HBL Engineering Ltd

₹ 823 0.62%

29 May - close price

About

Incorporated in 1983, HBL Power System Ltd manufactures and services different types of batteries, e-mobility, and other products^[1]

Key Points

Business Segments ^[1] ^[2]
1) Industrial Batteries (71% in FY25 vs 74% in FY23):
a) Lead Batteries (VRLA & PLT) serving telecom, railways, UPS, & data servers & defence.
b) Nickel-Cadmium Batteries It secured second position in the global market. Strong domestic demand was driven by growth in the oil & gas & power sectors. Exports grew by 40%, led by new OEM and EPC clients, especially in the Middle East.
c) Lithium Batteries Lithium batteries are becoming price competitive with industrial VRLA, hence VRLA will gradually lose market share in prime sectors. Key clients include Vande Bharat trains, Siemens Germany, global defence forces, and the Indian defence for future undersea vessel projects. The segment grew by 37% in FY25 from FY23. ^[3] ^[4]

Website BSE NSE

Market Cap ₹ 22,802 Cr.
Current Price ₹ 823
High / Low ₹ 1,122 / 552
Stock P/E 27.8
Book Value ₹ 78.4
Dividend Yield 0.24 %
ROCE 59.4 %
ROE 45.2 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Company is expected to give good quarter
Company has delivered good profit growth of 114% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 32.5%

Cons

Stock is trading at 10.5 times its book value

* 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

Industrials Capital Goods Industrial Products Other Industrial Products

Part of BSE 500 Nifty 500 Nifty Smallcap 100 BSE Industrials BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty MidSmallcap 400 Nifty Smallcap 250 Nifty 500 Multicap 50:25:25 Nifty Total Market Nifty500 Momentum 50 Nifty Midsmallcap400 Momentum Quality 100 Nifty Smallcap250 Momentum Quality 100 Nifty500 Equal Weight Nifty500 Multicap Momentum Quality 50 Nifty500 LargeMidSmall Equal-Cap Weighted BSE 1000 BSE 500 Quality 50 Nifty Total Market Momentum Quality 50 BSE India Defence Nifty Smallcap 500

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	398	458	551	595	604	511	520	455	460	588	1,203	864	597
	355	384	450	483	473	403	411	360	382	399	666	563	522
Operating Profit	43	75	101	111	131	108	109	95	78	189	537	301	75
OPM %	11%	16%	18%	19%	22%	21%	21%	21%	17%	32%	45%	35%	13%
	4	3	3	1	-19	5	12	1	7	17	-8	10	9
Interest	2	2	3	3	4	2	2	4	3	6	3	2	2
Depreciation	9	9	10	10	10	10	11	11	11	11	12	12	14
Profit before tax	36	66	91	99	98	101	108	82	71	188	515	297	68
Tax %	3%	27%	25%	23%	28%	27%	26%	25%	27%	26%	26%	27%	16%
	35	49	69	76	71	74	80	61	51	140	382	218	57
EPS in Rs	1.26	1.75	2.47	2.75	2.55	2.68	2.90	2.22	1.85	5.04	13.79	7.85	2.06
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,329	1,288	1,407	1,593	1,261	1,077	909	1,222	1,350	2,209	1,946	3,252
	1,184	1,162	1,277	1,467	1,166	999	841	1,086	1,202	1,790	1,555	2,150
Operating Profit	145	126	130	126	96	78	68	135	148	419	391	1,102
OPM %	11%	10%	9%	8%	8%	7%	8%	11%	11%	19%	20%	34%
	2	13	14	13	19	21	4	25	19	-12	25	28
Interest	71	68	46	41	31	22	14	7	6	12	12	14
Depreciation	51	50	48	46	44	40	38	35	34	39	42	48
Profit before tax	25	20	50	52	40	38	19	118	126	355	362	1,068
Tax %	42%	61%	32%	43%	37%	36%	25%	24%	24%	26%	26%	25%
	15	8	34	30	25	24	15	89	96	264	268	797
EPS in Rs	0.58	0.31	1.34	1.07	0.91	0.87	0.53	3.23	3.45	9.52	9.65	28.74
Dividend Payout %	35%	81%	20%	23%	33%	35%	67%	12%	13%	5%	10%	3%

