504176
High Energy Bat. financials
- Market cap
- ₹533 Cr
- Sector
- Fast Moving Consumer Goods
What High Energy Bat. does
High Energy Batteries (India) Limited designs, develops and manufactures strategic high-tech batteries for defence applications, including Silver Zinc, Silver Chloride Magnesium and Sea Water activated battery chemistries. Its batteries power underwater ordnance such as electric heavyweight torpedoes and advanced lightweight torpedoes. The company works closely with the Indian Navy, Indian Air Force, the Defence Research and Development Organisation (DRDO), the Naval Science and Technological Laboratory (NSTL), the Vikram Sarabhai Space Centre (VSSC) and other defence agencies. Manufacturing is carried out at its factory in Mathur, Pudukkottai district, Tamil Nadu.
- Manufacturing facility
- 1 (Pakkudi Road, Mathur, Pudukkottai District, Tamil Nadu)
- Battery chemistries produced
- 3 (Silver Zinc, Silver Chloride Magnesium, Sea Water activated)
- Key defence/R&D agencies served
- 5 (Indian Navy, Indian Air Force, DRDO, NSTL, VSSC)
Quarterly results
Q1 FY27: revenue down 40.5%, net profit down 333.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15 | 13 | 36 | 13 | 17 +16% | 23 +85% | 30 −18% | 8 −41% |
| EBITDA | 2 | 1 | 13 | 1 | -1 −145% | 7 +1242% | 12 −7% | -2 −382% |
| Net profit | 2 | 1 | 10 | 1 | 2 +12% | 5 +646% | 8 −24% | -2 −333% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −8.6% 1Y
1Y: ₹646.95 on 10 Sept 2025 → ₹591.6. High ₹654.1 (27 Apr 2026), low ₹490.95 (4 Jun 2026).
Financials, as filed
Revenue fell 3.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 22.8%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹93 Cr | ₹78 Cr | ₹81 Cr | ₹84 Cr |
| Operating profit | ₹31 Cr | ₹23 Cr | ₹17 Cr | ₹19 Cr |
| Operating margin | 33.5% | 28.9% | 21.4% | 22.8% |
| Interest | ₹3 Cr | ₹2 Cr | ₹1 Cr | ₹2 Cr |
| Depreciation | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr |
| Net profit | ₹21 Cr | ₹17 Cr | ₹15 Cr | ₹15 Cr |
| Net margin | 22.1% | 22.0% | 18.9% | 18.4% |
| Cash from operations | ₹17 Cr | ₹24 Cr | ₹4 Cr | ₹14 Cr |
| Free cash flow | ₹6 Cr | ₹22 Cr | ₹1 Cr | ₹9 Cr |
| ROCE | 37.0% | 28.0% | 23.0% | 20.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr |
| Reserves | ₹40 Cr | ₹54 Cr | ₹72 Cr | ₹86 Cr | ₹98 Cr | ₹110 Cr |
| Borrowings | ₹35 Cr | ₹25 Cr | ₹21 Cr | ₹5 Cr | ₹21 Cr | ₹12 Cr |
| Other liabilities | ₹18 Cr | ₹19 Cr | ₹21 Cr | ₹17 Cr | ₹15 Cr | ₹16 Cr |
| Total liabilities | ₹94 Cr | ₹99 Cr | ₹115 Cr | ₹109 Cr | ₹136 Cr | ₹139 Cr |
| Fixed assets | ₹31 Cr | ₹30 Cr | ₹38 Cr | ₹38 Cr | ₹39 Cr | ₹40 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr |
| Investments | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹3 Cr |
| Other assets | ₹62 Cr | ₹68 Cr | ₹76 Cr | ₹70 Cr | ₹94 Cr | ₹95 Cr |
| Total assets | ₹94 Cr | ₹99 Cr | ₹115 Cr | ₹109 Cr | ₹136 Cr | ₹139 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −0.42 pp while the public added +0.25 pp. The shareholder count shrank 8% to 22,050.
- Promoters
- 43.1%
- DIIs
- 6.0%
- Public
- 50.9%
Since Jun 2025
- DIIs −0.42 pp
- Public +0.25 pp
- Promoters +0.16 pp
How it drifted, 12 quarters
Over this window the public fell from 53.1% to 50.9% — −2.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 40.9%, DIIs 6.0%, Public 53.1%.Dec '23: Promoters 40.9%, DIIs 6.0%, Public 53.1%.Mar '24: Promoters 41.3%, DIIs 6.0%, Public 52.7%.Jun '24: Promoters 41.3%, DIIs 6.0%, Public 52.7%.Sep '24: Promoters 41.3%, DIIs 6.0%, Public 52.7%.Dec '24: Promoters 41.7%, DIIs 6.0%, Public 52.3%.Mar '25: Promoters 42.9%, DIIs 6.0%, Public 51.1%.Jun '25: Promoters 42.9%, DIIs 6.4%, Public 50.7%.Sep '25: Promoters 42.9%, DIIs 6.4%, Public 50.7%.Dec '25: Promoters 42.9%, DIIs 6.4%, Public 50.7%.Mar '26: Promoters 43.1%, DIIs 6.4%, Public 50.5%.Jun '26: Promoters 43.1%, DIIs 6.0%, Public 50.9%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Investor Education And Protection Fund Authority - 2 newly disclosed 1.81% held
- Sathyamoorthi Devarajulu +0.14 pp 1.28% held
- Shivani Tejas Trivedi +0.10 pp 2.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of High Energy Bat. above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Seshasayee Paper And Boards Limited | 17.94% | unchanged |
| Time Square Investments Private Limited | 9.28% | unchanged |
| Minal Bharat Patel | 6.38% | unchanged |
| LICI Asm Non Par Insurer | 5.99% | unchanged |
| Ponni Sugars (Erode) Limited | 5.58% | unchanged |
| Synergy Investments Pte Ltd | 4.46% | unchanged |
| Ultra Investments And Leasing Company Private Limited | 3.92% | unchanged |
| Shivani Tejas Trivedi | 2.00% | +0.10 pp |
| Investor Education And Protection Fund Authority - 2 | 1.81% | newly disclosed |
| Poonam Balram Bharwani | 1.33% | unchanged |
| Sathyamoorthi Devarajulu | 1.28% | +0.14 pp |
| Dhanashree Investments Private Limited | 1.19% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
Growth trapTo justify its price of ₹592, this stock must grow earnings at 35% every year for 7 years. Our analysis caps realistic growth at ~-16%. At that growth it is worth ₹38 — downside of 94%.
- Growth the price implies
- 35.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -16.5% a year
- net profit, FY23–FY26 · EPS -16.5%
- The gap
- 0.5 pp
- -94% downside if it only repeats history
Learn to analyse High Energy Bat.
Guides on how to read this kind of business and the numbers that matter.