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Detailed Summary

Hind Rectifiers Limited (Hirect) is a 67-year-old Indian engineering firm that designs, develops, and manufactures power electronic equipment and railway propulsion and traction systems, including traction transformers, IGBT converters, rectifiers, propulsion systems, HVAC and auxiliary converters for locomotives and coaches, with two manufacturing plants, two R&D centers and exports to multiple geographies.
Q3 FY26 and 9M FY26 delivered a sharp performance: consolidated Q3 revenue rose 64.2% YoY to Rs.277.4 crore and 9M revenue climbed 52.9% YoY to Rs.719.3 crore, while consolidated EBITDA expanded materially (44.9% YoY in Q3) despite margin pressure from commodity and ramp investments, producing the company’s highest-ever quarterly revenue in Q3 FY26.
The company is executing a clear strategic playbook: acquisition of France-based BeLink Solutions to establish a European EMS and robotics hub, appointment of Douglas J. Bailey as Global CEO, and a backward integration capex of Rs.56 crore to produce specialized copper conductors aimed at lowering input costs and unlocking external conductor sales from Q1 FY27.
Hind Rectifiers’ order book stood at Rs.1,013 crore with product mix heavily skewed to railway transformers (58.6% of order book). Propulsion system trials are underway on Western Railway with an initial ~Rs.50 crore order pipeline for about 40 systems, positioning the company to participate in upcoming large-scale locomotive tenders tied to record rail capex.
Near-term risks include commodity (copper) price volatility and integration execution of BeLink, while opportunities lie in rising Indian Railways electrification budgets, a 40-product R&D pipeline, export traction product approvals in Europe and the U.S., and margin recovery driven by captive conductor production scaling through FY27.

Sector: Industrial Manufacturing
Industry: Industrial Products
Market Cap: 4,372 Cr
Volatility: High Risk
P/E Ratio: 113.3
Industry P/E: 47.6
PEG Ratio: 1.3
P/B Ratio: 17.5
52W High: 1,210.60
52W Low: 555.53

Sales CAGR

1Y: 26.63%
3Y: 20.77%
5Y: 16.95%
10Y: 23.30%

Profit CAGR

1Y: 196.64%
3Y: 68.44%
5Y: 15.06%
10Y: —

ROE

TTM: 18.51%
3Y: 10.96%
5Y: 9.37%
10Y: 8.29%

ROCE

TTM: 15.42%
3Y: 18.72%
5Y: 17.01%
10Y: 16.09%

Technicals

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Forecasts

Peers

Industrials Capital Goods Industrial Manufacturing Industrial Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
HIRECT		1064.00	3,643 Cr	94.39	17.47	0.00	18.51	15.42	5.83
PITTIENG		960.55	3,612 Cr	30.67	3.66	0.26	11.94	13.96	5.51
GMMPFAUDLR		786.85	3,537 Cr	59.53	2.94	0.25	6.34	12.58	1.33
SHANTIGEAR		439.90	3,376 Cr	44.04	7.67	1.14	17.42	23.31	13.80
JASH		532.10	3,364 Cr	44.17	6.48	0.19	14.68	16.37	8.58
WINDMACHIN		310.80	3,213 Cr	-1836.26	4.05	0.00	0.25	2.38	-0.20
SPECTRUM		2018.30	3,165 Cr	63.17	12.95	0.00	18.17	13.55	7.50
Median: 7 Co.	—	786.85	3,376 Cr	44.17	6.48	0.19	14.68	13.96	5.83

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	137	151	136	166	169	185	215	227	277	280
Expenses	123	138	121	148	151	165	191	201	252	271
Operating Profit	13	14	14	18	18	20	24	26	26	8.42
OPM %	9.87	8.92	10.68	11.03	10.43	10.75	11.28	11.40	9.21	3.01
Other Income	-6.91	0.38	0.51	0.13	0.50	0.34	0.23	0.13	-1.07	0.36
Interest	3.23	4.13	3.26	3.40	2.52	4.02	3.62	3.56	4.71	4.09
Depreciation	2.02	2.00	2.01	2.11	2.15	2.21	2.73	2.81	4.45	3.85
Profit Before Tax	1.33	7.74	9.72	13	13	14	18	20	15	0.85
Tax %	-14.29	33.85	28.70	21.27	25.65	28.62	29.50	25.05	17.10	287.06
Net Profit	1.52	5.12	6.93	10	10	9.99	13	15	13	-1.59
EPS in Rs	0.44	1.49	2.01	2.96	2.91	2.91	3.71	4.29	3.78	1.51

