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HBL Engineering

HBLENGINE NSE
₹836.40 +23.50 (+2.89%)
P/E
29.69
View as Markdown
MCP
Close 4 Nov 2026 ₹836.40 −129.70 −13.4% 1Y
Start ₹966.10

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
59.30%
Debt to Equity
0.03
EPS (TTM)
₹28.17
Book Value
₹79.88
Market Cap
—
P/E (TTM)
29.69
P/B
10.47
ROE
45.30%
Dividend Yield
0.37%
EBITDA
₹1,172 Cr
52W High
₹1,122.00
52W Low
₹613.00
Day Range
₹806.50 – ₹842.00
Volume
10,64,289

Peer Comparison

Industrials › Automobiles › Auto Components › Other Industrial Products

HBL Engineering peer comparison
HBL Engineering (this company)
₹836.4029.69₹22,697 Cr10.470.37%45.30%59.30%₹3,339 Cr₹780 Cr
INOX India
₹1,936.7068.97₹17,030 Cr15.730.11%26.10%33.50%₹1,618 Cr₹255 Cr
ESAB India
₹5,330.0036.98₹8,482 Cr19.111.37%48.80%64.70%₹1,577 Cr₹222 Cr
KRN Heat Exchanger and Refrigeration
₹1,011.7065.95₹6,440 Cr6.730.00%14.10%16.00%₹737 Cr₹97 Cr
Harsha Engineers
₹462.0027.19₹4,075 Cr3.000.34%10.50%13.00%₹1,719 Cr₹154 Cr
Subros
₹595.1023.34₹3,836 Cr3.120.51%14.50%19.20%₹3,909 Cr₹167 Cr
Ador Welding
₹1,414.2021.46₹2,487 Cr4.320.52%16.40%22.70%₹1,258 Cr₹115 Cr
Median 7 companies₹1,011.7029.69₹6,440 Cr6.730.37%16.40%22.70%₹1,618 Cr₹167 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

65 Good

Data confidence 100/100

Category scores

Quality
73
Strong
Returns, margins, earnings quality 22% weight
Valuation
72
Strong
Cheap vs sector & own history 24% weight
Growth
99
Strong
Sales & profit trajectory 9% weight
Financial Health
79
Strong
Solvency, leverage, coverage 9% weight
Momentum
38
Weak
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 118% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 33.1%

Weaknesses

1
  • Stock is trading at 9.13 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish3412
OscillatorsBearish342
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
62.23
Neutral
MACD (12,26,9)
19.76
Bullish
SMA (50)
747.26
Bullish
SMA (200)
747.34
Bullish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.78%
5Y+29.35%
3Y+34.12%
1Y+67.92%
TTM+62.88%

Net profit

Net profit growth by window
10Y+49.09%
5Y+125.37%
3Y+102.52%
1Y+194.93%
TTM+129.41%

Operating cash flow

Operating cash flow growth by window
10Y+16.66%
5Y+43.57%
3Y+82.21%
1Y+198.79%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+23.38 pp
5Y+26.35 pp
3Y+22.67 pp
1Y+13.72 pp
TTM+8.87 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,414 Cr
Mar 2018₹1,603 Cr
Mar 2019₹1,266 Cr
Mar 2020₹1,092 Cr
Mar 2021₹912 Cr
Mar 2022₹1,236 Cr
Mar 2023₹1,369 Cr
Mar 2024₹2,233 Cr
Mar 2025₹1,967 Cr
Mar 2026₹3,303 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹38.00 Cr
Mar 2018₹32.00 Cr
Mar 2019₹28.00 Cr
Mar 2020₹26.00 Cr
Mar 2021₹14.00 Cr
Mar 2022₹94.00 Cr
Mar 2023₹98.00 Cr
Mar 2024₹280 Cr
Mar 2025₹276 Cr
Mar 2026₹814 Cr

AI Analysis — Bull vs Bear

Figures as of 28 Oct 2026
AI opinion · based on fundamentals
Risk medium

HBL Engineering Ltd trades at ₹809.95 as of 2026-10-28 with a market cap of ₹22,451 Cr, a P/E (TTM) of 28.75x, and an ROE of 36.79%. The company is virtually debt-free (debt-to-equity of 0.03) and has delivered 118% CAGR profit growth over five years, though the stock is down 17% over the past one year and trades at 10.14x book value.

