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Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn

HEC Infra Projects Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹79.40Overvalued by 20.12%vs CMP ₹99.40

P/E (8.9) × ROE (21.0%) × BV (₹52.30) × DY (2.00%)

₹123.64Undervalued by 24.39%vs CMP ₹99.40
MoS: +19.6% (Adequate)Confidence: 43/100 (Low)Models: 4 Under, 2 Fair, 2 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹147.9026%Under (+48.8%)
Graham NumberEarnings₹114.8519%Under (+15.5%)
DCFCash Flow₹232.3113%Under (+133.7%)
Net Asset ValueAssets₹52.468%Over (-47.2%)
EV/EBITDAEnterprise₹90.2011%Fair (-9.3%)
Earnings YieldEarnings₹112.108%Under (+12.8%)
ROCE CapitalReturns₹44.578%Over (-55.2%)
Revenue MultipleRevenue₹103.086%Fair (+3.7%)
Consensus (8 models)₹123.64100%Undervalued
Key Drivers: EPS CAGR 86.3% lifts DCF — verify sustainability. | Wide model spread (₹45–₹232) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 86.3%

*Investments are subject to market risks

Investment Snapshot

77
HEC Infra Projects Ltd scores 77/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health67/100 · Strong
ROCE 19.0% GoodROE 21.0% ExcellentD/E 1.03 High debtInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
Promoter holding at 74.9% Stable
Earnings Quality75/100 · Strong
OPM expanding (6% → 10%) ImprovingWorking capital: 44 days (improving) Efficient
Quarterly Momentum90/100 · Strong
Revenue (4Q): +71% YoY AcceleratingProfit (4Q): +74% YoY Strong
Industry Rank100/100 · Strong
P/E 8.9 vs industry 41.3 Cheaper than peersROCE 19.0% vs industry 12.1% Above peersROE 21.0% vs industry 10.7% Above peers3Y sales CAGR: 37% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 108 Cr.
Current Price 99.4
Intrinsic Value₹123.64
High / Low 184/82.0
Stock P/E8.86
Book Value 52.3
Dividend Yield0.00 %
ROCE19.0 %
ROE21.0 %
Face Value 10.0
PEG Ratio0.10

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for HEC Infra Projects Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
HEC Infra Projects Ltd 108 Cr. 99.4 184/82.08.86 52.30.00 %19.0 %21.0 % 10.0
Zodiac Energy Ltd 365 Cr. 241 563/20418.4 66.80.31 %20.0 %27.5 % 10.0
Pansari Developers Ltd 442 Cr. 253 352/15126.0 76.90.00 %6.38 %5.73 % 10.0
Reliance Industrial Infrastructure Ltd 1,007 Cr. 667 1,048/61798.4 2820.52 %2.71 %2.32 % 10.0
Power Mech Projects Ltd 5,931 Cr. 1,876 3,415/1,71817.5 7230.07 %22.9 %16.3 % 10.0
Industry Average2,826.00 Cr318.3941.33123.850.83%12.09%10.71%10.00

All Competitor Stocks of HEC Infra Projects Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 8.8311.5019.4713.2615.2717.0928.1818.0220.0427.5446.5027.9140.50
Expenses 7.9910.5318.8212.4513.9515.7626.4016.8018.8624.9137.5725.3136.96
Operating Profit 0.840.970.650.811.321.331.781.221.182.638.932.603.54
OPM % 9.51%8.43%3.34%6.11%8.64%7.78%6.32%6.77%5.89%9.55%19.20%9.32%8.74%
Other Income 0.090.101.070.090.083.010.180.230.700.25-0.130.010.32
Interest 0.640.970.910.580.700.510.030.250.700.871.340.730.88
Depreciation 0.070.050.040.060.060.050.000.100.100.09-0.100.14-0.07
Profit before tax 0.220.050.770.260.643.781.931.101.081.927.561.743.05
Tax % 0.00%20.00%38.96%26.92%0.00%0.00%86.53%22.73%-13.89%25.52%24.87%23.56%26.56%
Net Profit 0.230.040.460.200.643.780.260.841.231.435.671.332.23
EPS in Rs 0.230.040.450.200.633.730.260.831.211.415.231.232.06

