Hind Rectifiers Limited has informed the Exchange about Transcript
HIRECT · price
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Hind Rectifiers Limited reported strong Q1 FY26 results, with revenue from operations growing 58.5% year-on-year to INR214.8 crores and PAT up 85.5% YoY to INR12.8 crores. EBITDA margin improved by 60 basis points YoY to 11.3%, though management noted it will take time to reach the targeted mid-teen margin range. The order book hit an all-time high of over INR1,022 crores as of June 30, 2025, including two major railway orders worth INR127 crores and INR101 crores for locomotive products. Management confirmed successful commissioning of an indigenously developed propulsion system, targeting 10% of the annual locomotive market (1,400-1,600 units) with field trials of 50,000 km expected to begin shortly. The Board approved a preferential issue of warrants worth INR27.4 crores to the existing promoter group to fund growth, and capex of around INR50 crores is planned this year, largely for backward integration.
Strong quarterly performance with record order book visibility and progress on the indigenously developed propulsion system could support positive sentiment, though concentration on Indian Railways (~90% of revenue) remains a key risk. The promoter warrant issue signals insider confidence, but margin expansion toward mid-teens is likely a multi-year journey.