Bull Case 6
  • Exceptional profit growth: compounded profit CAGR of 118% over 5 years and 105% over 3 years, with TTM profit growth accelerating to 134%.
  • Superior return ratios: ROE of 36.79% and ROCE of 46.59% as of 2026-10-28, indicating highly efficient capital deployment relative to most industrial peers.
  • Consistent ROE improvement trajectory — from 18% (10-year average) to 27% (5-year) to 33% (3-year) to 45% (last year) — suggests structural margin expansion rather than a one-off spike.
  • Strong revenue momentum with TTM sales growth of 63%, well above the 5-year compounded sales CAGR of 29% and 10-year CAGR of 10%, pointing to an inflection in order book execution.
  • Long-term wealth creation track record: stock CAGR of 71% over 5 years and 34% over 10 years, reflecting sustained fundamental improvement.
  • Company is expected to deliver a good upcoming quarter, which could serve as a near-term positive catalyst if results meet or exceed expectations.
Bear Case 6
  • Stock has declined 17% over the past one year despite strong underlying earnings growth, suggesting the market may be repricing the stock's premium downward.
  • P/E of 28.75x on TTM EPS of ₹28.17 prices in significant future growth; any miss in execution or order inflows could trigger a sharp de-rating.
  • Dividend yield of just 0.38% offers negligible income support, meaning total returns are almost entirely dependent on capital appreciation.
  • TTM sales growth of 63% is a sharp jump from the 10-year compounded sales CAGR of 10%, raising questions about whether this pace is sustainable or driven by lumpy order deliveries.
  • The gap between 52-week low of ₹613 and high of ₹1,122 — a range of roughly 83% — reflects high price volatility, which increases short-term drawdown risk.
  • Compounded profit CAGR of 134% TTM versus 49% over 10 years suggests recent earnings may be at a cyclical peak, and mean reversion in margins could compress earnings.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: HBL Engineering saw a sharp 15% intraday rally on Oct 16, driven primarily by strong subscription demand for its portfolio company Tonbo Imaging's IPO. The volume spike — nearly 15x the average — signals meaningful institutional and retail interest. No headwinds surfaced in the period reviewed, but the rally is event-driven; sustained momentum will depend on Tonbo's listing performance and HBL's core business execution in upcoming quarters.

Positives 2
  • Shares surge 15% on volume Oct 16

    HBL Engineering shares rose as much as 15% to an intraday high of ₹814, with trading volumes jumping 14.9 times to 1.29 crore shares versus an average of 8.65 lakh shares.

  • Tonbo Imaging IPO demand strong Oct 16

    Tonbo Imaging, in which HBL Engineering holds a significant stake, saw its IPO subscribed 5.45 times by 12:00 pm on the second day of subscription, driving investor interest in the parent stock.

Neutral 1
  • Broad market recovery on Oct 16 Oct 16

    SENSEX recovered as much as 765 points from the day's low, rising 410 points to 74,725 by 12:40 pm, while NIFTY50 advanced 140 points to 23,137, providing a supportive backdrop for the session.

Quarterly Results

₹ Cr
HBLENGINE quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
467
557
599
610
520
521
451
476
602
1,223
874
604
638
Expenses
390
456
486
479
410
412
357
396
410
679
572
529
491
Operating Profit
78
101
113
131
110
109
94
79
192
544
302
75
147
OPM %
17%
18%
19%
22%
21%
21%
21%
17%
32%
44%
35%
12%
23%
Other Income
3
3
2
−19
5
12
2
6.83
17
−8
10.54
10
21
Interest
2
3
3
4
2
3
5
4
6
3
3
2
5
Depreciation
10
10
11
11
11
11
11
11
12
12
12
15
12
PBT
69
91
102
98
103
107
79
71
191
520
297
67
149
Tax %
25%
26%
23%
33%
26%
29%
26%
26%
26%
26%
27%
18%
26%
Net Profit
52
68
79
81
80
87
65
45
143
387
220
64
109
EPS (₹)
1.87
2.48
2.85
2.94
2.89
3.15
2.33
1.62
5.17
13.97
7.96
2.3
3.94

Profit & Loss

₹ Cr
HBLENGINE profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,349
1,299
1,414
1,603
1,266
1,092
912
1,236
1,369
2,233
1,967
3,303
3,339
Expenses
1,210
1,164
1,286
1,477
1,169
1,011
845
1,097
1,217
1,810
1,574
2,190
2,271
Operating Profit
139
134
129
126
97
81
67
139
151
423
393
1,113
1,068
OPM %
10%
10%
9%
8%
8%
7%
7%
11%
11%
19%
20%
34%
32%
Other Income
9
12
21
16
21
22
6
26
20
8
38
44
32
Interest
71
68
46
41
31
22
15
7
7
13
13
15
14
Depreciation
53
51
48
46
44
41
39
35
35
41
44
51
52
PBT
24
27
54
55
43
40
19
122
130
377
374
1,092
1,034
Tax %
43%
45%
29%
42%
35%
35%
29%
23%
24%
26%
26%
25%
—
Net Profit
14
15
38
32
28
26
14
94
98
280
277
815
780
EPS (₹)
0.56
0.59
1.53
1.14
1
0.95
0.5
3.39
3.56
10.13
9.99
29.4
28.17
Div. Payout %
36%
42%
18%
22%
30%
32%
71%
12%
13%
5%
10%
10%
—

