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HEC Infra Projects share price & results

HEC Infra Projects Limited· Construction· Industrials

Results to
Jun 2026
Latest analysed call
Q2 FY26
Ownership as of
Jun 2026

Ahmedabad-based EPC contractor executing power-distribution substations (11kV-220kV), transmission lines, water pumping/treatment plants, solar-park works and industrial electrification across India.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue31.1 ₹ crore+11.5% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin8.8 %−0.6 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit1.4 ₹ crore+3.0% YoYQuarterly, as filedQuarter to Jun 2026Profit after tax as filed.
Return on equity21.21 %+1.4 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin1.66 %+31.1 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)47.31 %+5.8 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

0 of 1 judged target kept · 6 open · verdicts reflect calls analysed to Q2 FY26.

HEC Infra Projects Limited management guidance track record on Inve: 7 targets tracked across analysed earnings calls (0 achieved, 1 missed, 6 open).

TargetOriginal wordingSaidLatest callVerdict
M&A DecisionI think by the next quarter, we will be having a verdict as to whether we will be exploring or expanding into that domain or not.
Call transcript, Q1 FY26 · 18 Aug 2025		Q1 FY26Q2 FY26:No mention of the transformer acquisition or backward integration verdict in Q2
Call transcript, Q2 FY26 · 17 Nov 2025		Ghosted
Revenue GrowthWe expect at least 30% to 40% growth this year as well.
Call transcript, Q4 FY25 · 26 May 2025		Q4 FY25Q2 FY26:Management stated they are growing at 50% and expect to maintain this for the next 3-4 years
Call transcript, Q2 FY26 · 17 Nov 2025		Revised Up
EBITDA MarginEBITDA margin would remain almost similar only... maintained by the company over the coming years.
Call transcript, Q4 FY25 · 26 May 2025		Q4 FY25Q2 FY26:Margin at 9.45%. Management guided to maintain around this level (+/- 0.5%)
Call transcript, Q2 FY26 · 17 Nov 2025		On Track

Source: Inve Guidance Tracker for HEC Infra Projects Limited · to Q2 FY26

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

1 of HEC Infra Projects Limited's 7 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 4 more targets are in the full ledger.

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Price

₹102.36 −0.66% · −₹0.68

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −26.7% 1Y

₹100₹120₹140Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 17 Nov 2025

1Y: ₹139.62 on 24 Oct 2025 → ₹102.36. High ₹150.05 (15 Apr 2026), low ₹95.88 (30 Mar 2026).

Previous close
₹103.04
Market cap
₹120 Cr
52-week range
₹95.88 – ₹150.05
One year
−27.04%
Price to earnings (TTM to Jun 2026)
9.51×
Return on equity (TTM to Jun 2026)
21.21%

Overview

Symbol
NSE:HECPROJECT
Industry
Industrials
Exchange
NSE
Currency
INR

What HEC Infra Projects Limited does

Based on the company's own presentations, annual report and earnings calls.

HEC Infra Projects designs, procures, and installs turnkey electrical and infrastructure systems for government and private clients across six verticals: power-distribution substations (11kV-220kV, AIS/GIS), underground and overhead transmission lines, water pumping and treatment plants, solar-park balance-of-plant, industrial electrification and automation, and lighting/ELV systems. It earns EPC (engineering-procurement-construction) contract revenue by winning tenders and work orders from utilities (GETCO, HVPNL, RVNL), PSUs and private developers (Tata Power Solar, Alstom Bharat Forge, MG Motors), then executing design-to-commissioning scopes over 6-18 month project cycles. The business originated in 1986 as Harsh Electric Corporation, was reconstituted as a private limited company in Ahmedabad in 2005, and has recently begun taking orders in battery energy storage systems (BESS).

Segments

  • Power Distribution Substations
  • Underground & Overhead Transmission Lines
  • Water Pumping & Treatment Plants
  • Solar Park Development
  • Industrial Electrification & Automation
  • Lighting & ELV Systems
Projects delivered
300+
Substations installed
250+ (11kV-220kV, AIS & GIS)
Core EPC verticals
6
Pan-India state presence
6 states
Marquee clients served
200+
Core team strength
75+
Founded 1986Headquarters Ahmedabad, GujaratEmployees 75 (Q3 FY26) Company website

How the price took the results

close before → close after

Q2 FY26
+1.8%
17 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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