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Ref No. HIRECT/SEC/2025-26/60

Date: November 06, 2025

To, The General Manager, BSE Limited, Phiroz Jeejeebhoy Towers, Dalal Street, Mumbai 400 001. BSE Scrip Code: 504036	To, General Manager, National Stock Exchange Limited Exchange Plaza, 5th Floor, C-1, Block ‘G Bandra Kurla Complex, Bandra (East) Mumbai 400 051. Symbol: HIRECT

Subject: Intimation under Regulation 30 of SEBI Listing Regulations, 2015 – Investor Presentation.

Dear Sir/ Madam,

We are pleased to enclose herewith the Investor Presentation. The same will be made www.hirect.com. available on the website of the Company viz.

The said presentation will also be used for Earnings Conference Call with Analysts/Investors.

Kindly acknowledge and take the same on record.

Thanking you,

Yours faithfully,

For Hind Rectifiers Limited

Digitally signed by Suramya Saurabh Nevatia DN: c=IN, o=Personal, Suramya pseudonym=45a25cb3c7dc438a899629943f681433, 2.5.4.20=915e471b48daba59df0be718a814c Saurabh e33b1b1755105f32317d076c318828047b4, postalCode=400030, st=Maharashtra, serialNumber=6d7447ab744644d76cdfb122f d1e12356fd20b001c206a251c22913587282f Nevatia e3, cn=Suramya Saurabh Nevatia Date: 2025.11.06 22:08:50 +05'30' Suramya Nevatia Chairman and Managing Director DIN: 06703910 Address : Lake Road, Bhandup West, Mumbai – 400078.

Encl: As above

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From Resolve to Rise

Investor Presentation November 2025

		Page No.
1	Q2 & H1FY26 Financial Highlights	04
2	Strategic Updates	13
3	Company Overview	16
4	Strategic Roadmap & Way Forward	25
5	Historical Financials	29

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Safe Harbour

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This presentation and the accompanying slides (the “Presentation”), which have been prepared by Hind Rectifiers Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain forward-looking the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

This presentation contains certain forward-looking statements concerning the Company’s future business prospects and business profitability, which are subject to forward-looking risks and uncertainties and the actual results could materially differ from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forwardlooking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.

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Q2 & H1 FY26 Financial Highlights

Consolidated Financial Highlights - Q2 & H1 FY26

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(INR Cr)
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Revenue EBITDA & Margin (%) PBT & Margin (%) PAT & Margin (%)
Rs. 19.6 Crore Rs. 14.7 Crore
Rs. 227.1Crore Rs. 25.9 Crore
37.0% YoY 41.4% YoY 51.9% YoY 44.6% YoY
Margin 11.4% Margin 8.6% Margin 6.5%
Rs. 441.9 Crore Rs. 50.1 Crore Rs. 37.7 Crore Rs. 27.5 Crore
46.6% YoY 52.8% YoY 66.6% YoY 60.6% YoY
Margin 11.3% Margin 8.5% Margin 6.2%
FY26
Q2
H1 FY26
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Consolidated Financial Highlights

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Working Capital (In Days) Cash Conversion Cycle (In Days) ROCE ROE
96 103 26.3% 31.4%
24.1%
80 87 25.9%
H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26
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Enhanced Working Capital Management Driving Higher ROCE and ROE…

The Company achieved a notable improvement in working capital efficiency, with working capital days have improved from 96 days in H1 FY25 to 80 days in H1 FY26, reflecting effective optimization of short-term assets and liabilities
Cash Conversion Cycle has also improved significantly from 103 days in H1FY25 to 87 days in H1 FY26 , driven by better management of receivables, payables, and inventory
The improvement in the working capital cycle has enhanced liquidity and cash flow discipline, enabling the Company to efficiently manage its cash flows and support growth initiatives
These operational efficiencies translated into stronger return ratios, with ROCE rising from 24.1% in H1 FY25 to 26.3% in H1 FY26 and ROE improving from 25.9% in H1 FY25 to 31.4% in H1 FY26
*ROCE( Annualized) — EBIT / Average Capital Employed (Tangible Net worth + Total Debt)
**ROE (Annualized) — Net Profit after tax / Average Shareholders’ Equity

Management Commentary

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Commenting on the performance Suramya Nevatia, Chairman & Managing Director of Hind Rectifiers Limited said,

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Mr. Suramya Nevatia Chairman & Managing Director

“We are pleased to report strong financial performance driven by sustained business momentum, driven by disciplined execution, a robust order pipeline, and continued progress on strategic initiatives. Our order book remains at an all-time high of INR 1,099 Cr, supported by Indian Railways’ electrification initiatives and sustained demand from the industrial segment.

