HEC Infra Projects Limited (HECPROJECT)
₹113.87 -0.74% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, HEC Infra's revenue was ₹31.1 Cr (+11.5% year on year, -38.7% on the previous quarter), and net profit ₹1.4 Cr (+2.7% year on year); the operating margin was 8.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹31.1 | +11.5% | -38.7% |
| Operating profit | ₹2.7 | +4.9% | -70.0% |
| Net profit | ₹1.4 | +2.7% | -77.6% |
| EPS (₹) | 1.26 | +2.4% | -77.6% |
| Operating margin | 8.8% | — | — |
HECPROJECT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 45.34% of the HECPROJECT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 73.01%. That is lower than usual for this stock. Turnover was only ₹2 lakh, so a handful of trades can move this figure. Volume was 0.1 times its average, well below normal.
Delivery in the last 5 sessions: 66.1% · 72.9% · 77.2% · 80.9% · 45.3%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
HEC Infra Projects Limited has secured a domestic work order worth Rs 6.75 crore from CESC Limited. The contract entails the supply of 2 units of 20 MVA 33/11-6 KV Power transformers. The execution timeline for the project is 6 months from the date of award. This contract is not a related-party transaction and reflects continued traction in the company's power transmission business.
- Received work order valued at Rs 6.75 crores
- Contract awarded by domestic utility CESC Limited
- Scope covers supply of 2 nos 20 MVA 33/11-6 KV Power transformers
- Stipulated execution timeline of 6 months
HEC Infra Projects Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Transfer Agent Cameo Corporate Services Limited on October 5, 2026, confirms that all securities received for dematerialisation during the period were processed, confirmed to depositories, and mutilated/cancelled within stipulated timelines. This is a standard regulatory disclosure with no impact on operations or financials.
- Regulation 74(5) compliance confirmed for the quarter ended 30th September, 2026
- RTA Cameo Corporate Services Limited issued the certificate dated 05th October, 2026
- Confirmation that received security certificates were cancelled and depositories substituted as registered owners
HEC Infra Projects Limited has secured a domestic work order worth ₹19.5 crore from M/S Stellar Manufacturers Private Limited. The contract entails the supply, installation, testing, and commissioning (SITC) of a 66kV GETCO Bay Extension and a 66kV underground transmission line. The project is scheduled to be executed over a 6-month timeline. Relative to the company's TTM revenue of ₹31 crore, this single win represents approximately 63% of annual top-line scale.
- Received work order valued at ₹19.5 crores from M/S Stellar Manufacturers Private Limited
- Order value represents ~63% of TTM revenue (₹31 crore)
- Execution timeline set at 6 months from award
- Scope covers SITC of 66kV GETCO Bay Extension and 66kV Underground Transmission Line
- No promoter interest; transaction does not fall under related party purview
HEC Infra Projects Limited has secured a domestic work order worth ₹7.45 crore from M/S Nakshatra Infra. The contract entails supply, installation, testing, and commissioning (SITC) of electrical, HVAC, fire fighting, and fire detection systems at Old Lal Court museum in Vadodara. The project execution timeline is short at 6 months. Relative to HEC Infra's TTM revenue of ₹31 crore, this single win represents a sizable ~24% addition.
- Work order size of ₹7.45 crores received from M/S Nakshatra Infra
- Scope includes electrical, HVAC, fire fighting, and fire detection SITC at Old Lal Court museum, Vadodara
- Strict execution timeline of 6 months
- Contract value represents approximately 24% of TTM revenue (₹31 Cr)
- Domestic order with no promoter interest or related party transaction
HEC Infra Projects Limited announced that shareholders approved the appointment of M/s. Kashyap R. Mehta & Partners, Practising Company Secretaries, as the company's Secretarial Auditors at its 21st AGM on September 18, 2026. The appointment is for a tenure of 5 consecutive financial years spanning FY 2026-27 to FY 2030-31. The compliance mandate follows the provisions of Section 204 of the Companies Act, 2013 and Regulation 24A of SEBI LODR Regulations.
- Appointment approved at the 21st Annual General Meeting held on September 18, 2026
- Auditor appointed for a period of 5 consecutive years covering FY 2026-27 to FY 2030-31
- M/s. Kashyap R. Mehta & Partners holds Peer Reviewed Certificate No. 6827/2025 and FRN: P2025GJ106000
- Managing Partner Yash K. Mehta brings over 15 years of post-qualification experience
HEC Infra Projects Limited has announced the appointment of M/s. Kashyap R. Mehta & Partners, Practising Company Secretaries, as its Secretarial Auditors. The appointment was approved by members at the 21st AGM on September 18, 2026, for a 5-year tenure spanning FY 2026-27 to FY 2030-31. This is a routine statutory compliance under Section 204 of the Companies Act, 2013 and Regulation 24A of SEBI LODR, with no direct financial impact on the company.
