HEC Infra Projects Limited — Investor Meet, 19-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

HEC Infra delivered strong Q2 FY26 results with revenue up 96.84% YoY to INR 40.82 Cr, EBITDA at INR 3.86 Cr (9.45% margin), and PAT up 82.10% to INR 2.33 Cr. New orders totaled INR 62.53 Cr, including a first major Battery Energy Storage System (BESS) project. Management prioritizes profitable, short-to-medium tenure projects, expanding into renewables and water infrastructure, and evaluating backward integration. The company targets a 50-50 government/private project mix, aiming for sustainable 45-50% annual growth with maintained margins. Working capital is improving, and enhanced non-fund-based limits are expected soon. Outlook remains positive due to a diversified portfolio and strong sector tailwinds.