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INVESTMENT INSIGHTS

Check Before You Invest : HEC Infra Projects Ltd

BSE: 0 NSE: HECPROJECT ISIN: INE558R01013
  |   Sector:  Construction & Infrastructure   |   Industry:  Engineering - Construction

Snapshot

Q.1 Which industry/sub-sector does HEC Infra Projects Ltd belong to?
HEC Infra Projects Ltd belongs to the Construction & Infrastructure sector, operating specifically within the Engineering - Construction segment.
Q.2 Is HEC Infra Projects Ltd a good quality company?
HEC Infra Projects Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

Q.3 Is HEC Infra Projects Ltd undervalued or overvalued?
HEC Infra Projects Ltd appears Somewhat Undervalued, as its key valuation ratios are lower than their past averages.

Based on the industry it operates in, the relevant valuation ratios include one of the following, P/E, P/BV, P/Sales, EV/EBITDA or a combination of two or more.

Valuation Ratios Current 5-year
Historic Median
Price to Earnings 11.1 39.89
Price to Book 2.26 2.06
Price to Sales 0.78 0.98
EV to EBITDA 8.18 15.60
Q.4 Is HEC Infra Projects Ltd a good buy now?
HEC Infra Projects Ltd is a neutral opportunity now, based on stable price trend analysis suggesting prices may move sideways. However, you need to check its quality and valuation before making a decision

Performance Analysis

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

A: What are the trends in revenue and profit margins?

Q.1 Revenue growth of HEC Infra Projects Ltd?
HEC Infra Projects Ltd revenue growth is 51.9% for FY-2025, which is above its 5-year CAGR of 23.37%, indicating faster growth.

Q.2 Gross Profit margin of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Gross profit margin which is the profit after deduction of direct costs, is 10.6% for FY-2025, which is above its 5-year median of 2.8%, indicating increasing margins.

Q.3 Operating Profit Margin of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 12.44% for FY-2025, which is above its 5-year median of 6.39% indicating increasing margins.

Q.4 Net Profit Margin of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Net Profit Margin is 8.25% for FY-2025, is above its 5-year median of 1.52%, indicating increasing margins.
Current Level 5-year
Historic Median
Gross Profit Margin (%) 10.6 2.8
Operating Profit Margin (%) 12.44 6.39
Net Profit Margin (%) 8.25 1.52

B: Does the business utilize capital efficiently?

Q.5 Return on Asset of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Return on Asset is 9.98%, which is above its 5-year historical median of 0.95%, indicating improved asset utilization efficiency.

Q.6 Return on capital employed (ROCE) of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Return on capital employed is 19.04% for FY-2025, which is above its 5-year historical median of 7.04%. The current ROCE is above its estimated weighted average cost of capital (WACC) of 14%, indicating value creation.

Q.7 Return on Equity (ROE) of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Return on equity is 21.01% for FY-2025, which is above its 5-year historical median of 2.65%, indicating the business is making better use of its shareholders capital.

Q.8 Cash conversion cycle of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Cash conversion cycle is 92 days, below its 5-year historical median of 163 days, indicating improved working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover (x) 1.21 0.62
ROE (%) 21.01 2.65
ROCE (%) 19.04 7.04
Cash Conversion Cycle 92 days 163 days

C: How much debt does the business have and is it at a sustainable level?

Q.9 Debt to Equity ratio of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Debt-to-Equity ratio is 0.71, which is above the industry average of 0.38, indicating higher debt levels in the industry.

Q.10 Debt to cash flow from operations of HEC Infra Projects Ltd?
HEC Infra Projects Ltd Debt to cash flow from operations is -1.46, which is at a unhealthy level.

Ownership & governance

D: Promoter shareholding and pledge status of HEC Infra Projects Ltd?

Q.1 Promoter shareholding and pledge status of HEC Infra Projects Ltd?
Promoters hold 74.93% of the HEC Infra Projects Ltd, with 0.00% of their stake pledged, indicating no pledge risk.

Peer comparison (industry-wise, mcap)

E: How does HEC Infra Projects Ltd performance compare with that of its Peers?

Q.1 Revenue growth of HEC Infra Projects Ltd vs industry peers?
HEC Infra Projects Ltd revenue CAGR is 23.37%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth (%) 51.9 0
Gross Profit Growth (%) 71.4 16.3
Operating Profit Growth (%) 180 13.9
Net Profit Growth (%) 80 20.1
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover (x) 1.21 0.62
ROE (%) 21.01 6.32
ROCE (%) 19.04 10.58
Cash Conversion Cycle (days) 92.04 51

Valuation & price assessment

Q.1 Stock return of HEC Infra Projects Ltd over the last decade?
Over the last 5 year(s), the stock has delivered a CAGR of 4.17% based on the current price.
9Y 5Y 3Y 1Y
Share Price
CAGR		 - 4.2% 55.4% 17.4%
Q.2 Valuation ratios of HEC Infra Projects Ltd vs historical?
The current P/E ratio of 11.1 is lower than its historical median of 39.89, indicating that the stock is trading below its historical average valuation.
Q.3 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 11.1 39.89 21.52
Price to Book 2.26 2.06 1.74
Price to Sales 0.78 0.98 1.51
EV to EBITDA 8.18 15.60 11.49

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