Industrial Manufacturing
Valuation | |
|---|---|
| Market Cap | 2.06 kCr |
| Price/Earnings (Trailing) | 43.17 |
| Price/Sales (Trailing) | 2.59 |
| EV/EBITDA | 25.34 |
| Price/Free Cashflow | 215.12 |
| MarketCap/EBT | 31.49 |
| Enterprise Value | 2.26 kCr |
Fundamentals | |
|---|---|
Growth & Returns | |
|---|---|
| Price Change 1W | -4% |
| Price Change 1M | -19.7% |
| Price Change 6M | -36.8% |
| Price Change 1Y | 7.6% |
| 3Y Cumulative Return | 77% |
| 5Y Cumulative Return | 50.8% |
| 7Y Cumulative Return | 40.3% |
| 10Y Cumulative Return | 31.2% |
| Revenue (TTM) |
| 797.11 Cr |
| Rev. Growth (Yr) | 36.9% |
| Earnings (TTM) | 47.56 Cr |
| Earnings Growth (Yr) | 44.8% |
Profitability | |
|---|---|
| Operating Margin | 8% |
| EBT Margin | 8% |
| Return on Equity | 25% |
| Return on Assets | 9.43% |
| Free Cashflow Yield | 0.46% |
Cash Flow & Liquidity |
|---|
| Cash Flow from Investing (TTM) | -25.31 Cr |
| Cash Flow from Operations (TTM) | 35.62 Cr |
| Cash Flow from Financing (TTM) | -10.74 Cr |
| Cash & Equivalents | 7.16 Cr |
| Free Cash Flow (TTM) | 12.91 Cr |
| Free Cash Flow/Share (TTM) | 7.52 |
Balance Sheet | |
|---|---|
| Total Assets | 504.51 Cr |
| Total Liabilities | 314.31 Cr |
| Shareholder Equity | 190.2 Cr |
| Current Assets | 303.7 Cr |
| Current Liabilities | 256.89 Cr |
| Net PPE | 87.27 Cr |
| Inventory | 142.83 Cr |
| Goodwill | 0.00 |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.4 |
| Debt/Equity | 1.07 |
| Interest Coverage | 3.77 |
| Interest/Cashflow Ops | 3.63 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 2 |
| Dividend Yield | 0.17% |
| Shares Dilution (1Y) | 0.30% |
| Shares Dilution (3Y) | 3.7% |
Balance Sheet: Reasonably good balance sheet.
Growth: Awesome revenue growth! Revenue grew 35% over last year and 129.7% in last three years on TTM basis.
Past Returns: Outperforming stock! In past three years, the stock has provided 77% return compared to 12.9% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Momentum: Stock is suffering a negative price momentum. Stock is down -19.7% in last 30 days.
Technicals: SharesGuru indicator is Bearish.
Smart Money: Smart money is losing interest in the stock.
Insider Trading: Significant insider selling noticed recently.
Balance Sheet: Reasonably good balance sheet.
Growth: Awesome revenue growth! Revenue grew 35% over last year and 129.7% in last three years on TTM basis.
Past Returns: Outperforming stock! In past three years, the stock has provided 77% return compared to 12.9% by NIFTY 50.
Buy Backs: Company has bought back it's stock in the past which is a good thing.
Momentum: Stock is suffering a negative price momentum. Stock is down -19.7% in last 30 days.
Technicals: SharesGuru indicator is Bearish.
Smart Money: Smart money is losing interest in the stock.
Insider Trading: Significant insider selling noticed recently.
Investor Care | |
|---|---|
| Dividend Yield | 0.17% |
| Dividend/Share (TTM) | 2 |
| Shares Dilution (1Y) | 0.30% |
| Earnings/Share (TTM) | 27.78 |
Financial Health | |
|---|---|
| Current Ratio | 1.18 |
| Debt/Equity | 1.07 |
Technical Indicators | |
|---|---|
| RSI (14d) | 22.72 |
| RSI (5d) | 35.3 |
| RSI (21d) | 23.23 |
| MACD Signal | Sell |
| Stochastic Oscillator Signal | Buy |
| SharesGuru Signal | Sell |
| RSI Signal | Buy |
| RSI5 Signal | Hold |
| RSI21 Signal | Buy |
| SMA 5 Signal | Sell |
| SMA 10 Signal |
Summary of Hind Rectifiers's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
The management of Hind Rectifiers Limited provided an optimistic outlook during the Q2 & H1 FY '26 Earnings Call, highlighting robust operational execution, strategic growth initiatives, and strong order visibility. The order book stood at Rs. 1,099 crores as of September 30, 2025, reflecting ongoing demand from key sectors, particularly Indian Railways.
