Hind Rectifiers Limited (HIRECT)
₹1,116.20 +1.95% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Hind Rectifiers' revenue was ₹258 Cr (+20.3% year on year, -7.6% on the previous quarter), and net profit ₹6.5 Cr (-49.1% year on year); the operating margin was 5.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹258 | +20.3% | -7.6% |
| Operating profit | ₹13.2 | -45.5% | +56.9% |
| Net profit | ₹6.5 | -49.1% | from loss |
| EPS (₹) | 2.74 | — | +109.2% |
| Operating margin | 5.1% | — | — |
No EPS growth against Q1 FY26: 1:1 bonus in Mar 2026.
HIRECT delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.95% of the HIRECT shares traded on NSE were taken to delivery, against the stock's own 20-session average of 45.23%. That is close to its usual level.
Delivery in the last 5 sessions: 44.4% · 40.7% · 45.7% · 55.3% · 49.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Hirect Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Adroit Corporate Services confirms that dematerialisation requests received were duly processed, confirmed, and securities listed on exchanges. It further verifies that physical certificates were mutilated and cancelled within 15 days of receipt. This is a recurring administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Issued by Registrar and Share Transfer Agent Adroit Corporate Services Private Limited on October 3, 2026
- Confirms security certificates were mutilated, cancelled, and depositories substituted in the member register within 15 days
Hirect Limited announced that all four postal ballot resolutions have been passed by shareholders with requisite majority on October 3, 2026. Key approvals include the appointment of Anil Kumar Nemani as Executive Director & CFO for a 3-year term and Rahul Rai as Independent Director for 5 years. Shareholders also approved an extension of the timeline for utilizing funds raised via preferential equity warrants. Total shareholder count stood at 22,865 as of the cut-off date of August 28, 2026.
- Appointment of Anil Kumar Nemani as Whole-Time Director, designated as Executive Director and CFO, approved for a period of 3 years
- Approval granted to extend the timeline for utilization of funds raised via preferential equity warrants
- Rahul Rai appointed as Independent Director for a 5-year consecutive term
- Remote e-voting concluded on October 3, 2026, across a base of 22,865 shareholders (record date August 28, 2026)
Hirect Limited announced the execution of a sale deed for the residual part of its non-operational Dehradun plant on September 24, 2026. The transaction was completed for a total consideration of Rs 4.5 crore to unrelated buyers. The facility has been non-operational since 2023, contributing nil to recent revenue and net worth. The consideration represents a modest ~0.43% of Hirect's TTM revenue of Rs 1,043 crore and ~2.0% of its net worth of Rs 221 crore.
- Sale consideration received of Rs 4.5 crore for the residual Dehradun plant
- Agreement date and completion of sale both finalized on September 24, 2026
- Asset was non-operational since 2023 with nil revenue or turnover contribution in the last financial year
- Buyers Mrs. Avantika Saklani and Mr. Sureshchand Saklani are unrelated to promoters (arm's length)
Hirect Limited has issued a Postal Ballot notice seeking shareholder approval for key managerial appointments and an extension for warrant fund utilization. Key resolutions include appointing Mr. Anil Kumar Nemani as Executive Director & CFO for 3 years (remuneration ceiling up to ₹3.50 crore/year) and Mr. Rahul Rai as Independent Director for 5 years. Additionally, the company is seeking to extend the deployment deadline for ₹6.84 crore (25% initial phase for machinery procurement) raised via equity warrants from March 31, 2026, to December 31, 2026. E-voting opens on September 4, 2026, and concludes on October 3, 2026.
- E-voting period scheduled from September 4, 2026, to October 3, 2026, with cut-off date set as August 28, 2026
- Appointment of Mr. Anil Kumar Nemani as ED & CFO for 3 years with annual remuneration up to ₹3.50 crore
- Appointment of Mr. Rahul Rai as Independent Director for a 5-year term from August 11, 2026, to August 10, 2031
- Timeline for ₹6.84 crore machinery procurement extended from March 31, 2026, to December 31, 2026
CRISIL Ratings has reaffirmed its credit ratings for Hirect Limited's total bank loan facilities of ₹228.9 crore. The long-term rating stands reaffirmed at 'CRISIL BBB+/Stable', while the short-term rating is reaffirmed at 'CRISIL A2'. The rated facilities cover essentially all of the company's total reported debt of ₹226 crore. Since there is no change in the credit profile or rating outlook, this is a routine annual reaffirmation.