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025	Mar 2026
Sales	518	655	735
Expenses	473	585	655
Operating Profit	44	70	80
OPM %	8.55	10.73	10.90
Other Income	-6.38	1.48	1.20
Interest	13	13	14
Depreciation	7.45	8.49	9.20
Profit Before Tax	18	50	58
Tax %	29.28	25.94	26.55
Net Profit	13	37	43
EPS in Rs	—	10.78	13.28
Dividend Payout %	16.48	9.26	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Equity Capital	3.43	3.43
Reserves	121	156
Borrowings	135	164
Other Liabilities	71	93
Total Liabilities	331	417
Fixed Assets	90	107
CWIP	22	12
Investments	0.13	0.13
Other Assets	219	298
Total Assets	331	417

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2024	Mar 2025
Cash from Operating Activity	34	36
Cash from Investing Activity	-19	-25
Cash from Financing Activity	-14	-11
Net Cash Flow	0.16	-0.42

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	44.08%	44.08%	44.08%	44.05%	44.05%	44.05%	43.98%	43.98%	43.98%	43.93%	43.93%	43.93%
FIIs	6.26%	6.26%	5.72%	5.76%	5.82%	5.97%	6.28%	6.03%	6.30%	6.64%	6.21%	6.38%
DIIs	0.02%	0.02%	0.02%	0.02%	0.02%	0.02%	0.09%	0.02%	0.07%	0.13%	0.13%	0.13%
Public	49.64%	49.64%	50.18%	50.17%	50.12%	49.96%	49.65%	49.96%	49.64%	49.30%	49.73%	49.56%
Total Shareholders	7,983	7,580	8,403	9,936	10,997	14,319	16,593	18,241	18,496	24,038	23,276	21,700

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Projection

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Concalls

Reports

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Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

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Q2 FY26

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Q1 FY26

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Announcements

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AGM/EGM Notice

6 hours ago

Hind Rectifiers Ltd: AGM Notice Published

Hind Rectifiers Ltd published newspaper advertisements with notice of the Annual General Meeting on 2026-08-11 at 13:00 IST and information on e‑voting.

AGM/EGM Notice

1 day ago

Hind Rectifiers: Physical Letter to Shareholders

Hind Rectifiers sends physical letter under Reg.36 with Annual Report links; 68th AGM on 2026-08-11 13:00 IST via VC/OAVM; e-voting 2026-08-07 09:00 to 2026-08-10 17:00; final dividend INR 1.40/share, record date 2026-08-04.

AGM/EGM Notice

1 day ago

Hind Rectifiers: Physical Letter to Shareholders

Hind Rectifiers sent physical letters with Annual Report 2025-26 links to shareholders without registered email; notifies 68th AGM on 2026-08-11 (01:00 IST) via VC/OAVM, final dividend INR 1.40/share, record date 2026-08-04 and e-voting details.

AGM/EGM Notice

1 day ago

Hind Rectifiers Ltd: Notice of 68th AGM

Hind Rectifiers Ltd: Annual Report 2025-26 and Notice of 68th AGM on 2026-08-11 at 13:00 IST via VC/OAVM. Board recommends dividend of ₹1.40/share; remote e-voting Aug 7-10, 2026. Proposals include re-appointments and remuneration approvals.

AGM/EGM Notice

1 day ago

Hind Rectifiers: 68th AGM on August 11, 2026

Hind Rectifiers files Annual Report and notice of 68th AGM on 2026-08-11 at 01:00 IST via VC/OAVM; e-voting Aug 7–10 (cut-off Aug 4). Board recommends dividend of ₹1.40/share; reappointments and remuneration items on agenda.

Dividend

4 days ago

Hind Rectifiers: Record Date for Final Dividend

Hind Rectifiers Ltd set Aug 4, 2026 as the record date for the proposed final dividend of Rs 1.40 per share (70% on Rs2) for FY2025-26; dividend subject to shareholder approval at the AGM on Aug 11, 2026.

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Frequently Asked Questions about Hind Rectifiers Ltd

Hind Rectifiers Ltd (HIRECT) is currently trading at 1,271.90 per share. Stock prices fluctuate during market hours on NSE and BSE based on demand, company updates, and overall market conditions. Refer to the live price chart above for the most recent price movement.

