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Hind Rectifiers Ltd. Investor Presentation 2026
62363_rns_2026-05-16_3784c225-b361-49ba-88c2-1ac62a097d83.pdf
Investor Presentation
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Hirect
Hind Rectifiers Limited
Registered Office
Address : Lake Road, Bhandup (W), Mumbai - 400078.
Tel. : +91-22-49601775
Email : [email protected] / [email protected]
CIN : L28900MH1958PLC011077
Website : www.hirect.com
May 16, 2026
BSE Limited
Phiroz Jeejeebhoy Towers,
Dalal Street,
Mumbai 400 001
BSE Scrip Code: 504036
National Stock Exchange of India Limited
Exchange Plaza,
Bandra Kurla Complex,
Bandra (East) Mumbai 400 051
NSE Symbol: HIRECT
Dear Sir/Madam,
Subject: Intimation under Regulation 30 of SEBI Listing Regulations, 2015 - Investors Presentation
We are pleased to enclose herewith the Investor Presentation. The same will be made available on the website of the Company viz. www.hirect.com.
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
Anil Kumar Mathura
Prasad Nemani
Digitally signed by Anil Kumar
Mathura Prasad Nemani
Date: 2026.05.16 21:15:42 +05'30'
Anil Kumar Nemani
Chief Financial Officer
Encl.: as above
Perfectly Engineered Power Conversion Systems
Direct
Perfectly
Engineered Power
Conversion
Systems
Investor
Presentation
May 2026
Table Of Contents
Hind Rectifiers Limited
| 1 | Q4 & FY26 Financial Highlights | 04 |
|---|---|---|
| 2 | Company Overview | 16 |
| 3 | Strategic Updates | 28 |
| 4 | Strategic Roadmap & Way Forward | 31 |
| 5 | Historical Financials | 34 |
Safe Harbour
Hind Rectifiers Limited
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 forward-looking statements become materially incorrect in future or update any forward-looking statements made from time to time by or on behalf of the Company.
3
Hind Rectifiers Limited
Q4 & FY26 Financial Highlights
Management Commentary
H
Hind Rectifiers Limited
Mr. Suramya Nevatia
Chairman & Managing Director
Commenting on the performance Suramya Nevatia, Chairman & Managing Director of Hind Rectifiers Limited said,
"We delivered a strong performance in FY26, driven by robust execution across our railway and industrial businesses, supported by healthy demand, improving operational efficiencies, and focused capacity expansion initiatives.
For FY26, Our Consolidated revenue grew by 52.5% YoY to Rs. 999.1 crore, while EBITDA increased by 19.6% YoY to Rs. 84.1 crore. Profitability remained resilient despite investments in new capabilities, R&D, and global expansion initiatives. Importantly, operating cash flow strengthened significantly to Rs. 85.8 crore in FY26, registering a robust growth of 141.0% YoY, driven by improved execution, efficient working capital management, and stronger operating discipline.
Our order book remained healthy with an order backlog of Rs. 845.5 crore at the end of FY26, while fresh order inflows stood at Rs. 858.4 crore during the year. Sustained investments by Indian Railways in electrification, rolling stock modernisation, and safety systems continue to provide strong long-term growth visibility and a robust opportunity pipeline for the business.
During the year, we operationalised our CTC copper conductor facility with an installed capacity of ~350 TPM. The facility strengthens backward integration, improves supply reliability, enhances cost efficiencies, and also creates opportunities in external markets.
We also made significant progress in our indigenous propulsion system development program, which is currently in advanced stages of validation and field trials. Completion of EMI/EMC testing will be a key milestone, enabling execution of existing orders and participation in a larger share of railway propulsion tenders. In parallel, our R&D pipeline remains strong with 42 products under development across multiple platforms.
FY26 also marked an important step in our global expansion strategy with the acquisition of Elventive France, establishing our manufacturing and R&D footprint in Europe. The acquisition enhances our capabilities in EMS, robotics, and printed electronics, while expanding our access to high-value sectors including defence, aerospace, and industrial electronics.
We further strengthened our leadership team to support the next phase of growth through key appointments across domestic operations, global expansion, and strategic business development.
With strong industry tailwinds, a healthy order book, improving execution capabilities, strategic backward integration, and continued investments in technology and innovation, we remain confident of delivering sustainable growth and long-term value creation."
