Slide 1: Q3 FY26 Investor Presentation
Q3 FY26 Investor Presentation
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying slides (the Presentation), which have been prepared by HEC Infra Projects Limited (HEC, The Company) solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall
Slide 3: Management Comments On Q3 FY26 Financial Performance
Management Comments On Q3 FY26 Financial Performance Mr. Gaurang Shah Managing Director During Q3 FY26, the Company maintained steady operational performance with a continued focus on execution and disciplined order inflows across its core infrastructure segments. Orders received during the quarter
Slide 4: Q3 FY26 Financials Highlights
Q3 FY26 Financials Highlights Total Revenue EBITDA EBITDA Margin Net Profit Net Profit Margin 9.00 Q3 FY25 Q3 FY26 7.00 20.00% 10.00% 8.00 10.35% 9.21% 6.00 7.00 10.00% 5.15% 5.05% 5.00% 5.00 6.00 0.00% 0.00% 5.00 4.00 -10.00% -5.00% 4.00 3.00 -20.00% 3.00 -10.00% 2.00 -30.00% 2.00 -15.00% 1.00 -40.
Slide 5: 9M FY26 Financials Highlights
9M FY26 Financials Highlights Total Revenue EBITDA EBITDA Margin Net Profit Net Profit Margin 20.00 20.00% 10.00% 18.00 12.00 9.28% 9.32% 5.34% 16.00 10.00% 5.12% 5.00% 10.00 14.00 0.00% 0.00% 12.00 8.00 -10.00% 10.00 -5.00% 6.00 8.00 -20.00% 6.00 -10.00% 4.00 -30.00% 4.00 2.00 -15.00% -40.00% 2.00
Slide 6: Q3 & 9M FY26 Financial Performance
Q3 & 9M FY26 Financial Performance In ₹ Cr Particulars Q3 FY26 Q3 FY25 YoY 9M FY26 9M FY25 YoY Revenues 57.35 27.54 125.76 65.60 Other Income 0.42 0.25 0.75 1.19 Total Income 57.77 27.79 107.86% 126.51 66.79 89.42% Raw Material 35.98 9.47 72.40 33.05 Employee Benefit Expenses 0.88 0.95 3.13 2.64 Oth
Slide 7: Q3 FY26 Operational Highlights
Q3 FY26 Operational Highlights Order receipt In Q3 FY26 worth ₹ 23.55 Cr M/S J.P. Construction Credit Rating Ahmedabad Municipal Company Update Corporation Rating Agency: Infomerics Ratings Scope: augmentation work for electrical, mechanical, Scope: water supply scheme of village Varli, Pindwara for
Slide 8: Powering Progress Through Turnkey Precision
Powering Progress Through Turnkey Precision HEC Infra Projects Delivering Turnkey EPC Excellence Since 1986 with End-to-End Power, Water & Renewables Solutions for 50+ Industry Leaders
Slide 9: HEC Infra Projects At A Glance
HEC Infra Projects At A Glance HEC Infra Projects Limited, established in 2005 and headquartered in Ahmedabad, is a premier EPC turnkey contractor specializing in extra-high-voltage transmission and distribution projects. Leveraging an integrated model covering design, procurement, installation and
Slide 10: Key Facts & Figures
Key Facts & Figures 11kV to 40+ 6 50+ 300+ 250+ Years Of Industry Projects Substations 220kV Core EPC Verticals Marquee Clients Substation Experience Delivered Installed Voltage Range 6–18 months 6 75+ ₹ 326 Cr ISO Order Book In Average Project States Pan India Presence Core Team Strength hand (As o
Slide 11: Milestone Timeline From 1986 To Present
Milestone Timeline From 1986 To Present Received Work orders from diverse clients worth ₹ 46.90 Cr in the first Received a direct quarter of 2025 order from RVNL for the SITC of four 66kV GIS substations, 2025 with a total contract SITC of Electrification value of ₹ 62 Cr work, Complete 66/11KV Swit
Slide 12: Marquee Clients Partnerships
Marquee Clients Partnerships HEC Infra Caters To 50+ Marquee Clients From Both Public & Private Sectors Investor Presentation 12
Slide 13: Management Overview
