New Risk • Jun 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.9% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (10% average weekly change). Minor Risk Market cap is less than US$100m (₹1.51b market cap, or US$16.0m). Reported Earnings • May 30
Full year 2026 earnings released: EPS: ₹11.63 (vs ₹9.08 in FY 2025) Full year 2026 results: EPS: ₹11.63 (up from ₹9.08 in FY 2025). Revenue: ₹1.78b (up 59% from FY 2025). Net income: ₹126.0m (up 36% from FY 2025). Profit margin: 7.1% (down from 8.2% in FY 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Announcement • May 12
HEC Infra Projects Limited to Report Q4, 2026 Results on May 28, 2026 HEC Infra Projects Limited announced that they will report Q4, 2026 results on May 28, 2026 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₹128, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 15x in the Construction industry in India. Total returns to shareholders of 334% over the past three years. Reported Earnings • Feb 09
Third quarter 2026 earnings released: EPS: ₹2.69 (vs ₹1.41 in 3Q 2025) Third quarter 2026 results: EPS: ₹2.69 (up from ₹1.41 in 3Q 2025). Revenue: ₹577.7m (up 110% from 3Q 2025). Net income: ₹29.2m (up 104% from 3Q 2025). Profit margin: 5.0% (down from 5.2% in 3Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 54% per year, which means it is significantly lagging earnings growth. Announcement • Jan 22
HEC Infra Projects Limited to Report Q3, 2026 Results on Feb 07, 2026 HEC Infra Projects Limited announced that they will report Q3, 2026 results at 9:08 AM, Indian Standard Time on Feb 07, 2026 Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹129, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 17x in the Construction industry in India. Total returns to shareholders of 217% over the past three years. New Risk • Jan 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.0% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹1.40b market cap, or US$15.4m). Reported Earnings • Nov 14
Second quarter 2026 earnings released: EPS: ₹1.23 (vs ₹1.21 in 2Q 2025) Second quarter 2026 results: EPS: ₹1.23 (up from ₹1.21 in 2Q 2025). Revenue: ₹408.2m (up 104% from 2Q 2025). Net income: ₹22.3m (up 82% from 2Q 2025). Profit margin: 5.5% (down from 6.1% in 2Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 77% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. New Risk • Aug 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Share price has been volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$100m (₹1.61b market cap, or US$18.5m). Announcement • Aug 01
HEC Infra Projects Limited, Annual General Meeting, Sep 18, 2025 HEC Infra Projects Limited, Annual General Meeting, Sep 18, 2025, at 12:00 Indian Standard Time. New Risk • Jun 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 49% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (49% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Market cap is less than US$100m (₹1.82b market cap, or US$21.3m). Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹175, the stock trades at a trailing P/E ratio of 46.4x. Average trailing P/E is 22x in the Construction industry in India. Total returns to shareholders of 589% over the past three years. Valuation Update With 7 Day Price Move • May 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹138, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 22x in the Construction industry in India. Total returns to shareholders of 385% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹101, the stock trades at a trailing P/E ratio of 26.8x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 190% over the past three years. Valuation Update With 7 Day Price Move • Feb 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹98.14, the stock trades at a trailing P/E ratio of 26x. Average trailing P/E is 21x in the Construction industry in India. Total returns to shareholders of 159% over the past three years. New Risk • Feb 09
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.2% Last year net profit margin: 7.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.2% net profit margin). Market cap is less than US$100m (₹1.22b market cap, or US$13.9m). Board Change • Jan 28
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 2 highly experienced directors. No independent directors (3 non-independent directors). Executive Director Rahul Shah was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Jan 25