Hind Rectifiers Limited
Consolidated Financial Highlights – FY26
Revenue
EBITDA & Margin (%)
PBT before Exceptional Items & Margin (%)
PAT Excluding Minority Interest & Margin (%)
Cashflow from Operations
(INR Cr)
| Rs. 999.1 Crore
↑ 52.5% YoY | Rs. 84.1 Crore
↑ 19.6% YoY
Margin 8.4% | Rs. 55.9 Crore
↑ 11.6% YoY
Margin 5.6% | Rs. 45.0 Crore
↑ 21.3% YoY
Margin 4.5% | Rs. 85.8 Crore
↑ 141.0% YoY |
| --- | --- | --- | --- | --- |
Hind Rectifiers Limited
(INR cr)
Sustained growth momentum (1/2)
Revenue from Operations
EBITDA & EBITDA Margins
PAT & PAT Margins
ROCE*
ROE**
**ROE= Net Profit after tax/ Average shareholders equity
*ROCE= EBIT / Average Capital Employed (Tangible Net worth + Total Debt)
\text{€} on standalone Basis
Sustained growth momentum (2/2)
Hind Rectifiers Limited
(INR cr)
Revenue from Operations
EBITDA & EBITDA Margins
PAT & PAT Margins
a on Consolidated Basis
Order Book Mix & Revenue Mix
Hind Rectifiers Limited
Product wise Revenue Mix – FY26
Railway Transformer
Railway Electromechanical
Railway Electronics
Industrial Products
Spares & Services
Others
Product wise Order Book Mix – FY26
Hand Rectifiers Limited
Standalone Profit and Loss Statement
| Particulars (INR Cr) | Q4 FY26 | Q4FY25 | Y-o-Y (%) | Q3 FY26 | Q-o-Q (%) | FY26 | FY25 | Y-o-Y (%) |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 264.0 | 185.0 | 42.7% | 243.3 | 8.5% | 949.2 | 655.4 | 44.8% |
| COGS | 202.0 | 137.0 | 187.2 | 717.3 | 478.3 | |||
| Gross Profit | 62.0 | 48.0 | 29.1% | 56.1 | 10.6% | 231.9 | 177.1 | 30.9% |
| Gross Profit Margin | 23.5% | 26.0% | 23.0% | 24.4% | 27.0% | |||
| Employee Expenses | 21.4 | 17.3 | 19.4 | 78.9 | 63.3 | |||
| Other Expenses | 13.7 | 10.7 | 11.2 | 50.5 | 43.4 | |||
| EBITDA | 26.9 | 19.9 | 34.9% | 25.5 | 5.4% | 102.5 | 70.5 | 45.5% |
| EBITDA Margin | 10.2% | 10.8% | 10.5% | 10.8% | 10.8% | |||
| Other Income | 0.4 | 0.3 | 0.2 | 1.0 | 1.5 | |||
| Depreciation | 3.7 | 2.2 | 3.4 | 12.6 | 8.5 | |||
| Finance Cost | 4.0 | 4.0 | 4.7 | 15.9 | 13.2 | |||
| Profit before Exceptional Items and Tax | 19.5 | 14.1 | 39.5% | 17.6 | 10.8% | 75.0 | 50.3 | 49.2% |
| Profit before Exceptional Items and Tax (%) | 7.4% | 7.6% | 7.2% | 7.9% | 7.7% | |||
| Exceptional Items* | -0.7 | 0.0 | -1.3 | -2.0 | 0.0 | |||
| Tax expenses | 2.4 | 4.0 | 2.6 | 15.3 | 13.0 | |||
| Profit / (Loss) for the year | 16.4 | 10.1 | 64.0% | 13.7 | 19.3% | 57.7 | 37.3 | 54.7% |
| PAT Margins | 6.2% | 5.4% | 5.6% | 6.1% | 5.7% | |||
| EPS | 4.77 | 2.96 | 4.00 | 16.79 | 10.87 |
*PAT includes exceptional item expense of Rs. 2.0 crore for FY26 related to increase in employee benefit obligations resulting from the change in labour law by the Government of India
Hand Rectifiers Limited
Standalone Balance Sheet
| Assets (INR Cr) | Mar-26 | Mar-25 |
|---|---|---|
| Non-Current Assets | ||
| Property, Plant and Equipment | 146.7 | 86.6 |
| Capital work-in-progress | 3.3 | 6.8 |
| Other Intangible Asset | 16.9 | 15.7 |
| Intangible assets Under Development | 5.9 | 5.3 |
| Right of Use Asset | 3.1 | 4.8 |
| Financial Assets | ||
| (i) Investments | 18.3 | 0.4 |
| (ii) Loans | 0.0 | 0.0 |
| (iii) Other financial assets | 6.5 | 11.5 |
| Other non-current assets | 3.4 | 19.5 |
| Total Non-Current Assets | 204.1 | 150.6 |
| Current Assets | ||
| Inventories | 135.3 | 120.7 |
| Financial Assets | ||
| (i) Trade receivables | 227.1 | 109.5 |
| (ii) Cash and cash equivalents | 0.3 | 0.3 |
| (iii) Other bank balances | 1.1 | 0.8 |
| (iv) Loans | 0.0 | 0.1 |
| (v) Other financial assets | 18.6 | 8.8 |
| Other Current assets | 22.9 | 23.5 |
| Total Current Assets | 405.5 | 263.7 |
| Asset held for sale | 3.2 | 3.3 |
| Total Assets | 612.6 | 417.6 |
| Liabilities (INR Cr) | Mar-26 | Mar-25 |
| --- | --- | --- |
| Equity | ||
| Equity Share capital | 6.9 | 3.4 |
| Other Equity | 214.4 | 156.6 |