| Management Overview
Slide 14: Board & Management Overview
Board & Management Overview Mr. Gaurang Shah Ms. Rupal G. Shah Mr. Rahul G. Shah Managing Director Whole - Time Director Executive Director Experience: 38+ Years Experience: 34+ Years Experience: 9+ Years • Holds a degree in Mechanical Engineering • Holds a Master’s degree in Commerce and • Holds a
Slide 15: Board & Management Overview
Board & Management Overview Mr. Yash Mehta Mr. Ronak Mehta Ms. Rajkumari R. Udhwani Mr. ArvindKumar Patel Ms. Khushi Bhatt Non-Executive Non-Executive Independent Non-Executive Independent Chief Financial Officer Company Secretary Independent Director Director Director & Compliance Officer Experienc
Slide 16: Six Pillars of Progress HEC Infra's Full-Spectrum EPC Mastery
Six Pillars of Progress HEC Infra’s Full-Spectrum EPC Mastery HEC Infra’s Expertise in Six-Pronged EPC Verticals Driving Nationwide Connectivity & Sustainability
Slide 17: Diversified EPC Verticals
Diversified EPC Verticals Power Underground Distribution 18% Revenue 66% Revenue & Overhead Substations Contribution Contribution (33kv/66kv/ Transmission 132kv/220kv) Lines Water Management 22% Revenue System Solar Park Contribution (Trunkey Electro- Development Mechanical Projects) Industrial Ligh
Slide 18: Integrated Delivery Model: Design To Commissioning
Integrated Delivery Model: Design To Commissioning Engineering Design Tailored civil, structural, and MEP solutions leveraging advanced modelling tools to ensure optimal performance and future scalability. Government Liaison & Approvals End-to-end management of regulatory submissions, permits, and s
Slide 19: Power Distribution Substations: Proven Track Record
Power Distribution Substations: Proven Track Record Voltage Range Project Cycle 11 kV – 220 kV 6–18 months Core Offering Key Clients Power application, Designing & system Renewable energy developers, Heavy Power Distribution Substations studies, Complete testing, protection industries, govt. electri
Slide 20: Overhead & Underground Transmission Lines: Seamless Power
Overhead & Underground Transmission Lines: Seamless Power Voltage Range Project Cycle 11kV-220kV (UG & OH) 6–18 months Core Offering Key Clients Route surveys and geological studies, Renewable energy developers, Heavy Designing electrical and civil aspects, industries, govt. electricity boards Under
Slide 21: Water Pumping & Treatment: Critical Infrastructure
Water Pumping & Treatment: Critical Infrastructure Capacity Project Cycle 220 MLD; 6.6 kV pumps rated 12–18 months 1 000 kW each Core Offering Key Clients Bulk conveyance from reservoirs; water Municipal corporations, government Water Pumping & Treatment Plants purification water boards Track Record
Slide 22: Solar Park Development: Utility-Scale Renewables
Solar Park Development: Utility-Scale Renewables Capacity Range Project Cycle 100 kW – 30 MW 9–12 months Core Offering: Key Clients: Site assessment, energy yeild study, Renewable-energy service providers, shadow analysis, grid compliance ans industrial offtakers Solar Park Development integration,
Slide 23: Lighting & ELV Systems: Intelligent Building Solutions
Lighting & ELV Systems: Intelligent Building Solutions Applicability Project Cycle Industrial, commercial & institutional 24–48 months buildings Core Offering Key Clients Indoor/outdoor lighting, CCTV, fire-alarm Hospitals, airports, real-estate Lighting & ELV Systems & access control, nurse-call, P
