Hind Rectifiers Ltd. — Investor Presentation 2026

Feb 11, 2026

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Ref No. HIRECT/SEC/2025-26/73	Date:February 11, 2026 To, The General Manager, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001. BSE Scrip Code: 504036
To, The General Manager, National Stock Exchange Limited Exchange Plaza, Bandra-Kurla Complex, Bandra (East), Mumbai-400051. NSE Symbol: HIRECT	To, The General Manager, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400 001. BSE Scrip Code: 504036

- Subject: Intimation under Regulation 30 of SEBI Listing Regulations, 2015 Investors Presentation.

Dear Sir/Ma’am,

We are pleased to enclose herewith the Investor Presentation. The same will also be . made available on the Company’s website at https://hirect.com/intimation/

The enclosed presentation will be used during the Earnings Conference Call with Analysts and Investors.

Kindly acknowledge receipt and take the same on record.

Thanking you,

For Hind Rectifiers Limited

Digitally signed by Anil Kumar Mathura Prasad Nemani Anil Kumar DN: c=IN, o=Personal, title=6067, pseudonym=9ddd6136ef984eadb43ff2ee1f8984f2, 2.5.4.20=f712f3506333dd3db1ed4d36e1a0d402b1c Mathura a5615fff5867a77257ff4e5cf6015, postalCode=400610, st=Maharashtra, serialNumber=28b053ab7c2768701b24d753ddc409 14e4c7c6c456192e4284964c4c480da9fe, cn=Anil Prasad Nemani Kumar Mathura Prasad Nemani Date: 2026.02.11 21:01:19 +05'30'

______ Anil Nemani Chief Financial Officer

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Address: Lake Road, Bhandup West, Mumbai- 400078

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From Resolve to Rise

Investor Presentation February 2026

Table Of Contents

		Page No.
1	Q3 & 9M FY26 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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2

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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Q3 & 9M FY26 Financial Highlights

Management Commentary

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Mr. Suramya Nevatia Chairman & Managing Director

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

“We are pleased to report strong operational and financial performance during Q3FY26, driven by sustained demand across the railways and Industrial segment.

Strong Financial Performance : Consolidated Revenue for the quarter grew 64.2% year-on-year to Rs. 277.4 crore, marking the highestever quarterly revenue, driven by robust growth in traction transformers and power electronics supplies to Indian Railways. Consolidated Operating EBITDA increased 44.9% year-on-year to Rs. 25.5 crore , driven by sustained execution. This translated into improved profitability, with consolidated PBT before Exceptional Items rising 23.3% year-on-year to Rs. 16.6 crore . Further, the Board of Directors has approved the issuance of bonus shares in the ratio of 1:1, reflecting the Company’s strong financial position and its commitment to reward shareholders while improving the liquidity of the Company’s equity shares.

Robust Order Book : Our order book remains high at Rs. 1,013.0 crore , supported by Indian Railways’ continued focus on electrification and network expansion, along with steady demand from the industrial segment.

Backward Integration Project: During the quarter, we commenced the use of a certain quantity of in-house manufactured copper conductors in transformers supplied to Indian Railways . Currently, we are ramping up the capacity and expect to improve the cost efficiency and supply reliability, while also exploring external market opportunities for these copper conductors from Q1FY27 onwards. Overall, this initiative enhances control over critical inputs, improves lead times and helps mitigate execution delays and penalties.

Strengthening leadership: During the quarter, we further strengthened our leadership team with the appointment of Mr. Douglas J. Bailey as Global Chief Executive Officer of the company and its Subsidiaries.

Global Expansion Strategy: On the global expansion strategy, integration efforts with BeLink Solutions is progressing as planned and we are actively focus on strengthening existing customers relations and evaluating new opportunities for the printed electronics in Railway and defence sectors across European Markets.

Looking ahead, industry tailwinds remain favourable. Continued government emphasis on railway electrification, rolling stock modernisation, power infrastructure development, defence indigenisation, and domestic electronics manufacturing, as reiterated in the Union Budget, provides strong structural support for our core businesses. Backed by a robust order book, disciplined execution, and ongoing strategic initiatives, we remain confident of delivering sustainable growth and long-term value creation.”