Key forward-looking points include:
Growth Targets: The company aims for a sustained growth rate of approximately 30% year-on-year for the next three years, aligning with their previous commitments despite current flat order book dynamics.
Backward Integration: The successful completion of the backward integration project at the Sinnar Plant, supported by an investment of Rs. 56 crores, is expected to enhance operational efficiency. This project aims to produce specialized copper conductors. The initiative is anticipated to reduce reliance on external suppliers, streamline supply chains, and improve margins.
Acquisition of BeLink Solutions: The acquisition of BeLink, a France-based company, is projected to strengthen Hirect's position in Europe and integrate advanced manufacturing capabilities. BeLink's current revenue stands at approximately EUR 10 million, and while not profitable, it is expected to drive future growth potential through R&D synergies.
Financial Performance: For Q2, revenue from operations was reported at Rs. 227.1 crores, marking a 37% year-on-year increase, with EBITDA of Rs. 25.9 crores and a PAT of Rs. 14.7 crores, reflecting respective year-on-year increases of 41.4% and 44.6%.
Diversification Strategies: Management confirmed plans to diversify into sectors beyond railways, including defense and electronics, and identified significant growth opportunities in emerging verticals.
Overall, the company appears well-positioned to capitalize on existing and new market opportunities while maintaining strong growth and operational efficiency in the face of industry challenges.
Understand Hind Rectifiers ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
| Shareholder Name | Holding % |
|---|---|
| SAURABH SUSHIL NEVATIA | 21% |
| SURAMYA SAURABH NEVATIA | 14.98% |
| BTR INDUSTRIES LTD | 13.97% |
| CASSINI PARTNERS L.P. MANAGED BY HABROK | 2.94% |
| SURYANSH SAURABH NEVATIA | 2.78% |
| HABROK INDIA MASTER LP | 2.5% |
| SHRIYA SAURABH NEVATIA | 2.1% |
Detailed comparison of Hind Rectifiers against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Comprehensive comparison against sector averages
HIRECT metrics compared to Industrial
| Category | HIRECT | Industrial |
|---|---|---|
| PE | 43.17 | 39.97 |
| PS | 2.59 | 3.11 |
| Growth | 35 % | 7.7 % |
Hind Rectifiers Limited engages in the designs, development, manufacture, and marketing of power semiconductor devices, power electronic equipment, and railway transportation equipment in India and internationally. The company provides various traction and aux transformers, IGBT propulsion systems, auxiliary converters and battery chargers, on-board DC rectifiers, traction motors, panels, electrical switch boards, power supplies, safety, and protection electronics, and rolling stock HVAC systems for railways, as well as electrostatic precipitators, power quality improvement solutions, and special, and current rectifiers. It also offers repairing and servicing, AMC and erectioning, and commissioning services. Hind Rectifiers Limited was incorporated in 1958 and is based in Mumbai, India.
This is an informational page just to provide a quick 'first look' at the stock. You must do your own deeper research. Know your risk appetite. Consult a SEBI-registered financial advisor before making any investment decisions.
| Sell |
| SMA 20 Signal | Sell |
| SMA 50 Signal | Sell |
| SMA 100 Signal | Sell |
HIRECT vs Industrial (2021 - 2026)
Here are the key questions and detailed responses from the Q&A section of the earnings call:
Question by Abhay Lodha: "Whether the company is diversifying itself in defense, electronics industry?" Answer: "Yes, we are primarily focused on railways but are actively diversifying into multiple segments, including defense. This aligns with our strategic growth plans to ensure we capture broader market opportunities."
Question by Abhay Lodha: "What is the total capital outlay for FY '26 and FY '27?" Answer: "For FY '26, the total capital expenditure is approximately Rs. 60 crores. This will be funded by a mix of a Rs. 34 crores term loan and the balance from internal accruals."
Question by Prolin Nandu: "How do you see the order book growing from here on?" Answer: "While current order booking appears flattish, we have a strong execution track record with an order book size of around Rs. 1,100 crores. We anticipate completing these orders within a 12 to 18-month window while bidding for new tenders."
Question by Prolin Nandu: "What is the expected total addressable market (TAM) for the new copper conductor products?" Answer: "There is significant demand for our copper conductors in the transformer manufacturing sector. The market is expanding, allowing us to cater to various transformer manufacturers beyond railways."
Question by Manish Goyal: "Provide an update on propulsion system trials?" Answer: "Trials are scheduled to start soon, with approvals recently obtained. We expect to complete 50,000 kilometers. This trial will enable us to qualify for various locomotive types, ensuring a broad market reach."