Slide 24: Industrial Electrification & Automation: Customized Excellence
Industrial Electrification & Automation: Customized Excellence Applicability: Project Cycle: Heavy-industry plants, 12–24 months manufacturing units Core Offering: Key Clients: HV-to-LV power distribution to motors, Factories, commercial complexes, sockets, HVAC, automation systems hospitals, airpor
Slide 25: Flagship EPC Projects Across Verticals
Flagship EPC Projects Across Verticals Terminal Electrification At Chandigarh Airport Client Scope of Work Project Value Project Highlight Larson & Toubro Ltd. Extensive electrification, sophisticated ₹ 21.00 Cr Comprehensive internal and external lighting design and implementation electrical instal
Slide 26: Flagship EPC Projects Across Verticals
Flagship EPC Projects Across Verticals ESIC Hospital Alwar Client: ESIC Project Highlights: Duration: 24 months 6 x HTDG installation 2000KVA Capacity Hospital electrification, Scope: Designing, Supply, ELV systems like CCTV, nurse Installation, Testing and calling, telecommunication, que Commission
Slide 27: Flagship EPC Projects Across Verticals
Flagship EPC Projects Across Verticals EHV Cable laying Client: GETCO Project Highlights: Duration: 12 months Annual rate contract with GETCO More than 40km of 66KV cable Scope: Laying Testing and charging of 66 KV cable Project Value: ₹ 35.00 Cr 132KV Transmission line Client: HVPNL Project Highlig
Slide 28: Flagship EPC Projects Across Verticals
Flagship EPC Projects Across Verticals Delhi AIIMS (new OPD) Client: HSCC Project Highlights: Duration: 24 months • Power distribution, Building Scope: Designing, Supply, management system, Installation, Testing and • elevators, escalators, security Commissioning systems and Project Value: ₹ 24.80 C
Slide 29: Order Book Snapshot: ₹326 Cr High-Visibility Projects
Order Book Snapshot: ₹ 326 Cr High-Visibility Projects Total Value Of Order Projects Under Total Unexecuted Book In Hand Execution Order Book ₹ 326.08 Cr 27 ₹ 202.78 Cr Unexecuted Order Book At End Of Year 202.78 In ₹ Cr 103.31 103.30 72.42 FY22 FY23 FY24 FY25 Investor Presentation 29
Slide 30: Order Book Snapshot As On 31st March 2025
Order Book Snapshot As On 31st March 2025 Organization Based Bifurcation State wise bifurcation Segement wise bifurcation Client Wise Bifurcation 2% Ahmedabad Municipal Substation Corporation 11% 8% EPC 11% GETCO 25% Water 27% 36% pumping EPC HVPNL Government Gujarat 24% Transmission Private Haryana
Slide 31: Core Strengths & Differentiators: Why HEC Stands Out
Core Strengths & Differentiators: Why HEC Stands Out Vast Experience Across Sectors Human-Resource Strength Established in 2005 (origins from 75+ core team members with cross-functional expertise 1986), with 40+ years of cumulative in transmission, distribution, electrical installation, industry exp
Slide 32: Future Direction – Scaling, Integrating & Innovating
Future Direction – Scaling, Integrating & Innovating Backward Integration through Acquisitions Target selective acquisitions of low-voltage and medium-voltage transformer manufacturers to secure critical inputs, improve cost efficiencies and capture downstream margins. Focus on Short-Tenure, High-Re
Slide 33: From Capacity Expansion To Renewable Energy Leadership
From Capacity Expansion To Renewable Energy Leadership Charting India’s path to a 500 GW non-fossil grid—driven by 15.8% YoY renewable growth, unified “One Nation–One Grid” modernization, and ₹9 trillion infrastructure investments.