Balance Sheet

₹ Cr
HBLENGINE balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
25
25
28
28
28
28
28
28
28
28
28
28
Reserves
539
584
701
724
739
745
754
838
924
1,193
1,455
2,187
Borrowings
686
549
479
366
232
161
70
63
86
67
74
67
Other Liabilities
311
277
258
224
162
169
184
204
257
366
422
661
Total Liabilities
1,562
1,435
1,467
1,342
1,161
1,103
1,036
1,133
1,294
1,654
1,980
2,942
Fixed Assets
456
415
417
363
321
304
279
265
320
354
397
441
CWIP
49
48
33
26
37
27
43
81
50
20
68
127
Investments
2
8
8
5
5
6
7
8
9
108
290
402
Other Assets
1,054
964
1,008
947
797
766
707
779
915
1,171
1,225
1,972
Total Assets
1,562
1,435
1,467
1,342
1,161
1,103
1,036
1,133
1,294
1,654
1,980
2,942

Cash Flow

₹ Cr
HBLENGINE cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
79
158
43
159
167
149
121
62
122
270
247
738
Investing
−13
−10
60
−8
1
−6
−32
−17
−50
−137
−320
−214
Financing
−66
−153
−114
−150
−163
−114
−104
−22
10
−42
−33
−113
Net Cash Flow
0
−5
−11
1
5
29
−14
23
82
91
−107
411
Free Cash Flow
62
144
5
149
168
140
86
41
68
204
96
594
CFO/OP
60
125
41
149
192
201
184
65
105
85
88
93

Ratios

HBLENGINE financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
106
120
122
103
105
102
102
86
83
58
69
71
Inventory Days
226
185
168
126
145
162
188
149
147
137
201
148
Days Payable
81
77
68
43
34
41
44
42
43
41
68
49
Cash Conversion Cycle
252
228
222
186
216
222
246
193
188
154
202
171
Working Capital Days
57
55
66
73
104
121
149
126
117
81
106
85
ROCE %
8%
8%
8%
9%
6%
6%
4%
13%
14%
36%
27%
59%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view HBL Engineering insights

68 extracted metrics across FY12–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 59.11%
  • Public 28.58%
  • FIIs 5.34%
  • Others 5.33%
  • DIIs 1.64%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about HBL Engineering

What does HBL Engineering Ltd do?
Incorporated in 1983, HBL Engineering is an Indian research-driven manufacturing company that specializes in developing indigenous, cost-effective technology solutions—such as specialized batteries and railway safety systems—for critical global industries.
Where is HBL Engineering Ltd (HBLENGINE) listed?
HBL Engineering Ltd trades as HBLENGINE on the NSE and under code 517271 on the BSE.
Which sector does HBL Engineering Ltd belong to?
HBL Engineering Ltd is classified under the Automobiles sector, in the Auto Components industry.
What is the PE ratio of HBL Engineering Ltd?
HBL Engineering Ltd trades at a PE ratio of 29.69 as of 4 Nov 2026, on earnings per share of ₹28.17, against a book value of ₹79.88 per share.
What is the 52-week high and low of HBL Engineering Ltd?
Over the last 52 weeks HBL Engineering Ltd has traded between ₹613 and ₹1,122 as of 4 Nov 2026.
Does HBL Engineering Ltd pay dividends?
HBL Engineering Ltd has a dividend yield of 0.37%.
What is the Return on Equity (ROE) of HBL Engineering Ltd?
HBL Engineering Ltd reported a return on equity of 45.30%. Its debt-to-equity ratio is 0.03.

Company Information

Incorporated in 1983, HBL Engineering is an Indian research-driven manufacturing company that specializes in developing indigenous, cost-effective technology solutions—such as specialized batteries and railway safety systems—for critical global industries. The company is now expanding its focus toward domestic electric mobility solutions, including high-efficiency motors and drivetrain systems.

Website hbl.in
CEO Dr. Aluru Jagadish Prasad
Employees 2,152
Listed 4 Jan 2007
Face Value ₹1

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