Hind Rectifiers Ltd
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.
- Market Cap ₹ 2,840 Cr.
- Current Price ₹ 1,653
- High / Low ₹ 2,108 / 773
- Stock P/E 65.8
- Book Value ₹ 93.2
- Dividend Yield 0.12 %
- ROCE 21.6 %
- ROE 25.7 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
- Company's median sales growth is 17.4% of last 10 years
Cons
- Stock is trading at 17.7 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
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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 | 735 | |
100 | 96 | 92 | 107 | 116 | 229 | 262 | 285 | 349 | 344 | 473 | 584 | 654 | |
Operating Profit | -4 | -2 | 2 | 5 | 10 | 26 | 38 | 20 | 23 | 15 | 45 | 71 | 80 |
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 | 1 | |
Interest | 2 | 2 | 3 | 5 | 6 | 8 | 8 | 9 | 7 | 8 | 13 | 14 | 14 |
Depreciation | 2 | 1 | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 5 | 7 | 8 | 9 |
Profit before tax | -7 | -6 | -2 | -10 | 2 | 17 | 26 | 7 | 11 | -9 | 18 | 50 | 59 |
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 | 43 | |
EPS in Rs | -2.97 | -2.15 | -0.91 | -4.29 | 0.79 | 7.12 | 11.16 | 3.22 | 4.71 | -3.71 | 7.30 | 21.72 | 25.15 |
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: | 32% |
Compounded Profit Growth | |
---|---|
10 Years: | 28% |
5 Years: | 15% |
3 Years: | 68% |
TTM: | 79% |
Stock Price CAGR | |
---|---|
10 Years: | 38% |
5 Years: | 63% |
3 Years: | 116% |
1 Year: | 75% |
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 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 |
23 | 26 | 32 | 41 | 51 | 64 | 90 | 84 | 75 | 105 | 135 | 164 | |
25 | 26 | 30 | 19 | 35 | 43 | 57 | 57 | 64 | 76 | 71 | 93 | |
Total Liabilities | 113 | 116 | 123 | 113 | 153 | 185 | 243 | 241 | 246 | 292 | 331 | 418 |
16 | 18 | 21 | 20 | 27 | 26 | 33 | 41 | 48 | 80 | 90 | 107 | |
CWIP | 0 | 1 | 2 | 5 | 4 | 14 | 18 | 20 | 28 | 21 | 22 | 12 |
Investments | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 |
97 | 96 | 101 | 88 | 121 | 144 | 185 | 180 | 170 | 192 | 219 | 298 | |
Total Assets | 113 | 116 | 123 | 113 | 153 | 185 | 243 | 241 | 246 | 292 | 331 | 418 |
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 |
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% |
Documents
Announcements
- Corrigendum To The Postal Ballot Notice Of Hind Rectifiers Limited ('The Company') Circulated To Shareholders On July 29, 2025. 14 Aug
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Announcement under Regulation 30 (LODR)-Dividend Updates
11 Aug - Dividend of Rs. 2/share declared; TDS deducted as per tax rules; payment details shared with shareholders.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 7 Aug
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
5 Aug - Hind Rectifiers reports Q1 FY26 revenue INR214.8 Cr, order book INR1,022 Cr, new propulsion system field trials start soon.
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Dividend Payment
4 Aug - Dividend of ₹2.00/share for FY 2024-25 credited on August 4, 2025.
Annual reports
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Financial Year 2025
from bse
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
from nse
Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025TranscriptNotesPPT
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.