | 103 | 78 | 102 |
| Days Payable | 177 | 265 | 248 | 485 | 372 | 255 | 362 | 99 | 93 | 39 |
| Cash Conversion Cycle | -10 | 0 | -40 | 76 | 153 | 219 | 111 | 79 | 139 | 118 |
| Working Capital Days | 24 | 61 | 112 | 305 | 357 | 361 | 306 | 192 | 44 | 40 |
| ROCE % | 19 | 17 | 12 | 6 | 5 | 5 | 7 | 8 | 19 | 21 |

## Shareholding Pattern

### Quarterly

| Category | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 73.2% | 73.2% | 73.2% | 73.2% | 73.2% | 73.2% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% | 74.93% |
| FIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| DIIs | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 5.48% | 0% | 0% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Public | 12.2% | 12.55% | 12.6% | 13.98% | 14.2% | 17.02% | 15.77% | 15.81% | 15.66% | 15.66% | 20.99% | 21.35% |
| Others | 14.59% | 14.25% | 14.2% | 12.81% | 12.6% | 9.78% | 9.3% | 9.25% | 9.41% | 3.93% | 4.08% | 3.72% |
| No. of Shareholders | 1579 | 2222 | 2227 | 3180 | 3762 | 3927 | 3927 | 4065 | 3937 | 3846 | 4011 | 3961 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Sell
- **Buy / Neutral / Sell:** 4 / 6 / 9

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 119.3 | Sell |
| EMA (10) | 119.81 | Sell |
| SMA (20) | 118.7 | Buy |
| EMA (20) | 121.11 | Sell |
| SMA (50) | 126.96 | Sell |
| EMA (50) | 124.41 | Sell |
| SMA (100) | 127.14 | Sell |
| EMA (100) | 125.38 | Sell |
| SMA (200) | 122.95 | Sell |
| EMA (200) | 125.56 | Sell |

### Oscillators — summary: **Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 45.2 | Neutral |
| MACD (12,26,9) | -2.12 | Buy |
| Stochastic (14,3,3) | 23.82 | Neutral |
| ADX (14) | 17.64 | Neutral |
| Williams %R (14) | -80.79 | Buy |
| ATR (14) | 7.27 | High Volatility |
| ROC (12) | 0.2 | Buy |
| Stoch RSI (14) | 54.47 | Neutral |
| UO (7,14,28) | 36.46 | Neutral |

## Filings & Documents

### Exchange Filings & Announcements

| Date | Document |
| --- | --- |
| 2026-08-31 | [Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HECPROJECT_31082026111848_workorder_getco_12_cr.pdf) |
| 2026-08-19 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/HECPROJECT_19082026154411_advt_final.pdf) |
| 2026-08-18 | [Shareholders meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_18082026174741_annual_report_final.pdf) |
| 2026-08-15 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/HECPROJECT_15082026201203_newspaper_publication_30062026_final.pdf) |
| 2026-08-03 | [Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/HECPROJECT_03082026180507_Letter_to_NSE_Pre_Advt.pdf) |
| 2026-07-28 | [General Updates](https://nsearchives.nseindia.com/corporate/HECPROJECT_28072026223753_intimation_under_reguation_30.pdf) |
| 2026-07-23 | [Change in Auditors](https://nsearchives.nseindia.com/corporate/HECPROJECT_23072026161954_BDM_Outcome_-_BD-AGM_-_23-07-2026.pdf) |
| 2026-07-23 | [General Updates](https://nsearchives.nseindia.com/corporate/HECPROJECT_23072026162119_BDM_Outcome_-_BD-AGM_-_23-07-2026.pdf) |
| 2026-07-14 | [General Updates](https://nsearchives.nseindia.com/corporate/HECPROJECT_14072026172205_reg_30_subsidiary_shivam.pdf) |
| 2026-07-09 | [Bagging/Receiving of orders/contracts](https://nsearchives.nseindia.com/corporate/HECPROJECT_09072026112400_wo_epl.pdf) |

