HBL Engineering Ltd

₹ 772 1.40%

02 Feb - 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 ₹ 21,394 Cr.
Current Price ₹ 772
High / Low ₹ 1,122 / 404
Stock P/E 32.4
Book Value ₹ 71.6
Dividend Yield 0.13 %
ROCE 27.3 %
ROE 20.6 %
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 64.6% CAGR over last 5 years

Cons

Stock is trading at 10.8 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 Allcap 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 Smallcap250 Momentum Quality 100 Nifty500 Equal Weight

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
	314	332	403	467	557	599	610	520	521	451	476	602	1,223
	281	294	358	390	456	486	479	410	412	357	396	410	679
Operating Profit	33	38	45	78	101	113	131	110	109	94	79	192	544
OPM %	11%	12%	11%	17%	18%	19%	22%	21%	21%	21%	17%	32%	44%
	6	6	4	3	3	2	-19	5	12	2	6	17	-8
Interest	1	2	3	2	3	3	4	2	3	5	4	6	3
Depreciation	8	9	10	10	10	11	11	11	11	11	11	12	12
Profit before tax	30	33	36	69	91	102	98	103	107	79	71	191	520
Tax %	35%	32%	3%	25%	26%	23%	33%	26%	29%	26%	26%	26%	26%
	20	24	35	52	68	79	81	80	87	65	45	143	387
EPS in Rs	0.72	0.86	1.26	1.87	2.48	2.85	2.94	2.89	3.15	2.33	1.62	5.17	13.97
Raw PDF

Upcoming result date: 7 February 2026

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	1,304	1,349	1,299	1,414	1,603	1,266	1,092	912	1,236	1,369	2,233	1,967	2,751
	1,208	1,210	1,164	1,286	1,477	1,169	1,011	845	1,097	1,217	1,810	1,574	1,842
Operating Profit	95	139	134	129	126	97	81	67	139	151	423	393	909
OPM %	7%	10%	10%	9%	8%	8%	7%	7%	11%	11%	19%	20%	33%
	66	9	12	21	16	21	22	6	26	20	8	38	16
Interest	76	71	68	46	41	31	22	15	7	7	13	13	18
Depreciation	39	53	51	48	46	44	41	39	35	35	41	44	46
Profit before tax	46	24	27	54	55	43	40	19	122	130	377	374	861
Tax %	16%	43%	45%	29%	42%	35%	35%	29%	23%	24%	26%	26%
	39	14	15	38	32	28	26	14	94	98	280	276	640
EPS in Rs	1.57	0.56	0.59	1.53	1.14	1.00	0.95	0.50	3.39	3.56	10.13	9.99	23.09
Dividend Payout %	13%	36%	42%	18%	22%	30%	32%	71%	12%	13%	5%	10%

Compounded Sales Growth
10 Years:	4%
5 Years:	13%
3 Years:	17%
TTM:	22%

Compounded Profit Growth
10 Years:	26%
5 Years:	65%
3 Years:	48%
TTM:	91%

Stock Price CAGR
10 Years:	35%
5 Years:	85%
3 Years:	100%
1 Year:	34%

Return on Equity
10 Years:	11%
5 Years:	16%
3 Years:	20%
Last Year:	21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	25	25	25	28	28	28	28	28	28	28	28	28	28
Reserves	536	539	584	701	724	739	745	754	838	924	1,193	1,455	1,957
	734	686	549	479	366	232	161	70	63	86	67	74	87
	459	311	277	258	224	162	169	184	204	257	366	422	605
Total Liabilities	1,755	1,562	1,435	1,467	1,342	1,161	1,103	1,036	1,133	1,294	1,654	1,980	2,677
	495	456	415	417	363	321	304	279	265	320	354	397	416
CWIP	56	49	48	33	26	37	27	43	81	50	20	68	129
Investments	1	2	8	8	5	5	6	7	8	9	108	290	319
	1,202	1,054	964	1,008	947	797	766	707	779	915	1,171	1,225	1,813
Total Assets	1,755	1,562	1,435	1,467	1,342	1,161	1,103	1,036	1,133	1,294	1,654	1,980	2,677

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-36	79	158	43	159	167	149	121	62	122	273	239
	156	-13	-10	60	-8	1	-6	-32	-17	-50	-139	-320
	-115	-66	-153	-114	-150	-163	-114	-104	-22	10	-42	-26
Net Cash Flow	5	-0	-5	-11	1	5	29	-14	23	82	91	-107

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	122	106	120	122	103	105	102	102	86	83	58	69
Inventory Days	276	226	185	168	126	145	162	188	149	147	137	201
Days Payable	134	81	77	68	43	34	41	44	42	43	41	68
Cash Conversion Cycle	265	252	228	222	186	216	222	246	193	188	154	202
Working Capital Days	51	57	55	66	73	104	121	149	126	117	81	106
ROCE %	4%	8%	8%	8%	9%	6%	6%	4%	13%	14%	36%	27%

Shareholding Pattern

Numbers in percentages

2 Recently

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
	59.08%	59.10%	59.11%	59.11%	59.11%	59.11%	59.10%	59.10%	59.10%	59.10%	59.11%	59.11%
	0.91%	2.63%	2.23%	2.66%	4.59%	4.66%	4.91%	5.22%	4.83%	4.83%	7.10%	5.87%
	0.00%	0.14%	0.08%	0.41%	0.66%	1.07%	0.96%	0.39%	0.36%	0.36%	0.64%	0.82%
	40.00%	38.14%	38.58%	37.82%	35.65%	35.17%	35.03%	35.27%	35.70%	35.70%	33.12%	34.20%
No. of Shareholders	1,71,714	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

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	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%	5.87%
	8.66%	13.28%	12.53%	11.29%	9.75%	9.33%	0.00%	0.66%	0.36%	0.82%
	17.06%	19.63%	19.95%	19.81%	21.07%	22.55%	40.00%	35.65%	35.70%	34.20%
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	3,42,335

* 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

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Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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