HEC Infra Projects Limited Announces Board Resignations HEC Infra Projects Limited at the board meeting held on 25, 2025, approved the resignation of Ms. Neetu Jalan from her position of Independent Director of the Company with effect from 25 January 2025, due to her pre- occupation. Approved the resignation of Ms. Dipika Soni (DIN: 08846908) from her position of Independent Director of the Company with effect from 25 January 2025, due to her pre- occupation. Approved the resignation of Ms. Raina Singh from her position of Independent Director of the Company with effect from 25 January 2025 due to her pre-occupation. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹131, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 27x in the Construction industry in India. Total returns to shareholders of 268% over the past three years. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹139, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 28x in the Construction industry in India. Total returns to shareholders of 247% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₹124, the stock trades at a trailing P/E ratio of 20.6x. Average trailing P/E is 25x in the Construction industry in India. Total returns to shareholders of 210% over the past three years. Reported Earnings • Nov 13
Second quarter 2025 earnings released: EPS: ₹1.21 (vs ₹0.64 in 2Q 2024) Second quarter 2025 results: EPS: ₹1.21 (up from ₹0.64 in 2Q 2024). Revenue: ₹207.4m (up 36% from 2Q 2024). Net income: ₹12.3m (up 90% from 2Q 2024). Profit margin: 5.9% (up from 4.2% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 51% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Nov 04
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 29% to ₹139. The fair value is estimated to be ₹111, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 91%. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₹96.88, the stock trades at a trailing P/E ratio of 18.3x. Average trailing P/E is 26x in the Construction industry in India. Total returns to shareholders of 142% over the past three years. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹119, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 29x in the Construction industry in India. Total returns to shareholders of 182% over the past three years. Reported Earnings • Aug 11
First quarter 2025 earnings released: EPS: ₹0.82 (vs ₹0.20 in 1Q 2024) First quarter 2025 results: EPS: ₹0.82 (up from ₹0.20 in 1Q 2024). Revenue: ₹182.5m (up 38% from 1Q 2024). Net income: ₹8.35m (up 321% from 1Q 2024). Profit margin: 4.6% (up from 1.5% in 1Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₹138, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 31x in the Construction industry in India. Total returns to shareholders of 261% over the past year. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 29% After last week's 29% share price gain to ₹107, the stock trades at a trailing P/E ratio of 23x. Average trailing P/E is 26x in the Construction industry in India. Total returns to shareholders of 455% over the past three years. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: ₹4.65 (vs ₹0.78 in FY 2023) Full year 2024 results: EPS: ₹4.65 (up from ₹0.78 in FY 2023). Revenue: ₹771.4m (up 49% from FY 2023). Net income: ₹47.2m (up 498% from FY 2023). Profit margin: 6.1% (up from 1.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has only increased by 63% per year, which means it is significantly lagging earnings growth. New Risk • May 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.5% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (8.1% average weekly change). Market cap is less than US$100m (₹882.0m market cap, or US$10.6m). New Risk • May 09
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₹818.7m (US$9.80m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.5% operating cash flow to total debt). Market cap is less than US$10m (₹818.7m market cap, or US$9.80m). Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹81.50, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 27x in the Construction industry in India. Total returns to shareholders of 282% over the past three years. Reported Earnings • Feb 13
Third quarter 2024 earnings released: EPS: ₹3.73 (vs ₹0.04 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.73 (up from ₹0.04 in 3Q 2023). Revenue: ₹200.9m (up 75% from 3Q 2023). Net income: ₹37.8m (up ₹37.4m from 3Q 2023). Profit margin: 19% (up from 0.3% in 3Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹85.40, the stock trades at a trailing P/E ratio of 73.3x. Average trailing P/E is 26x in the Construction industry in India. Total returns to shareholders of 94% over the past year. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₹83.00, the stock trades at a trailing P/E ratio of 71.2x. Average trailing P/E is 24x in the Construction industry in India. Total returns to shareholders of 129% over the past year. New Risk • Nov 20
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.5% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.5% operating cash flow to total debt). Earnings have declined by 31% per year over the past 5 years. Market cap is less than US$10m (₹533.8m market cap, or US$6.41m). Minor Risk Share price has been volatile over the past 3 months (7.8% average weekly change). Board Change • Oct 30
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Executive Director Rahul Shah was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 23
