Hirect logo

Hirect

HIRECT NSE

Key Fundamentals

MicrocapIndustrial ProductsCapital Goods
Market Cap
₹4,196 Cr
Volatility
Moderate
P/E Ratio
103.61
EBITDA
₹85.70 Cr
Return on Equity
18.75%
Debt to Equity
1.17
Book Value
₹87.02
EPS
₹14.1
52W High
₹1,399
52W Low
₹565.2

Tapetide Score

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Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company's working capital requirements have reduced from 21.3 days to 14.9 days

Weaknesses

3
  • Stock is trading at 20.5 times its book value
  • Promoter holding has decreased over last quarter: -1.35%
  • Debtor days have increased from 71.3 to 90.0 days.

Growth Rate

Revenue Growth
52.38% higher than 3Y
Net Income Growth
4.04% lower than 3Y
Cash Flow Change
141% lower than 3Y
ROE
-19.22% lower than 3Y
ROCE
-17.37% lower than 3Y
EBITDA Margin (Avg.)
-21.59% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 44d ago
AI opinion · based on fundamentals
Risk high

Hind Rectifiers Ltd is a capital goods company supplying power electronics and traction equipment primarily to Indian Railways. FY26 standalone revenue grew 44.8% YoY to ₹949.2 crore with EBITDA margin improving to 10.8%, while the stock trades at a PE of 120.2x and 21.4x book value. The company holds an order book of ₹845.5 crore as of March 2026, but Q4FY26 saw a net loss of ₹1.59 crore, raising questions about earnings consistency.

Bull Case 8
  • FY26 standalone revenue grew 44.8% YoY to ₹949.2 crore, demonstrating strong top-line momentum
  • H1FY26 PAT grew 60.6% YoY to ₹27.5 crore, with EBITDA surging 52.8% YoY to ₹50.1 crore
  • Order book stands at ₹845.5 crore as of March 2026 with new order inflows of ₹858 crore in FY26, providing revenue visibility
  • 3-year ROE of 22% and last year ROE of 25% indicate efficient capital deployment relative to equity base
  • Working capital days improved from 21.3 days to 14.9 days, freeing up cash for operations
  • TTM sales growth of 52% significantly outpaces typical capital goods sector growth rates
  • Stock CAGR of 104% over 3 years reflects re-rating driven by Indian Railways electrification and Vande Bharat/Vande Metro programme tailwinds
  • Won first U.S. order for traction motor assemblies, indicating potential for export revenue diversification
Bear Case 8
  • PE ratio of 120.2x is extremely elevated, pricing in aggressive future growth with limited margin of safety
  • Q4FY26 reported a net loss of ₹1.59 crore versus net profit of ₹9.99 crore in Q4FY25, raising concerns about earnings volatility
  • Stock trades at 21.4x book value, far above capital goods sector average, implying high expectations already embedded
  • Debtor days increased from 71.3 to 90.0 days, indicating slower collections and potential working capital strain
  • Dividend yield of just 0.11% offers negligible income return to shareholders at current price
  • Book-to-bill ratio dropped to 0.24x in a recent quarter, suggesting order inflow pace may be lumpy and unpredictable
  • Revenue concentration on Indian Railways creates dependency risk on a single customer's capex cycle and budget allocations
  • Current ratio of 1.12x as flagged by analysts indicates tight near-term liquidity relative to rapid revenue scale-up

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

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 3
  • ₹60Cr Vande Metro order win Jul 28

    Hind Rectifiers secured a confirmed Rs 60 crore work order from Indian Railways for Vande Metro propulsion systems, its first development order for this platform with a 21-month execution timeline. This adds to Rs 240 crore Q2FY27 order inflow, though book-to-bill at 0.24x means execution capacity will be key.

  • Name change & capital approvals Jul 10

    Shareholders approved renaming the company to Hirect Limited and increasing authorised share capital via postal ballot. Resolutions to raise borrowing limits and create mortgages on properties also passed, providing financial flexibility for future growth.

  • ₹1.40 final dividend declared Jul 10

    Hind Rectifiers fixed August 4, 2026 as the record date for a final dividend of ₹1.40 per share, pending AGM approval.

TL;DR: Hind Rectifiers is building momentum with a strong order pipeline anchored by its first Vande Metro propulsion contract from Indian Railways, signalling deeper penetration into the rail electrification theme. The corporate actions (name change, higher borrowing limits) suggest management is gearing up for scale. Key risk is execution — the 0.24x book-to-bill ratio means order conversion and delivery timelines will be closely watched. The trend is improving as long as order inflows sustain and capacity keeps pace.

