High Energy Batteries (India) Ltd

₹ 585 0.51%

05 Aug - close price

About

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

Key Points

Business Overview:^[1]
High Energy Batteries (India) Ltd. is a niche defence battery manufacturer specializing in Silver-Zinc, Nickel-Cadmium and Silver Chloride Magnesium batteries for aerospace, torpedoes, tanks and launch vehicles. With strong in-house R&D and long-standing relationships with DRDO, Defence Services and ISRO, the company benefits from India's defence indigenization and Atmanirbhar Bharat initiatives, creating long-term growth opportunities in mission-critical energy storage solutions.

Website BSE

Market Cap ₹ 525 Cr.
Current Price ₹ 585
High / Low ₹ 685 / 470
Stock P/E 38.3
Book Value ₹ 124
Dividend Yield 0.51 %
ROCE 20.4 %
ROE 15.4 %
Face Value ₹ 2.00

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Pros

Cons

The company has delivered a poor sales growth of 1.42% over past five years.

* 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

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	23.63	17.75	16.89	19.87	17.31	14.95	12.66	36.08	13.27	17.30	23.45	29.50	7.89
	14.98	13.11	12.93	14.57	14.67	13.31	12.11	23.56	12.53	18.04	16.07	17.82	9.98
Operating Profit	8.65	4.64	3.96	5.30	2.64	1.64	0.55	12.52	0.74	-0.74	7.38	11.68	-2.09
OPM %	36.61%	26.14%	23.45%	26.67%	15.25%	10.97%	4.34%	34.70%	5.58%	-4.28%	31.47%	39.59%	-26.49%
	0.43	0.57	1.07	1.42	1.67	1.34	0.96	1.74	0.91	4.10	0.29	-0.67	0.20
Interest	0.74	0.50	0.36	0.36	0.24	0.32	0.38	0.53	0.34	0.39	0.66	0.46	0.25
Depreciation	0.31	0.30	0.26	0.11	0.20	0.21	0.24	0.26	0.26	0.26	0.28	0.30	0.30
Profit before tax	8.03	4.41	4.41	6.25	3.87	2.45	0.89	13.47	1.05	2.71	6.73	10.25	-2.44
Tax %	25.90%	26.08%	26.30%	24.96%	25.58%	26.53%	25.84%	25.91%	25.71%	25.46%	25.56%	25.95%	-25.41%
	5.95	3.26	3.25	4.70	2.88	1.80	0.67	9.99	0.78	2.01	5.00	7.59	-1.82
EPS in Rs	6.64	3.64	3.63	5.24	3.21	2.01	0.75	11.14	0.87	2.24	5.58	8.47	-2.03
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Profit & Loss

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	33	23	47	59	47	61	78	80	93	78	81	84	78
	36	29	40	48	39	46	48	50	60	55	62	64	62
Operating Profit	-3	-6	8	12	7	15	30	29	33	24	19	19	16
OPM %	-10%	-29%	16%	20%	15%	25%	39%	37%	36%	30%	23%	23%	21%
	7	3	0	0	0	0	0	0	-1	2	5	5	4
Interest	6	5	5	6	6	6	5	4	3	2	1	2	2
Depreciation	2	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	-4	-11	1	5	1	9	24	25	27	23	21	21	17
Tax %	-34%	-35%	175%	29%	23%	36%	24%	27%	25%	26%	26%	26%
	-3	-7	-1	3	0	6	18	18	20	17	15	15	13
EPS in Rs	-3.12	-7.64	-0.96	3.64	0.49	6.22	20.37	19.94	22.87	19.14	17.10	17.17	14.26
Dividend Payout %	0%	0%	0%	0%	0%	0%	15%	15%	15%	16%	18%	17%

Compounded Sales Growth
10 Years:	14%
5 Years:	1%
3 Years:	-3%
TTM:	2%

Compounded Profit Growth
10 Years:	14%
5 Years:	-2%
3 Years:	-9%
TTM:	3%

Stock Price CAGR
10 Years:	30%
5 Years:	7%
3 Years:	2%
1 Year:	0%

Return on Equity
10 Years:	24%
5 Years:	23%
3 Years:	18%
Last Year:	15%

Balance Sheet

Figures in Rs. Crores

	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	2	2	2	2	2	2	2	2	2	2	2	2
Reserves	7	0	13	16	17	22	40	54	72	86	98	110
	39	28	34	40	39	33	35	25	21	5	11	12
	20	23	31	26	25	19	18	19	21	17	15	16
Total Liabilities	69	53	80	84	83	75	94	99	115	109	126	139
	17	15	34	33	32	31	31	30	38	38	39	40
CWIP	0	0	0	0	0	0	0	0	0	0	0	2
Investments	1	0	1	1	1	1	1	1	1	2	3	3
	52	38	46	50	50	43	62	68	76	70	84	95
Total Assets	69	53	80	84	83	75	94	99	115	109	126	139

Cash Flows

Figures in Rs. Crores

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	4	7	-3	3	5	11	9	16	17	24	4	14
	7	6	-0	-0	-0	-0	-1	-1	-11	-2	-7	-11
	-7	-17	2	1	-7	-11	-3	-17	-10	-21	2	-4
Net Cash Flow	4	-4	-1	3	-2	-1	6	-1	-4	-0	-1	-1
Free Cash Flow	4	13	-3	2	5	11	8	16	6	22	1	9
CFO/OP	-122%	-112%	-46%	24%	71%	74%	34%	77%	73%	130%	49%	97%

Ratios

Figures in Rs. Crores

	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	117	116	108	90	130	54	85	90	113	95	120	125
Inventory Days	452	410	369	336	435	412	406	498	433	596	644	624
Days Payable	152	198	238	187	246	104	65	57	32	52	75	50
Cash Conversion Cycle	416	328	239	239	319	363	427	531	513	639	689	699
Working Capital Days	-167	-283	-81	-42	-60	21	56	109	144	232	263	266
ROCE %	-9%	-19%	16%	20%	11%	25%	44%	36%	37%	28%	23%	20%

Insights

In beta

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Exports Share of Revenue
%

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R&D Expenditure
₹ Lakhs

Silver Zinc Share of Revenue
%

Government / Government Undertaking Share of Revenue
%

Confirmed Order Book
₹ Crores

Navy & Naval Research Labs Share of Orders
%

Production Volume
Ampere hours

Market Share in Naval Silver Zinc Batteries
%

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	40.88%	40.88%	41.27%	41.27%	41.27%	41.72%	42.90%	42.90%	42.90%	42.90%	43.06%	43.06%
	6.00%	6.00%	5.99%	5.99%	5.99%	5.99%	5.99%	6.41%	6.41%	6.41%	6.41%	5.99%
	53.12%	53.12%	52.74%	52.73%	52.73%	52.28%	51.10%	50.68%	50.68%	50.68%	50.51%	50.93%
No. of Shareholders	14,337	16,663	17,877	24,625	25,170	25,286	24,981	23,977	22,893	22,384	21,983	22,050

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
	40.97%	40.97%	40.97%	40.97%	40.97%	40.97%	41.02%	41.27%	42.90%	43.06%	43.06%
	13.34%	13.34%	13.34%	9.69%	7.09%	7.09%	6.34%	5.99%	5.99%	6.41%	5.99%
	45.69%	45.69%	45.69%	49.34%	51.94%	51.94%	52.63%	52.74%	51.10%	50.51%	50.93%
No. of Shareholders	2,157	2,262	2,295	2,431	3,361	7,682	12,194	17,877	24,981	21,983	22,050

* 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

Documents

Announcements

Annual reports

Credit ratings