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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electronics (50%), Industrial Batteries (42%), Defence & Aviation Batteries (7%), Unallocated (1%). Multi-segment industrial products maker with electronics (railway safety systems), industrial batteries, and defence & aviation batteries.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,236 | 1,369 | 2,233 | 1,967 | 3,303 |
| EBITDA (ex other income) | 150 | 153 | 395 | 391 | 1,082 |
| margin % | 12.1 | 11.2 | 17.7 | 19.9 | 32.8 |
| Owners' profit | 94 | 0 | 281 | 277 | 815 |
| EPS, as reported (₹) | 3.35 | 3.51 | 10.07 | 0.00 | 29.39 |
| ROE % · ROCE % | 10.8 · 14.1 | 10.4 · 13.4 | 23.0 · 29.6 | 18.7 · 24.0 | 36.8 · 45.9 |
| Debt / equity (x) | 0.07 | 0.08 | 0.05 | 0.04 | 0.02 |
| Cash from operations | 164 | 151 | 424 | 463 | 780 |
| Capex | (68) | (65) | (53) | (122) | (150) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 521 | 451 | 476 | 602 | 1,825 | 874 | 604 | 638 |
| Profit before tax | 107 | 79 | 71 | 191 | 711 | 297 | 67 | 149 |
| Net profit | 87 | 65 | 45 | 143 | 531 | 221 | 64 | 109 |
| EPS (₹) | 3.13 | 2.31 | 0.00 | 5.16 | 19.12 | 7.95 | 2.32 | 3.95 |
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Industrial Batteries | 1,754 | 44.8 |
| Defence & aviation batteries | 69 | 1.8 |
| Electronics | 1,807 | 46.1 |
| Unallocated | 70 | 1.8 |
| Defence & Aviation Batteries | 143 | 3.6 |
| Defence & Aviation | 74 | 1.9 |
| Total, before eliminations | 3,915 | 100.0 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % |
|---|
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 7 Sept 2026 · HBL Engineering says no undisclosed info behind unusual trading volume | regulatory legal | medium | — | — |
| 4 Sept 2026 · NSE seeks clarification from HBL Engineering on sharp volume rise | regulatory legal | medium | — | — |
| 3 Sept 2026 · Book closure Sep 12 to Sep 26, 2026 for AGM and 100% dividend | compliance | minimal | — | — |
| 3 Sept 2026 · HBL Engineering sets Sep 11, 2026 as record date for dividend and AGM e-voting | corporate actions | medium | — | — |
| 3 Sept 2026 · HBL Engineering Annual Report FY26: Revenue up 67% to Rs 3,252 Cr, PAT triples | results | high | — | — |
| 8 Aug 2026 · HBL Engineering fixes Sep 11 record date for dividend and e-voting ahead of Sep 26 AGM | corporate actions | high | — | — |
| 8 Aug 2026 · No deviation in use of share issue proceeds for June 2026 quarter | compliance | minimal | — | — |
| 8 Aug 2026 · HBL Engineering Q1 FY27 results approved; PAT falls about 24% YoY | results | high | — | — |
| 3 Aug 2026 · HBL Engineering bags Rs 31.49 Cr KAVACH order from ICF Chennai | business updates | medium | — | — |
| 30 Jul 2026 · HBL Engineering board to consider Q1 FY27 results on Aug 8 | results | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions |
| EBITDA m. % |
|---|
| INOX INDIA LIMITED | 20,354 | 79.9 | 18.21 | 53.0 | 23.1 | 30.0 | — | 23.4 |
| HBL ENGINEERING LTD ◆ | 19,890 | 21.5 | 8.99 | 17.0 | 36.8 | 45.3 | 29.4 | 26.2 |
| ESAB INDIA LTD | 9,101 | 41.0 | 21.20 | — | 48.1 | 60.4 | — | 19.2 |
| SUBROS LIMITED | 4,581 | 27.5 | 3.68 | 13.0 | 13.3 | 16.0 | 15.9 | 8.4 |
| W P I L LTD. | 4,268 | 27.0 | 2.17 | 12.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| HARSHA ENGINEERS INT LTD | 4,060 | 26.3 | 2.90 | 15.8 | 11.1 | 13.2 | — | 15.9 |
| ADOR WELDING LTD | 2,802 | 24.7 | 5.05 | 20.2 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,686 | 30.7 | 4.16 | 22.6 | 12.4 | 15.2 | — | 16.6 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.5 | 17.3 | 17 of 29 | 43% |
| P/B | 9.0 | 2.5 | 21 of 24 | 13% |
| ROCE | 45.3 | 12.3 | 2 of 31 | 97% |
| ROE | 36.8 | 10.3 | 3 of 24 | 91% |
| Debt / Equity | 0.0 | 0.2 | 5 of 24 | 83% |
| EBITDA margin | 26.2 | 10.8 | 2 of 23 | 96% |
| Revenue growth | 6.0 | (5.5) | 11 of 23 | 55% |
| Profit growth | (23.8) | (5.0) | 14 of 23 | 41% |
| Market cap | 19890 | 108 | 2 of 31 | 97% |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