Quarterly Results

Particulars Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
137
151
136
166
169
185
215
227
277
280
258
Expenses
123
138
121
148
151
165
191
201
252
271
245
Operating Profit
13.48
13.5
14.48
18.31
17.63
19.9
24.22
25.88
25.55
8.43
13.22
OPM %
9.87%
8.92%
10.68%
11.04%
10.44%
10.75%
11.28%
11.39%
9.21%
3.01%
5.12%
Other Income
-6.91
0.38
0.51
0.13
0.5
0.34
0.23
0.13
-1.07
0.36
7.86
Interest
3.23
4.13
3.26
3.4
2.52
4.02
3.62
3.56
4.71
4.09
4.74
Depreciation
2.02
2
2.01
2.11
2.15
2.22
2.73
2.81
4.45
3.85
4.71
PBT
1.32
7.75
9.72
12.93
13.46
14
18.1
19.64
15.32
0.85
11.63
Tax %
-14.39%
33.81%
28.7%
21.19%
25.63%
28.71%
29.5%
25.05%
17.1%
285.88%
44.02%
Net Profit
1.52
5.12
6.93
10.19
10.01
9.99
12.77
14.72
12.7
-1.58
6.5
EPS in Rs
0.44
1.49
2.02
2.97
2.92
2.91
3.72
4.28
3.69
1.31
2.74
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2024Mar 2025Mar 2026TTM
Sales
518
655
999
1,043
Expenses
473
585
914
970
Operating Profit
45
71
85
73
OPM %
9%
11%
9%
7%
Other Income
-6
1
0
7
Interest
13
14
17
17
Depreciation
7
8
14
16
PBT
18
50
54
47
Tax %
29%
26%
28%
—
Net Profit
13
37
39
32
EPS in Rs
3.65
10.82
13.1
12.02
Div. Payout %
16%
9%
11%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2024Mar 2025Mar 2026
Equity Capital
3
3
7
Reserves
121
156
202
Borrowings
135
164
245
Other Liabilities
71
93
209
Total Liabilities
331
417
662
Fixed Assets
90
107
196
CWIP
22
12
10
Investments
0
0
0
Other Assets
219
298
455
Total Assets
331
417
662
Figures in ₹ Crores

Cash Flow

Particulars Mar 2024Mar 2025Mar 2026
Operating
34
36
86
Investing
-19
-25
-90
Financing
-14
-11
8
Net Cash Flow
0
0
4
Free Cash Flow
20
14
-12
CFO/OP
76
62
116
Figures in ₹ Crores

Ratios

Particulars Mar 2024Mar 2025Mar 2026
Debtor Days
63
61
90
Inventory Days
92
92
74
Days Payable
45
46
59
Cash Conversion Cycle
110
107
105
Working Capital Days
24
25
15
ROCE %
—
22%
19%

Insights

Beta

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

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62 extracted metrics + investor summaries across FY11–FY26.

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Shareholding Pattern

DIIs0.20%Promot.43.92%FIIs6.57%Others20.05%Public29.26%As ofJun 2026
6.81% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Hirect

What does Hirect Ltd do?
HRL manufactures power electronic equipment such as converters, inverters, propulsion system, rectifiers and railway transformation equipment like traction transformer for locomotive, motors, various types of panels for locomotive switch board cabinet, regulated battery charger, inverters and ...
Where is Hirect Ltd (HIRECT) listed?
Hirect Ltd trades as HIRECT on the NSE and under code 504036 on the BSE.
Which sector does Hirect Ltd belong to?
Hirect Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the market capitalisation of Hirect Ltd?
Hirect Ltd has a market capitalisation of ₹4,196 Cr, which places it in the Small Cap band.
What is the PE ratio of Hirect Ltd?
Hirect Ltd trades at a PE ratio of 103.61, on earnings per share of ₹14.1, against a book value of ₹87.02 per share.
What is the 52-week high and low of Hirect Ltd?
Over the last 52 weeks Hirect Ltd has traded between ₹565.2 and ₹1,399.
Does Hirect Ltd pay dividends?
Hirect Ltd has a dividend yield of 0.11%.
What is the Return on Equity (ROE) of Hirect Ltd?
Hirect Ltd reported a return on equity of 18.75%. Its debt-to-equity ratio is 1.17.

Company Information

HRL manufactures power electronic equipment such as converters, inverters, propulsion system, rectifiers and railway transformation equipment like traction transformer for locomotive, motors, various types of panels for locomotive switch board cabinet, regulated battery charger, inverters and modular pantry. The manufacturing facilities are in Mumbai and Nasik, Maharashtra, and Dehradun, Uttarakhand, and its registered office is in Mumbai.

Website hirect.com
CEO Mr. Suramya Saurabh Nevatia
Employees 539
Listed 2006-12-26
Face Value ₹ 2
Issued Size 1,71,83,807

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