- Appointment of M/s. Kashyap R. Mehta & Partners as Secretarial Auditors approved at the 21st AGM
- Auditor tenure set for 5 consecutive financial years from FY 2026-27 to FY 2030-31
- Approved to hold office until the conclusion of the 26th AGM to be held in 2031
- Managing Partner Yash K. Mehta has over 15 years of post-qualification experience
HEC Infra Projects Limited reported the scrutinizer's report and voting results for its 21st Annual General Meeting held on September 18, 2026. All 5 resolutions, including the adoption of FY26 financial statements and a special resolution for creating a mortgage/charge on company assets, were passed unanimously with 100% votes in favor. A total of 88,65,907 votes were polled out of 1,08,38,160 total shares, representing an 81.80% voter turnout. Promoter participation stood at 100% of their 81,21,500 shares, alongside 27.40% turnout from public non-institutional shareholders.
- All 5 resolutions passed with 100.00% assent and zero dissent votes
- Total voter participation was 81.80% (88,65,907 shares polled out of 1,08,38,160 total shares)
- Promoter voting turnout was 100% across all 81,21,500 promoter shares
- Special resolution passed to create mortgage or charge on the company's assets (88,64,907 votes in favor)
HEC Infra Projects Limited conducted its 21st Annual General Meeting on September 18, 2026, via Video Conferencing. Key ordinary and special resolutions transacted included the adoption of FY26 financial statements, the reappointment of retiring director Mr. Rahul Gaurang Shah, and authorization under section 180(1)(a) to create mortgages or charges on company assets. Additionally, M/s. Kashyap R. Mehta & Partners was proposed as Secretarial Auditors for a five-year term (FY 2026-27 to 2030-31). The meeting lasted 13 minutes, and formal voting results will be submitted separately under Regulation 44(3).
- 21st Annual General Meeting held on September 18, 2026, starting at 12:00 Noon and concluding at 12:13 p.m. IST
- Special resolution presented under Section 180(1)(a) to authorize creating mortgages/charges on company assets
- Appointment of Secretarial Auditors proposed for a 5-year tenure spanning FY 2026-27 to FY 2030-31
- Remote e-voting took place from September 15, 2026 (09:00 AM) to September 17, 2026 (05:00 PM)
HEC Infra Projects Limited has received a work order worth Rs 12.78 crore from Gujarat Energy Transmission Corporation Limited (GETCO). The contract involves laying, erection, testing, and commissioning of 66 kV XLPE cables for various lines in the Rajkot zone. The execution timeline for the project is 24 months. The order size represents approximately 41.2% of the company's TTM revenue of Rs 31 crore, providing notable revenue visibility.
- Secured a domestic work order worth Rs 12.78 crore from GETCO
- Contract covers laying, erection, testing, and commissioning of 66 kV cables in Rajkot zone
- Project execution timeline specified as 24 months
- Order value constitutes ~41.2% of HEC Infra's TTM revenue of Rs 31 crore
HEC Infra Projects Limited has issued the notice for its 21st Annual General Meeting scheduled for September 18, 2026, via video conferencing. Key resolutions include adopting FY2025-26 audited accounts and seeking shareholder consent under Section 180(1)(a) to create charges/mortgages on assets securing credit facilities up to Rs 250 Crores. The company is also proposing the appointment of Secretarial Auditors for a 5-year tenure (FY 2026-27 to 2030-31) and ratification of Rs 20,000 Cost Auditor remuneration.
- 21st Annual General Meeting scheduled for September 18, 2026 at 12:00 PM IST via VC/OAVM
- Special resolution proposed to create charges/mortgages securing borrowings up to Rs 250 Crores
- Appointment of M/s Kashyap R. Mehta & Partners as Secretarial Auditors for 5 consecutive years (FY 2026-27 to FY 2030-31)
- Approval of Cost Auditor remuneration of Rs. 20,000 plus taxes for FY 2026-27
HEC Infra Projects reported a moderate 11.5% YoY increase in revenue from operations to ₹31.12 Cr for Q1 FY27. However, Net Profit (PAT) remained nearly flat at ₹1.37 Cr, representing a marginal 2.7% YoY growth. The bottom line was primarily constrained by a sharp 95% increase in finance costs, which rose to ₹1.42 Cr from ₹0.73 Cr in the year-ago period. The company maintains a stable equity base of ₹10.84 Cr with a basic EPS of ₹1.26 for the quarter.
- Revenue from operations grew 11.5% YoY to ₹31.12 Cr compared to ₹27.91 Cr in Q1 FY26.