5

Consolidated Financial Highlights – Q3 & 9M FY26

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(INR Cr)

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PBT before Exceptional Items PAT# Excluding Minority
Revenue EBITDA & Margin (%)
& Margin (%) Interest & Margin (%)
Rs. 13.0 Crore
Rs. 277.4 Crore Rs. 25.5 Crore Rs. 16.6 Crore
64.2% YoY 44.9% YoY 23.3% YoY 30.1% YoY
Margin 9.2% Margin 6.0% Margin 4.7%
Rs. 719.3 Crore Rs. 75.7 Crore Rs. 54.3 Crore Rs. 40.5 Crore
52.9% YoY 50.1% YoY 50.5% YoY 49.3% YoY
Margin 10.5% Margin 7.6% Margin 5.6%
Q3 FY26
9M FY26
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# PAT includes exceptional item expense of Rs. 1.3 crore for Q3 FY26 related to increase in employee benefit obligations resulting from the change in labour law by the Government of India

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Orderbook Position as on 31[st ] December 2025

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Driving Success Through a Growing Order Book (INR Cr)

Order Book Mix & Revenue Mix

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Product wise Revenue Mix – 9M FY26 Product wise Order Book Mix – 9M FY26
1,013
893
3.2%
1.2%
5.1%
8.9%
534 19.7% 0.4% Railway Transformer 18.5%
Railway Electro Mechanical
352 685.2 Cr Railway Electronics 1,013.0 Cr
52.8%
301 Industrail Products 58.6%
Spares & Services
Others 12.9%
18.7%
FY22 FY23 FY24 FY25 9M FY26
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Orders Wins in 9M FY26

• ❖ Robust Order Book backlog stood at INR 1,013.0 crore as of December 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​

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Consolidated Profit and Loss Statement

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Particulars (INR Cr)	Q3 FY26	Q3FY25	Y-o-Y (%)	Q2 FY26	Q-o-Q (%)	9M FY26	9M FY25	Y-o-Y (%)
Revenue from operations	277.4	168.9	64.2%	227.1	22.1%	719.3	470.3	52.9%
COGS	199.1	124.8		169.6		527.2	341.3
Gross Profit	78.3	44.2	77.4%	57.6	36.1%	192.1	129.1	48.9%
Gross Profit Margin	28.2%	26.1%		25.3%		26.7%	27.4%
Employee Expenses	34.7	15.9		19.2		72.8	45.9
Other Expenses	18.1	10.7		12.5		43.7	32.7
EBITDA	25.5	17.6	44.9%	25.9	-1.3%	75.7	50.4	50.1%
EBITDA Margin	9.2%	10.4%		11.4%		10.5%	10.7%
Other Income	0.2	0.5		0.1		0.6	1.1
Depreciation	4.4	2.2		2.8		10.0	6.3
Finance Cost	4.7	2.5		3.6		11.9	9.2
Profit before Exceptional Items and Tax	16.6	13.5	23.3%	19.6	-15.5%	54.3	36.1	50.5%
Profit before Exceptional Items and Tax (%)	6.0%	8.0%		8.6%		7.6%	7.7%
Exceptional Items	-1.3	0.0		0.0		-1.3	0.0
Tax expenses	2.6	3.4		4.9		12.9	9.0
Profit After Tax	12.7	10.0	26.9%	14.7	-13.8%	40.2	27.1	48.2%
Less: Minority Interest	-0.3	0.0		0.0		-0.3	0.0
Net Profit attributable to Owners of the Company	13.0	10.0	30.1%	14.7	-11.6%	40.5	27.1	49.3%
PAT Margins	4.7%	5.9%		6.5%		5.6%	5.8%
EPS	7.58	5.84		8.58		23.58	15.82

# PBT & PAT includes exceptional item expense of Rs. 1.3 crore for Q3 FY26 related to increase in employee benefit obligations resulting from the change in labour law by the Government of India