Hind Rectifiers Limited (Hirect) is a 67-year-old Indian engineering firm that designs, develops, and manufactures power electronic equipment and railway propulsion and traction systems, including traction transformers, IGBT converters, rectifiers, propulsion systems, HVAC and auxiliary converters for locomotives and coaches, with two manufacturing plants, two R&D centers and exports to multiple geographies. Q3 FY26 and 9M FY26 delivered a sharp performance: consolidated Q3 revenue rose 64.2% YoY to Rs.277.4 crore and 9M revenue climbed 52.9% YoY to Rs.719.3 crore, while consolidated EBITDA expanded materially (44.9% YoY in Q3) despite margin pressure from commodity and ramp investments, producing the company’s highest-ever quarterly revenue in Q3 FY26. The company is executing a clear strategic playbook: acquisition of France-based BeLink Solutions to establish a European EMS and robotics hub, appointment of Douglas J. Bailey as Global CEO, and a backward integration capex of Rs.56 crore to produce specialized copper conductors aimed at lowering input costs and unlocking external conductor sales from Q1 FY27. Hind Rectifiers’ order book stood at Rs.1,013 crore with product mix heavily skewed to railway transformers (58.6% of order book). Propulsion system trials are underway on Western Railway with an initial ~Rs.50 crore order pipeline for about 40 systems, positioning the company to participate in upcoming large-scale locomotive tenders tied to record rail capex. Near-term risks include commodity (copper) price volatility and integration execution of BeLink, while opportunities lie in rising Indian Railways electrification budgets, a 40-product R&D pipeline, export traction product approvals in Europe and the U.S., and margin recovery driven by captive conductor production scaling through FY27.

Over the past 52 weeks, Hind Rectifiers Ltd has traded between a low of ₹555.53 and a high of ₹1,210.60. The 52-week high and low indicate the stock’s price range over the last year and help investors understand its volatility and recent trading levels.

Hind Rectifiers Ltd has a market capitalization of approximately 3,643.29. Market capitalization represents the total value of a company’s outstanding shares and helps investors understand its size, stability, and relative risk compared to other listed companies.

Hind Rectifiers Ltd’s investment profile depends on its business fundamentals, valuation, and long-term outlook. The stock currently trades at a PE ratio of 94.39 and operates in the its sector sector. Investors typically assess financial performance, growth prospects, and individual risk tolerance before making investment decisions.

Based on its market capitalization of 3,643.29 Cr, Hind Rectifiers Ltd is classified as a Small Cap stock. Large-cap stocks are generally more stable, while mid-cap and small-cap stocks tend to offer higher growth potential along with higher price volatility.

Hind Rectifiers Ltd operates in the its sector sector. Sector classification matters because companies in the same sector are often affected by similar economic conditions, regulatory changes, and competitive dynamics, which can influence overall stock performance.

The Price-to-Earnings (PE) ratio of Hind Rectifiers Ltd is 94.39. The PE ratio compares a company’s share price to its earnings and is commonly used to assess valuation. Comparing the PE ratio with sector peers and historical levels provides better context.

The company guided for 30% standalone revenue growth in FY27, with consolidated growth targets to be reviewed in the next quarter.

FY25 total income was ₹656.8 crore and PAT was ₹37.1 crore, compared with ₹518.2 crore income and ₹12.5 crore PAT in FY24.

The stock rose sharply after reports highlighted strong profit growth, including an 85.5% year-on-year jump in consolidated PAT to ₹12.8 crore and strong FY25 results.

Hind Rectifiers has announced a 1:1 bonus share ratio, which means eligible shareholders will receive one additional share for every one share they currently hold.

Hind Rectifiers Ltd

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

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Hind Rectifiers Ltd: AGM Notice Published

Hind Rectifiers: Physical Letter to Shareholders

Hind Rectifiers: Physical Letter to Shareholders

Hind Rectifiers Ltd: Notice of 68th AGM

Hind Rectifiers: 68th AGM on August 11, 2026

Hind Rectifiers: Record Date for Final Dividend

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

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Hind Rectifiers Ltd: AGM Notice Published

Hind Rectifiers: Physical Letter to Shareholders

Hind Rectifiers: Physical Letter to Shareholders

Hind Rectifiers Ltd: Notice of 68th AGM

Hind Rectifiers: 68th AGM on August 11, 2026

Hind Rectifiers: Record Date for Final Dividend

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