Hind Rectifiers Ltd

Hind Rectifiers Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Hind Rectifiers Ltd

₹ 1,148 2.78%
04 Jun 4:01 p.m.
hirect.com BSE: 504036 NSE: HIRECT
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 ₹ 3,951 Cr.
  • Current Price ₹ 1,148
  • High / Low ₹ 1,212 / 556
  • Stock P/E 66.7
  • Book Value ₹ 64.4
  • Dividend Yield 0.09 %
  • ROCE 23.5 %
  • ROE 31.1 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 61.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%
  • Company's median sales growth is 20.3% of last 10 years

Cons

  • Stock is trading at 18.6 times its book value
  • Debtor days have increased from 70.4 to 87.3 days.

* 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

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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
112 98 132 137 151 136 166 169 185 215 227 243 264
101 91 121 123 138 121 148 151 165 190 201 218 237
Operating Profit 11 7 11 13 14 14 18 18 20 24 26 25 27
OPM % 10% 7% 8% 10% 9% 11% 11% 10% 11% 11% 11% 10% 10%
-11 0 0 -7 0 1 0 0 0 0 0 -1 -0
Interest 2 3 3 3 4 3 3 3 4 4 4 5 4
Depreciation 1 2 2 2 2 2 2 2 2 3 3 3 4
Profit before tax -3 3 6 1 8 10 13 13 14 18 20 16 19
Tax % -24% 28% 34% -14% 34% 29% 21% 26% 28% 29% 25% 16% 13%
-2 2 4 2 5 7 10 10 10 13 15 14 16
EPS in Rs -0.72 0.56 1.16 0.44 1.49 2.02 2.97 2.92 2.96 3.73 4.29 3.99 4.77
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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
94 94 111 126 255 300 305 372 359 518 655 949
96 92 107 116 229 262 285 349 344 473 584 847
Operating Profit -2 2 5 10 26 38 20 23 15 45 71 103
OPM % -3% 2% 4% 8% 10% 13% 7% 6% 4% 9% 11% 11%
0 1 -7 0 1 0 0 0 -10 -6 1 -1
Interest 2 3 5 6 8 8 9 7 8 13 14 16
Depreciation 1 2 2 2 3 4 4 4 5 7 8 13
Profit before tax -6 -2 -10 2 17 26 7 11 -9 18 50 73
Tax % -40% -31% -27% 35% 29% 30% 28% 30% -27% 29% 26% 21%
-4 -2 -7 1 12 18 5 8 -6 13 37 58
EPS in Rs -1.08 -0.46 -2.15 0.40 3.56 5.58 1.61 2.36 -1.86 3.65 10.87 16.78
Dividend Payout % 0% 0% 0% 0% 6% 7% 12% 8% 0% 16% 9% 0%
Compounded Sales Growth
10 Years: 26%
5 Years: 25%
3 Years: 38%
TTM: 45%
Compounded Profit Growth
10 Years: 45%
5 Years: 62%
3 Years: 138%
TTM: 62%
Stock Price CAGR
10 Years: 43%
5 Years: 72%
3 Years: 99%
1 Year: 65%
Return on Equity
10 Years: 16%
5 Years: 19%
3 Years: 25%
Last Year: 31%

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 3 3 3 3 3 3 3 3 3 3 3 7
Reserves 60 59 50 63 75 92 96 104 108 121 157 214
26 32 41 51 64 90 84 75 105 135 164 226
26 30 19 35 43 57 57 64 76 71 93 165
Total Liabilities 116 123 113 153 185 243 241 246 292 331 418 613
18 21 20 27 26 33 41 48 80 90 107 173
CWIP 1 2 5 4 14 18 20 28 21 22 12 3
Investments 0 0 0 0 0 6 0 0 0 0 0 18
96 101 88 121 144 185 180 170 192 219 298 418
Total Assets 116 123 113 153 185 243 241 246 292 331 418 613

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
2 5 -3 -4 6 4 22 36 33 34 36 91
-3 -5 -4 -10 -10 -22 -8 -20 -29 -19 -25 -85
0 3 4 15 3 19 -15 -17 -4 -14 -11 -6
Net Cash Flow -0 4 -3 1 -1 1 -1 -0 0 0 -0 0
Free Cash Flow -1 1 -7 -14 -4 -11 8 16 4 20 14 20
CFO/OP -85% 269% -84% -37% 31% 22% 118% 170% 218% 76% 61% 101%

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 221 174 117 161 90 99 105 66 69 63 61 87
Inventory Days 117 180 126 143 106 121 106 97 121 92 92 69
Days Payable 97 124 57 115 65 69 65 60 69 45 46 57
Cash Conversion Cycle 241 230 185 188 132 151 146 104 120 110 107 99
Working Capital Days 131 125 63 81 60 57 58 50 34 24 25 24
ROCE % -4% 1% 3% 8% 19% 21% 9% 10% 5% 16% 22% 24%

Insights

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Mar 2019 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
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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)
%

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Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
44.08% 44.08% 44.08% 44.05% 44.05% 44.05% 43.98% 43.98% 43.98% 43.93% 43.93% 43.93%
6.26% 6.26% 5.72% 5.76% 5.82% 5.97% 6.28% 6.03% 6.30% 6.64% 6.21% 6.38%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.07% 0.01% 0.06% 0.13% 0.13% 0.13%
49.64% 49.65% 50.18% 50.16% 50.13% 49.95% 49.64% 49.96% 49.63% 49.31% 49.73% 49.55%
No. of Shareholders 7,9837,5808,4039,93610,99714,31916,59318,24118,49624,03823,27621,700

* 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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