| Total Equity | 221.3 | 160.0 |
| Financial liabilities | ||
| (i) Borrowings | 32.5 | 28.4 |
| (ia) Lease liabilities | 1.9 | 3.7 |
| (ii) Other Financial liabilities | 0.1 | 0.1 |
| Deferred Tax Liabilities | 4.6 | 1.5 |
| Provisions | 6.4 | 5.3 |
| Total Non-Current Liabilities | 45.5 | 39.0 |
| Financial liabilities | ||
| (i) Borrowings | 189.8 | 130.6 |
| (ia) Lease liabilities | 1.8 | 1.6 |
| (ii) Trade Payables | 111.7 | 59.9 |
| (iii) Other financial liabilities | 21.7 | 12.8 |
| Provisions | 5.3 | 4.1 |
| Other current liabilities | 14.4 | 7.3 |
| Current tax liabilities (Net) | 1.2 | 2.3 |
| Total Current Liabilities | 345.9 | 218.6 |
| Total Equity and Liabilities | 612.6 | 417.6 |
Hand Rectifiers Limited
Standalone Cashflow Statement
| Particulars (INR Cr) | FY26 | FY25 |
|---|---|---|
| Net Profit Before Tax* | 73.0 | 50.3 |
| Adjustments for: Non-Cash Items / Other Investment or Financial Items | 42.1 | 35.5 |
| Operating profit before working capital changes | 115.0 | 85.8 |
| Changes in working capital | -11.1 | -42.2 |
| Cash generated from Operations | 103.9 | 43.6 |
| Direct taxes paid (net of refund) | -13.2 | -8.0 |
| Net Cash from Operating Activities | 90.7 | 35.6 |
| Net Cash from Investing Activities | -84.8 | -25.3 |
| Net Cash from Financing Activities | -5.7 | -10.7 |
| Net Increase/decrease in Cash and Cash equivalents | 0.3 | -0.4 |
| Add: Cash & Cash equivalents at the beginning of the period | 1.1 | 1.6 |
| Cash & Cash equivalents at the end of the period | 1.4 | 1.1 |
*After Exceptional Items
H
Hind Rectifiers Limited
Company Overview
Leader in Design & Development of Electrical & Electronic Equipment
H
Hind Rectifiers Limited
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
Advanced technologies with automated testing and efficient operations driven by the Theory of Constraints Methodology
A network of more than 500 Clients; Exports to more than 30 Countries
Manufacturers of Highly specialized and intricately engineered products
Transformers
Motors
Converters
Battery Chargers
HVAC System
Controls & Automation
Journey So Far
Hind Rectifiers Limited
- Incorporated by acquiring Kaycee Industries' rectifier business
- Set up 20,000 sq. m. facility in Bhandup, Mumbai
- Formed technical tie-up with Westinghouse Brake & Signal (UK)
-
Became India's first semiconductor manufacturer
-
Continued expanding product lines across industrial and railway sectors
-
Strengthened technical capabilities and market presence
-
Celebrated Golden Jubilee, marking 50 years of operations
- Commissioned a manufacturing facility in Dehradun for railway power equipment
-
Upgraded manufacturing technologies, focusing on power electronic devices for industrial and commercial applications
-
Acquired a 26,930 Sq. Mts. plot in Sinnar, Nashik, from MIDC
-
Commissioned a state-of-the-art manufacturing facility in Sinnar to support demand and innovation
-
IGBT based Underslung Inverter introduced for railway application
-
Amalgamated its sister company in Satpur (Nashik) with Hind Rectifiers Ltd. in 1995, enhancing manufacturing capacity
-
Expanded operations with new manufacturing infrastructure at Satpur, Nashik
-
Launched advanced electronic solutions including high frequency rectifiers and UPS systems
-
Designed and developed indigenous locomotive propulsion systems, enabling a strategic shift from component supplier to system-level solutions provider
- Strategic Acquisition of Assets of Elventive France (erstwhile BeLink Solutions) for strengthening its position in the global Robotics and EMS markets
- Strengthen Core Capabilities through Backward Integration in Aluminium Tank and Copper Conductors
- Strengthen Senior leadership to drive Domestic and global expansion
Hind Rectifiers Limited
Hirect at a Glance
68
Years of Excellence
745*
Permanent Employees