Compounded Sales Growth
10 Years:	10%
5 Years:	29%
3 Years:	34%
TTM:	67%

Compounded Profit Growth
10 Years:	59%
5 Years:	114%
3 Years:	105%
TTM:	205%

Stock Price CAGR
10 Years:	38%
5 Years:	79%
3 Years:	97%
1 Year:	37%

Return on Equity
10 Years:	17%
5 Years:	26%
3 Years:	32%
Last Year:	45%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	25	25	28	28	28	28	28	28	28	28	28	28
Reserves	562	599	712	733	749	755	765	844	928	1,178	1,431	2,145
	683	546	476	365	231	158	67	61	81	56	63	55
	303	276	259	221	160	166	183	202	256	363	417	650
Total Liabilities	1,574	1,445	1,475	1,347	1,168	1,107	1,043	1,134	1,293	1,624	1,937	2,878
	444	415	416	363	320	301	277	263	317	345	384	427
CWIP	49	48	33	26	37	27	43	81	49	18	68	127
Investments	23	15	8	3	3	3	3	5	8	93	266	366
	1,058	968	1,016	954	807	775	720	786	919	1,167	1,220	1,957
Total Assets	1,574	1,445	1,475	1,347	1,168	1,107	1,043	1,134	1,293	1,624	1,937	2,878

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	95	161	42	157	165	147	113	61	122	285	227	713
	-24	-15	61	-6	2	-3	-24	-17	-48	-146	-310	-200
	-66	-152	-114	-149	-163	-114	-103	-22	8	-47	-25	-110
Net Cash Flow	5	-6	-11	3	4	30	-14	22	82	91	-108	402
Free Cash Flow	67	144	5	148	164	140	85	41	71	222	110	588
CFO/OP	69%	141%	39%	148%	192%	204%	169%	65%	107%	88%	83%	91%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	112	125	127	107	110	107	110	92	87	59	72	74
Inventory Days	226	185	167	125	143	162	184	147	146	137	196	148
Days Payable	81	77	68	43	34	41	43	42	43	41	67	48
Cash Conversion Cycle	258	233	225	189	219	229	250	197	191	155	201	173
Working Capital Days	62	59	70	77	109	127	156	131	121	83	108	100
ROCE %	9%	7%	8%	9%	6%	6%	4%	13%	13%	34%	27%	59%

Insights

In beta

Mar 2015

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Mar 2019

Mar 2020

Mar 2021

Mar 2022

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Mar 2024

Mar 2025

Export Contribution to Total Revenue
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Revenue Contribution - Batteries Segment
Rs. Crore

Debtors Turnover Ratio
x

Nickel-Cadmium Battery Capacity Utilization
%

Lead Acid Battery Capacity Utilization
%

Order Book
Rs. Crore

Market Rank - Nickel Cadmium Batteries (Global)
Rank

Approved Product Variants (Kavach)
Version Number

Market Rank - Telecom Tower Batteries (Domestic)
Rank

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	59.10%	59.11%	59.11%	59.11%	59.11%	59.10%	59.10%	59.10%	59.10%	59.11%	59.11%	59.11%
	2.63%	2.23%	2.66%	4.59%	4.66%	4.91%	5.22%	4.83%	4.83%	7.10%	5.87%	5.94%
	0.14%	0.08%	0.41%	0.66%	1.07%	0.96%	0.39%	0.36%	0.36%	0.64%	0.82%	0.79%
	38.14%	38.58%	37.82%	35.65%	35.17%	35.03%	35.27%	35.70%	35.70%	33.12%	34.20%	34.17%
No. of Shareholders	1,79,444	2,21,392	2,42,385	2,87,032	3,32,912	3,68,688	3,58,798	3,81,826	3,81,826	3,26,066	3,42,335	3,40,740

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	74.24%	56.35%	56.46%	57.85%	58.51%	58.97%	59.08%	59.11%	59.10%	59.11%
	0.04%	10.74%	11.05%	11.05%	10.67%	9.15%	0.91%	4.59%	4.83%	5.94%
	8.66%	13.28%	12.53%	11.29%	9.75%	9.33%	0.00%	0.66%	0.36%	0.79%
	17.06%	19.63%	19.95%	19.81%	21.07%	22.55%	40.00%	35.65%	35.70%	34.17%
No. of Shareholders	27,069	46,205	46,049	44,544	77,508	1,41,740	1,71,714	2,87,032	3,81,826	3,40,740

* 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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HBL Engineering Ltd

HBL Engineering Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Insights

Shareholding Pattern

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