Hind Rectifiers Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹3,459 Cr
- P/E
- 88.26
- ROE
- 25.21%
- Price to sales
- 3.33
- Debt to equity
- 1.17
- 52W high / low
- ₹1,870 / ₹660
- EBITDA margin
- 7.01%
- Net profit margin
- 4.01%
- Promoter holding
- 42.59%
- Sales (last year)
- ₹1,043 Cr
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.
Guidance scorecard · Q1 FY27 call
What Hirect Ltd's management guided
and where it ranks in Industrial Manufacturing
Industrial Manufacturing
RevenueQ1 FY27 call
20–40%- Hirect aims for 30% growth in sales for the current year, signaling strong underlying business momentum.
- The company aspires to become a USD 1 billion revenue enterprise within the next 4-5 years.
- Expansion into propulsion systems and next-generation trainsets is expected to drive revenues.
- Propulsion system production capacity is currently around 120 sets per annum, with scalability planned as orders increase.
2 more points from Hirect Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Hirect Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Hirect is strengthening its manufacturing alongside engineering capabilities, including a 20% increase in traction transformer capacity at its Satpur facility (from 60 to 75 transformers per month).
- The Sinnar facility is configured for multi-product manufacturing including propulsion systems, battery chargers, traction motors, HVAC systems, and copper conductors.
- Investments continue in people, R&D, and product development, with over 200 engineers and 50 products under active development.
- Vertical integration in copper conductors manufacturing aims to improve margins and control supply chains, with capacity expandable beyond current 350 metric tonnes.
- Acquisition and integration of Elventive France entail ongoing investment, with restructuring planned to position for large projects, aiming for breakeven in 3-5 quarters.
2 more points from Hirect Ltd's call on capex
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FundraisingQ1 FY27 call
See what Hirect Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company cannot provide a precise quantification of the current order book or pending orders as of Q1 FY27.
- Some orders faced delays and were expected to be finalized in Q2; the tendering delays were due to geopolitical factors and temporary pivots within the government.
- The company holds leadership positions (L1, L2, L3) in several tenders, with finalizations anticipated soon.
- Propulsion system orders are in the pipeline, with some tenders expected to be finalized towards the end of Q2.
- MEMU trainset tenders range from 200 to 250 trainsets annually, with Vande Metro in initial tender stages.
2 more points from Hirect Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Manufacturing
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Manufacturing companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹1,207 Cr | 111.0 | |
| 2 | 40%+ | Up 0–2% | ₹549 Cr | 33.8 | |
| 3 | 40%+ | Flat | ₹7,172 Cr | 83.8 | |
| 4 | 40%+ | Flat | ₹3,732 Cr | 81.2 | |
| 5 | 40%+ | Flat | ₹2,580 Cr | 61.2 | |
| 6 | 40%+ | Flat | ₹743 Cr | 43.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Manufacturing rankingFinancials of Hirect Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Hirect Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 112 | 98 | 132 | 137 | 151 | 136 | 166 | 169 | 185 | 215 | 227 | 243 | 264 |
| Expenses + | 101 | 91 | 121 | 123 | 138 | 121 | 148 | 151 | 165 | 190 | 201 | 218 | 237 |
| Operating Profit | 11 | 7 | 11 | 13 | 14 | 14 | 18 | 18 | 20 | 24 | 26 | 25 | 27 |
| OPM % | 10% | 7% | 8% | 10% | 9% | 11% | 11% | 10% | 11% | 11% | 11% | 10% | 10% |
| Other Income + | -11 | 0 | 0 | -7 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | -1 | -0 |
| Interest | 2 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 4 |
| Depreciation | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 |
| Profit before tax | -3 | 3 | 6 | 1 | 8 | 10 | 13 | 13 | 14 | 18 | 20 | 16 | 19 |
