Hirect
Hirect (HIRECT) share price was ₹997.60 at the 28 Oct 2026 close; market capitalisation ₹3,537 Cr; P/E (TTM) 83.00; sector Capital Goods. The share price rose 16.7% over the year to 28 Oct 2026 (adjusted for splits and bonuses). In the Jun 2026 quarter, revenue rose 20.3% year on year to ₹258.45 Cr and net profit fell 49.1% year on year to ₹6.50 Cr (compared with Jun 2025). Promoters held 42.59% of Hirect in Sep 2026, down 1.33 percentage points from Jun 2026. Its Tapetide Score is 42/100 (Weak) as of 28 Oct 2026.
Key Fundamentals
MicrocapIndustrial ManufacturingCapital GoodsPrice-based figures as of 29 Oct 2026, 10:54 IST · EPS basis: Consolidated · TTM
Peer Comparison
Industrials › Capital Goods › Industrial Products
| ₹3,916.30 | 96.53 | 46,330 Cr | 14.22 | 0.04% | 19.61% | 25.98% | 4,896 Cr | 477 Cr | |
| ₹1,646.00 | 86.18 | 31,740 Cr | 11.09 | 0.10% | 11.28% | 14.83% | 5,510 Cr | 401 Cr | |
| ₹30,225.00 | 48.49 | 26,724 Cr | 5.73 | 0.35% | 11.76% | 15.68% | 4,959 Cr | 552 Cr | |
| ₹953.00 | 67.40 | 21,673 Cr | 10.83 | 0.00% | 16.79% | 22.04% | 2,236 Cr | 323 Cr | |
| ₹3,207.00 | 62.19 | 21,498 Cr | 4.54 | 0.00% | 7.64% | 12.03% | 4,043 Cr | 345 Cr | |
| ₹16,467.00 | 100.65 | 17,592 Cr | 5.79 | 0.21% | 4.56% | 5.85% | 3,824 Cr | 176 Cr | |
| Hirect (this company) | ₹995.00 | 82.78 | 3,528 Cr | 11.43 | 0.14% | 18.75% | 26.30% | 1,052 Cr | 32 Cr |
| Median 7 companies | ₹3,207.00 | 82.78 | 21,673 Cr | 10.83 | 0.10% | 11.76% | 15.68% | 4,043 Cr | 345 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the live price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Data confidence 100/100
Category scores
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
Oscillators
Neutral
Overall
Bearish
Moving Averages
Bearish
Growth Rate
change over 1 year
change over 1 year
change over 1 year
change over 1 year Operating margin 5.12% · Jun 2026
AI Analysis — Bull vs Bear
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.
- 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
- 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
- ₹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 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 (₹) | 0.44 | 1.49 | 2.02 | 2.97 | 2.92 | 2.91 | 3.72 | 4.28 | 3.69 | 1.31 | 2.74 |
Profit & Loss
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|
| 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 (₹) | 3.65 | 10.82 | 13.1 | 12.02 |
| Div. Payout % | 16% | 9% | 11% | — |
Balance Sheet
| Particulars | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY11–FY27.
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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.
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