8
Global Accreditations
500+
Marquee Clients
2
R&D Centers
2
Manufacturing Plants
6
Offices
30+
Exports
Including Elventive France (erstwhile
Belink solutions) employees
Hired
Hind Rectifiers Limited
Direct's Strategic Evolution – Component Supplier to Vertically Integrated System Player
Component Supplier
- ERA 1
- Pre 2022
- Traction Transformers
- Rectifiers
- Auxiliary Converters
- Loco Panels
- Rs. 1.5 - 1.6 Cr per loco
System Solutions Provider
- ERA 3
- 2026 Onwards
- Propulsion Systems
- Brake systems
- Integrated Power Electronics
- Design & Integration
- Rs. 5-5.5 Cr per loco
- 15 -20%
- Aspirational Market Share
Backward Integration
- CTC Copper Conductor Plant
- Aluminium Tank & Components
- EMS (PCB Assemblies)
- IGBT Gate Drivers
- Better Cost Management
- Improved Supply Chain efficiency
Forward Integration
- Indigenous Propulsion System for locomotives and trainsets
- Targeting Global Railway Opportunities
- Access to Market adjacencies with power electronics and EMS capabilities
- Multifold Revenue potential
- Global Presence
17
R&D Transformation Driving Next-Gen Growth Engines
Hind Rectifiers Limited
R&D Pillars
01
Railway & Traction Excellence
- Advanced traction solutions for locomotives & EMUs
- Strengthening leadership in railway power electronics
02
Digital Intelligence & AI
- Investment in Coincade Studios to build AI-led capabilities
- Digital twin, predictive analytics & smart optimisation solutions
03
Strong R&D Engine
- More than 150 engineers across R&D hubs in Mumbai & Hyderabad
- Around 40 products under advanced development pipeline
04
Strategic Partnerships
- Collaborations with industry leaders & institutions
- Expanding capabilities in power electronics
What R&D Delivers
Market Expansion
- Entry into new railway, industrial & global opportunities
- Expanding addressable market across high-growth segments
Value Enhancement
- Higher value-added and technology-intensive product mix
- Improved profitability through innovation & localisation
Stronger IP & Technology Moat
- Building proprietary technologies and differentiated solutions
- Reducing competitive intensity through innovation-led positioning
Recent Product Development
Hotel Load Converters
Propulsion System
Brake Systems
DPWCS
Product Portfolio
Hind Rectifiers Limited
Railway Systems
IGBT Traction Converter
Traction Transformers
Traction Motors
Railway Vehicle Control Unit
DC Substation Rectifiers
HVAC Systems
Industrial Systems
Single & Three Phase ESP
Mid Frequency Power Supplies
High Frequency Power Supplies
SMPS Rectifiers
Thyristor Controlled Rectifiers
HVAC Systems
Elventive France : Product Portfolio
Hind Rectifiers Limited
Automotive Electronics: High-reliability electronic boards and PCBs for connected and electric vehicles
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
Target Industries
Automotive
Defence & Aerospace
Railways
Robotics & Special Machines
Industries & Energy
Powering Progress Across Key Industries
Hind Rectifiers Limited
Railway Sector
Power Generation
Defense Sector
Inceneration & Gassification
Cement Industry
Chemical Plants
Aviation sector
Oil & Gas Sector
Metal Sector
A Snapshot of Hirect's Manufacturing Prowess
22,000+
ESP Transformers & Rectifiers
2,200+
Locomotives & Coach Transformers
2,500+
Coach Underslung Inverters
3,000+
AUX Converters
2,700+
Regulated Battery Chargers
13,500+
Locomotive Panels
H
Hind Rectifiers Limited
Strategic Locations for PAN India Presence & Distribution
| 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 |
| Railway Control Panels for Locomotives and Coaches |
| 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
Hind Rectifiers Limited
Board of Directors
Suramya Nevatia
Chairman & Managing Director
Akshada Nevatia
Executive Director
Parimal Rameshchandra Merchant
Non-Independent Non-Executive Director
