High Energy Batteries (India) share price & results
- Sept 2026
- Sept 2026
Chennai-based manufacturer of strategic high-tech batteries (Silver Zinc, Silver Chloride Magnesium, sea-water activated) for Indian Navy/DRDO torpedo and other defence applications.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 29.1 | +68.1% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 28.1 | +32.4 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 5.7 | +185.1% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 15.49 | −1.9 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 12.20 | +10.9 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 13.38 | −0.1 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Price
Performance −16.3% 1Y
1Y: ₹645.2 on 24 Oct 2025 → ₹540. High ₹654.1 (27 Apr 2026), low ₹490.95 (4 Jun 2026).
- Previous close
- ₹554.95
- Market cap
- ₹481 Cr
- 52-week range
- ₹490.95 – ₹654.1
- One year
- −10.77%
- Price to earnings (TTM to Sept 2026)
- 27.49×
- Return on equity (TTM to Sept 2026)
- 15.49%
Overview
- Symbol
- NSE:HIGHENE
- Exchange
- NSE
- Currency
- INR
What High Energy Batteries (India) Ltd. does
Based on the company's own presentations, annual report and earnings calls.
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)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +185% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 13 | 36 | 13 | 17 | 23 | 30 | 8 | 29 |
| Expenses | 12 | 24 | 13 | 18 | 16 | 18 | 10 | 21 |
| Operating profit | 1 | 13 | 1 | -1 | 7 | 12 | -2 | 8 |
| Operating margin | 4.3% | 34.7% | 5.6% | −4.3% | 31.5% | 39.6% | −26.5% | 28.1% |
| Other income | 1 | 2 | 1 | 4 | 0 | -1 | 0 | 0 |
| Interest | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 1 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 1 | 13 | 1 | 3 | 7 | 10 | -2 | 8 |
| Tax rate | 25.8% | 25.9% | 25.7% | 25.5% | 25.6% | 25.9% | −25.4% | 25.6% |
| Net profit | 1 | 10 | 1 | 2 | 5 | 8 | -2 | 6 |
| EPS (₹ per share) | 0.75 | 11.14 | 0.87 | 2.24 | 5.58 | 8.47 | -2.03 | 6.39 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 93 | 78 | 81 | 84 |
| Expenses | 62 | 56 | 64 | 64 |
| Operating profit | 31 | 23 | 17 | 19 |
| Other income | 1 | 3 | 6 | 5 |
| Interest | 3 | 2 | 1 | 2 |
| Depreciation | 1 | 1 | 1 | 1 |
| Profit before tax | 27 | 23 | 21 | 21 |
| Net profit | 21 | 17 | 15 | 15 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 2 | 2 | 2 | 2 | 2 | 2 |
| Reserves | 72 | 86 | 98 | 98 | 110 | 111 |
| Borrowings | 21 | 5 | 11 | 21 | 12 | 18 |
| Other liabilities | 21 | 17 | 15 | 15 | 16 | 11 |
| Total liabilities | 115 | 109 | 126 | 136 | 139 | 142 |
| Fixed assets | 38 | 38 | 39 | 39 | 40 | 42 |
| Capital work in progress | 0 | 0 | 0 | 0 | 2 | 2 |
| Investments | 1 | 2 | 3 | 3 | 3 | 3 |
| Other assets | 76 | 70 | 84 | 94 | 95 | 95 |
| Total assets | 115 | 109 | 126 | 136 | 139 | 142 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 9 | 16 | 17 | 24 | 4 | 14 |
| Cash from investing | -1 | -1 | -11 | -2 | -7 | -11 |
| Cash from financing | -3 | -17 | -10 | -21 | 2 | -4 |
| Net cash flow | 6 | -1 | -4 | 0 | -1 | -1 |
| Free cash flow | 8 | 16 | 6 | 22 | 1 | 9 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 85 | 90 | 113 | 95 | 120 | 125 |
| Inventory days | 406 | 498 | 433 | 596 | 644 | 624 |
| Days payable | 65 | 57 | 32 | 52 | 75 | 50 |
| Cash conversion cycle | 427 | 531 | 513 | 639 | 689 | 699 |
| Working capital days | 56 | 109 | 144 | 232 | 263 | 266 |
| Return on capital employed | 44.0% | 36.0% | 37.0% | 28.0% | 23.0% | 20.0% |
| Dividend payout | 15.0% | 15.0% | 15.0% | 16.0% | 18.0% | 17.0% |
What the price assumes
Growth trapTo justify its price of ₹540, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~-17%. At that growth it is worth ₹69 — downside of 87%.
- Growth the price implies
- 21.6% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -16.6% a year
- net profit, FY23–FY26 · EPS -16.6%
- The gap
- 0.4 pp
- -87% downside if it only repeats history
Ownership
Who owns it
Public hold 50.94% as of Sept 2026; institutions added 0.00 pts since Jun 2026.
- Promoters 43.06%
- Domestic institutions 5.99%
- Public 50.94%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- newly disclosed 1.12% held
- +0.10 pp 2.10% 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 Sep 2026 filing
Every holder of High Energy Batteries (India) Ltd. above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 17.94% | unchanged | |
| 9.28% | unchanged | |
| 6.38% | unchanged | |
| Insurer | 5.99% | unchanged |
| 5.58% | unchanged | |
| 4.46% | unchanged | |
| 3.92% | unchanged | |
| 2.10% | +0.10 pp | |
| 1.79% | unchanged | |
| 1.33% | unchanged | |
| 1.19% | unchanged | |
| 1.12% | newly disclosed |
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.
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