HBL Engineering Ltd

₹ 759 -2.06%

25 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 ₹ 21,040 Cr.
Current Price ₹ 759
High / Low ₹ 1,122 / 542
Stock P/E 25.1
Book Value ₹ 79.9
Dividend Yield 0.26 %
ROCE 58.4 %
ROE 45.3 %
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 118% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 33.1%

Cons

Stock is trading at 9.50 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	403	467	557	599	610	520	521	451	476	602	1,223	874	604
	358	390	456	486	479	410	412	357	396	410	679	572	529
Operating Profit	45	78	101	113	131	110	109	94	79	192	544	302	75
OPM %	11%	17%	18%	19%	22%	21%	21%	21%	17%	32%	44%	35%	12%
	4	3	3	2	-19	5	12	2	6	17	-8	10	10
Interest	3	2	3	3	4	2	3	5	4	6	3	3	2
Depreciation	10	10	10	11	11	11	11	11	11	12	12	12	15
Profit before tax	36	69	91	102	98	103	107	79	71	191	520	297	67
Tax %	3%	25%	26%	23%	33%	26%	29%	26%	26%	26%	26%	27%	23%
	35	52	68	79	81	80	87	65	45	143	387	220	64
EPS in Rs	1.26	1.87	2.48	2.85	2.94	2.89	3.15	2.33	1.62	5.17	13.97	7.96	2.30
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,349	1,299	1,414	1,603	1,266	1,092	912	1,236	1,369	2,233	1,967	3,303
	1,210	1,164	1,286	1,477	1,169	1,011	845	1,097	1,217	1,810	1,574	2,190
Operating Profit	139	134	129	126	97	81	67	139	151	423	393	1,113
OPM %	10%	10%	9%	8%	8%	7%	7%	11%	11%	19%	20%	34%
	9	12	21	16	21	22	6	26	20	8	38	28
Interest	71	68	46	41	31	22	15	7	7	13	13	15
Depreciation	53	51	48	46	44	41	39	35	35	41	44	51
Profit before tax	24	27	54	55	43	40	19	122	130	377	374	1,075
Tax %	43%	45%	29%	42%	35%	35%	29%	23%	24%	26%	26%	26%
	14	15	38	32	28	26	14	94	98	280	276	814
EPS in Rs	0.56	0.59	1.53	1.14	1.00	0.95	0.50	3.39	3.56	10.13	9.99	29.40
Dividend Payout %	36%	42%	18%	22%	30%	32%	71%	12%	13%	5%	10%	3%

Compounded Sales Growth
10 Years:	10%
5 Years:	29%
3 Years:	34%
TTM:	68%

Compounded Profit Growth
10 Years:	49%
5 Years:	118%
3 Years:	105%
TTM:	201%

Stock Price CAGR
10 Years:	36%
5 Years:	75%
3 Years:	94%
1 Year:	32%

Return on Equity
10 Years:	18%
5 Years:	27%
3 Years:	33%
Last Year:	45%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	539	584	701	724	739	745	754	838	924	1,193	1,455	2,187
	686	549	479	366	232	161	70	63	86	67	74	67
	311	277	258	224	162	169	184	204	257	366	422	661
Total Liabilities	1,562	1,435	1,467	1,342	1,161	1,103	1,036	1,133	1,294	1,654	1,980	2,942
	456	415	417	363	321	304	279	265	320	354	397	441
CWIP	49	48	33	26	37	27	43	81	50	20	68	127
Investments	2	8	8	5	5	6	7	8	9	108	290	402
	1,054	964	1,008	947	797	766	707	779	915	1,171	1,225	1,972
Total Assets	1,562	1,435	1,467	1,342	1,161	1,103	1,036	1,133	1,294	1,654	1,980	2,942

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	79	158	43	159	167	149	121	62	122	273	247	738
	-13	-10	60	-8	1	-6	-32	-17	-50	-139	-320	-214
	-66	-153	-114	-150	-163	-114	-104	-22	10	-42	-33	-113
Net Cash Flow	-0	-5	-11	1	5	29	-14	23	82	91	-107	411
Free Cash Flow	62	144	5	149	168	140	86	41	68	228	96	618
CFO/OP	60%	125%	41%	149%	192%	201%	184%	65%	105%	85%	88%	93%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	106	120	122	103	105	102	102	86	83	58	69	71
Inventory Days	226	185	168	126	145	162	188	149	147	137	201	148
Days Payable	81	77	68	43	34	41	44	42	43	41	68	49
Cash Conversion Cycle	252	228	222	186	216	222	246	193	188	154	202	171
Working Capital Days	57	55	66	73	104	121	149	126	117	81	106	100
ROCE %	8%	8%	8%	9%	6%	6%	4%	13%	14%	36%	27%	58%

Insights

In beta

Mar 2015

Mar 2016

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Export Contribution to Total Revenue
% ・Includes some standalone data

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Revenue Contribution - Batteries Segment
Rs. Crore ・Standalone data

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 ・Standalone data

Market Rank - Telecom Tower Batteries (Domestic)
Rank ・Standalone data

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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