Hirect Q1 FY27: Growth Holds Up as France Integration Weighs on Margins

Management reported an order book of INR739.8 crore at the end of July 2026.

Standalone revenue from operations was INR236.4 crore (up 10.1% YoY), EBITDA was INR25.1 crore (margin 10.6%), and PAT was INR15.1 crore (up 17.8% YoY).

Management attributed the lower consolidated EBITDA margin (5.1%) to the ongoing integration and scale-up of Elventive France, which increased employee and operating expenses and other costs.

For Q1 FY27, revenue mix was Railway Transformer 65.8%, Railway Electromechanical 14.4%, Railway Electronics 13.1%, Industrial Products 2.2%, Spares and Services 4.4%, and Trainsets (MEMU and Vande Metro) 0.1%.

The company disclosed a MEMU development order from Modern Coach Factory of about INR60 crore for 4 trainsets and a Vande Metro development order from Rail Coach Factory of about INR60 crore for 1 sixteen-coach trainset, totaling about INR120 crore.

Management stated near-term margin pressure is expected to continue for 3-5 quarters as Elventive France progresses toward breakeven, with margins expected to improve gradually thereafter.

Management said the official 50,000 km trial program is progressing, with about 9,000 to 10,000 km covered so far, and expects completion in the next few months.