- **HEC Infra Projects is an end-to-end electrical EPC (Engineering, Procurement, Construction) partner that designs, builds, and commissions the power backbone and water systems for India’s electricity boards, metro rails, airports, and factories**. Founded in 2005 but tracing its roots to 1986, the company has spent four decades quietly wiring the country’s infrastructure from the inside out, moving from the SME exchange to the NSE Main Board in 2021. Its recurring approach is selective project participation-choosing short-to-medium tenure jobs with faster cash conversion and healthier margins, then locking in material prices upfront to protect those margins, a discipline that explains how a 75+ core team delivers over 300 projects for more than 200 clients. # Business segments A single EPC engine with five project verticals-extra-high-voltage substations and transmission lines, water pumping and treatment, industrial electrification, lighting and security systems, and solar-plus-storage-all run on the same selective-bidding, price-locked execution model. ## 1. Power Transmission & Distribution: the company’s electrical backbone **This vertical builds the high-voltage substations and transmission lines that move electricity from generators to cities, and it supplies three-quarters of the company’s order book.** - **Substations up to 220 kV** - the company delivers turnkey air-insulated and gas-insulated substations from 11 kV to 220 kV, covering design, system studies, protection testing, and energization, with over 200 projects completed including 90-plus in the 66-220 kV range. - **Transmission lines and underground cabling** - it strings overhead lines and lays XLPE underground cables up to 220 kV, having finished more than 70 such projects for clients like GETCO and HVPNL. - **Faster cash, shorter guarantees** - management deliberately favours T&D work because contracts finish in 6-18 months, performance guarantees run for less time, and the company does not depend on other contractors to win orders, unlike building projects. - **Price locked on day one** - for government contracts longer than 12 months, price-variation clauses are written in, and the company places advance orders with vendors in the first month to fix raw-material costs, insulating margins from commodity swings. - **Government demand is structural** - tenders under the Revamped Distribution Sector Scheme, Green Hydrogen Mission, and PM-KUSUM are creating a multi-year pipeline of transmission, distribution, and renewable-linked EPC work. ## 2. Water Infrastructure: higher margins with lighter resources **This vertical electrifies and automates the pumps, treatment plants, and distribution stations that move and clean water for municipal corporations, delivering better margins with less manpower than other segments.** - **Bulk water from reservoir to tap** - the scope spans bulk conveyance, purification, and complete electro-mechanical works for pumping stations, with 40-plus installations completed and capacities reaching 275 MLD (million litres per day). - **High-voltage pumping muscle** - projects integrate HT motors up to 6.6 kV rated at 1,000 kW each, controlled by PLC and SCADA automation systems, with execution cycles of 12-18 months. - **Ahmedabad is the anchor client** - the Ahmedabad Municipal Corporation alone accounted for six projects worth ₹36.15 crore in the order book as of March 2025, and the company continues to win augmentation and distribution work across the city’s zones. - **Government missions fill the funnel** - the Jal Jeevan Mission and state-level water schemes drive demand, with a recent ₹19.23 crore order in Sirohi, Rajasthan under the national mission. ## 3. Industrial Electrification & Automation: powering factories, hospitals, and metro stations **This vertical takes electricity from the high-voltage incomer down to the last socket and sensor inside heavy-industry plants, commercial complexes, airports, and metro systems.** - **HV-to-LV, end to end** - the offering covers power distribution to motors, sockets, HVAC, and automation systems across the full voltage spectrum, with 50-plus projects delivered and execution cycles of 12-24 months. - **Metro stations as a specialty** - the company executed the building management system for five elevated stations on Ahmedabad’s North-South corridor and the Electrical, Mechanical, and Fire works for three metro stations, working back-to-back with civil contractors like J Kumar Infra Projects. ## 4. Lighting & ELV Systems: the low-voltage layer of buildings **This vertical installs the indoor and outdoor lighting and the extra-low-voltage nervous system-CCTV, fire alarms, access control, data networks-that makes large buildings safe and smart.** - **Lighting from street to runway** - the company handles indoor and outdoor lighting for airports, hotels, industrial plants, and hospitals, including solar lighting, smart street lighting, and highway lighting. - **The ELV backbone** - extra-low-voltage work covers CCTV, access control, fire detection and alarm, data networks, EPBAX, background music, voice evacuation, HVAC, building management systems, and TV distribution, all supplied and installed as one package. - **Longer cycles, stickier contracts** - project cycles stretch 24-48 months, and some contracts include long-term operation and maintenance, as seen in the ₹25.57 crore electrical and lighting job at Sardar Vallabhbhai Patel Hospital in Ahmedabad. ## 5. Solar Park Development & Renewable Energy: the green-energy bet under construction **This vertical builds utility-scale solar plants and is now expanding into battery energy storage and hydrogen-linked micro-grids, riding India’s renewable-energy policy push.** - **Solar at scale** - the company has commissioned eight utility-scale projects, including a 100 MW plant at Raghanesda and a 30 MW plant at Dholera, with individual capacities ranging from 100 kW to 30 MW and execution cycles of 9-12 months. - **First step into battery storage** - in Q2 FY26, the company won a ₹7.15 crore order from Advait Energy Transitions for a battery energy storage system, its first major foray into the BESS segment, and it is now pursuing both BOOT (build-own-operate-transfer) and EPC tenders in the space. - **Hydrogen proof-of-concept done** - in consortium with Advait Infratech, the company completed a 300 kW electrolyzer and 70 kW fuel-cell micro-grid with a hydrogen production plant at THDC India’s Rishikesh complex, commissioned in January 2024. # Group structure and partners **A single public company with no subsidiaries, but with in-house panel manufacturing through sister concerns that give it a cost edge on electrical equipment.** - HEC Infra Projects Limited is a standalone entity with no subsidiaries, associates, or joint ventures, and it is not classified as a large corporate entity under SEBI’s debt framework. - The company sources HT panels, LT panels, and distribution boards from affiliated sister concerns-Highvolt Power and Control Systems and Swati Switchgears-in which the Shah family directors hold ownership stakes, creating an in-house supply chain for key electrical components. - The board is family-led: Mr. Gaurang Shah (Managing Director, mechanical engineer, 38-plus years), Mrs. Rupal Shah (Whole-Time Director, 34-plus years), and Mr. Rahul Shah (Executive Director, 9-plus years, master’s in construction management), alongside three independent directors. - Operations are concentrated in Gujarat, which accounts for 89% of the order book, with the remaining 11% in Haryana; the company carries no foreign-currency exposure.