HECPROJECT
HEC Infra Projects financials
- Market cap
- ₹129 Cr
- Sector
- Construction
- Calls analysed
- 3
HECPROJECT Q2 FY26
What went well
- Revenue grew 96.84% YoY to INR 40.82 crores, demonstrating strong operational execution.
- EBITDA came in at INR 3.86 crores, translating into a healthy margin of 9.45%.
- Net profit increased significantly by 82.10% YoY to INR 2.33 crores.
What to watch
- Working capital days increased to approximately 123 days from 76 days, though management stated no distress.
- Receivables from government entities, particularly for older projects and final retention amounts, can take 1-1.5 years to realize.
What HEC Infra Projects Limited does
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+
Guidance record · Q2 FY26
what the last two calls moved 7 tracked 0 delivered 1 missed 6 open- M&A Decision went quiet said Q1 FY26 Promised: I 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. Q2 FY26: No mention of the transformer acquisition or backward integration verdict in Q2
- Revenue Growth revised up said Q4 FY25 Promised: We expect at least 30% to 40% growth this year as well. Q2 FY26: Management stated they are growing at 50% and expect to maintain this for the next 3-4 years
- EBITDA Margin on track said Q4 FY25 Promised: EBITDA margin would remain almost similar only... maintained by the company over the coming years. Q2 FY26: Margin at 9.45%. Management guided to maintain around this level (+/- 0.5%)
All 7 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 11.5%, net profit up 3.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20 | 28 | 47 | 28 | 41 +102% | 57 +108% | 51 +9% | 31 +12% |
| EBITDA | 1 | 3 | 8 | 3 | 4 +200% | 5 +87% | 9 +18% | 3 +5% |
| Net profit | 1 | 1 | 6 | 1 | 2 +81% | 3 +104% | 6 +8% | 1 +3% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −14.9% 1Y
1Y: ₹139.84 on 10 Sept 2025 → ₹119.04. High ₹151.61 (30 Sept 2025), low ₹95.88 (30 Mar 2026).
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.
Financials, as filed
Revenue grew 54.6% a year over 2 years, FY24 to FY26. Operating margin widened to 11.4%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹74 Cr | ₹112 Cr | ₹176 Cr |
| Operating profit | ₹5 Cr | ₹13 Cr | ₹20 Cr |
| Operating margin | 7.1% | 11.4% | 11.4% |
| Interest | ₹2 Cr | ₹3 Cr | ₹4 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹5 Cr | ₹9 Cr | ₹13 Cr |
| Net margin | 6.6% | 8.2% | 7.1% |
| Cash from operations | ₹7 Cr | ₹-26 Cr | ₹3 Cr |
| Free cash flow | ₹10 Cr | ₹-26 Cr | ₹3 Cr |
| ROCE | 8.0% | 19.0% | 21.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹10 Cr | ₹10 Cr | ₹10 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹27 Cr | ₹19 Cr | ₹20 Cr | ₹25 Cr | ₹46 Cr | ₹55 Cr |
| Borrowings | ₹31 Cr | ₹35 Cr | ₹31 Cr | ₹30 Cr | ₹42 Cr | ₹44 Cr |
| Other liabilities | ₹24 Cr | ₹17 Cr | ₹23 Cr | ₹14 Cr | ₹29 Cr | ₹25 Cr |
| Total liabilities | ₹84 Cr | ₹82 Cr | ₹85 Cr | ₹79 Cr | ₹128 Cr | ₹135 Cr |
| Fixed assets | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹82 Cr | ₹80 Cr | ₹83 Cr | ₹78 Cr | ₹126 Cr | ₹134 Cr |
| Total assets | ₹84 Cr | ₹82 Cr | ₹85 Cr | ₹79 Cr | ₹128 Cr | ₹135 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +5.49 pp while DIIs trimmed −5.48 pp. The shareholder count shrank 3% to 3,961.
- Promoters
- 74.9%
- Public
- 25.1%
Since Jun 2025
- Public +5.49 pp
- DIIs −5.48 pp
- Promoters 0.00 pp
How it drifted, 12 quarters
Over this window DIIs fell from 8.5% to 0.0% — −8.5 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 73.2%, DIIs 8.5%, Public 18.3%.Dec '23: Promoters 73.2%, DIIs 8.5%, Public 18.3%.Mar '24: Promoters 73.2%, DIIs 8.5%, Public 18.3%.Jun '24: Promoters 73.2%, DIIs 8.5%, Public 18.3%.Sep '24: Promoters 73.2%, DIIs 8.5%, Public 18.3%.Dec '24: Promoters 73.2%, DIIs 5.9%, Public 20.9%.Mar '25: Promoters 74.9%, DIIs 5.5%, Public 19.6%.Jun '25: Promoters 74.9%, DIIs 5.5%, Public 19.6%.Sep '25: Promoters 74.9%, DIIs 5.5%, Public 19.6%.Dec '25: Promoters 74.9%, DIIs 5.5%, Public 19.6%.Mar '26: Promoters 74.9%, Public 25.1%.Jun '26: Promoters 74.9%, Public 25.1%.
Who is on the register
Named in the Jun 2026 filing
Every holder of HEC Infra Projects Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gaurang Parmanand Shah | 52.82% | unchanged |
| Rupal Gaurang Shah | 11.23% | unchanged |
| Rahul Gaurang Shah | 6.57% | unchanged |
| Paras Engen India Private Limited | 4.31% | unchanged |
| Nitin Madhukarbhai Pandya | 4.20% | unchanged |
| Sumanju Projects & Services Limited | 1.85% | −0.25 pp |
| Misha Ashish Shah | 1.78% | −0.27 pp |
| Ashish Navnitlal Shah | 1.01% | unchanged |
| Vikram Parmanand Shah | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (3)
Read the Q2 FY26 call →Learn to analyse HEC Infra Projects Limited
Guides on how to read this kind of business and the numbers that matter.