### Results & Financial Statements

| Date | Document |
| --- | --- |
| 2026-08-14 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_14082026133905_OUTCOME_MEETING_14082026.pdf) |
| 2026-07-23 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_23072026161208_BDM_Outcome_-_BD-AGM_-_23-07-2026.pdf) |
| 2026-07-23 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_23072026160859_BDM_Outcome_-_BD-AGM_-_23-07-2026.pdf) |
| 2026-07-14 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_14072026172423_reg_30_subsidiary_shivam.pdf) |
| 2026-05-28 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_28052026172054_outcomeofbm28052026final.pdf) |
| 2026-05-28 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_28052026202657_large_corporate_entity.pdf) |
| 2026-02-07 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_07022026131840_outcome_of_board_meeting_07022026.pdf) |
| 2025-11-12 | [Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/HECPROJECT_12112025150953_FINANCIALS_12112025.pdf) |

### Other Documents

| Date | Document |
| --- | --- |
| 9 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written … | [Price movement 9 April 2026 - Investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written …](https://www.nseindia.com/get-quotes/equity?symbol=HECPROJECT) |

### Investor Presentations

| Date | Document |
| --- | --- |
| 2026-02-09 | [Investor Presentation](https://nsearchives.nseindia.com/corporate/HECPROJECT_09022026125604_hec_q3_investor_presentation.pdf) |
| 2025-11-17 | [Investor Presentation](https://nsearchives.nseindia.com/corporate/HECPROJECT_17112025113302_HEC_Infra_Projects_Limited_Q2_FY26_presentation_V1.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from nse | [Annual Report 2026 from nse](https://archives.nseindia.com/annual_reports/AR_30407_HECPROJECT_2025_2026_A_15118087_18082026164242.pdf) |
| from nse | [Annual Report 2025 from nse](https://archives.nseindia.com/annual_reports/AR_27500_HECPROJECT_2024_2025_A_19082025164317.pdf) |
| from nse | [Annual Report 2024 from nse](https://archives.nseindia.com/annual_reports/AR_24254_HECPROJECT_2023_2024_02072024132135.pdf) |
| from nse | [Annual Report 2023 from nse](https://archives.nseindia.com/annual_reports/AR_23281_HECPROJECT_2022_2023_02092023165451_09022023170004.zip) |
| from nse | [Annual Report 2022 from nse](https://archives.nseindia.com/annual_reports/AR_21292_HECPROJECT_2021_2022_04092022154708_09042022160001.zip) |
| from nse | [Annual Report 2021 from nse](https://archives.nseindia.com/annual_reports/SME_AR_19327_HECPROJECT_2020_2021_04092021122013_09042021130004.zip) |
| from nse | [Annual Report 2020 from nse](https://archives.nseindia.com/annual_reports/SME_AR_17263_HECPROJECT_2019_2020_04092020161320_04092020170014.zip) |
| from nse | [Annual Report 2019 from nse](https://archives.nseindia.com/annual_reports/SME_AR_15813_HECPROJECT_2018_2019_05092019174741_05092019180009.zip) |
| from nse | [Annual Report 2018 from nse](https://archives.nseindia.com/annual_reports/SME_AR_14178_HECPROJECT_2017_2018_08102018183155.zip) |
| from nse | [Annual Report 2017 from nse](https://archives.nseindia.com/annual_reports/SME_AR_11824_HECPROJECT_2016_2017_29092017202743.zip) |

### Earnings Call Transcripts

| Date | Document |
| --- | --- |
| 2025-11-19 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HECPROJECT_19112025201021_transcript_final_upload.pdf) |

### Earnings Call Recordings

| Date | Document |
| --- | --- |
| 2025-11-18 | [Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/HECPROJECT_18112025151020_earnings_call_recording_17112025.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| May 2025 | [Concall - May 2025](https://nsearchives.nseindia.com/corporate/HECPROJECT_29052025001317_final_transcript.pdf) |
| Aug 2025 | [Concall - Aug 2025](https://nsearchives.nseindia.com/corporate/HECPROJECT_20082025161428_transcript.pdf) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T18:47:52.981Z.