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Hirect

HIRECT NSE
₹994.60 +38.45 (+4.02%)
P/E
82.75
View as Markdown
MCP
Close 4 Nov 2026 ₹994.60 +74.00 +8.04% 1Y
Start ₹920.60

Key Fundamentals

MicrocapIndustrial ManufacturingCapital Goods

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

ROCE
18.80%
Debt to Equity
1.17
EPS (TTM)
₹12.02
Book Value
₹87.02
Market Cap
—
P/E (TTM)
82.75
P/B
11.43
ROE
25.20%
Dividend Yield
0.15%
EBITDA
₹85.70 Cr
52W High
₹1,399.00
52W Low
₹565.20
Day Range
₹940.95 – ₹1,000.00
Volume
39,917

Peer Comparison

Industrials › Capital Goods › Industrial Products

Hirect peer comparison
Indo-MIM
₹1,240.10106.91₹59,516 Cr18.470.55%23.40%25.00%₹3,482 Cr₹562 Cr
Aditya Infotech
₹3,999.8098.59₹46,234 Cr14.530.04%25.40%28.60%₹4,883 Cr₹477 Cr
Syrma SGS
₹1,512.6079.19₹28,543 Cr9.590.10%14.00%16.80%₹5,464 Cr₹401 Cr
Honeywell Automation
₹29,810.0047.82₹25,976 Cr5.650.38%12.60%17.00%₹4,703 Cr₹552 Cr
Jyoti CNC Automation
₹1,034.9573.19₹22,990 Cr11.010.00%18.20%21.30%₹2,191 Cr₹323 Cr
Kaynes Technology India
₹3,330.0064.57₹21,957 Cr4.710.00%8.69%12.70%₹3,899 Cr₹345 Cr
LMW
₹17,358.00106.09₹18,108 Cr6.100.21%4.05%5.58%₹3,374 Cr₹176 Cr
Hirect (this company)
₹994.6082.75₹3,402 Cr11.430.15%25.20%18.80%₹1,043 Cr₹32 Cr
Median 8 companies₹2,421.3080.97₹24,483 Cr10.300.13%16.10%17.90%₹3,690 Cr₹373 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

42 Weak

Data confidence 100/100

Category scores

Quality
45
Average
Returns, margins, earnings quality 22% weight
Valuation
20
Poor
Cheap vs sector & own history 24% weight
Growth
86
Strong
Sales & profit trajectory 9% weight
Financial Health
34
Poor
Solvency, leverage, coverage 9% weight
Momentum
41
Weak
Trend strength, vol-adjusted 12% weight
Ownership
45
Weak
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

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 18.6 times its book value
  • Promoter holding has decreased over last quarter: -1.35%
  • Debtor days have increased from 71.3 to 90.0 days.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1045
OscillatorsBearish342
Moving AveragesStrong Bearish703

Key readings

RSI (14)
39.26
Neutral
MACD (12,26,9)
−56.57
Bearish
SMA (50)
1,146.44
Bearish
SMA (200)
992.14
Bullish

As of

Growth Rate

From the financial statements below. 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
1Y+52.52%
TTM+41.95%

Net profit

Net profit growth by window
1Y+5.41%
TTM−24.72%

Operating cash flow

Operating cash flow growth by window
1Y+138.89%
TTM—

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

Operating margin· change in pp

Operating margin growth by window
1Y−2.33 pp
TTM−3.89 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2024₹518 Cr
Mar 2025₹655 Cr
Mar 2026₹999 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2024₹13.00 Cr
Mar 2025₹37.00 Cr
Mar 2026₹39.00 Cr

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
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 7
  • 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

94d ago

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.

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.

Quarterly Results

₹ Cr
HIRECT quarterly results, ₹ crore
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
2.21
2.73
2.81
4.45
3.85
4.71
PBT
1.32
7.75
9.72
12.93
13.45
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
−1.59
6.5
EPS (₹)
0.44
1.49
2.02
2.97
2.92
2.91
3.72
4.28
3.69
1.31
2.74

Profit & Loss

₹ Cr
HIRECT profit and loss, annual, ₹ crore
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
13.19
15.98
17
Depreciation
7
8
14
16
PBT
18
50
54
47
Tax %
29%
26%
28%
—
Net Profit
13
37
39
32
EPS (₹)
3.65
10.82
13.1
12.02
Div. Payout %
16%
9%
11%
—

Balance Sheet

₹ Cr
HIRECT balance sheet, annual, ₹ crore
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

Cash Flow

₹ Cr
HIRECT cash flow, annual, ₹ crore
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

Ratios

HIRECT financial ratios, annual
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

Log in to view Hirect insights

63 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 42.59%
  • Public 28.13%
  • Others 19.28%
  • FIIs 6.84%
  • DIIs 3.16%

8.92% of promoter holding 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 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 PE ratio of Hirect Ltd?
Hirect Ltd trades at a PE ratio of 82.75 as of 4 Nov 2026, on earnings per share of ₹12.02, 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 as of 4 Nov 2026.
Does Hirect Ltd pay dividends?
Hirect Ltd has a dividend yield of 0.15%.
What is the Return on Equity (ROE) of Hirect Ltd?
Hirect Ltd reported a return on equity of 25.20%. 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 26 Dec 2006
Face Value ₹2

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