HBL ENGINEERING LTD

Designs and manufactures electronics, industrial batteries, and specialised batteries for defence and aviation applications. The Electronics segment accounts for 49.9% of segment revenue (₹1,626.25 cr, EBIT ₹818.49 cr) and is dominated by supply, installation, testing and commissioning of On-Board KAVACH Version 4.0 equipment — India's indigenous automatic train protection system — for units of Indian Railways. Recent KAVACH contracts include ₹1,714 cr from Chittaranjan Locomotive Works (May 2026), ₹800.36 cr from Banaras Locomotive Works (February 2026) and ₹575 cr from Integral Coach Factory, Chennai (January 2026), with additional orders from Patiala Loco Works and Banaras Locomotive Works at smaller values. Industrial Batteries contribute 42.2% of segment revenue (₹1,375.57 cr, EBIT ₹333.26 cr) and serve industrial customers, while Defence & Aviation Batteries contribute 6.5% (₹211.58 cr, EBIT ₹57.61 cr), including high-performance batteries for torpedoes. In March 2026, the company signed a joint venture with Cochin Shipyard Limited called Green Maritime Propulsion Private Limited, holding a 60% stake, to develop electric mobility and energy storage for the maritime sector. Materials are the largest input cost at 41.9% of revenue, followed by other operating expenses at 16.7% and employee costs at 7.8%.