High Energy Batteries (India) Ltd

₹ 612 -4.28%

24 Apr - close price

About

Incorporated in 1979, High Energy Batteries (India) Ltd manufactures batteries for Defence and commercial applications^[1]

Key Points

Business Overview:
The company manufactures high-tech batteries for defense and other applications. It boasts a strong in-house R&D foundation, enabling it to design, develop, and establish the manufacture of alkaline electrolyte-based silver-zinc, nickel-cadmium, and seawater-based silver-chloride magnesium batteries. These batteries are crucial for power-intensive applications such as underwater propulsion, control guidance, communication, emergency starting, rail-road, industrial, and aerospace applications.^[1]

Website BSE

Market Cap ₹ 548 Cr.
Current Price ₹ 612
High / Low ₹ 830 / 432
Stock P/E 30.8
Book Value ₹ 111
Dividend Yield 0.49 %
ROCE 23.0 %
ROE 17.3 %
Face Value ₹ 2.00

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Pros

Company is expected to give good quarter
Company has a good return on equity (ROE) track record: 3 Years ROE 23.5%

Cons

The company has delivered a poor sales growth of 5.67% over past five years.
Earnings include an other income of Rs.7.04 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	27.05	30.89	23.63	17.75	16.89	19.87	17.31	14.95	12.66	36.08	13.27	17.30	23.45
	16.19	21.03	14.98	13.11	12.93	14.57	14.67	13.31	12.11	23.56	12.53	18.04	16.07
Operating Profit	10.86	9.86	8.65	4.64	3.96	5.30	2.64	1.64	0.55	12.52	0.74	-0.74	7.38
OPM %	40.15%	31.92%	36.61%	26.14%	23.45%	26.67%	15.25%	10.97%	4.34%	34.70%	5.58%	-4.28%	31.47%
	0.03	0.65	0.43	0.57	1.07	1.42	1.67	1.34	0.96	1.74	0.91	4.10	0.29
Interest	0.88	0.91	0.74	0.50	0.36	0.36	0.24	0.32	0.38	0.53	0.34	0.39	0.66
Depreciation	0.31	0.30	0.31	0.30	0.26	0.11	0.20	0.21	0.24	0.26	0.26	0.26	0.28
Profit before tax	9.70	9.30	8.03	4.41	4.41	6.25	3.87	2.45	0.89	13.47	1.05	2.71	6.73
Tax %	25.57%	25.16%	25.90%	26.08%	26.30%	24.96%	25.58%	26.53%	25.84%	25.91%	25.71%	25.46%	25.56%
	7.22	6.97	5.95	3.26	3.25	4.70	2.88	1.80	0.67	9.99	0.78	2.01	5.00
EPS in Rs	8.05	7.78	6.64	3.64	3.63	5.24	3.21	2.01	0.75	11.14	0.87	2.24	5.58
Raw PDF

Upcoming result date: 12 May 2026

Profit & Loss

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	31	33	23	47	59	47	61	78	80	93	78	81	90
	34	36	29	40	48	39	46	48	50	60	55	62	70
Operating Profit	-3	-3	-6	8	12	7	15	30	29	33	24	19	20
OPM %	-11%	-10%	-29%	16%	20%	15%	25%	39%	37%	36%	30%	23%	22%
	1	7	3	0	0	0	0	0	0	-1	2	5	7
Interest	6	6	5	5	6	6	6	5	4	3	2	1	2
Depreciation	2	2	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	-10	-4	-11	1	5	1	9	24	25	27	23	21	24
Tax %	-36%	-34%	-35%	175%	29%	23%	36%	24%	27%	25%	26%	26%
	-6	-3	-7	-1	3	0	6	18	18	20	17	15	18
EPS in Rs	-6.92	-3.12	-7.64	-0.96	3.64	0.49	6.22	20.37	19.94	22.87	19.14	17.10	19.83
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%	15%	15%	15%	16%	18%