- CRISIL reaffirmed Long-Term rating at 'CRISIL BBB+/Stable' for bank loan facilities
- CRISIL reaffirmed Short-Term rating at 'CRISIL A2'
- Total bank loan facilities rated stand at ₹228.9 crore
- Rated amount closely matches company's total outstanding debt of ₹226 crore
Hirect Limited has released the transcript of its Q1FY27 earnings conference call conducted on August 12, 2026. The filing provides a direct web link for investors to access management's discussion on financial and operational performance. In Q1FY27 (period ending June 2026), Hirect posted a revenue of ₹258.45 Cr and a net profit of ₹6.50 Cr, compared to ₹214.77 Cr and ₹12.77 Cr in Q1FY26.
- Transcript for the Q1FY27 earnings conference call held on August 12, 2026, is now available.
- Submission made under Regulation 30(6) of SEBI Listing Regulations on August 18, 2026.
- Q1FY27 revenue stood at ₹258.45 Cr with operating profit of ₹13.22 Cr (OPM ~5.1%).
- Company trades at a market cap of ₹2,562 Cr against TTM revenue of ₹1,043 Cr.
Hind Rectifiers Limited (Hirect) has notified the stock exchanges regarding the successful disbursement and electronic credit of its final dividend of Rs 1.40 per equity share. The dividend was approved by shareholders at the 68th Annual General Meeting held on August 11, 2026, and credited to accounts on August 13, 2026. Payments were executed via electronic modes including NACH, NECS, and Direct Remittance, with a reminder for unregistered shareholders to update their bank mandates.
- Dividend payout of Rs 1.40 per equity share credited on August 13, 2026
- Shareholder approval received at the 68th AGM held on August 11, 2026
- Disbursement completed via electronic modes (NACH/NECS/Direct Remittance)
Hirect Limited has informed the exchanges that company officials will meet analysts and institutional investors on August 19, 2026, starting at 2:00 PM in Mumbai. The interactions are structured as 1x1 and group meetings. The company confirmed that discussions will rely strictly on publicly available information with no unpublished price sensitive information (UPSI) being shared.
- Investor/analyst meeting scheduled for August 19, 2026, from 02:00 pm onwards
- Interaction to take place in Mumbai via 1x1 and group formats
- Discussions to remain restricted to publicly available information with zero UPSI
Hind Rectifiers Limited has announced a formal name change to Hirect Limited, effective from August 18, 2026. The existing NSE trading symbol 'HIRECT' will remain unchanged. This administrative update comes as the company manages a TTM revenue of ₹999 crore and an order book of approximately ₹1,000 crore as of mid-2025. The change is procedural and does not impact the company's underlying financials or shareholding structure.
- Name change from Hind Rectifiers Limited to Hirect Limited effective August 18, 2026
- The existing trading symbol 'HIRECT' remains unchanged post-transition
- Company currently operates with a TTM revenue of ₹999 crore as of FY26
- Market capitalization stands at ₹2,289 crore as of the announcement date
Hind Rectifiers Limited has released the audio recording of its Q1FY27 earnings conference call held on August 12, 2026. This filing is a procedural requirement under SEBI regulations following the disclosure of quarterly results. Investors can access the recording to gain insights into the company's execution of its Rs 1,000 Cr order book (as of June 2025) and its diversification into Defense and EMS sectors. The company recently reported FY26 revenue of Rs 999.13 Cr with an operating margin of 8.41%.
- Earnings conference call for Q1FY27 was conducted on August 12, 2026
- Audio recording link made available on the company website as per SEBI Regulation 30(6)
- Company is managing an order book of approximately Rs 1,000 Cr as of June 2025
- TTM revenue stands at Rs 999 Cr with a TTM PAT of Rs 39 Cr
Hind Rectifiers (HIRECT) is transitioning from a component manufacturer to a systems provider, supported by an order book of ~Rs 1,000 Cr, which equals approximately 100% of its TTM revenue. The company has operationalized a 350 TPM copper conductor facility for backward integration, significantly exceeding its internal demand of 220 TPM and enabling external sales. The acquisition of Elventive France (formerly BeLink) provides a strategic European hub with 6 automated production lines for EMS and Robotics. While growth prospects are strong, the company remains heavily reliant on Indian Railways for 80-90% of its revenue.
- Operationalized 350 TPM copper conductor facility in Sinnar, creating a surplus of 130 TPM for external market sales.
- Order book stands at ~Rs 1,000 Cr as of June 2025, providing strong revenue visibility against TTM revenue of Rs 999 Cr.
- Acquisition of Elventive France completed, adding 6 automated production lines and entry into European railway and defense markets.
