### **Overview** HEC Infra Projects Limited, incorporated in 2005 and headquartered in Ahmedabad, Gujarat, is a specialized EPC (Engineering, Procurement, and Construction) contractor with over 40 years of cumulative industry experience—dating back to its roots in 1986. The company has evolved into a multidisciplinary infrastructure solutions provider, delivering turnkey projects across power, water, renewable energy, and smart infrastructure sectors. Listed on the NSE Emerge platform in March 2016 and migrated to the main NSE board in December 2021, HEC Infra is recognized for technical excellence, operational efficiency, and consistent project execution. --- ### **Core Business Segments & Capabilities** HEC operates across six key verticals: 1. **Transmission & Distribution (T&D)** – Substations (11 kV to 220 kV), overhead and underground transmission lines (up to 220 kV). 2. **Water Infrastructure** – Electro-mechanical EPC solutions for water pumping, treatment, and distribution systems (up to 275 MLD). 3. **Solar & Renewable Energy** – Solar parks, grid integration, and solar-integrated power systems. 4. **Lighting & ELV Systems** – Smart street lighting, airport and hospital lighting, and Extra Low Voltage systems (CCTV, fire alarms, nurse-call, PA). 5. **Industrial Electrification** – HT/LT systems, plant electrification, automation integration, and HV substations for heavy industries. 6. **Grid Modernization & Green Energy Transition** – BESS, Green Hydrogen infrastructure, SCADA, and automation systems. The company delivers integrated end-to-end solutions—from design and engineering to procurement, installation, testing, commissioning, and O&M—under a single-window model, ensuring seamless interoperability in mission-critical infrastructure projects. --- ### **Project Portfolio & Track Record** - Successfully completed **over 300 projects** nationwide. - Delivered **90+ substations (66–220 kV)**, **70+ transmission lines**, **65+ water installations**, **8 solar parks**, and **50+ projects each in lighting/ELV and industrial electrification**. - Notable projects include: - 220 kV substation for GETCO at Kawant (₹20.85 crore). - 66 kV/132 kV substations for HMEL in Diyodar and Jodhpur (₹23.57 crore). - Electrification and automation of AIIMS Delhi’s OPD complex (₹24.80 crore). - Terminal electrification at Chandigarh International Airport (₹21 crore). - 60 MW solar plant substation for Tata Power Solar (FY24–25). - MEP/ELV systems for 12 stations of Ahmedabad Metro (₹68 crore). --- ### **Order Book & Revenue Visibility** As of November 2025: - **Total Order Book**: ₹326.08 crore - **Unexecuted Orders**: ₹202.78 crore - Order mix by segment: - **Transmission EPC**: 40% - **Substation EPC**: 36% - **Water Pumping EPC**: 14% - **Industrial & Specialized Projects**: 10% - Recent major awards: - ₹35 crore EHV cable laying project for GETCO. - ₹28.44 crore 220 kV substation for Juniper Green Energy (315 MW wind project). - ₹27.61 crore in water infrastructure orders from Ahmedabad Municipal Corporation (AMC). - ₹15.68 crore from MIS Brixo Industries for plant electrification. The company has transitioned to **100% direct bidding**, reducing reliance on subcontracting, with a growing capacity to secure large orders (INR 60+ crore), up from one such project annually to 3–4 in recent times. --- ### **Clients** HEC serves **200+ clients** across public and private sectors, including: - **Public Sector**: GETCO, HVPNL, Rail Vikas Nigam Limited, Ahmedabad Municipal Corporation, Central Electricity Authority. - **Private Sector**: Tata Power Solar, MG Motors, Bharat Forge Alstom, Juniper Green Energy, Agrawal Metal Works. - **Critical Infrastructure Clients**: AIIMS, Chandigarh Airport, Ahmedabad Metro. Client relationships are increasingly driven by direct inquiries and referrals, reflecting growing market trust and brand recognition. --- ### **Geographical Presence** Operates in **six or more Indian states**, with a strong focus on: - **Gujarat** – Core market and largest revenue contributor. - **Haryana** – Strategic growth corridor; order book expanded from ₹4 crore to nearly ₹60 crore over three years. - Expanding presence in **Rajasthan, Delhi, Punjab, and other states** via direct orders and national scheme-related projects. --- ### **Financial & Operational Performance** - **FY25 Performance**: - **46% YoY Revenue Growth** - **96% Increase in Net Profit** - Driven by disciplined execution, operational efficiency, and margin optimization. - Projects typically executed within **6–18 months**, with **over 30% of annual work concentrated in Q4** due to government budget cycles. - Most contracts include **price variation clauses**, protecting margins against material cost fluctuations. Vendor procurement is finalized within the first month of project award to mitigate input cost risks. --- ### **Strategic Direction (2025–2026)** 1. **Focus on Profitable, Fast-Turnaround Projects**: Prioritize short-to-medium duration EPC projects (6–12 months) with high IRRs and strong cash conversion. 2. **Expansion into Emerging Green Technologies**: - Actively bidding on **Battery Energy Storage Systems (BESS)** under EPC and BOOT models. - Exploring **Green Hydrogen infrastructure** projects (electrolyzers, balance-of-plant) aligned with the **National Green Hydrogen Mission (₹19,744 crore outlay)**. - Entered joint venture in hydrogen space and scaling solar-integrated infrastructure. 3. **Strengthen Water Infrastructure**: Capitalize on demand under **Jal Jeevan Mission** and municipal upgrades; recent AMC orders highlight public-sector credibility. 4. **Backward Integration via Acquisitions**: - Evaluating strategic acquisitions of **LV and MV transformer manufacturers** to secure supply chain, reduce costs, and improve margins. 5. **Pursue National Scheme Opportunities**: - Bidding aggressively under **RDSS (Revamped Distribution Sector Scheme)**, **PM-KUSUM**, **Green Hydrogen Mission**, and **national transmission expansion plans** (50,000 ckm of new lines by 2030). --- ### **Differentiation & Competitive Edge** - **Multidisciplinary EPC Expertise**: Unique ability to integrate power, water, solar, and smart systems across domains. - **In-House Manufacturing**: Sister concerns manufacture HT/LT panels and distribution boards, enabling faster delivery and cost control. - **Technology-Integrated Solutions**: Proficient in SCADA, automation, GIS/AIS substations, smart metering, and digital infrastructure. - **Proven Execution in Live/Critical Environments**: Experience in airports, hospitals, and operational plants with minimal disruption. - **Single-Point Accountability**: Integrated model enhances coordination and reduces project risks.