Question by Agam Shah: "What can we expect in terms of order growth?" Answer: "We aim for 30% year-on-year growth over the next three years. While current order levels may appear constant, there are substantial opportunities ahead, especially with multiple tenders lined up."
Question by Manan Shah: "What are the reasons behind the contraction in gross margins?" Answer: "The margin contraction is mainly due to increased costs from imported copper conductors, exacerbated by logistics challenges. With our new in-house facility, we expect margins to recover."
Question by Rupesh Tatiya: "What portion of your traction transformer business comes from new locomotive production?" Answer: "Our traction transformer business is entirely driven by new locomotives. We do not participate in the replacement market, maintaining our focus on new production orders."
Question by Manish Goyal: "What is the anticipated revenue contribution from exports?" Answer: "We have successfully dispatched products to Germany and the USA, and ongoing discussions could pave the way for more orders. However, quantifying future opportunities is challenging at this stage."
These responses reflect management's emphasis on growth, diversification, and addressing operational challenges.
| NIRAJ BAJAJ | 1.75% |
| BHARTI SAURABH NEVATIA | 1.58% |
| MUKUL MAHAVIR AGRAWAL | 1.45% |
| SURABHI GOLYAN | 1.45% |
| VEENA K JAGWANI | 1% |
| AKSHADA S NEVATIA | 0.03% |
| Saurabh Nevatia (Karta of SUSHIL KUMAR NEVATIA HUF) | 0% |
| ADIV NEVATIA | 0% |
| NURVI NEVATIA | 0% |
| SAURABH NEVATIA (Karta of Saurabh Nevatia HUF) | 0% |
| ELVENTIVE TECH PRIVATE LIMITED | 0% |
| Force Motion Technology LLP | 0% |
| Qualified Institutional Buyer | 0% |
Distribution across major stakeholders
Distribution across major institutional holders
| -46.80% |
| 52.36 |
| 6.15 |
| - |
| - |
| CGPOWER | CG Power and Industrial Solutions | 86.48 kCr | 10.69 kCr | -7.90% | -5.70% | 86 | 8.09 | - | - |
| TDPOWERSYS | TD Power Systems | 10.57 kCr | 1.64 kCr | -3.70% | +87.70% | 48.11 | 6.45 | - | - |
| 11.8% |
| 20 |
| 18 |
| 14 |
| 13 |
| - |
| - |
| Total profit before tax | 11.8% | 20 | 18 | 14 | 13 | - | - |
| Current tax | -6.2% | 5.23 | 5.51 | 3.92 | 3.16 | - | - |
| Deferred tax | -12% | -0.31 | -0.17 | 0.1 | 0.29 | - | - |
| Total tax | -9.7% | 4.92 | 5.34 | 4.01 | 3.45 | - | - |
| Total profit (loss) for period | 16.7% | 15 | 13 | 9.99 | 10 | - | - |
| Other comp. income net of taxes | -78.8% | -0.77 | 0.01 | 0.03 | 0.02 | - | - |
| Total Comprehensive Income | 8.3% | 14 | 13 | 10 | 10 | - | - |
| Earnings Per Share, Basic | 17.7% | 8.58 | 7.44 | 5.83 | 5.84 | - | - |
| Earnings Per Share, Diluted | 17.9% | 8.57 | 7.42 | 5.82 | 5.83 | - | - |
| 0% |
| 13 |
| 13 |
| 8.13 |
| 6.88 |
| 8.72 |
| 7.32 |
| Depreciation and Amortization | 16.1% | 8.49 | 7.45 | 5.14 | 4.49 | 3.83 | 4.07 |
| Other expenses | 16.7% | 43 | 37 | 25 | 25 | 17 | 23 |
| Total Expenses | 23.2% | 607 | 493 | 357 | 361 | 298 | 274 |
| Profit Before exceptional items and Tax | 104.2% | 50 | 25 | 2.08 | 11 | 7.36 | 26 |
| Exceptional items before tax | 87.5% | 0 | -6.99 | -10.77 | 0 | 0 | 0 |
| Total profit before tax | 188.2% | 50 | 18 | -8.68 | 11 | 7.36 | 26 |
| Current tax | 2407.7% | 13 | 0.48 | 0 | 3.13 | 1.7 | 6.34 |
