Hind Rectifiers Ltd

₹ 668 -4.73%

02 Apr 1:29 p.m.

About

HRL manufactures power electronic equipment such as converters, inverters, propulsion system, rectifiers and railway transformation equipment like traction transformer for locomotive, motors, various types of panels for locomotive switch board cabinet, regulated battery charger, inverters and modular pantry. The manufacturing facilities are in Mumbai and Nasik, Maharashtra, and Dehradun, Uttarakhand, and its registered office is in Mumbai.

Key Points

Company Overview^[1]
Established in 1958 in collaboration with Westinghouse Brake & Signal Co. Ltd (UK), Hind Rectifiers specializes in design, manufacturing, and supply of electrical and electronic equipment. Its core focus lies in power conversion products, catering primarily to the railway and industrial sectors.

Website BSE NSE

Market Cap ₹ 2,297 Cr.
Current Price ₹ 668
High / Low ₹ 1,054 / 400
Stock P/E 43.7
Book Value ₹ 55.4
Dividend Yield 0.15 %
ROCE 21.6 %
ROE 25.7 %
Face Value ₹ 2.00

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Pros

Company is expected to give good quarter
Company's median sales growth is 18.1% of last 10 years

Cons

Stock is trading at 11.7 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 Manufacturing Industrial Products

Part of BSE Allcap BSE Industrials

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	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
	97	112	98	132	137	151	136	166	169	185	215	227	243
	91	101	91	121	123	138	121	148	151	165	190	201	218
Operating Profit	7	11	7	11	13	14	14	18	18	20	24	26	25
OPM %	7%	10%	7%	8%	10%	9%	11%	11%	10%	11%	11%	11%	10%
	0	-11	0	0	-7	0	1	0	0	0	0	0	-1
Interest	2	2	3	3	3	4	3	3	3	4	4	4	5
Depreciation	1	1	2	2	2	2	2	2	2	2	3	3	3
Profit before tax	3	-3	3	6	1	8	10	13	13	14	18	20	16
Tax %	28%	-24%	28%	34%	-14%	34%	29%	21%	26%	28%	29%	25%	16%
	2	-2	2	4	2	5	7	10	10	10	13	15	14
EPS in Rs	0.73	-0.72	0.56	1.16	0.44	1.49	2.02	2.97	2.92	2.96	3.73	4.29	3.99
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	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
	97	94	94	111	126	255	300	305	372	359	518	655	870
	100	96	92	107	116	229	262	285	349	344	473	584	775
Operating Profit	-4	-2	2	5	10	26	38	20	23	15	45	71	96
OPM %	-4%	-3%	2%	4%	8%	10%	13%	7%	6%	4%	9%	11%	11%
	0	0	1	-7	0	1	0	0	0	-10	-6	1	-0
Interest	2	2	3	5	6	8	8	9	7	8	13	14	16
Depreciation	2	1	2	2	2	3	4	4	4	5	7	8	11
Profit before tax	-7	-6	-2	-10	2	17	26	7	11	-9	18	50	68
Tax %	-30%	-40%	-31%	-27%	35%	29%	30%	28%	30%	-27%	29%	26%
	-5	-4	-2	-7	1	12	18	5	8	-6	13	37	51
EPS in Rs	-1.49	-1.08	-0.46	-2.15	0.40	3.56	5.58	1.61	2.36	-1.86	3.65	10.87	14.97
Dividend Payout %	-6%	0%	0%	0%	0%	6%	7%	12%	8%	0%	16%	9%

Compounded Sales Growth
10 Years:	21%
5 Years:	17%
3 Years:	21%
TTM:	40%

Compounded Profit Growth
10 Years:	28%
5 Years:	15%
3 Years:	68%
TTM:	63%

Stock Price CAGR
10 Years:	37%
5 Years:	62%
3 Years:	91%
1 Year:	48%

Return on Equity
10 Years:	11%
5 Years:	13%
3 Years:	16%
Last Year:	26%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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	3	3	3	3	3	3	3	3	3	3	3	3	3
Reserves	63	60	59	50	63	75	92	96	104	108	121	157	187
	23	26	32	41	51	64	90	84	75	105	135	164	208
	25	26	30	19	35	43	57	57	64	76	71	93	107
Total Liabilities	113	116	123	113	153	185	243	241	246	292	331	418	505
	16	18	21	20	27	26	33	41	48	80	90	107	112
CWIP	0	1	2	5	4	14	18	20	28	21	22	12	54
Investments	0	0	0	0	0	0	6	0	0	0	0	0	18
	97	96	101	88	121	144	185	180	170	192	219	298	321
Total Assets	113	116	123	113	153	185	243	241	246	292	331	418	505

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	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	2	5	-3	-4	6	4	22	36	33	34	36
	-1	-3	-5	-4	-10	-10	-22	-8	-20	-29	-19	-25
	-1	0	3	4	15	3	19	-15	-17	-4	-14	-11
Net Cash Flow	-3	-0	4	-3	1	-1	1	-1	-0	0	0	-0
Free Cash Flow	-2	-1	1	-7	-14	-4	-11	8	16	4	20	14
CFO/OP	18%	-85%	269%	-84%	-37%	31%	22%	118%	170%	218%	76%	61%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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	200	221	174	117	161	90	99	105	66	69	63	61
Inventory Days	147	117	180	126	143	106	121	106	97	121	92	92
Days Payable	89	97	124	57	115	65	69	65	60	69	45	46
Cash Conversion Cycle	258	241	230	185	188	132	151	146	104	120	110	107
Working Capital Days	159	131	125	63	81	60	57	58	50	34	24	25
ROCE %	-6%	-4%	1%	3%	8%	19%	21%	9%	10%	5%	16%	22%

Insights

In beta

Mar 2019

Mar 2022

Mar 2023

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Mar 2025

Mar 2026

Order Book
INR Cr

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			xx.xx	xx.xx	xx.xx
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x.xx	x.xx	x.xx	x.xx	x.xx

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Capital Expenditure
INR Cr

Number of Permanent Employees
Count

Working Capital Days
Days

Cumulative Units of ESP Transformers & Rectifiers
Units

Market Share in Railway Traction Products (Estimated)
%

R&D Expenditure (Percentage of Turnover)
%

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
	44.08%	44.08%	44.08%	44.08%	44.05%	44.05%	44.05%	43.98%	43.98%	43.98%	43.93%	43.93%
	6.26%	6.26%	6.26%	5.72%	5.76%	5.82%	5.97%	6.28%	6.03%	6.30%	6.64%	6.21%
	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.07%	0.01%	0.06%	0.13%	0.13%
	49.64%	49.64%	49.65%	50.18%	50.16%	50.13%	49.95%	49.64%	49.96%	49.63%	49.31%	49.73%
No. of Shareholders	8,921	7,983	7,580	8,403	9,936	10,997	14,319	16,593	18,241	18,496	24,038	23,276

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Dec 2025
	44.51%	42.03%	42.20%	42.20%	42.25%	42.25%	44.08%	44.05%	43.98%	43.93%
	0.00%	0.00%	0.00%	0.00%	0.00%	6.47%	6.26%	5.76%	6.03%	6.21%
	0.06%	0.02%	0.02%	0.33%	0.02%	0.02%	0.01%	0.01%	0.01%	0.13%
	55.43%	57.95%	57.78%	57.46%	57.73%	51.26%	49.64%	50.16%	49.96%	49.73%
No. of Shareholders	6,218	6,305	6,242	7,780	10,744	9,608	8,921	9,936	18,241	23,276

* 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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