Last Updated: January 1, 2026, 12:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 601251168382803938445274112172
Expenses 56119109767474363541486898152
Operating Profit 467886323351420
OPM % 7%5%6%9%10%7%8%6%6%6%7%12%12%
Other Income 0111111111311
Interest 3333443333234
Depreciation 0000000000000
Profit before tax 244553101171216
Tax % 37%33%35%35%32%26%28%-94%9%34%29%21%
Net Profit 12333210115912
EPS in Rs 1.463.342.523.133.311.930.530.310.500.784.668.5311.21
Dividend Payout % 21%6%8%6%6%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212022-20232023-20242024-2025
YoY Net Profit Growth (%)100.00%50.00%0.00%0.00%-33.33%-50.00%-100.00%0.00%400.00%80.00%
Change in YoY Net Profit Growth (%)0.00%-50.00%-50.00%0.00%-33.33%-16.67%-50.00%100.00%400.00%-320.00%

HEC Infra Projects Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 10 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:-1%
5 Years:23%
3 Years:37%
TTM:55%
Compounded Profit Growth
10 Years:14%
5 Years:76%
3 Years:163%
TTM:75%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:75%
1 Year:36%
Return on Equity
10 Years:9%
5 Years:8%
3 Years:12%
Last Year:21%

Last Updated: September 5, 2025, 5:55 am

Balance Sheet

Last Updated: January 7, 2026, 3:47 pm

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 112222221010101111
Reserves 9111821242626271920254246
Borrowings 27241723262931313531303842
Other Liabilities 20432926403526241723141529
Total Liabilities 5680667292918684828579106128
Fixed Assets 3333222222111
CWIP 0000000000000
Investments 0100000000000
Other Assets 5376636990898382808378105126
Total Assets 5680667292918684828579106128

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 46-211-2-4-52-477-26
Cash from Investing Activity + -000000000040
Cash from Financing Activity + -4-52-8234-12-7-217
Net Cash Flow 0103-0-1-10-109-9
Free Cash Flow 46-211-2-4-51-4710-26
CFO/OP 105%94%-5%163%-2%-60%-138%64%-133%221%169%-169%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-23.00-18.00-10.00-15.00-18.00-23.00-28.00-29.00-32.00-28.00-25.00-24.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 143779614621714126229624322674155
Inventory Days 41792322486829922923124710378
Days Payable 1571661191772652484853722553629993
Cash Conversion Cycle 27-100-100-407615321911179139
Working Capital Days 341133246111230535736130619244
ROCE %13%18%19%19%17%12%6%5%5%7%8%19%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 73.20%73.20%73.20%73.20%73.20%73.20%73.20%73.20%74.93%74.93%74.93%74.93%
DIIs 8.52%8.52%8.52%8.52%8.52%8.52%8.52%5.86%5.48%5.48%5.48%5.48%
Public 18.27%18.27%18.27%18.27%18.27%18.27%18.27%20.94%19.58%19.58%19.58%19.58%
No. of Shareholders 1,0401,2601,5792,2222,2273,1803,7623,9273,7074,0653,9373,846