Compounded Sales Growth
10 Years:	10%
5 Years:	6%
3 Years:	1%
TTM:	39%

Compounded Profit Growth
10 Years:	14%
5 Years:	24%
3 Years:	-3%
TTM:	77%

Stock Price CAGR
10 Years:	36%
5 Years:	32%
3 Years:	19%
1 Year:	28%

Return on Equity
10 Years:	23%
5 Years:	29%
3 Years:	23%
Last Year:	17%

Balance Sheet

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	2	2	2	2	2	2	2	2	2	2	2	2	2
Reserves	10	7	0	13	16	17	22	40	54	72	86	98	98
	40	39	28	34	40	39	33	35	25	21	5	11	21
	24	20	23	31	26	25	19	18	19	21	17	15	15
Total Liabilities	76	69	53	80	84	83	75	94	99	115	109	126	136
	18	17	15	34	33	32	31	31	30	38	38	39	39
CWIP	0	0	0	0	0	0	0	0	0	0	0	0	0
Investments	1	1	0	1	1	1	1	1	1	1	2	3	3
	57	52	38	46	50	50	43	62	68	76	70	84	94
Total Assets	76	69	53	80	84	83	75	94	99	115	109	126	136

Cash Flows

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-1	4	7	-3	3	5	11	9	16	17	24	4
	0	7	6	-0	-0	-0	-0	-1	-1	-11	-2	-7
	1	-7	-17	2	1	-7	-11	-3	-17	-10	-21	2
Net Cash Flow	0	4	-4	-1	3	-2	-1	6	-1	-4	-0	-1
Free Cash Flow	-1	4	13	-3	2	5	11	8	16	6	22	1
CFO/OP	33%	-122%	-112%	-46%	24%	71%	74%	34%	77%	73%	130%	49%

Ratios

Figures in Rs. Crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	185	117	116	108	90	130	54	85	90	113	95	120
Inventory Days	652	452	410	369	336	435	412	406	498	433	596	644
Days Payable	201	152	198	238	187	246	104	65	57	32	52	75
Cash Conversion Cycle	636	416	328	239	239	319	363	427	531	513	639	689
Working Capital Days	-30	-167	-283	-81	-42	-60	21	56	109	144	232	263
ROCE %	-9%	-9%	-19%	16%	20%	11%	25%	44%	36%	37%	28%	23%

Insights

In beta

Mar 2014

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Lead Acid Batteries Segment Revenue
INR Lakhs

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x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
		xxx	xxx	xxx	xxx	xxx	xxx	xxx	xx	xxx	xxx
						xxx.xx		xx.xx		xx.xx	xx.xx
										x	x
										xx.xx	xx.xx

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Silver Zinc Segment Revenue
INR Lakhs

Number of Permanent Employees
Count

Order Book Size
INR Crores

Silver Inventory
Tonnes

Silver Zinc Batteries Market Share (Naval Sector)
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

7 Recently

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	41.02%	40.88%	40.88%	41.27%	41.27%	41.27%	41.72%	42.90%	42.90%	42.90%	42.90%	43.06%
	6.34%	6.00%	6.00%	5.99%	5.99%	5.99%	5.99%	5.99%	6.41%	6.41%	6.41%	6.41%
	52.64%	53.12%	53.12%	52.74%	52.73%	52.73%	52.28%	51.10%	50.68%	50.68%	50.68%	50.51%
No. of Shareholders	12,955	14,337	16,663	17,877	24,625	25,170	25,286	24,981	23,977	22,893	22,384	21,983

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	40.97%	40.97%	40.97%	40.97%	40.97%	40.97%	41.02%	41.27%	42.90%	43.06%
	13.34%	13.34%	13.34%	9.69%	7.09%	7.09%	6.34%	5.99%	5.99%	6.41%
	45.69%	45.69%	45.69%	49.34%	51.94%	51.94%	52.63%	52.74%	51.10%	50.51%
No. of Shareholders	2,157	2,262	2,295	2,431	3,361	7,682	12,194	17,877	24,981	21,983

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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High Energy Batteries (India) Ltd

High Energy Batteries (India) Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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Announcements

Annual reports

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