HIRECT
Hind Rectifiers share price & financials
- Price
- ₹1,152.4
- Market cap
- ₹4.5k Cr
- Sector
- Capital Goods
- Calls analysed
- 6
Hind Rectifiers Limited Q1 FY27
What went well
- Consolidated revenue grew 20.3% YoY to INR 258.4 crores, supported by strong business momentum.
- Secured first MEMU trainset development order valued at approximately INR 60 crores, increasing content opportunity per platform.
- Achieved initial entry into the US rail market and mining industry with prototype orders for traction motor assemblies and IGBT converters.
What to watch
- Consolidated EBITDA de-grew 45.4% YoY to INR 13.2 crores, with a margin of 5.4%, primarily due to Elventive France integration.
- Consolidated margin pressure from Elventive France is expected to continue for another 3 to 5 quarters until breakeven.
What Hind Rectifiers Limited does
Hind Rectifiers (rebranding as HIRECT) designs and manufactures power-conversion and traction electronics — transformers, converters, motors, rectifiers and control systems — used mainly in Indian Railways' locomotives and coaches, alongside electrostatic-precipitator (ESP) rectifiers and industrial power-supply products for sectors such as power generation, cement, chemicals, oil & gas and defence. It runs two manufacturing plants (Sinnar and Satpur, Maharashtra) and two R&D centres (Mumbai and Hyderabad), and has backward-integrated into copper-conductor manufacturing used as a raw material for transformers. In FY26 it acquired France-based Elventive France (formerly BeLink Solutions), a robotics, EMS and power-electronics R&D firm, to build a European manufacturing and R&D base serving automotive, defence, aerospace and industrial customers. The company describes itself as evolving from a component supplier into a systems provider, developing indigenous locomotive propulsion and brake systems in-house.
Segments
- Railway Transformer
- Railway Electromechanical
- Railway Electronics
- Industrial Products
- Spares & Services
- Manufacturing plants
- 2 (Sinnar and Satpur, Maharashtra)
- R&D centres
- 2 (Mumbai and Hyderabad, 150+ engineers)
- Countries exported to
- 30+
- Client network
- 500+ clients
- Office locations
- 6
- Global accreditations held
- 8
Guidance record · Q1 FY27
what the last two calls moved 12 tracked 1 delivered 1 missed 10 open- EBITDA Margin at risk said Q4 FY25 Promised: EBITDA in the range of mid-teens to late teens... in the next few years Q1 FY27: Consolidated EBITDA margin at 5.4% remains significantly below the 'mid-to-late teens' target. Management expects the drag from Elventive to continue for another 3-5 quarters before breakeven.
- Revenue Growth delivered said Q4 FY25 Promised: target 30% growth conservatively Q4 FY26: Achieved 44.8% standalone and 52.5% consolidated revenue growth for FY26, exceeding the 30% target. Reiterated 30% growth target for FY27 on a standalone basis.
- Order Book Growth missed said Q2 FY26 Promised: 30% more for the year-end order book from current levels Q4 FY26: Order book at year-end was INR 845.5 crores, a decline from previous quarters and a miss on the guided 30% growth target.
All 12 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 20.3%, net profit down 49.1% 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 | 166 | 169 | 185 | 215 | 227 +37% | 277 +64% | 280 +51% | 258 +20% |
| EBITDA | 18 | 18 | 20 | 24 | 26 +41% | 26 +45% | 8 −58% | 13 −45% |
| Net profit | 10 | 10 | 10 | 13 | 15 +44% | 13 +27% | -2 −116% | 7 −49% |
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 −28.0% 1Y
1Y: ₹1,730.7 on 10 Sept 2025 → ₹1,245.4. High ₹1,870.4 (3 Nov 2025), low ₹660.1 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +1.6%
- 12 Aug
- Q4 FY26
- −3.8%
- 18 May
- Q3 FY26
- −3.0%
- 12 Feb
- Q2 FY26