8

Standalone Profit and Loss Statement

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Particulars (INR Cr)	Q3 FY26	Q3FY25	Y-o-Y (%)	Q2 FY26	Q-o-Q (%)	9M FY26	9M FY25	Y-o-Y (%)
Revenue from operations	243.3	168.9	44.0%	227.1	7.1%	685.2	470.3	45.7%
COGS	187.2	124.8		169.6		515.3	341.3
Gross Profit	56.1	44.2	27.0%	57.6	-2.6%	169.9	129.1	31.6%
Gross Profit Margin	23.0%	26.1%		25.3%		24.8%	27.4%
Employee Expenses	19.4	15.9		19.2		57.5	45.9
Other Expenses	11.2	10.7		12.5		36.8	32.7
EBITDA	25.5	17.6	44.5%	25.9	-1.7%	75.7	50.4	50.1%
EBITDA Margin	10.5%	10.4%		11.4%		11.0%	10.7%
Other Income	0.2	0.5		0.1		0.6	1.1
Depreciation	3.4	2.2		2.8		8.9	6.3
Finance Cost	4.7	2.5		3.6		11.8	9.2
Profit before Exceptional Items and Tax	17.6	13.5	31.0%	19.7	-10.4%	55.4	36.1	53.6%
Profit before Exceptional Items and Tax (%)	7.2%	8.0%		8.7%		8.1%	7.7%
Exceptional Items	-1.3	0.0		0.0		-1.3	0.0
Tax expenses	2.6	3.4		4.9		12.9	9.0
Profit / (Loss) for the year	13.7	10.0	37.2%	14.7	-6.9%	41.3	27.1	52.2%
PAT Margins	5.6%	5.9%		6.5%		6.0%	5.8%
EPS	7.99	5.84		8.59		24.04	15.82

# PBT & PAT includes exceptional item expense of Rs. 1.3 crore for Q3 FY26 related to increase in employee benefit obligations resulting from the change in labour law by the Government of India

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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

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Strengthening Core Capabilities through Backward Integration in Copper Conductors

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Strengthening Backward Integration Capability through in house production of highly specialised Copper Conductors for the Transformer Industry

Key Benefits

Continuously Transposed Conductors

• Creates a new vertical with specialised, fastmoving copper conductor products that have tremendous export potential • Enhances operational efficiency by streamlining the supply chain, ensuring steady availability of critical raw materials, and reducing dependence on external vendors • Positions the Company to meet the growing demand from both its own traction transformer requirements and the wider transformer industry

Enamelled Paper Insulated Copper Conductors

Paper Insulated Copper • Drives cost optimization and margin Conductors improvement, strengthening long-term sustainability and competitiveness

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Capex: Rs.56 crore (funded through internal accruals and term loans)

Facility: Integrated copper conductor manufacturing line at Sinnar Plant

Market Impact: Creates a new vertical with 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

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Hirect at a Glance

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67
Years of Excellence
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2
R&D Centers
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778
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

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Product Portfolio

Railway Systems

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IGBT Traction Railway Vehicle Traction
Converter Control Unit Transformers
Hotel Load Traction
HVAC Systems
Convertor Motors
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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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Belink Solutions: Product Portfolio

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Automotive Electronics: High-reliability electronic boards and PCBs for connected and electric vehicles

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Defence & Aerospace: Mission-critical electronics for secure, regulated, and sensitive environments

Railway Systems: Safety-critical electronic cards for signalling and on-board applications

Industrial & Energy: Robust electronics for automation, connectivity, and energy management

Manufacturing Equipment: Custom machines for assembly, testing, and packaging

Mechatronics Expertise: Advanced testing and control solutions to improve industrial performance

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Target Industries

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Defence &
Automotive Railways
Aerospace
Robotics & Special Industries &
Machines Energy
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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+ ,

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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

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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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Douglas Bailey Global 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

• The Union Budget 2026 allocated a record INR 2,93,030 crore to the Ministry of Railways

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Infrastructure
Investments
Electrification &
Sustainability
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• The funding is targeted at new lines, gauge conversion, doubling, traffic facilities, rolling stock, and the KAVACH railway safety system

• 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

• Union Budget 2026 has focused on the development of seven high-speed rail corridors in the country.

High-Speed Rail Push

• Freight loading reached 1,179 million tons; IR ranks among top three global freight movers

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*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, the acquisition of BeLink Solutions strengthens the Company’s position in the global Robotics and EMS markets

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.

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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

26

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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

EBITDA & EBITDA Margins

PAT & PAT Margins

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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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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
22.2
19.5
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)

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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

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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

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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

31

Contact Us

Company:

Company

CIN: : L28900MH1958PLC011077 Ms. Anil Kumar Nemani E: investors@hirect.com

T: +91 2249601775

www.hirect.com

Investor Relations Advisor:

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CIN: : U74140MH2010PTC204285 Mr. Nitin Agarwal / Mr. Karan Thakker E: nitin.agarwal@sgapl.net / karan.thakker@sgapl.net T: +91 8303 879589 / +91 81699 62562

www.sgapl.net