- Net Profit (PAT) stood at ₹1.37 Cr, showing a slight increase from ₹1.33 Cr in the previous year's quarter.
- Finance costs surged by 95% YoY to ₹1.42 Cr, impacting overall profitability margins.
- Project-related expenses, including material costs and inventory changes, totaled ₹21.54 Cr for the quarter.
- The company reported zero defaults on loans or revolving facilities as of June 30, 2026.
HEC Infra Projects Limited has incorporated a new subsidiary, Shivam Grid Solutions Private Limited, on July 28, 2026. The company has acquired a 51% controlling stake by subscribing to 51,000 equity shares at a total cost of Rs. 5.10 lakh. The new entity will focus on providing electrical, mechanical, and engineering support services, including technical manpower supply. Given the company's net worth of Rs. 66 Cr, this initial investment is small at less than 0.1% of net worth.
- Incorporated Shivam Grid Solutions Private Limited on July 28, 2026
- Acquired 51% shareholding (51,000 equity shares) for a cash consideration of Rs. 5,10,000
- Subsidiary has an authorized and paid-up capital of Rs. 10,00,000
- Business focus includes electrical, mechanical, and technical manpower supply services
HEC Infra Projects has scheduled its 21st Annual General Meeting (AGM) for September 18, 2026, to be conducted via video conferencing. The board has approved the appointment of M/s. Kashyap R. Mehta & Partners as Secretarial Auditors for a five-year term spanning FY 2026-27 to 2030-31. Additionally, M/s. P. H. Desai & Co. has been appointed as the Cost Auditor for FY 2026-27. Shareholders can exercise their voting rights through a remote e-voting window open from September 15 to September 17, 2026.
- 21st Annual General Meeting scheduled for September 18, 2026, at 12:00 Noon
- Secretarial Auditor appointed for a fixed term of 5 consecutive years (FY 2026-27 to 2030-31)
- Remote e-voting period set for 3 days, starting September 15 and ending September 17, 2026
- Cut-off date for determining shareholder voting eligibility is September 11, 2026
- Board meeting for these approvals lasted 45 minutes, concluding at 3:45 p.m.
HEC Infra Projects Limited has scheduled its 21st Annual General Meeting (AGM) for September 18, 2026, to be conducted via video conferencing. The Board has recommended the appointment of M/s. Kashyap R. Mehta & Partners as Secretarial Auditors for a five-year term spanning FY 2026-27 to 2030-31. Additionally, M/s. P. H. Desai & Co. has been appointed as the Cost Auditor for FY 2026-27. Shareholders can exercise their voting rights through remote e-voting between September 15 and September 17, 2026.
- 21st Annual General Meeting scheduled for September 18, 2026, at 12:00 Noon
- Appointment of Secretarial Auditors for a fixed term of 5 consecutive years (FY27 to FY31)
- Remote e-voting period set from September 15, 2026 (9:00 AM) to September 17, 2026 (5:00 PM)
- Cut-off date for determining e-voting eligibility is September 11, 2026
- Appointment of M/s. P. H. Desai & Co. as Cost Auditors specifically for the 2026-27 financial year
HEC Infra Projects has scheduled its 21st Annual General Meeting (AGM) for September 18, 2026, to be conducted via video conferencing. The board has approved the appointment of M/s. Kashyap R. Mehta & Partners as Secretarial Auditors for a five-year term spanning FY 2026-27 to 2030-31. Additionally, M/s. P. H. Desai & Co. has been appointed as the Cost Auditor for the financial year 2026-27. Shareholders can participate in remote e-voting from September 15 to September 17, 2026, based on a cut-off date of September 11, 2026.
- 21st Annual General Meeting (AGM) to be held on September 18, 2026, at 12:00 Noon.
- Remote e-voting period set from September 15, 2026 (9:00 AM) to September 17, 2026 (5:00 PM).
- Cut-off date for determining shareholder voting eligibility is September 11, 2026.
- Secretarial Auditor appointed for a 5-year term from FY 2026-27 to 2030-31.
- Cost Auditor appointed specifically for the F.Y. 2026-27 period.
Financial Performance
Revenue Growth by Segment
Not disclosed by segment; total revenue grew 79.74% YoY to INR 68.41 Cr in H1 FY26 from INR 38.06 Cr in H1 FY25. Q2 FY26 revenue stood at INR 40.50 Cr, a 102.1% increase YoY. This growth is driven by improved execution across multiple projects and consistent order inflows.
Geographic Revenue Split
Major revenue is derived from Gujarat (percentage not disclosed), with small portions realized from Haryana. High concentration in Gujarat exposes the company to regional site availability risks and state-specific budget reallocations, which can stall project execution.