The quarter witnessed significant strategic developments with the appointment of Mr. Manoj Nair as Chief Executive Officer, whose extensive experience will sharpen strategic focus and help scale our operations. The acquisition of BeLink Solutions in France established our European manufacturing base, strengthening our global footprint in advanced technology segments. On the domestic front, the commissioning of our Copper Conductors facility at Sinnar marks a major step in backward integration, supporting our traction transformer requirements and unlocking new opportunities for the wider transformers industry.

In addition, we have strengthened our balance sheet through a preferential allotment of equity warrants of INR 27.4 Cr to a promoter group entity, reflecting continued promoter confidence.

Looking ahead, we remain focused on enhancing execution, integrating our international operations, and advancing innovation. These strategic initiatives position Hind Rectifiers to deliver sustainable growth and longterm value for all stakeholders.”

Key Operational & Business Highlights – Q2 & H1 FY26

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Robust order book at INR 1,099 crore as of 30[th] September 2025 , primarily driven by railway sector expansion and government initiatives

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Secured notable export orders for Traction Transformers to Germany and IGBT-based Inverters to the USA , strengthening the Company’s foothold in international markets and marking a significant step in its global expansion journey

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Commenced commercial production of critical and highly specialised Copper Conductors which are critical raw materials for the production of traction transformers

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Completed the strategic acquisition of business and operating assets of BeLink Solutions, France , establishing a European Hub for Next-Gen Robotics, Power Electronics and EMS

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Orderbook Position as on 30[th] September 2025

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Driving Success Through a Growing Order Book

Order Book Mix & Revenue Mix

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1,099 Product wise Revenue Mix – H1 FY26 Product wise Order Book Mix – H1 FY26
893
3.1% 1.6%
5.5% 6.9%
13.6%
534 Railway Transformer
22.1%
Railway Electro Mechanical
368 441.9 Cr 50.3% Railway Electronics 1,099.0 Cr
307 Industrail Products 14.3%
Spares & Services 63.6%
18.9%
FY22 FY23 FY24 FY25 H1 FY26
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Orders Wins in H1 FY26

❖ Order backlog at an all-time high of INR 1,099.0 crore as of September 2025
❖ Won INR 127 crore supply order for electrical components and equipment from Indian Railways , to be executed by FY 2026-27
❖ Additional order of INR 101 crore from Indian Railways, with execution spread between financial years 2025–26 and 2026–27
❖ These orders highlight Hind Rectifiers' pivotal role in enhancing India's railway infrastructure and power electronics industry
❖ The growing order book reflects the company's competitive edge and solid market positioning

Profit and Loss Statement

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Particulars (INR Cr)	Q2 FY26	Q2 FY25	Y-o-Y (%)	Q1 FY26	Q-o-Q (%)	H1 FY26	H1 FY25	Y-o-Y (%)
Revenue from operations	227.1	165.8	37.0%	214.8	5.8%	441.9	301.4	46.6%
COGS	169.6	119.3		158.5		328.1	216.5
Gross Profit	57.6	46.5	23.7%	56.2	2.4%	113.8	84.9	34.1%
Gross Profit Margin	25.3%	28.1%		26.2%		25.8%	28.2%
Employee Expenses	19.2	15.7		18.9		38.1	30.1
Other Expenses	12.5	12.5		13.1		25.6	22.0
EBITDA	25.9	18.3	41.4%	24.2	6.8%	50.1	32.8	52.8%
EBITDA Margin	11.4%	11.0%		11.3%		11.3%	10.9%
Other Income	0.1	0.1		0.2		0.4	0.6
Depreciation	2.8	2.1		2.7		5.5	4.1
Finance Cost	3.6	3.4		3.6		7.2	6.7
Profit before Tax	19.6	12.9	51.9%	18.1	8.5%	37.7	22.7	66.6%
Tax expenses	4.9	2.7		5.3		10.3	5.5
Profit / (Loss) for the year	14.7	10.2	44.6%	12.8	15.3%	27.5	17.1	60.6%
PAT Margins	6.5%	6.1%		5.9%		6.2%	5.7%
EPS	8.58	5.95		7.44		16.01	9.99

