Synopsis: Days after securing a Rs.44.87 crore transmission order from POWERGRID, a Gujarat-based electrical EPC contractor has bagged another contract, this time worth Rs.34.82 crore, for an industrial food park project in Mehsana, marking its second order win within two weeks while it eyes similar bids across other states.
Shares of a Gujarat-based electrical EPC contractor moved into focus on Tuesday after the company disclosed receiving a fresh work order worth Rs. 34.82 crore. The contract, awarded by Stellar Manufacturers Private Limited, covers design, engineering, supply, erection, testing and commissioning of electrical package works at a food park project in Mehsana district. The filing comes barely ten days after the company announced a larger order from the Power Grid Corporation of India, extending a recent run of order wins.
With a market capitalisation of Rs. 143.19 crore, the shares of HEC Infra Projects Limited were trading at Rs. 132.02 per share, up 8.54 percent from its previous closing price of Rs. 121.63 apiece. It is trading at a P/E of 10.48.
According to the regulatory filing dated June 16, 2026, the order from Stellar Manufacturers Private Limited covers the design, engineering, supply, erection, testing and commissioning of electrical package works at Mudarda Village, part of the Fanidhar Food Park in Mehsana, Gujarat. The work, including material supply and erection, is to be executed within four months. HEC Infra has confirmed that no promoter or promoter group entity holds any interest in Stellar Manufacturers, and that the contract does not qualify as a related party transaction.
The four-month execution window is notably tight against the order value. At roughly 20 percent of the company’s FY26 standalone revenue of Rs. 176 crore, the contract is sizable for a company of this scale, but its short tenure means it adds to near-term billing rather than building multi-year backlog visibility. That distinction matters for a contractor whose revenue has swung sharply by quarter sales ranging from Rs. 27.91 crore to Rs. 57.35 crore across the last four reported quarters.
A Second Order in Quick Succession
This is not an isolated win. On June 6, 2026, HEC Infra had announced a Rs. 44.87 crore order from Power Grid Corporation of India for transmission works tied to the Bikaner IV project, with a 15-month execution timeline. Taken together, the two orders add up to roughly Rs. 79.69 crore booked within a span of ten days, a pace of order intake that stands out for a company with a sub-Rs. 200 crore market capitalisation. The original disclosure also notes that HEC Infra is preparing to bid for similar projects with private and government departments in other states, suggesting management is looking to widen its order base beyond Gujarat.
The back-to-back wins arrive at a point where the company’s operating metrics have also been improving. Debtor days have fallen from 94.9 to 55.4, and working capital days have come down from 92.2 to 40.4, changes that typically ease the cash strain EPC contractors face while scaling execution. Return on capital employed stood at 21.4 percent for the year, against single digits as recently as FY2023. One governance point worth flagging: despite five years of profit growth at a 110 percent CAGR, the company has not paid a dividend, and promoter holding has crept up to 74.93 percent as of March 2026.
Business Overview
Incorporated in 2005, HEC Infra Projects Limited is an EPC contractor offering design, supply, installation and commissioning services across electrical, electro-mechanical, civil and instrumentation work, including overhead transmission lines, substations, underground cabling, solar PV plants and battery energy storage systems. It is a Class A registered EPC contractor with the Roads and Buildings Department of the Government of Gujarat, a Class-1 contractor with the Central Public Works Department, and holds a contractor license from GETCO.
For the quarter ended March 2026, the company reported sales of Rs. 50.73 crore against Rs. 46.50 crore in the same quarter last year, an increase of about 9 percent, while net profit rose to Rs. 6.10 crore from Rs. 5.67 crore. For the full year FY26, revenue came in at Rs. 176 crore against Rs. 112 crore in FY25, with net profit climbing to roughly Rs. 13 crore from Rs. 9 crore.
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