Shareholding Pattern Chart

No. of Shareholders

HEC Infra Projects Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 9.084.650.780.511.53
Diluted EPS (Rs.) 9.084.650.780.511.53
Cash EPS (Rs.) 8.664.820.990.732.68
Book Value[Excl.RevalReserv]/Share (Rs.) 49.0334.3929.7328.95142.24
Book Value[Incl.RevalReserv]/Share (Rs.) 49.0334.3929.7328.95142.24
Revenue From Operations / Share (Rs.) 103.4372.7851.0343.13185.22
PBDIT / Share (Rs.) 13.848.494.593.3514.85
PBIT / Share (Rs.) 13.718.324.373.1213.69
PBT / Share (Rs.) 10.806.531.190.550.79
Net Profit / Share (Rs.) 8.534.650.770.501.52
PBDIT Margin (%) 13.3711.668.987.778.01
PBIT Margin (%) 13.2511.438.567.227.39
PBT Margin (%) 10.438.962.321.280.42
Net Profit Margin (%) 8.246.391.521.160.82
Return on Networth / Equity (%) 17.3913.522.611.731.07
Return on Capital Employeed (%) 27.7014.038.586.095.87
Return On Assets (%) 8.705.970.920.620.36
Long Term Debt / Equity (X) 0.010.700.700.750.63
Total Debt / Equity (X) 0.710.860.971.141.03
Asset Turnover Ratio (%) 1.210.900.620.520.44
Current Ratio (X) 1.303.702.342.532.10
Quick Ratio (X) 1.113.161.862.011.70
Inventory Turnover Ratio (X) 11.290.000.000.000.00
Interest Coverage Ratio (X) 4.754.721.441.311.15
Interest Coverage Ratio (Post Tax) (X) 3.933.591.241.201.05
Enterprise Value (Cr.) 132.1687.7155.9466.0849.57
EV / Net Operating Revenue (X) 1.181.191.081.511.32
EV / EBITDA (X) 8.8110.1912.0319.4316.47
MarketCap / Net Operating Revenue (X) 0.850.930.560.800.63
Price / BV (X) 1.811.980.971.200.83
Price / Net Operating Revenue (X) 0.850.930.560.800.63
EarningsYield 0.090.060.020.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

HEC Infra Projects Ltd. is a Public Limited Listed company incorporated on 06/10/2005 and has its registered office in the State of Gujarat, India. Company's Corporate Identification Number(CIN) is L45200GJ2005PLC046870 and registration number is 046870. Currently Company is involved in the business activities of Electrical installation. Company's Total Operating Revenue is Rs. 112.10 Cr. and Equity Capital is Rs. 10.84 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Project Consultancy/TurnkeySigma-1 Corporates, Corporate House No.6, Ahmedabad Gujarat 380054Contact not found
Management
NamePosition Held
Mr. Gaurang ShahManaging Director
Mrs. Rupal ShahExecutive Director
Mr. Rahul ShahExecutive Director
Mr. Yash MehtaIndependent Director
Mr. Ronak MehtaIndependent Director
Ms. Rajkumari UdhwaniIndependent Director

FAQ

What is the intrinsic value of HEC Infra Projects Ltd and is it undervalued?

As of 15 April 2026, HEC Infra Projects Ltd's intrinsic value is ₹123.64, which is 24.39% higher than the current market price of ₹99.40, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (21.0 %), book value (₹52.3), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of HEC Infra Projects Ltd?

HEC Infra Projects Ltd is trading at ₹99.40 as of 15 April 2026, with a FY2026-2027 high of ₹184 and low of ₹82.0. The stock is currently near its 52-week low. Market cap stands at ₹108 Cr..

How does HEC Infra Projects Ltd's P/E ratio compare to its industry?

HEC Infra Projects Ltd has a P/E ratio of 8.86, which is below the industry average of 41.33. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is HEC Infra Projects Ltd financially healthy?

Key indicators for HEC Infra Projects Ltd: ROCE of 19.0 % indicates efficient capital utilization; ROE of 21.0 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is HEC Infra Projects Ltd profitable and how is the profit trend?

HEC Infra Projects Ltd reported a net profit of ₹9 Cr in Mar 2025 on revenue of ₹112 Cr. Compared to ₹1 Cr in Mar 2022, the net profit shows an improving trend.

Does HEC Infra Projects Ltd pay dividends?

HEC Infra Projects Ltd has a dividend yield of 0.00 % at the current price of ₹99.40. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in HEC Infra Projects Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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