Balance Sheet

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Assets (INR Cr)	Sep-25	Mar-25	Liabilities (INR Cr)	Sep-25	Mar-25
Non-Current Assets			Equity
Property, Plant and Equipment	87.3	86.6	Equity Share capital	3.4	3.4
Capital work-in-progress Other Intangible Asset Intangible assets Under Development	54.2 16.9 4.0	6.8 15.7 5.3	Other Equity Total Equity	186.8 190.2	156.5 159.9
Right of Use Asset	3.9	4.8	Financial liabilities
Financial Assets			(i) Borrowings	44.0	28.4
(i) Investments	0.1	0.1	(ia) Lease liabilities	2.8	3.7
(ii) Loans	-	0.0	(ii) Other Financial liabilities	0.1	0.1
(iii) Other financial assets	2.5	11.5	Deferred Tax Liabilities	2.0	1.5
Other non-current assets	11.2	19.5	Provisions	8.5	5.3
Total Non-Current Assets Current Assets	180.0	150.3	Total Non-Current Liabilities	57.4	39.0
			Financial liabilities
Inventories	142.8	120.7
Financial Assets			(i) Borrowings	159.1	130.6
(i) Trade receivables	101.6	109.5	(ia) Lease liabilities	1.7	1.6
(ii) Cash and cash equivalents	24.9	0.3	(ii) Trade Payables	66.0	59.9
(iii) Other bank balances	1.1	0.8	(iii) Other financial liabilities	19.1	12.7
(iv) Loans	0.0	0.1	Provisions	2.7	4.1
(v) Other financial assets	12.7	8.8	Other current liabilities	4.9	7.3
Other Current assets	38.2	23.5
Total Current Assets	321.2	263.7	Current tax liabilities (Net)	3.4	2.3
Asset held for sale	3.3	3.3	Total Current Liabilities	256.9	218.4
Total Assets	504.5	417.3	Total Equity and Liabilities	504.5	417.3

Cashflow Statement

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Particulars (INR Cr)	H1 FY26	H1 FY25
Net Profit Before Tax*	37.7	22.7
Adjustments for: Non-Cash Items / Other Investment or Financial Items	20.6	19.4
Operating profit before working capital changes	58.3	42.0
Changes in working capital	13.5	-18.3
Cash generated from Operations	71.8	23.7
Direct taxes paid (net of refund)	-8.5	-3.5
Net Cash from Operating Activities	63.3	20.2
Net Cash from Investing Activities	-43.2	-7.0
Net Cash from Financing Activities	4.5	-13.0
Net Increase/decrease in Cash and Cash equivalents	24.6	0.2
Add: Cash & Cash equivalents at the beginning of the period	1.1	1.6
Exchange difference on translation of foreign currency cash and cash equivalents	0.2	-
Cash & Cash equivalents at the end of the period	25.9	1.8

After Exceptional Items

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Strategic Updates

Hirect acquires BeLink Solutions to Build European Hub for Robotics, Power Electronics & EMS

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Hind Rectifiers Limited, through its subsidiary ‘BELINK HIRECT SAS’, has acquired the business and operating assets of ‘BeLink Solutions’, a France-based Robotics, EMS and Electronics R&D company with 38 years of experience in the electronics industry. This acquisition strengthen its position in the global Robotics and EMS markets

Enhances Technology & R&D Capability

Leverages BeLink solution’s proven expertise in Robotics, EMS, and Power Electronics R&D, together with Hirect’s domain strengths, to accelerate innovation and develop next-generation technologies

Access to world-class infrastructure

Offers six fully automated production lines
Advanced testing equipment
Enables Hirect to meet the evolving demands of its customers