- −5.0%
- 7 Nov
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 40.5% a year over 3 years, FY23 to FY26. Operating margin widened to 8.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹360 Cr | ₹518 Cr | ₹655 Cr | ₹999 Cr |
| Operating profit | ₹16 Cr | ₹45 Cr | ₹70 Cr | ₹84 Cr |
| Operating margin | 4.4% | 8.7% | 10.7% | 8.4% |
| Interest | ₹8 Cr | ₹13 Cr | ₹13 Cr | ₹16 Cr |
| Depreciation | ₹4 Cr | ₹8 Cr | ₹8 Cr | ₹14 Cr |
| Net profit | ₹-6 Cr | ₹13 Cr | ₹37 Cr | ₹39 Cr |
| Net margin | -1.7% | 2.4% | 5.7% | 3.9% |
| Cash from operations | ₹33 Cr | ₹34 Cr | ₹36 Cr | ₹86 Cr |
| Free cash flow | ₹4 Cr | ₹20 Cr | ₹14 Cr | ₹-12 Cr |
| ROCE | — | — | 22.0% | 19.0% |
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 | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹3 Cr | ₹7 Cr |
| Reserves | ₹96 Cr | ₹104 Cr | ₹108 Cr | ₹121 Cr | ₹187 Cr | ₹202 Cr |
| Borrowings | ₹84 Cr | ₹75 Cr | ₹105 Cr | ₹135 Cr | ₹208 Cr | ₹245 Cr |
| Other liabilities | ₹57 Cr | ₹64 Cr | ₹76 Cr | ₹71 Cr | ₹107 Cr | ₹209 Cr |
| Total liabilities | ₹241 Cr | ₹246 Cr | ₹292 Cr | ₹331 Cr | ₹505 Cr | ₹662 Cr |
| Fixed assets | ₹41 Cr | ₹48 Cr | ₹80 Cr | ₹90 Cr | ₹112 Cr | ₹196 Cr |
| Capital work in progress | ₹20 Cr | ₹28 Cr | ₹21 Cr | ₹22 Cr | ₹54 Cr | ₹10 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹18 Cr | ₹0 Cr |
| Other assets | ₹180 Cr | ₹170 Cr | ₹192 Cr | ₹219 Cr | ₹321 Cr | ₹455 Cr |
| Total assets | ₹241 Cr | ₹246 Cr | ₹292 Cr | ₹331 Cr | ₹505 Cr | ₹662 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 Jul 2026
Since Jun 2025, DIIs added +3.16 pp while the public trimmed −2.26 pp. The shareholder count grew 20% to 22,219.
- Promoters
- 42.6%
- FIIs
- 6.8%
- DIIs
- 3.2%
- Public
- 47.4%
Since Jun 2025
- DIIs +3.16 pp
- Public −2.26 pp
- Promoters −1.40 pp
How it drifted, 12 quarters
Over this window DIIs went from 0.0% to 3.2% — +3.2 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 44.1%, FIIs 5.7%, DIIs 0.0%, Public 50.2%.Mar '24: Promoters 44.0%, FIIs 5.8%, DIIs 0.0%, Public 50.2%.Jun '24: Promoters 44.0%, FIIs 5.8%, DIIs 0.0%, Public 50.1%.Sep '24: Promoters 44.0%, FIIs 6.0%, DIIs 0.0%, Public 50.0%.Dec '24: Promoters 44.0%, FIIs 6.3%, DIIs 0.1%, Public 49.6%.Mar '25: Promoters 44.0%, FIIs 6.0%, DIIs 0.0%, Public 50.0%.Jun '25: Promoters 44.0%, FIIs 6.3%, DIIs 0.1%, Public 49.6%.Sep '25: Promoters 43.9%, FIIs 6.6%, DIIs 0.1%, Public 49.3%.Dec '25: Promoters 43.9%, FIIs 6.2%, DIIs 0.1%, Public 49.7%.Mar '26: Promoters 43.9%, FIIs 6.4%, DIIs 0.1%, Public 49.5%.Jun '26: Promoters 43.9%, FIIs 6.6%, DIIs 0.2%, Public 49.3%.Jul '26: Promoters 42.6%, FIIs 6.8%, DIIs 3.2%, Public 47.4%.
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.
- Tata Mutual Fund (Small Cap Fund) Mutual fund newly disclosed 3.06% held
- Habrok India Master Lp FPI fund +0.15 pp 2.65% held
The same filing shows 8 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jul 2026 filing
Every holder of Hind Rectifiers Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| Saurabh Sushil Nevatia | 20.35% | −0.65 pp |
| Suramya Saurabh Nevatia | 14.52% | −0.46 pp |
| Btr Industries Ltd | 6.77% | −0.21 pp |
| Tata Mutual Fund (Small Cap Fund) Mutual fund | 3.06% | newly disclosed |
| Cassini Partners L.P. Managed By Habrok VC / PE | 2.85% | −0.09 pp |
| Suryansh Saurabh Nevatia | 2.70% | −0.08 pp |
| Habrok India Master Lp FPI fund | 2.65% | +0.15 pp |
| Shriya Saurabh Nevatia | 2.03% | −0.07 pp |
| Niraj Bajaj | 1.69% | −0.06 pp |
| Bharti Saurabh Nevatia | 1.53% | −0.05 pp |
| Surabhi Golyan | 1.41% | unchanged |
| Mukul Mahavir Agrawal | 1.41% | 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.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Hind Rectifiers Limited
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