Vandan Shah
Independent Non-Executive Director
Ashlesha Bodas
Independent Non-Executive Director
Vishal Pacheriwala
Independent Non-Executive Director
Leadership Team
Suramya Nevatia
Chairman & Managing Director
Manoj Nair
Chief Executive Officer
Douglas Bailey
Global Chief Executive Officer
Akshada Nevatia
Executive Director
A.K. Nemani
Chief Financial Officer
Lalit Tejwani
Chief Strategy Officer
K. R. Narayanan
Chief Revenue Officer
B. Brahmananda Reddy
Vice President – R&D Head
Shailesh Jadhav
Vice President - Operations
H
Hind Rectifiers Limited
Advancing with a Stellar Marquee Clientele
Logos displayed are for representation purposes only and remain the property of their respective owners
H
Hind Rectifiers Limited
Strategic Updates
Strengthening Core Capabilities through Backward Integration in Copper Conductors
Hind Rectifiers Limited
Hind Rectifiers Ltd. commences commercial production of highly specialised Copper Conductors for the Transformer Industry
- Continuously Transposed Conductors
- Enamelled Paper Insulated Copper Conductors
- Paper Insulated Copper Conductors
Key Benefits
- Creates a new vertical with specialised, fast-moving 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
- Drives cost optimization and margin improvement, strengthening long-term sustainability and competitiveness
Capex: Rs.56 crore (funded through internal accruals and term loans)
Capacity: Installed capacity of ~350 TPM vs 220TPM providing surplus capacity for external sales
Facility: Integrated copper conductor manufacturing line at Sinnar Plant
Market Impact: Creates a new vertical with significant export potential
27
Hind Rectifiers Limited
Direct acquires Elventive France (Erstwhile BeLink Solutions) to Build European Hub for Robotics, Power Electronics & EMS
Hind Rectifiers Limited, through its subsidiary ‘Elventive France’ (Erstwhile BeLink Direct SAS), has acquired the business and operating assets of ‘Elventive France’ (Erstwhile 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 Elventive France’s (erstwhile BeLink solution) proven expertise in Robotics, EMS, and Power Electronics R&D, together with Direct’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 Direct to meet the evolving demands of its customers |
| --- | --- |
| European base for EMS, Robotics and Power Electronics manufacturing
- Provides Direct with a strategic manufacturing base in Europe, enhancing its global manufacturing capabilities | Key RationaleUnlocks significant asset value at an attractive entry price
- The transaction brings under Direct’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 |
Hind Rectifiers Limited
Strategic Roadmap
&
Way Forward
H
Hind Rectifiers Limited
Growth to be Assisted by Strong Industry Tailwinds
Locomotive demands
Demand for total No of LC00 Motives*
Indian Railway Sector: Key Highlights
Infrastructure Investments
- The Union Budget 2026 allocated a record INR 2,93,030 crore to the Ministry of Railways
- The funding is targeted at new lines, gauge conversion, doubling, traffic facilities, rolling stock, and the KAVACH railway safety system
Electrification & Sustainability
- 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.
Technological Advancements
- Adoption of regenerative braking, energy-efficient HVAC, and power converters enhances efficiency
- Electrification and semi-high-speed upgrades create demand for advanced trainsets and automated monitoring
Electrical Equipment Market Growth
- India's electrical equipment market valued at USD 89.9 billion, driven by automation, infrastructure, and energy efficiency
- Hirect operates in a niche segment, benefiting from railway modernization and electrification demand
High-Speed Rail Push
- Union Budget 2026 has focused on the development of seven high-speed rail corridors in the country.