Key

Rationale

European base for EMS, Robotics and Power Electronics manufacturing

Provides Hirect with a strategic manufacturing base in Europe, enhancing its global manufacturing capabilities

Unlocks significant asset value at an attractive entry price

The transaction brings under Hirect’s ownership a state-of-the-art Production and Testing

infrastructure

Additionally, the acquisition includes all the Plant & Machinery, intellectual property, technology, customer contracts, and purchase orders

Strengthening Core Capabilities through Backward Integration in Copper Conductors

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Hind Rectifiers Ltd. commences commercial production of highly specialised Copper Conductors for the Transformer Industry

Integrated into Hirect’s Railway & Industrial Systems product portfolio

Key Benefits

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Industrial Systems product portfolio
• Creates a new vertical with specialised, fast-
Continuously
moving copper conductor products that have IGBT Traction Single & Three
Transposed Conductors
Converter Phase ESP
tremendous export potential
• Enhances operational efficiency by Traction Mid Frequency
streamlining the supply chain, ensuring Motors Power Supplies
steady availability of critical raw materials,
Enamelled Paper and reducing dependence on external IGBT Traction High Frequency
Insulated Copper Converter Power Supplies
vendors
Conductors
• Positions the Company to meet the growing Railway Vehicle
SMPS Rectifiers
demand from both its own traction Control Unit
transformer requirements and the wider
transformer industry DC Substation Thyristor Controlled
Paper Insulated Copper Rectifiers Rectifiers
Conductors • Drives cost optimization and margin
improvement, strengthening long-term Water Cooled
HVAC Systems
sustainability and competitiveness Rectifiers
Capex: Rs.56 crore (funded Facility: Integrated copper Market Impact: Creates a
through internal accruals conductor manufacturing new vertical with
and term loans) line at Sinnar Plant significant export potential
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Company Overview

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Leader in Design & Development of Electrical & Electronic Equipment

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Precision engineering leader driving India’s rail electrification and modernization , designing and delivering mission-critical State of Art Manufacturing facility at Sinnar and Satpur, Maharashtra and R&D center in Mumbai & Hyderabad, focused on designing and developing new products

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Advanced technologies with automated testing and efficient operations driven by the Theory of Constraints Methodology

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A network of more than 500 Clients; Exports to more than 30 Countries

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Manufacturers of Highly specialized and intricately engineered products

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Rectifiers

Transformers

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Motors

Converters

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HVAC System Controls & Automation

Hirect at a Glance

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67
Years of Excellence
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2
R&D Centers
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745
Permanent Employees
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2
Manufacturing Plants
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8
Global Accreditations
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6
Offices
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500+
Marquee Clients
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30+
Exports
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*Including Belink solutions’ employees

Journey So Far

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  - Acquired a 26,930 Sq. Mts. plot in

  - Sinnar, Nashik, from MIDC

Celebrated Golden Jubilee,
marking 50 years of operations
marking 50 years of operations • Commissioned a state-of-the-art
• Commissioned a manufacturing manufacturing facility in Sinnar to
facility in Dehradun for railway support demand and innovation power equipment
Continued expanding
• Incorporated by acquiring product lines across power equipment • Upgraded manufacturing
Kaycee Industries’ rectifier industrial and railway business sectors technologies, focusing on power electronic devices for industrial
• Set up 20,000 sq. m. facility • Strengthened technical and commercial applications in Bhandup, Mumbai capabilities and market
• Formed technical tie-up with presence
Westinghouse Brake & Signal (UK)
• Became India’s first • Expanded operations with new semiconductor manufacturer manufacturing infrastructure at Satpur, Nashik
• IGBT based Underslung Inverter • Launched advanced electronic introduced for railway solutions including high
application
• Diversified into battery frequency rectifiers and UPS chargers and high-voltage • Amalgamated its sister systems rectifiers for industrial and company in Satpur (Nashik) with Hind Rectifiers Ltd. in
railway use 1995, enhancing manufacturing
• Introduced traction rectifiers capacity
for locomotives and rail vehicles