- R&D pipeline includes 50+ products under active development supported by a team of 190+ engineers.
- Historical manufacturing scale reached 2,300+ locomotive transformers and 3,000+ auxiliary converters.
HIRECT reported a 20.3% YoY growth in consolidated revenue to Rs 258.4 Cr for Q1 FY27, driven by strong momentum in the core railway business. However, consolidated EBITDA fell to Rs 13.2 Cr from Rs 24.2 Cr YoY, as the integration of Elventive France increased operating costs. The company secured strategic maiden development orders for MEMU and Vande Metro trainsets, marking a transition from a component supplier to a systems provider. The order book remains healthy at Rs 739.8 Cr, representing approximately 74% of TTM revenue.
- Consolidated revenue increased 20.3% YoY to Rs 258.4 Cr in Q1 FY27.
- Order book stood at Rs 739.8 Cr as of July 2026, providing strong revenue visibility.
- Secured maiden development orders for 4 MEMU trainsets and Vande Metro (Namo Bharat) systems.
- Consolidated EBITDA impacted by Elventive France costs, with margin pressure expected for 3-5 quarters.
- Expanded international footprint with first-ever orders from the United States for traction motors and mining converters.
Hind Rectifiers Limited (HIRECT) concluded its 68th Annual General Meeting on August 11, 2026, with shareholders approving all proposed resolutions. A dividend of ₹1.40 per equity share (70% of face value) was declared for FY26, following a year where revenue reached ₹999 Cr. A key outcome was the re-appointment of Suramya Nevatia as Managing Director for a three-year term starting August 17, 2026, ensuring leadership continuity. The company also approved revised remuneration for Executive Director Akshada Nevatia and ratified the appointment of other board members.
- Dividend of ₹1.40 per share approved, representing 70% of the ₹2 face value.
- Suramya Nevatia re-appointed as Managing Director for a 3-year term effective August 17, 2026.
- Total of 51 shareholders attended the meeting held via video conferencing.
- Special resolution passed for revision in remuneration for Executive Director Akshada Nevatia.
- Audited standalone and consolidated financial statements for FY26 were formally adopted.
Hirect Limited (formerly Hind Rectifiers) has appointed Chidambaram Balakrishnan, former MD of Caterpillar Rail and Regional Director at GE Transportation, as its new Global CEO. This high-profile appointment comes as the company reported Q1 FY27 revenue of ‑258.45 Cr, a 20.3% increase over Q1 FY26 (‑214.77 Cr). However, Profit Before Tax for the quarter declined to ‑1.16 Cr from ‑1.81 Cr YoY, impacted by a ‑0.35 Cr exceptional item. The company also elevated its long-standing CFO, Anil Kumar Nemani, to the Board as Executive Director, signaling a blend of fresh global expertise and internal continuity.
- Appointment of Chidambaram Balakrishnan (ex-Caterpillar Rail MD) as Global CEO to lead international expansion.
- Q1 FY27 consolidated revenue grew 20.3% YoY to ‑258.45 Cr.
- New CTC (Continuously Transposed Conductor) segment contributed ‑3.95 Cr to revenue in its first full quarter.
- Investment of up to 300,000 AED (approx. ‑69 Lakhs) approved for UAE-based Hirect Global Holdings Limited.
- Company name officially changed from Hind Rectifiers Limited to Hirect Limited effective July 24, 2026.
Hirect Limited (formerly Hind Rectifiers) announced a significant leadership overhaul on August 11, 2026. Douglas J. Bailey has resigned as Global CEO, replaced by Chidambaram Balakrishnan, a veteran with 30+ years of experience at GE Transportation and Caterpillar Rail. Additionally, Anil Kumar Nemani, who has been with the company since 1992, was elevated to Executive Director and CFO. The board also approved a capital injection of up to AED 300,000 into its UAE subsidiary to support international expansion.
- Chidambaram Balakrishnan appointed as Global CEO, bringing over 30 years of experience from GE and Caterpillar.
- Anil Kumar Nemani appointed as Executive Director and CFO for a 3-year term, having served the company for 34 years.
- Douglas J. Bailey resigned as Global CEO effective August 11, 2026, citing personal reasons.
- Board approved investment of up to 300 equity shares at AED 1,000 each in Hirect Global Holdings Limited, UAE.
- Company name officially changed from Hind Rectifiers Limited to Hirect Limited effective July 24, 2026.