| Tax % | -24% | 28% | 34% | -14% | 34% | 29% | 21% | 26% | 28% | 29% | 25% | 16% | 13% |
| Net Profit + | -2 | 2 | 4 | 2 | 5 | 7 | 10 | 10 | 10 | 13 | 15 | 14 | 16 |
| EPS in Rs | -0.72 | 0.56 | 1.16 | 0.44 | 1.49 | 2.02 | 2.97 | 2.92 | 2.96 | 3.73 | 4.29 | 3.99 | 4.77 |
Financials of Hirect Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 94 | 94 | 111 | 126 | 255 | 300 | 305 | 372 | 359 | 518 | 655 | 949 |
| Expenses + | 96 | 92 | 107 | 116 | 229 | 262 | 285 | 349 | 344 | 473 | 584 | 847 |
| Operating Profit | -2 | 2 | 5 | 10 | 26 | 38 | 20 | 23 | 15 | 45 | 71 | 103 |
| OPM % | -3% | 2% | 4% | 8% | 10% | 13% | 7% | 6% | 4% | 9% | 11% | 11% |
| Other Income + | 0 | 1 | -7 | 0 | 1 | 0 | 0 | 0 | -10 | -6 | 1 | -1 |
| Interest | 2 | 3 | 5 | 6 | 8 | 8 | 9 | 7 | 8 | 13 | 14 | 16 |
| Depreciation | 1 | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 5 | 7 | 8 | 13 |
| Profit before tax | -6 | -2 | -10 | 2 | 17 | 26 | 7 | 11 | -9 | 18 | 50 | 73 |
| Tax % | -40% | -31% | -27% | 35% | 29% | 30% | 28% | 30% | -27% | 29% | 26% | 21% |
| Net Profit + | -4 | -2 | -7 | 1 | 12 | 18 | 5 | 8 | -6 | 13 | 37 | 58 |
| EPS in Rs | -1.08 | -0.46 | -2.15 | 0.40 | 3.56 | 5.58 | 1.61 | 2.36 | -1.86 | 3.65 | 10.87 | 16.78 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 6% | 7% | 12% | 8% | 0% | 16% | 9% | 0% |
Financials of Hirect Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 7 |
| Reserves | 60 | 59 | 50 | 63 | 75 | 92 | 96 | 104 | 108 | 121 | 157 | 214 |
| Borrowings + | 26 | 32 | 41 | 51 | 64 | 90 | 84 | 75 | 105 | 135 | 164 | 226 |
| Other Liabilities + | 26 | 30 | 19 | 35 | 43 | 57 | 57 | 64 | 76 | 71 | 93 | 165 |
| Total Liabilities | 116 | 123 | 113 | 153 | 185 | 243 | 241 | 246 | 292 | 331 | 418 | 613 |
| Fixed Assets + | 18 | 21 | 20 | 27 | 26 | 33 | 41 | 48 | 80 | 90 | 107 | 173 |
| CWIP | 1 | 2 | 5 | 4 | 14 | 18 | 20 | 28 | 21 | 22 | 12 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 18 |
| Other Assets + | 96 | 101 | 88 | 121 | 144 | 185 | 180 | 170 | 192 | 219 | 298 | 418 |
| Total Assets | 116 | 123 | 113 | 153 | 185 | 243 | 241 | 246 | 292 | 331 | 418 | 613 |
Financials of Hirect Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 2 | 5 | -3 | -4 | 6 | 4 | 22 | 36 | 33 | 34 | 36 | 91 |
| Cash from Investing Activity + | -3 | -5 | -4 | -10 | -10 | -22 | -8 | -20 | -29 | -19 | -25 | -85 |
| Cash from Financing Activity + | 0 | 3 | 4 | 15 | 3 | 19 | -15 | -17 | -4 | -14 | -11 | -6 |
| Net Cash Flow | -0 | 4 | -3 | 1 | -1 | 1 | -1 | -0 | 0 | 0 | -0 | 0 |
| Free Cash Flow | -1 | 1 | -7 | -14 | -4 | -11 | 8 | 16 | 4 | 20 | 14 | 20 |
| CFO/OP | -85% | 269% | -84% | -37% | 31% | 22% | 118% | 170% | 218% | 76% | 61% | 101% |
Financials of Hirect Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 221 | 174 | 117 | 161 | 90 | 99 | 105 | 66 | 69 | 63 | 61 | 87 |
| Inventory Days | 117 | 180 | 126 | 143 | 106 | 121 | 106 | 97 | 121 | 92 | 92 | 69 |
| Days Payable | 97 | 124 | 57 | 115 | 65 | 69 | 65 | 60 | 69 | 45 | 46 | 57 |
| Cash Conversion Cycle | 241 | 230 | 185 | 188 | 132 | 151 | 146 | 104 | 120 | 110 | 107 | 99 |
| Working Capital Days | 131 | 125 | 63 | 81 | 60 | 57 | 58 | 50 | 34 | 24 | 25 | 24 |
| ROCE % | -4% | 1% | 3% | 8% | 19% | 21% | 9% | 10% | 5% | 16% | 22% | 24% |
Guidance history
How Hirect Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | None planned | Rising |
| Q2 FY26 call → | 20–40% | Up 2%+ | Planned | Planned | Flat |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
72 out of 100 — Strengthening
Over the past year its share price has done better than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +38.4% | 81% |
| Last 6 months | +24.2% | 77% |
| Last 3 months | −10.3% | 42% |
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Hirect Ltd: 0.4 × 81 + 0.4 × 77 + 0.2 × 42 = 72.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 16 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Hirect Ltd's management said in earlier quarters
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