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Enhanced pan-India footprint with
offices across key cities and R&D centers in Mumbai and Hyderabad.
Introduced new products and
business like HVAC, and Defence
Approved the formation of a
subsidiary focused on IT, AI, Web3, and software-based solutions
Extended international footprint
with offices in Sweden and the UAE
Strategic Acquisition of Assets of
BeLink Solutions for strengthening its position in the global Robotics and EMS markets

Product Portfolio

Railway Systems

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IGBT Traction Traction Traction
Converter Transformers Motors
Railway Vehicle DC Substation
HVAC Systems
Control Unit Rectifiers
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Industrial Systems
Single & Three Mid Frequency High Frequency
Phase ESP Power Supplies Power Supplies
Thyristor Controlled Water Cooled
SMPS Rectifiers
Rectifiers Rectifiers
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Powering Progress Across Key Industries

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Railway Sector Power Generation Defense Sector

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Inceneration & Gassification

Cement Industry Chemical Plants

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Oil & Gas Sector Metal Sector

Aviation sector

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A Snapshot of Hirect’s Manufacturing Prowess

22,000+

2,200+

2 500+ ,

3 000+ ,

2 700+ ,

13 500+ ,

Strategic Locations for PAN India Presence & Distribution

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France
New Delhi
Kolkata
Sinnar
Satpur
Mumbai
Hyderabad
2 Plants
2 R&D Centre
4 Offices
Chennai
Diversified Presence in France
through Belink Solutions
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Products Manufactured Satpur Plant: Traction Transformers Electrostatic Precipitators (High Voltage Rectifiers) Thyristor Controlled Rectifiers, Water Cooled Rectifiers Constant Current Rectifiers Railway Control Panels for Locomotives and Coaches Fire Detection Unit Sinnar Plant: Propulsion System 3x130 Aux Converters Hotel Load Converter Regulated Battery Chargers Traction Motors Air Conditioning / HVAC systems PAPIS & Pantry Systems for railways

This map is only for the purpose of representation and is not to be considered an accurate geopolitical representation

Board of Directors & Leadership Team

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Board of Directors
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Suramya Nevatia
Chairman & Managing
Director
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Akshada Nevatia Executive Director

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Parimal Rameshchandra Merchant Non-Independent NonExecutive Director

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Vandan Shah Independent NonExecutive Director

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Ashlesha Bodas Independent NonExecutive Director

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Vishal Pacheriwala Independent NonExecutive Director

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Leadership Team
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Suramya Nevatia
Chairman & Managing
Director
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Manoj Nair
Chief Executive Officer
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Akshada Nevatia
Executive Director
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A.K. Nemani
Chief Financial Officer
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Lalit Tejwani Chief Strategy Officer

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K. R. Narayanan
Chief Revenue Officer
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B. Brahmananda
Reddy
Vice President – R&D
Head
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Shailesh Jadhav
Vice President -
Operations
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Advancing with a Stellar Marquee Clientele

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Logos displayed are for representation purposes only and remain the property of their respective owners

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Strategic Roadmap & Way Forward

Growth to be Assisted by Strong Industry Tailwinds

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Locomotive demands
Demand for total No of Loco Motives
46,017
31,581
20,739
16,799
FY26E FY31E FY41E FY51E
Demand for total No of MEMUs
2,045
1,767
1,487
1,284
FY26E FY31E FY41E FY51E
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Indian Railway Sector: Key Highlights

Government budgetary support surged from INR 678 billion in FY20 to INR 2,520 billion in FY26

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Infrastructure
Investments
Electrification &
Sustainability
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Capital expenditure of INR 2,520 billion in FY2026 targets track, rolling stock, and passenger experience upgrades
Electrification drives India’s Scope 1 Net Zero by 2025 and Scope 2 Net Zero by 2030
FY25 saw 1,400 locomotives produced, 200,000 new wagons added, and 17,000 non-AC coaches.
Adoption of regenerative braking, energy-efficient HVAC, and power converters enhances efficiency

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Technological
Advancements
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Electrification and semi-high-speed upgrades create demand for advanced trainsets and automated monitoring
India’s electrical equipment market valued at USD 89.9 billion, driven by automation, infrastructure, and energy efficiency

Electrical Equipment Market Growth

Hirect operates in a niche segment, benefiting from railway modernization and electrification demand

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Passenger & Freight
Growth
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Passenger traffic grew 8%, and freight revenue rose 5.2%
Freight loading reached 1,179 million tons; IR ranks among top three global freight movers

*Total fleet demand (cumulative)

Growth Drivers

Favorable Industry Tailwinds

Annual Capex Investments of ~35Billion USD by Indian Railways and Metros with growth forecast of >8% YoY
GoI’s focus on growth of manufacturing sector, specifically electronics & electrical products.