Profitability Margins
Gross margins are not explicitly disclosed. EBITDA margin improved to 9.41% in H1 FY26 from 8.51% in H1 FY25. Net Profit margin stood at 5.18% in H1 FY26 compared to 5.29% in H1 FY25. The company prioritizes profitability over volume, refusing low-margin projects to protect these margins.
EBITDA Margin
EBITDA margin was 9.41% in H1 FY26, up 90 basis points YoY. EBITDA grew 94.88% YoY to INR 6.47 Cr from INR 3.32 Cr. This improvement reflects a disciplined project management approach and a focus on high-margin SITC services.
Capital Expenditure
Historical and planned capital expenditure figures are not disclosed in the available documents.
Credit Rating & Borrowing
The long-term rating remains 'Negative' due to modest scale and high working capital intensity. Interest costs rose 71.28% YoY to INR 1.61 Cr in H1 FY26. The company is negotiating with banks for better rates in Q3 FY26 to improve its interest coverage ratio, which has a target of above 1.50 times for a rating upgrade.
Operational Drivers
Raw Materials
Specific raw material names are not disclosed; however, they are related to SITC (Supply, Installation, Testing, and Commissioning) services for power and infrastructure.
Capacity Expansion
Current installed capacity and planned expansion metrics are not disclosed as the company operates as an EPC service provider.
Raw Material Costs
Raw material costs were INR 36.42 Cr in H1 FY26, representing 53.2% of total income. This is an increase from INR 23.58 Cr in H1 FY25. Fluctuations in these costs directly impact project profitability as many EPC contracts have limited escalation clauses.
Manufacturing Efficiency
Efficiency is reflected in the order book to sales ratio of 2.63 times as of June 2022, providing medium-term revenue stability despite some slow-moving orders (INR 20 Cr with no progress).
Logistics & Distribution
Distribution and other expenses stood at INR 23.60 Cr in H1 FY26, up from INR 10.41 Cr in H1 FY25. These costs are significant for transporting heavy equipment to diverse project sites.
Strategic Growth
Expected Growth Rate
45-50%
Growth Strategy
Growth is pursued through selective bidding for high-margin projects, refusing low-margin contracts of INR 100-200 Cr. The company is also diversifying geographically by expanding into states like Haryana to reduce its reliance on Gujarat and targeting departments with faster internal billing processes.
Products & Services
SITC (Supply, Installation, Testing, and Commissioning) services and EPC (Engineering, Procurement, and Construction) projects for power transmission, roads, and buildings.
Brand Portfolio
HEC Infra Projects Limited.
Market Expansion
Actively exploring and working in states beyond Gujarat, such as Haryana, to diversify the revenue base and mitigate regional concentration risks.
External Factors
Industry Trends
The EPC sector is highly fragmented and competitive. Trends show a shift toward 'over the time' revenue recognition (Ind-AS 115) and a focus on technical qualifications like 'Class A' registrations to filter competition.
Competitive Landscape
Highly fragmented and competitive construction sector with tender-driven operations, requiring technical expertise to maintain a niche in SITC services.
Competitive Moat
The moat consists of experienced technical promoters and 'Class A' registrations with the Gujarat Government and CPWD. This is sustainable as long as the company maintains its technical standards and promoter support through unsecured loans.
Macro Economic Sensitivity
High sensitivity to government infrastructure spending and GDP growth. A reduction in infrastructure investment would lead to fewer project opportunities and increased competition.
Consumer Behavior
Not applicable as the company operates in the B2B and B2G infrastructure segments.
Geopolitical Risks
Not disclosed, but global supply chain issues could impact the procurement of specialized electrical components for SITC projects.
Regulatory & Governance
Industry Regulations
Operations are governed by the Roads and Building Department of the Government of Gujarat and CPWD standards. Maintaining 'Class A' and 'Class-1' registrations is critical for bidding eligibility.
Taxation Policy Impact
The effective tax rate for H1 FY26 was approximately 25.6% (INR 1.23 Cr tax on INR 4.79 Cr PBT).
Risk Analysis
Key Uncertainties
The primary uncertainty is the working capital cycle; a gross operating cycle above 180 days and delayed billing from clients like GETCO (1-1.5 years for final 10%) significantly strain liquidity.
Geographic Concentration Risk
Major revenue is concentrated in Gujarat, exposing the company to regional economic and site-specific risks.
Third Party Dependencies
Dependency on government departments for project approvals and final billing, which can delay cash flows by over a year.
Technology Obsolescence Risk
Not disclosed, but the company must keep pace with evolving power infrastructure technologies to maintain its SITC service edge.
Credit & Counterparty Risk
Exposure to government entities like GETCO provides high credit quality but poor payment velocity, impacting the company's debt coverage indicators (Total Debt/GCA target below 5 times).
