NSE: HBLENGINE · BSE: 517271
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%. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Segment revenue, FY26
| 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 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| HBL ENGINEERING LTD ◆ | 22,455 | 24.3 | 10.14 | 19.3 | 36.8 | 45.3 | 29.4 | 26.2 |
| INOX INDIA LIMITED | 17,354 | 68.1 | 15.53 | 45.2 | 23.1 | 30.0 | — | 23.4 |
| ESAB INDIA LTD | 8,153 | 36.8 | 18.99 | — | 48.1 | 60.4 | — | 19.2 |
| HARSHA ENGINEERS INT LTD | 3,887 | 25.1 | 2.77 | 15.2 | 11.1 | 13.2 | — | 15.9 |
| W P I L LTD. | 3,868 | 24.5 | 1.97 | 11.1 | 10.2 | 13.1 | 13.3 | 17.7 |
| SUBROS LIMITED | 3,834 | 23.1 | 3.08 | 10.9 | 13.3 | 16.0 | 15.9 | 8.4 |
| ADOR WELDING LTD | 2,370 | 20.9 | 4.28 | 17.0 | 14.8 | 19.9 | 20.6 | 13.8 |
| DIFFUSION ENGINEERS LTD | 1,505 | 27.4 | 3.71 | 20.1 | 12.4 | 15.2 | — | 16.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 24.3 | 19.3 | 19 of 27 | 31% |
| P/B | 10.1 | 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 | 22455 | 103 | 1 of 31 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Board to review September 2026 quarterly results | results | low | — | — |
| 19 Oct 2026 · BSE seeks clarification on volume movement; reply awaited | regulatory legal | medium | — | — |
| 9 Oct 2026 · HBL Engineering long-term rating upgraded to AA minus by CARE | credit debt | high | — | — |
| 5 Oct 2026 · AGM video recording uploaded on company website | investor communications | low | — | — |
| 26 Sept 2026 · Scrutinizer report on 40th AGM: all 9 resolutions passed | compliance | minimal | — | — |
| 26 Sept 2026 · HBL Engineering 40th AGM: All 9 resolutions passed; 100% dividend declared | board shareholder meetings | low | — | — |
| 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 | — | — |
How to read this document
| 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 | 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 |
Sources, method and disclosures
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.