Strong Capabilities for Order Book Execution

Hind Rectifiers’ state-of-the-art manufacturing setup ensure precise, scalable, and timely execution of diverse orders
Leverages decades of expertise and technological capability in electrical and electronic equipment.

Quality in-house R&D team

Setting up of global offices and sales network will enable to tap export markets.
HVAC Systems are applicable in railway, metro and construction and commercial vehicles.

Catering New Industries and Markets through Diversification

Young team of more than 100 engineers in electrical, electronics, controls, mechanical, and software engineers.
Strong product life cycle development from simulation to optimized maintenance.

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Strengthening Manufacturing Capacity

Expanding Sinnar and Satpur facilities to add new product lines.
Leveraging automation and optimized layouts to enhance throughput.
Driving backward integration to improve cost efficiency, quality control, and supply chain reliability.

Product Innovation and Development

Investing in advanced propulsion systems and related technologies for the evolving railway sector.
Strengthening R&D and engineering capabilities to drive innovation in power electronics.

Growth via New Clients and Geographies

Strengthening partnerships with Indian Railways and expanding ties with private rolling stock manufacturers.
Pursuing geographical diversification with a focus on Europe and South America.

Focus on Overall Growth & Margins

Aligning expansion strategy with India’s infrastructure and industrial modernization initiatives.
Capitalizing on government-led projects to drive accelerated growth.

Advancing Technology Through Research & Development

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Railway Propulsion and Traction Solutions

Hind Rectifiers is enhancing its product portfolio with high power traction solutions for locomotives and EMUs
These cutting-edge developments improve performance, reinforcing its position as a leader in railway and transportation technology

Market-Driven Development Approach

By aligning R&D efforts with industry needs, Hind Rectifiers accelerates time-to-market while optimizing costs
A responsive development strategy ensures adaptability, precision, and sustained growth.

Collaborative Innovation Through Partnerships

Strategic alliances with industry leaders and research institutions drive technological progress while mitigating development risks
These partnerships expand expertise in power electronics, signaling, and automation, fostering cutting-edge advancements

Sustainability-Focused Engineering

With a commitment to energy efficient and environmentally responsible product development, Hind Rectifiers is creating solutions that align with global sustainability goals
This approach opens doors to new markets and caters to the increasing demand for ecoconscious technologies

Continuous Improvement & Product Evolution

By integrating real-world insights into its development cycle, the Company ensures continuous enhancements in performance, durability, and operational efficiency
A focus on iterative refinement leads to better customer satisfaction and long-term reliability

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Historical Financials

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Historical Financial Snapshot

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(INR cr)
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Revenue from Operations

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655.4
CAGR:+21%
517.6
372.1 359.1
305.1
FY21 FY22 FY23 FY24 FY25
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EBITDA & EBITDA Margins PAT & PAT Margins
6.4% 6.0% 4.2% 8.5% 10.7% 1.7% 2.1% -1.8% 2.4% 5.7%
70.3
37.1
CAGR:+38% CAGR: +62%
44.2
12.5
7.8
5.3
19.5 22.2
15.1
-6.4
FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
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ROCE
23.4%
17.2%
10.9%
9.2%
5.7%
FY21 FY22 FY23 FY24 FY25
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ROE
26.2%
10.6%
7.5%
5.5%
-5.8%
FY21 FY22 FY23 FY24 FY25
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**ROE= Net Profit after tax/ Average shareholders equity
*ROCE= EBIT / Average Capital Employed (Tangible Net worth + Total Debt)

