Hind Rectifiers Ltd

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

Hind Rectifiers Ltd

₹ 1,274 19.88%
15 Jul - close price
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 ₹ 4,388 Cr.
  • Current Price ₹ 1,274
  • High / Low ₹ 1,275 / 565
  • Stock P/E 110
  • Book Value ₹ 60.7
  • Dividend Yield 0.11 %
  • ROCE 18.6 %
  • ROE 21.7 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter
  • Company's working capital requirements have reduced from 21.7 days to 16.1 days

Cons

  • Stock is trading at 21.0 times its book value
  • Company might be capitalizing the interest cost
  • Debtor days have increased from 71.3 to 90.0 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

Industrials Capital Goods Industrial Manufacturing Industrial Products

Part of BSE Industrials

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
136.63 151.36 135.53 165.85 168.94 185.05 214.77 227.15 277.39 279.82
123.15 137.86 121.05 147.54 151.31 165.15 190.55 201.27 251.84 271.39
Operating Profit 13.48 13.50 14.48 18.31 17.63 19.90 24.22 25.88 25.55 8.43
OPM % 9.87% 8.92% 10.68% 11.04% 10.44% 10.75% 11.28% 11.39% 9.21% 3.01%
-6.91 0.38 0.51 0.13 0.50 0.34 0.23 0.13 -1.07 0.36
Interest 3.23 4.13 3.26 3.40 2.52 4.02 3.62 3.56 4.71 4.09
Depreciation 2.02 2.00 2.01 2.11 2.15 2.22 2.73 2.81 4.45 3.85
Profit before tax 1.32 7.75 9.72 12.93 13.46 14.00 18.10 19.64 15.32 0.85
Tax % -14.39% 33.81% 28.70% 21.19% 25.63% 28.71% 29.50% 25.05% 17.10% 285.88%
1.52 5.12 6.93 10.19 10.01 9.99 12.77 14.72 12.70 -1.59
EPS in Rs 0.44 1.49 2.02 2.97 2.92 2.91 3.72 4.28 3.69 -0.46
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026
518 655 999
473 585 915
Operating Profit 45 71 84
OPM % 9% 11% 8%
-6 1 -0
Interest 13 14 16
Depreciation 7 8 14
Profit before tax 18 50 54
Tax % 29% 26% 28%
13 37 39
EPS in Rs 3.65 10.82 11.23
Dividend Payout % 16% 9% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 52%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 10%
Stock Price CAGR
10 Years: 42%
5 Years: 72%
3 Years: 105%
1 Year: 93%
Return on Equity
10 Years: %
5 Years: %
3 Years: 21%
Last Year: 22%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026
Equity Capital 3 3 7
Reserves 121 156 202
135 164 245
71 93 209
Total Liabilities 331 417 662
90 107 203
CWIP 22 12 3
Investments 0 0 0
219 298 455
Total Assets 331 417 662

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026
34 36 86
-19 -25 -90
-14 -11 8
Net Cash Flow 0 -0 4
Free Cash Flow 20 14 -12
CFO/OP 76% 62% 118%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2024 Mar 2025 Mar 2026
Debtor Days 63 61 90
Inventory Days 92 92 74
Days Payable 45 46 59
Cash Conversion Cycle 110 107 105
Working Capital Days 24 25 16
ROCE % 22% 19%

Insights

In beta
Mar 2017 Mar 2018 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Permanent Employees
count ・Standalone data

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Order Book
INR Cr ・Standalone data
Order Inflows
INR Cr ・Standalone data
R&D Engineers
count ・Standalone data
R&D Products in Pipeline
count ・Standalone data
Railway Transformer Revenue Share
% ・Standalone data
Traction Transformer Market Share
% ・Standalone data
CTC Copper Conductor Capacity
TPM ・Standalone data
R&D Expenditure (Percentage of Turnover)
% ・Standalone data

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Shareholding Pattern

Numbers in percentages

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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