HEC Infra Projects Limited (HECPROJECT.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-2128.9%

-₹2,058.16

vs ₹101.44 price

Levered DCF

-₹515.17

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.24×	9.63×	15.33×	37.24×	68.33×	80.29×	46.96×	13.78×
P/B	1.58×	1.68×	2.07×	0.98×	1.2×	0.87×	0.88×	0.96×
P/S	0.59×	0.79×	0.98×	0.57×	0.81×	0.67×	0.64×	0.34×
EV / EBITDA	6.58×	8.33×	18.23×	26.88×	20.7×	35.57×	25.42×	11.51×
Gross margin	12.2%	55.5%	51.4%	54.7%	43.4%	36.9%	50.7%	36.9%
Operating margin	11.3%	12.3%	46.8%	6.0%	5.7%	29.1%	7.4%	7.2%
Net margin	7.1%	8.2%	6.4%	1.5%	1.2%	0.8%	1.4%	2.4%
Current ratio	1.51×	1.3×	3.6×	2.39×	2.53×	2.1×	1.89×	1.58×
Debt / equity	0.68×	0.71×	0.87×	1.04×	1.2×	1.08×	1.1×	1.02×
Interest coverage	5.08×	4.37×	18.95×	0.96×	0.95×	4.18×	0.96×	1.42×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.9%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	19.2%	17.4%	13.5%	2.6%	1.8%	1.1%	1.9%	7.0%
Return on invested capital	12.9%	12.0%	37.7%	3.2%	3.5%	18.2%	3.5%	7.8%
Return on assets	9.3%	8.7%	6.0%	0.9%	0.6%	0.4%	0.6%	2.1%
Free cash flow yield	0.1%	-29.4%	9.7%	23.0%	-10.3%	5.6%	-19.0%	-15.4%
Earnings yield	12.1%	10.4%	6.5%	2.7%	1.5%	1.2%	2.1%	7.2%
Enterprise value	₹1.3B	₹1.2B	₹987.8M	₹606.8M	₹703.9M	₹562M	₹563.5M	₹555.7M
Net debt / EBITDA	1.42×	2.39×	4.89×	13.83×	10.31×	19.6×	14.04×	5.92×
Cash conversion cycle (days)	116	140	79	111	452	154	77	-40