- Freight loading reached 1,179 million tons; IR ranks among top three global freight movers
*Total fleet demand (cumulative)
Growth Drivers
Hind Rectifiers Limited
Favorable Industry Tailwinds
- Annual Capex Investments of ~35 Billion 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.
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 Elventive France (erstwhile BeLink Solution) 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.
1
Hind Rectifiers Limited
Historical Financials
Hind Rectifiers Limited
Consolidated Profit & Loss Account
| Particulars (INR Cr) | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue from operations | 999.1 | 655.4 | 517.6 | 359.1 | 372.4 |
| COGS | 736.0 | 478.3 | 384.3 | 279.6 | 288.3 |
| Gross Profit | 263.1 | 177.1 | 133.8 | 79.5 | 84.1 |
| Gross Profit Margin | 26.3% | 27.0% | 25.8% | 22.1% | 22.5% |
| Employee Expenses | 112.0 | 63.3 | 52.4 | 39.1 | 36.6 |
| Other Expenses | 67.0 | 43.5 | 36.6 | 25.4 | 24.9 |
| EBITDA | 84.1 | 70.3 | 44.9 | 15.3 | 22.5 |
| EBITDA Margin | 8.4% | 10.7% | 8.7% | 4.3% | 6.1% |
| Other Income | 1.6 | 1.5 | 0.6 | 0.3 | 0.3 |
| Depreciation | 13.8 | 8.5 | 7.5 | 5.1 | 4.5 |
| Finance Cost | 16.0 | 13.2 | 12.7 | 8.1 | 6.9 |
| Exceptional Items | -2.0 | - | -7.0 | -10.8 | - |
| Profit before Tax | 53.9 | 50.1 | 17.7 | -8.7 | 11.2 |
| Tax expenses | 15.3 | 13.0 | 5.2 | -2.3 | 3.4 |
| Profit / (Loss) for the year | 38.6 | 37.1 | 12.5 | -6.3 | 7.8 |
| PAT Margins | 3.9% | 5.7% | 2.4% | -1.8% | 2.0% |
| EPS | 13.10 | 10.82 | 3.65 | -1.92 | 2.36 |
Hind Rectifiers Limited
Consolidated Balance Sheet Statement
| Assets (INR Cr) | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 |
|---|---|---|---|---|---|
| Non-Current Assets | |||||
| Property, Plant and Equipment | 171.5 | 86.6 | 76.8 | 72.7 | 40.0 |
| Capital work-in-progress | 3.3 | 6.8 | 8.2 | 6.9 | 17.7 |
| Other Intangible Asset | 17.3 | 15.7 | 6.9 | 6.7 | 7.7 |
| Intangible assets Under Development | 7.1 | 5.3 | 14.3 | 13.8 | 10.3 |
| Right of Use Asset | 7.3 | 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 | 6.6 | 11.5 | 7.3 | 1.1 | 0.9 |
| Deferred Tax Assets(Net) | - | - | 2.1 | 4.7 | 2.4 |
| Other non-current assets | 3.4 | 19.5 | 0.5 | 0.5 | 2.2 |
| Total Non-Current Assets | 216.6 | 150.3 | 122.1 | 106.8 | 81.6 |
| Current Assets | |||||
| Inventories | 149.1 | 120.7 | 96.7 | 92.4 | 77.0 |
| Financial Assets | |||||
| (i) Trade receivables | 246.4 | 109.5 | 89.2 | 67.6 | 67.8 |
| (ii) Cash and cash equivalents | 3.9 | 0.3 | 0.3 | 0.1 | 0.3 |
| (iii) Other bank balances | 1.1 | 0.8 | 1.2 | 1.3 | 1.1 |
| (iv) Loans | 0.0 | 0.1 | 0.0 | - | - |
| (v) Other financial assets | 14.5 | 8.8 | 6.1 | 6.8 | 5.2 |
| Other Current assets | 27.2 | 23.5 | 15.4 | 15.4 | 11.8 |
| Current tax Assets (Net) | - | - | - | 1.4 | 0.7 |
| Total Current Assets | 442.2 | 263.7 | 208.9 | 185.0 | 163.9 |
