1. At a Glance
HEC Infra Projects Ltd is that classic Gujarati EPC company which quietly installs substations, lays cables, builds switchyards, and then suddenly wakes up the market with a 108% QoQ revenue jump like it just discovered steroids in the transformer oil.
As of the latest data, the company sits at a market cap of ₹134 crore, trading around ₹124 per share, down ~10.5% over the last three months and ~17% over six months—which means the stock market has not fully bought into the recent financial glow-up.
Latest quarter numbers look spicy:
- Q3 FY26 revenue: ₹57.35 crore
- Q3 FY26 PAT: ₹2.92 crore
- YoY revenue growth: 108%
- YoY profit growth: 104%
ROE stands tall at 21%, ROCE at 19%, while P/E is just ~11x, much lower than the industry median of ~17x. Debt is not zero, but also not terrifying at ₹41.8 crore, with Debt/Equity ~0.74.
The cherry on top? Promoters hold 74.93%, no pledging, and they recently infused capital at ₹129, which is higher than the current market price.
So… undervalued execution machine or working-capital-heavy EPC stress waiting to happen? Let’s peel this onion layer by layer.
2. Introduction
HEC Infra Projects Ltd is not the kind of company that trends on Twitter. It trends in government tender portals, municipal corporations, and electricity boards. Founded in 2005, HEC Infra operates in electrification, power transmission, substations, water infrastructure, and now—very importantly—battery energy storage systems (BESS).
This is a SITC EPC contractor—Supply, Installation, Testing, and Commissioning—which means once they win an order, they are responsible for everything except the chai breaks. The company is registered as:
- Class A contractor with the Gujarat R&B Department
- Class-1 contractor with CPWD
- Licensed contractor with GETCO
Translation: this company is allowed to touch serious voltage.
After years of slow and sometimes boring growth, FY25 and FY26 look like HEC Infra suddenly found religion in execution. Revenues jumped from ₹112
crore in FY24 to ₹172 crore TTM, and profits followed like obedient interns.
But EPC businesses are never simple. Cash flow timing, debtor days, government payments, and capital intensity can turn heroes into horror stories very quickly.
So the key question is:
👉 Is this a structural turnaround or just one lucky execution cycle?
3. Business Model – WTF Do They Even Do?
HEC Infra is basically the guy who shows up after your power plant is approved and says:
“Sir, wiring hum dekh lenge.”
The company operates across seven core verticals:
- Substations (up to 220 kV)
- Overhead Transmission Lines (up to 220 kV)
- Underground Cable Laying (up to 66 kV)
- Solar Power Plants
- Battery Energy Storage Systems (BESS)
- Industrial & Commercial Electrification
- Outdoor Lighting & Water Infrastructure
They execute projects on a turnkey basis, meaning design → procurement → execution → commissioning → handover. No excuses.
Clients include Adani Ports, Reliance Industries, Essar Oil & Gas, Hindalco, Mother Dairy, and municipal corporations like AMC. That’s not a shady client list.
Revenue mix (FY22):
- Domestic goods: ~61%
- Domestic services: ~39%
This means HEC Infra is not just a labour contractor—it also supplies equipment, which helps margins but increases working capital stress.
Now let me ask you this:
Would you rather be an EPC company with thin margins