Financial Performance
Revenue Growth by Segment
The company achieved total revenue of INR 655.4 Cr in FY25, representing a growth of 26.6% from INR 517.6 Cr in FY24. Revenue from operations for H1 FY26 reached INR 441.9 Cr, a 46.6% YoY increase. Q2 FY26 revenue grew 37% YoY to INR 227.1 Cr. Approximately 80-90% of revenue is derived from the Indian Railways segment.
Geographic Revenue Split
Not disclosed in available documents, though the company is actively venturing into global markets to diversify its domestic concentration.
Profitability Margins
Gross Profit Margin improved to 27.0% in FY25 from 25.7% in FY24. Net Profit Ratio increased significantly to 5.69% in FY25 compared to 2.42% in FY24, driven by a 196.8% increase in PAT to INR 37.1 Cr.
EBITDA Margin
EBITDA Margin stood at 10.7% (INR 70.3 Cr) in FY25, up from 8.5% (INR 44.2 Cr) in FY24. Q2 FY26 EBITDA grew 41.4% YoY to INR 25.9 Cr, reflecting a margin of approximately 11.4% due to backward integration and operating leverage.
Capital Expenditure
The company is undertaking debt-funded capex to support growth, though specific future INR values are not disclosed. Net worth improved to INR 139 Cr as of March 31, 2025, from INR 124.5 Cr in FY24.
Credit Rating & Borrowing
CRISIL upgraded the rating to 'BBB+/Stable/A2' from 'BBB/Stable/A3+'. Interest coverage ratio improved to 5.3 times in FY25 from 3.3 times in FY24. Average bank limit utilization was 78% through October 2024.
Operational Drivers
Raw Materials
Semiconductors and electronic components for power equipment; specific material names like copper or steel are not explicitly listed but are subject to price volatility.
Capacity Expansion
Current capacity not disclosed in units; however, the company is expanding through 'continuous product addition' and backward integration into component manufacturing to improve margins.
Raw Material Costs
Cost of Goods Sold (COGS) was INR 478.3 Cr in FY25, representing 73% of total revenue, compared to INR 384.3 Cr (74.2% of revenue) in FY24.
Manufacturing Efficiency
Return on Capital Employed (ROCE) increased to 23.36% in FY25 from 17.23% in FY24, driven by improved operational efficiency and higher profits.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Execution of an all-time high order book of INR 1,000 Cr (as of June 2025), diversification into new verticals like Defense, EMS, and Auto, and the acquisition of BeLink for patented Printed Electronics and Robotics technology.
Products & Services
Rectifiers, transformers, and semiconductor devices for locomotives, railway coaches, industrial rectification, and pollution control equipment.
Brand Portfolio
Hirect
New Products/Services
Printed Electronics, Robotics, and specialized equipment for the Defense and EMS sectors.
Market Expansion
Targeting global markets and sectoral diversification into the automotive and defense industries over the next three years.
Market Share & Ranking
Holds a leadership position in the locomotive, railway coach, and industrial rectification markets.
Strategic Alliances
Joint venture/acquisition involving BeLink to leverage their robotics division and Printed Electronics IP.
External Factors
Industry Trends
The railway industry is evolving rapidly with massive government investment in infrastructure transformation, currently driving a 26.6% revenue growth for the company.
Competitive Landscape
Faces competition from both domestic and international players in the power electronic equipment industry.
Competitive Moat
Durable advantage through extensive promoter experience in power electronics and a strong R&D pipeline, which are sustainable due to high technical entry barriers in railway-certified equipment.
Macro Economic Sensitivity
Highly sensitive to Government of India infrastructure investments and broader economic slowdowns affecting industrial demand.
Geopolitical Risks
Risks associated with entering global markets and potential trade barriers for electronic components.
Regulatory & Governance
Industry Regulations
Operations are governed by Indian Railways' technical specifications, tender compliance, and Ind AS 115 revenue recognition standards.
Taxation Policy Impact
Effective tax rate was approximately 26% in FY25, with tax expenses of INR 13.0 Cr on a PBT of INR 50.1 Cr.
Risk Analysis
Key Uncertainties
Tender-based nature of operations creates uncertainty in revenue predictability; failure to bid successfully could impact growth.
Geographic Concentration Risk
High concentration in India, specifically linked to the Indian Railways network.
Third Party Dependencies
Dependency on specialized component suppliers for power electronics, mitigated by backward integration.
Technology Obsolescence Risk
High risk due to the rapid pace of technological progress in power electronics and robotics.
Credit & Counterparty Risk
Exposure to Indian Railways and government agencies, with trade receivables at 47 days and GCA at 146 days.