| Asset held for sale | 3.2 | 3.3 | - | 0.6 | 0.6 |
| Total Assets | 662.1 | 417.3 | 331.0 | 292.3 | 246.1 |
| Liabilities (INR Cr) | Mar-26 | Mar-25 | Mar-24 | Mar-23 | Mar-22 |
| --- | --- | --- | --- | --- | --- |
| Equity | |||||
| Equity Share capital | 6.9 | 3.4 | 3.4 | 3.4 | 3.3 |
| Other Equity | 201.7 | 156.5 | 121.1 | 108.3 | 104.1 |
| Non Controlling Interest | -2.8 | - | - | - | - |
| Total Equity | 205.8 | 159.9 | 124.5 | 111.7 | 107.4 |
| Financial liabilities | |||||
| (i) Borrowings | 32.5 | 28.4 | 23.3 | 24.3 | 20.9 |
| (ia) Lease liabilities | 6.1 | 3.7 | 5.0 | 0.0 | 0.1 |
| (ii) Other Financial liabilities | 0.1 | 0.1 | 0.1 | 0.2 | 0.2 |
| Deferred Tax Liabilities | 4.6 | 1.5 | - | - | - |
| Provisions | 16.6 | 5.3 | 5.2 | 5.2 | 5.3 |
| Total Non-Current Liabilities | 59.9 | 39.0 | 33.6 | 29.7 | 26.5 |
| Financial liabilities | |||||
| (i) Borrowings | 204.2 | 130.6 | 105.6 | 80.3 | 53.8 |
| (ia) Lease liabilities | 1.8 | 1.6 | 1.2 | 0.2 | 0.2 |
| (ii) Trade Payables | 118.9 | 59.9 | 47.3 | 53.1 | 47.6 |
| (iii) Other financial liabilities | 21.9 | 12.7 | 7.1 | 6.3 | 5.8 |
| Provisions | 18.0 | 4.1 | 3.5 | 2.7 | 2.4 |
| Other current liabilities | 30.3 | 7.3 | 7.2 | 8.3 | 2.5 |
| Current tax liabilities (Net) | 1.2 | 2.3 | 1.0 | - | - |
| Total Current Liabilities | 396.3 | 218.4 | 172.9 | 150.8 | 112.2 |
| Total Equity and Liabilities | 662.1 | 417.3 | 331.0 | 292.3 | 246.1 |
Consolidated Cashflow Statement
Hind Rectifiers Limited
| Particulars (INR Cr) | FY26 | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Net Profit Before Tax* | 53.9 | 50.1 | 17.7 | -8.7 | 11.2 |
| Adjustments for: Non-Cash Items / Other Investment or Financial Items | 43.3 | 35.7 | 30.6 | 23.9 | 11.2 |
| Operating profit before working capital changes | 97.2 | 85.8 | 48.3 | 15.2 | 22.4 |
| Changes in working capital | 1.8 | -42.2 | -14.2 | -6.4 | 16.2 |
| Cash generated from Operations | 99.0 | 43.6 | 34.1 | 8.8 | 38.6 |
| Direct taxes paid (net of refund) | -13.2 | -8.0 | -0.2 | -0.7 | -2.3 |
| Net Cash from Operating Activities | 85.8 | 35.6 | 33.9 | 8.2 | 36.3 |
| Net Cash from Investing Activities | -90.3 | -25.3 | -19.5 | -29.3 | -19.9 |
| Net Cash from Financing Activities | 8.1 | -10.7 | -14.3 | 21.2 | -16.6 |
| Net Increase/decrease in Cash and Cash equivalents | 3.7 | -0.4 | 0.2 | 0.1 | -0.3 |
| Add: Cash & Cash equivalents at the beginning of the period | 1.1 | 1.6 | 1.4 | 1.3 | 1.6 |
| Cash & Cash equivalents at the end of the period | 4.8 | 1.1 | 1.6 | 1.4 | 1.3 |
*After Exceptional Items
Contact Us
Company:
Hind Rectifiers Limited
CIN: L28900MH1958PLC011077
Mr. Anil Kumar Nemani
E: [email protected]
T: +91 2249601775
www.hirect.com
Investor Relations Advisor:
SGA Strategic Growth Advisors
CIN: U74140MH2010PTC204285
Mr. Karan Thakker / Mr. Rahul Agarwal
E: [email protected] / [email protected]
T: +91 81699 62562 / +91 9821438864
www.sgapl.net