HBLENGINE

HBL Engineering share price & financials

Price
₹741.9
Market cap
₹20.0k Cr
Sector
Capital Goods
Calls analysed
1
Latest concall · Q1 FY26 · call held 25 Sept 2025

HBL Engineering Limited Q1 FY26

Sales Budget ₹3,000 cr Foreign Exchange Positive ₹300 cr

What went well

  • HBL is budgeting for ₹3000 crores in sales for FY26, indicating strong growth from previous years.
  • Kavach orders are described as a 'flood' with a steep increase expected in FY26, providing significant business prospects.
  • The company's foreign exchange positive balance has grown to ₹300 crores, largely from nickel cadmium batteries and defense products.

What to watch

  • Increasing economic uncertainty in India is noted, potentially impacting business visibility.
  • A potential decline in business is foreseen for FY28, with management citing 'many unknowns'.
Read the full call →

What HBL Engineering Limited does

HBL Engineering develops and manufactures specialised batteries (lead-acid, nickel-cadmium and lithium) alongside defence electronics and industrial electronics such as railway signalling systems. It supplies telecom towers, railways/metro, oil & gas utilities, data centres, and defence platforms including aircraft, missiles, torpedoes and submarines, mostly using technology developed in-house rather than under foreign licence. The company also builds electronic fuzes for ammunition and is developing electric drive trains (motors and controllers) to convert diesel trucks to electric. It exports a portion of its output and holds a #1 or #2 domestic market position in most of its product lines.

Segments

  • Industrial Batteries
  • Defence Businesses
  • Industrial Electronics
Manufacturing facilities
5
Export markets
50+
Employees
2,152
Domestic market position
#1 or #2 in most product lines (except telecom tower batteries, #3)
Global position — Industrial Nickel Cadmium batteries
2nd largest producer globally
Global position — Pure Lead Tin (DC power backup) batteries
Only producer in India; 2nd in the world
Founded 1986Headquarters Hyderabad, Telangana, IndiaEmployees 2,152 (2025-03-31) Company website

Guidance record · Q1 FY26

what the last two calls moved 8 tracked 0 delivered 0 missed 8 open
  • Sales open said Q1 FY26 Promised: 3000 crores for FY26 Q1 FY26: Budgeting for 3000 crores in sales of this fiscal year.

All 8 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 5.4%, net profit down 25.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue520 455 460 588 1,203 +131%864 +90%597 +30%620 +5%
EBITDA109 95 78 189 537 +393%301 +217%75 −4%139 −26%
Net profit80 61 51 140 382 +378%218 +257%57 +12%105 −25%
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 −16.7% 1Y

₹0.6k₹0.7k₹0.8k₹0.9k₹1.0k₹1.1kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q1 FY26 — 25 Sept 2025

1Y: ₹867.15 on 10 Sept 2025 → ₹722.2. High ₹1,098.8 (10 Nov 2025), low ₹614.8 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY26
−1.1%
25 Sept

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 33.4% a year over 3 years, FY23 to FY26. Operating margin widened to 33.9%.

Year endingFY23FY24FY25FY26
Revenue₹1.4k Cr₹2.2k Cr₹1.9k Cr₹3.3k Cr
Operating profit₹151 Cr₹418 Cr₹390 Cr₹1.1k Cr
Operating margin11.0%18.9%20.0%33.9%
Interest₹7 Cr₹12 Cr₹11 Cr₹13 Cr
Depreciation₹35 Cr₹39 Cr₹43 Cr₹49 Cr
Net profit₹99 Cr₹265 Cr₹266 Cr₹797 Cr
Net margin7.2%12.0%13.7%24.5%
Cash from operations₹122 Cr₹285 Cr₹235 Cr₹713 Cr
Free cash flow₹71 Cr₹222 Cr₹85 Cr₹588 Cr
ROCE13.0%34.0%27.0%59.0%
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 endingFY21FY22FY23FY24FY25FY26
Equity capital₹28 Cr₹28 Cr₹28 Cr₹28 Cr₹28 Cr₹28 Cr
Reserves₹765 Cr₹844 Cr₹928 Cr₹1.2k Cr₹2.0k Cr₹2.1k Cr
Borrowings₹67 Cr₹61 Cr₹81 Cr₹56 Cr₹87 Cr₹55 Cr
Other liabilities₹183 Cr₹202 Cr₹256 Cr₹363 Cr₹605 Cr₹650 Cr
Total liabilities₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.6k Cr₹2.7k Cr₹2.9k Cr
Fixed assets₹277 Cr₹263 Cr₹317 Cr₹345 Cr₹416 Cr₹427 Cr
Capital work in progress₹43 Cr₹81 Cr₹49 Cr₹18 Cr₹129 Cr₹127 Cr
Investments₹3 Cr₹5 Cr₹8 Cr₹93 Cr₹319 Cr₹366 Cr
Other assets₹720 Cr₹786 Cr₹919 Cr₹1.2k Cr₹1.8k Cr₹2.0k Cr
Total assets₹1.0k Cr₹1.1k Cr₹1.3k Cr₹1.6k Cr₹2.7k Cr₹2.9k 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, the public trimmed −1.42 pp while FIIs added +0.79 pp. The shareholder count shrank 8% to 3,49,936.