Profit & Loss Account

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Particulars (INR Cr)	FY25	FY24	FY23	FY22	FY21
Revenue from operations	655.4	517.6	359.1	372.1	305.1
COGS	478.3	384.3	279.6	288.3	235.7
Gross Profit	177.1	133.2	79.5	83.8	69.4
Gross Profit Margin	27.0%	25.7%	22.1%	22.5%	22.8%
Employee Expenses	63.3	52.3	39.1	36.6	32.7
Other Expenses	43.5	36.6	25.4	24.9	17.1
EBITDA	70.3	44.2	15.1	22.2	19.5
EBITDA Margin	10.7%	8.5%	4.2%	6.0%	6.4%
Other Income	1.5	0.6	0.3	0.3	0.4
Depreciation	8.5	7.4	5.1	4.5	3.8
Finance Cost	13.2	12.7	8.1	6.9	8.7
Exceptional Items	-	7.0	10.8	-	-
Profit before Tax	50.1	17.7	-8.7	11.2	7.4
Tax expenses	13.0	5.2	-2.3	3.4	2.0
Profit / (Loss) for the year	37.1	12.5	-6.4	7.8	5.3
PAT Margins	5.7%	2.4%	-1.8%	2.1%	1.7%
EPS	21.64	7.30	-3.84	4.71	3.22

Balance Sheet Statement

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Balance Sheet Statement
Assets (INR Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21		Liabilities (INR Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21
Non-Current Assets Property, Plant and Equipment 86.6 76.8 72.7 40.0 35.6 Capital work-in-progress 6.8 8.2 6.9 17.7 8.7 Other Intangible Asset 15.7 6.9 6.7 7.7 5.0 Intangible assets Under Development 5.3 14.3 13.8 10.3 11.2 Right of Use Asset 4.8 5.9 0.1 0.3 - Financial Assets (i) Investments 0.1 0.1 0.1 0.1 0.1 (ii) Loans 0.0 0.0 0.0 0.0 0.0 (iii) Other financial assets 11.5 7.3 1.1 0.9 1.0 Deferred Tax Assets(Net) 0.0 2.1 4.7 2.4 3.9 Other non-current assets 19.5 0.5 0.5 2.2 0.9		Equity Equity Share capital 3.4 3.4 3.4 3.3 3.3 Other Equity 156.5 121.1 108.3 104.1 96.5
		Total Equity 159.9 124.5 111.7 107.4 99.8
		Financial liabilities (i) Borrowings 28.4 23.3 24.3 20.9 11.3 (ia) Lease liabilities 3.7 5.0 0.0 0.1 - (ii) Other Financial liabilities 0.1 0.1 0.2 0.2 0.2 Deferred Tax Liabilities 1.5 - - - - Provisions 5.3 5.2 5.2 5.3 5.3
Total Non-Current Assets 150.3 122.1 106.8 81.6 66.3
		Total Non-Current Liabilities 39.0 33.6 29.7 26.5 16.8
Current Assets Inventories 120.7 96.7 92.4 77.0 68.5 Financial Assets (i) Trade receivables 109.5 89.2 67.6 67.8 87.7 (ii) Cash and cash equivalents 0.3 0.3 0.1 0.3 0.1 (iii) Other bank balances 0.8 1.2 1.3 1.1 1.5 (iv) Loans 0.1 0.0 - - 0.0 (v) Other financial assets 8.8 6.1 6.8 5.2 8.1 Other Current assets 23.5 15.4 15.4 11.8 0.3 Current tax Assets (Net) - - 1.4 0.7 7.7
		Financial liabilities (i) Borrowings 130.6 105.6 80.3 53.8 72.5 (ia) Lease liabilities 1.6 1.2 0.2 0.2 - (ii) Trade Payables 59.9 47.3 53.1 47.6 41.9 (iii) Other financial liabilities 12.7 7.1 6.3 5.8 5.7 Provisions 4.1 3.5 2.7 2.4 2.0 Other current liabilities 7.3 7.2 8.3 2.5 2.4 Current tax liabilities (Net) 2.3 1.0 - - -
Total Current Assets 263.7 208.9 185.0 163.9 174.1
		Total Current Liabilities 218.4 172.9 150.8 112.2 124.5
Asset held for sale 3.3 - 0.6 0.6 0.6
		Total Equity and Liabilities 417.3 331.0 292.3 246.1 241.0
Total Assets 417.3 331.0 292.3 246.1 241.0