| Deferred tax | -130.3% | -0.12 | 4.7 | -2.32 | 0.23 | 0.33 | 1.42 |
| Total tax | 187.1% | 13 | 5.18 | -2.32 | 3.36 | 2.03 | 7.76 |
| Total profit (loss) for period | 200% | 37 | 13 | -6.36 | 7.8 | 5.33 | 18 |
| Other comp. income net of taxes | -4.2% | 0 | 0.04 | 0.11 | 0.1 | 0.13 | -0.18 |
| Total Comprehensive Income | 200% | 37 | 13 | -6.25 | 7.9 | 5.46 | 18 |
| Earnings Per Share, Basic | 99.5% | 21.73 | 11.39 | -3.84 | 4.71 | 3.22 | 11.16 |
| Earnings Per Share, Diluted | 100% | 21.7 | 11.35 | -3.84 | 4.68 | 3.22 | 11.16 |
| 807.5% |
| 54 |
| 6.84 |
| 12 |
| 8.16 |
| 8.37 |
| 6.87 |
| Non-current investments | 3031% | 18 | 0.42 | 0.13 | 0.13 | 0.13 | 0.13 |
| Loans, non-current | - | 0 | 0 | 0 | 0 | 0.01 | 0 |
| Total non-current financial assets | 72.7% | 20 | 12 | 7.24 | 7.41 | 7.59 | 1.25 |
| Total non-current assets | 31.3% | 198 | 151 | 118 | 122 | 113 | 107 |
| Total assets | 20.9% | 505 | 418 | 337 | 331 | 303 | 292 |
| Borrowings, non-current | 59.3% | 44 | 28 | 20 | 23 | 21 | 24 |
| Total non-current financial liabilities | 38.7% | 44 | 32 | 20 | 23 | 26 | 25 |
| Provisions, non-current | 76.7% | 8.51 | 5.25 | 5.52 | 5.18 | 5.22 | 5.21 |
| Total non-current liabilities | 47.4% | 57 | 39 | 30 | 34 | 31 | 30 |
| Borrowings, current | 21.5% | 159 | 131 | 103 | 106 | 84 | 80 |
| Total current financial liabilities | 19.1% | 244 | 205 | 156 | 160 | 143 | 140 |
| Provisions, current | -46.5% | 2.66 | 4.1 | 4.14 | 3.53 | 2.17 | 2.69 |
| Current tax liabilities | 79.3% | 3.42 | 2.35 | 2.02 | 0.99 | 0 | 0 |
| Total current liabilities | 17.4% | 257 | 219 | 167 | 173 | 153 | 151 |
| Total liabilities | 21.8% | 314 | 258 | 197 | 206 | 185 | 181 |
| Equity share capital | 0.4% | 3.44 | 3.43 | 3.43 | 3.43 | 3.42 | 3.42 |
| Total equity | 19.5% | 191 | 160 | 140 | 125 | 118 | 112 |
| Total equity and liabilities | 20.9% | 505 | 418 | 337 | 331 | 303 | 292 |
| 986.1% |
| 8 |
| 0.21 |
| 0.66 |
| 2.35 |
| - |
| - |
| Net Cashflows From Operating Activities | 6.1% | 36 | 34 | 8.18 | 36 | - | - |
| Cashflows used in obtaining control of subsidiaries | - | 0.29 | 0 | 0 | 0 | - | - |
| Proceeds from sales of PPE | 165.8% | 1.25 | 0.62 | -29.42 | 0.03 | - | - |
| Purchase of property, plant and equipment | 69.2% | 23 | 14 | 0 | 20 | - | - |
| Proceeds from sales of long-term assets | - | 6 | 0 | 0 | 0 | - | - |
| Purchase of other long-term assets | 78% | 9.9 | 6 | 0 | 0.03 | - | - |
| Dividends received | 0% | 0.01 | 0.01 | 0.01 | 0.01 | - | - |
| Interest received | 15.4% | 0.34 | 0.22 | 0.05 | 0.12 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0.06 | -0.66 | - | - |
| Net Cashflows From Investing Activities | -28.5% | -25.31 | -19.47 | -29.3 | -20.6 | - | - |
| Proceeds from issuing shares | 10.2% | 0.21 | 0.12 | 0 | 0 | - | - |
| Proceeds from borrowings | 85.9% | 16 | 9.07 | 0 | 0 | - | - |
| Repayments of borrowings | 0% | 10 | 10 | -29.95 | 9.12 | - | - |
| Payments of lease liabilities | - | 1.88 | 0 | 0 | 0 | - | - |
| Dividends paid | - | 2.06 | 0 | 0.66 | 0 | - | - |
| Interest paid | 9.1% | 13 | 12 | 8.21 | 6.83 | - | - |
| Other inflows (outflows) of cash | - | 0 | 0 | 0.09 | 0 | - | - |
| Net Cashflows from Financing Activities | 23.1% | -10.74 | -14.26 | 21 | -15.95 | - | - |
| Net change in cash and cash eq. | -69% | -0.42 | 0.16 | 0.05 | -0.28 | - | - |