Promoters
59.1%
FIIs
5.6%
DIIs
1.0%
Public
34.3%

Since Jun 2025

  • Public −1.42 pp
  • FIIs +0.79 pp
  • DIIs +0.61 pp

How it drifted, 12 quarters

Over this window the public fell from 38.6% to 34.3% — −4.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 59.1%, FIIs 2.2%, DIIs 0.1%, Public 38.6%.Dec '23: Promoters 59.1%, FIIs 2.7%, DIIs 0.4%, Public 37.8%.Mar '24: Promoters 59.1%, FIIs 4.6%, DIIs 0.7%, Public 35.6%.Jun '24: Promoters 59.1%, FIIs 4.7%, DIIs 1.1%, Public 35.2%.Sep '24: Promoters 59.1%, FIIs 4.9%, DIIs 1.0%, Public 35.0%.Dec '24: Promoters 59.1%, FIIs 5.2%, DIIs 0.4%, Public 35.3%.Mar '25: Promoters 59.1%, FIIs 4.8%, DIIs 0.4%, Public 35.7%.Jun '25: Promoters 59.1%, FIIs 4.8%, DIIs 0.4%, Public 35.7%.Sep '25: Promoters 59.1%, FIIs 7.1%, DIIs 0.6%, Public 33.1%.Dec '25: Promoters 59.1%, FIIs 5.9%, DIIs 0.8%, Public 34.2%.Mar '26: Promoters 59.1%, FIIs 5.9%, DIIs 0.8%, Public 34.2%.Jun '26: Promoters 59.1%, FIIs 5.6%, DIIs 1.0%, Public 34.3%.

Who was buying across the market this quarter →

Who is on the register

Named in the Jun 2026 filing

Every holder of HBL Engineering Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Kavita Prasad Aluru - Trustee For Aluru Family Private Trust 51.30%unchanged
Kavita Prasad Aluru 3.53%unchanged
Mikkilineni Advay Bhagirath 1.41%unchanged
Aluru Jagadish Prasad 0.97%unchanged
Mikkilineni Deeksha 0.75%unchanged
Satyanarayana Subramani Srinath Mikkilineni 0.71%unchanged
Uma Devi Aluru 0.34%unchanged
Kavita Prasad Aluru - Trustee For Mikkilineni Family Private Trust 0.09%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.

Mutual funds in HBLENGINE

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.03 L shares (+1.1%).

Held by funds
₹19 Cr
5 schemes
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹12 Cr · 0.3% of that fund
SchemeHoldingLast month
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund₹12 Cr+0.02 L
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund₹6 Cr+0.01 L
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund₹1 Cr+0.00 L
SBI Nifty 500 Index Fund SBI Mutual Fund₹0 Cr−0.00 L
SBI Nifty Small Cap 250 ETF SBI Mutual Fund₹0 Cr+0.00 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +3,221 shares (+1.1%)

Funds are sitting on
+35%
vs est. average cost
Held by funds
₹19 Cr
5 schemes · ≈ 0.11% of the company
Biggest holder
Nippon India Nifty Smallcap 250 Index Fund
₹12 Cr · 0.3% of that fund

Shares held by these funds +116%

Mar '24 2.87 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹722, this stock must grow earnings at 18% every year for 7 years. Our analysis caps realistic growth at ~100%. At that growth it is worth ₹22960 — upside of 3079%.

Growth the price implies
18.0% a year
for 7 years, fading to 4%
It has actually compounded at
99.4% a year
net profit, FY23–FY26 · EPS 99.6%
The gap
-0.8 pp
3079% downside if it only repeats history
Price today ₹722.2 Value at the reference growth ₹22,960.37

Change the assumptions yourself →

Learn to analyse HBL Engineering Limited

Guides on how to read this kind of business and the numbers that matter.