Slide 34: India's Power Sector – A ₹9 Trillion Growth Story
India’s Power Sector – A ₹ 9 Trillion Growth Story Unified Grid: “One 500 GW 220.10 GW 466.24 GW India 3rd Largest Nation – One Grid Non-fossil target Renewable capacity Installed capacity global power – One Frequency” by 2030 (Dec 2024), (Jan 2025) producer & up 15.8% YoY consumer 1,148,167 MVA 464
Slide 35: Indian Power Industry Overview
Indian Power Industry Overview Installed Electricity Generation Capacity (GW) India's power sector continues its 442 446 robust growth, achieving a 416 record 466.24 GW installed 401 382 capacity as of January 2025 370 356 344 327 India is the world’s third-largest producer and consumer of electrici
Slide 36: Indian Electric EPC Sector Overview
Indian Electric EPC Sector Overview Trends Renewables + Storage Grid Modernization Digital EPC Surge in utility-scale Smart-grid rollouts (AMI, Adoption of BIM, AI/ML, IoT solar/wind and hybrid SCADA, DMS), digital sensors, digital twins, RE + BESS projects to meet substations, and network drones an
Slide 37: Transmission & Distribution Sector Overview
Transmission & Distribution Sector Overview India’s Transmission & Distribution sector is undergoing a robust transformation with ambitious expansion targets Grid Integration & National Grid Overview Three-Year Expansion Roadmap Distribution Reforms & Funding “One Nation – One Grid – One Frequency”
Slide 38: Government Initiatives & Schemes
Government Initiatives & Schemes India’s strategic policy push — from solarization to green hydrogen — is unlocking extensive EPC opportunities and accelerating the energy transition through targeted government schemes. Scheme Name Key Objective Status/Timeline Key EPC Opportunities Generated Smart
Slide 39: Building on strong Fundamentals Fueling Sustainable Value Creation
Building on strong Fundamentals Fueling Sustainable Value Creation Fortifying Growth with Margin Expansion, Cash Flow Excellence & Strategic Capital Deployment
Slide 40: Financials Highlights
Financials Highlights Total Revenue EBITDA EBITDA Margin Net Profit Net Profit Margin 13.25% 18.00 15.00% 12.00 10.00% 11.16% 8.17% 16.00 6.11% 8.76% 10.00% 10.00 5.00% 14.00 5.00% 1.49% 12.00 8.00 0.00% 0.00% 10.00 6.00 -5.00% 8.00 -5.00% 6.00 4.00 -10.00% -10.00% 4.00 2.00 -15.00% -15.00% 2.00 53.
Slide 41: Financial Performance
Financial Performance In ₹ Cr Particulars FY23 FY24 FY25 Revenues 51.73 73.79 112.10 Other Income 1.34 3.35 1.05 Total Income 53.08 77.14 113.15 Raw Material 23.36 35.72 45.85 Employee Benefit Expenses 3.33 3.40 3.84 Other Expenses 21.74 29.41 48.46 Total Expenditure 48.43 68.53 98.15 EBIDTA 4.65 8.
Slide 42: Balance Sheet
Balance Sheet In ₹ Cr Assets FY23 FY24 FY25 Equities & Liabilities FY23 FY24 FY25 Non Current Assets Equity 10.14 10.14 10.84 Other Equity 20.01 24.72 42.30 Fixed assets 1.93 1.46 1.31 Non Controlling Interests 0.00 0.00 0.00 Non Current Investments 0.00 0.00 0.00 Net Worth 30.14 34.86 53.14 Other N
Slide 43: Cash Flow Statement
Cash Flow Statement In ₹ Cr Particular FY23 FY24 FY25 Cash from Operation 6.91 6.99 -26.00 Cash from Investments 0.20 3.60 0.02 Cash from Financing -6.88 -2.04 16.53 Net Cash Flow 0.22 8.55 -9.46 Investor Presentation 43
Slide 44: Consolidated Key Ratios
Consolidated Key Ratios In % In Times In ₹ ROE Debt To Equity Book Value 17.40 1.04 13.53 49.03 0.87 0.71 34.39 29.73 2.62 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 In % In Times In ₹ ROCE Interest Coverage EPS 4.63 4.71 9.08 16.32 12.97 4.65 7.21 1.37 0.78 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24
Slide 45: Stock Information
Stock Information As On 12-11-2025 As On 31-12-2025 NSE: HECPROJECT | INE558R01013 Share Holding Pattern Share Price (₹) 124.50 25.07% Market Capitalization (₹ Cr) 134.94 Promoter & Promoter Group No. of Shares Outstanding 1,08,38,160 Public Face Value (₹) 10.00 74.93% 52 Week High-Low (₹) 184.10 /
Slide 46: Investment Rationale
Investment Rationale Integrated EPC Delivery Model Healthy Financial Performance In-house design, procurement, installation & FY25 revenue ₹112.10 Cr, EBITDA ₹ 15.00 Cr and Net commissioning ensures tight cost control, quality Profit ₹9.24 Cr reflect consistent profitability and consistency and fast
Slide 47: Thank You
Thank You HEC Infra Projects Limited SIGMA 1 Corporate, Corporate House No.6, Sindhu, Bhawan Road, Nr.Mahan Party Plot Crossroad, Bodakdev, Ahmedabad-380054, Gujarat E-mail: elect@hecproject.com Phone: +91-79-40086771 Website: https://hecprojects.in Kirin Advisors Private Limited 713-B, Lodha Suprem