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.9% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.9% average weekly change). Earnings have declined by 42% per year over the past 5 years. Market cap is less than US$10m (₹501.3m market cap, or US$6.03m). Minor Risk High level of debt (94% net debt to equity). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹59.05, the stock trades at a trailing P/E ratio of 69.1x. Average trailing P/E is 23x in the Construction industry in India. Total returns to shareholders of 80% over the past year. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹44.35, the stock trades at a trailing P/E ratio of 51.9x. Average trailing P/E is 21x in the Construction industry in India. Total returns to shareholders of 53% over the past year. Reported Earnings • Aug 14
First quarter 2024 earnings released: EPS: ₹0.20 (vs ₹0.12 in 1Q 2023) First quarter 2024 results: EPS: ₹0.20 (up from ₹0.12 in 1Q 2023). Revenue: ₹132.6m (up 11% from 1Q 2023). Net income: ₹1.99m (up 64% from 1Q 2023). Profit margin: 1.5% (up from 1.0% in 1Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹41.10, the stock trades at a trailing P/E ratio of 52.9x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 49% over the past year. Reported Earnings • May 30
Full year 2023 earnings released: EPS: ₹0.78 (vs ₹0.50 in FY 2022) Full year 2023 results: EPS: ₹0.78 (up from ₹0.50 in FY 2022). Revenue: ₹530.8m (up 21% from FY 2022). Net income: ₹7.88m (up 55% from FY 2022). Profit margin: 1.5% (up from 1.2% in FY 2022). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 03
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹34.70, the stock trades at a trailing P/E ratio of 53.8x. Average trailing P/E is 20x in the Construction industry in India. Total returns to shareholders of 11% over the past year. Reported Earnings • Feb 12
Third quarter 2023 earnings released: EPS: ₹0.04 (vs ₹0.12 in 3Q 2022) Third quarter 2023 results: EPS: ₹0.04 (down from ₹0.12 in 3Q 2022). Revenue: ₹116.1m (down 22% from 3Q 2022). Net income: ₹383.0k (down 66% from 3Q 2022). Profit margin: 0.3% (down from 0.7% in 3Q 2022). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Feb 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹31.70, the stock trades at a trailing P/E ratio of 54.2x. Average trailing P/E is 19x in the Construction industry in India. Total loss to shareholders of 21% over the past year. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹38.80, the stock trades at a trailing P/E ratio of 66.4x. Average trailing P/E is 19x in the Construction industry in India. Total loss to shareholders of 4.6% over the past year. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 25% share price decline to ₹28.85, the stock trades at a trailing P/E ratio of 49.3x. Average trailing P/E is 19x in the Construction industry in India. Total loss to shareholders of 24% over the past year. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 21% share price gain to ₹37.60, the stock trades at a trailing P/E ratio of 64.3x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 59% over the past three years. Reported Earnings • Nov 16
Second quarter 2023 earnings released Second quarter 2023 results: EPS: ₹0.22. Net income: ₹2.26m (up ₹2.26m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 12
Second quarter 2023 earnings released Second quarter 2023 results: EPS: ₹0.22. Net income: ₹2.26m (up ₹2.26m from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₹33.50, the stock trades at a trailing P/E ratio of 60.8x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 35% over the past three years. Reported Earnings • Aug 14
First quarter 2023 earnings released: EPS: ₹0.12 (vs ₹0.10 in 1Q 2022) First quarter 2023 results: EPS: ₹0.12 (up from ₹0.10 in 1Q 2022). Revenue: ₹120.1m (up 37% from 1Q 2022). Net income: ₹1.21m (up 20% from 1Q 2022). Profit margin: 1.0% (down from 1.2% in 1Q 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 19% share price gain to ₹26.10, the stock trades at a trailing P/E ratio of 51.4x. Average trailing P/E is 20x in the Construction industry in India. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹21.75, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 17x in the Construction industry in India. Total loss to shareholders of 18% over the past three years. Reported Earnings • May 30
Full year 2022 earnings released: EPS: ₹0.51 (vs ₹0.30 in FY 2021) Full year 2022 results: EPS: ₹0.51 (up from ₹0.30 in FY 2021). Revenue: ₹444.8m (up 18% from FY 2021). Net income: ₹5.15m (up 66% from FY 2021). Profit margin: 1.2% (up from 0.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Feb 17
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹0.12 (down from ₹0.28 in 3Q 2021). Revenue: ₹150.2m (up 26% from 3Q 2021). Net income: ₹1.11m (down 61% from 3Q 2021). Profit margin: 0.7% (down from 2.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₹31.40, the stock trades at a trailing P/E ratio of 41x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 8.6% over the past three years.