Cashflow Statement

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Particulars (INR Cr)	FY25	FY24	FY23	FY22	FY21
Net Profit Before Tax*	50.1	17.7	-8.7	11.2	7.4
Adjustments for: Non-Cash Items / Other Investment or Financial Items	35.7	30.6	23.9	11.2	12.3
Operating profit before working capital changes	85.8	48.3	15.2	22.4	19.7
Changes in working capital	-42.2	-14.2	-6.4	16.2	3.9
Cash generated from Operations	43.6	34.1	8.8	38.6	23.6
Direct taxes paid (net of refund)	-8.0	-0.2	-0.7	-2.3	-1.9
Net Cash from Operating Activities	35.6	33.9	8.2	36.3	21.7
Net Cash from Investing Activities	-25.3	-19.5	-29.3	-19.9	-8.4
Net Cash from Financing Activities	-10.7	-14.3	21.2	-16.6	-14.7
Net Increase/decrease in Cash and Cash equivalents	-0.4	0.2	0.1	-0.3	-1.4
Add: Cash & Cash equivalents at the beginning of the period	1.6	1.4	1.3	1.6	3.0
Cash & Cash equivalents at the end of the period	1.1	1.6	1.4	1.3	1.6

After Exceptional Items

Contact Us

Company:

Company

CIN: : L28900MH1958PLC011077

Ms. Anil Kumar Nemani E: [email protected]

T: +91 2249601775

www.hirect.com

Investor Relations Advisor:

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CIN: : U74140MH2010PTC204285 Mr. Nitin Agarwal / Mr. Karan Thakker E: [email protected] / [email protected] T: +91 8303 879589 / +91 81699 62562

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Hind Rectifiers Ltd. — Investor Presentation 2025

62363_rns_2025-11-06_206da7bb-9c1f-45b5-8158-b259e18d2ac4.pdf

For Hind Rectifiers Limited

Table Of Contents

Safe Harbour

Q2 & H1 FY26 Financial Highlights

Consolidated Financial Highlights - Q2 & H1 FY26

Consolidated Financial Highlights

Enhanced Working Capital Management Driving Higher ROCE and ROE…

Management Commentary

Key Operational & Business Highlights – Q2 & H1 FY26

Orderbook Position as on 30[th] September 2025

Driving Success Through a Growing Order Book

Order Book Mix & Revenue Mix

Orders Wins in H1 FY26

Profit and Loss Statement

Balance Sheet

Cashflow Statement

Strategic Updates

Hirect acquires BeLink Solutions to Build European Hub for Robotics, Power Electronics & EMS

Access to world-class infrastructure

infrastructure

Strengthening Core Capabilities through Backward Integration in Copper Conductors

Hind Rectifiers Ltd. commences commercial production of highly specialised Copper Conductors for the Transformer Industry

Key Benefits

Company Overview

Leader in Design & Development of Electrical & Electronic Equipment

Hirect at a Glance

Journey So Far

Product Portfolio

Powering Progress Across Key Industries

A Snapshot of Hirect’s Manufacturing Prowess

Strategic Locations for PAN India Presence & Distribution

Board of Directors & Leadership Team

Advancing with a Stellar Marquee Clientele

Strategic Roadmap & Way Forward

Growth to be Assisted by Strong Industry Tailwinds

Indian Railway Sector: Key Highlights

Growth Drivers

Favorable Industry Tailwinds

Strong Capabilities for Order Book Execution

Quality in-house R&D team

Catering New Industries and Markets through Diversification

Strengthening Manufacturing Capacity

Product Innovation and Development

Growth via New Clients and Geographies

Focus on Overall Growth & Margins

Advancing Technology Through Research & Development

Railway Propulsion and Traction Solutions

Market-Driven Development Approach

Collaborative Innovation Through Partnerships

Sustainability-Focused Engineering

Continuous Improvement & Product Evolution

Historical Financials

Historical Financial Snapshot

Revenue from Operations

Profit & Loss Account

Balance Sheet Statement

Cashflow Statement

Contact Us

Company:

More from Hind Rectifiers Ltd.

Hind Rectifiers Ltd. Investor Presentation 2025