BSE: 504176
HIGH ENERGY BATTERIES (INDIA)
Manufactures specialised high-tech batteries for aerospace, naval and power-system applications, with the Aerospace Naval and Power System Batteries segment contributing all of FY26 revenue of Rs 83.5264 crore. Customers include the Indian Navy, DRDO, VSSC and other defence agencies that need strategic-grade batteries. The Lead Acid Storage Batteries division has been non-operational throughout FY26 citing unremunerative prices and contributed Rs 0 to revenue. The cost base is split across raw materials at 27.5% of revenue and employee costs at 26.3%, with other operating expenses at 21.5% and depreciation at 1.3%. The company reported an FY26 EBITDA margin of 28.37% and net profit of Rs 15.3918 crore. It is debt-free and declared a Rs 3 per share dividend for FY26. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Aerospace Naval and Power System Batteries (100%), Lead Acid Storage Batteries (0%). Niche, asset-light maker of specialised defence-grade batteries with a single active product line
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 80 | 93 | 78 | 81 | 84 |
| EBITDA (ex other income) | 29 | 31 | 23 | 17 | 18 |
| margin % | 37.1 | 33.5 | 28.9 | 21.4 | 21.3 |
| Owners' profit | 18 | 20 | 17 | 15 | 15 |
| EPS, as reported (₹) | 100.12 | 22.86 | 19.14 | 17.10 | 17.17 |
| ROE % · ROCE % | 32.2 · 47.0 | 27.9 · 39.7 | 19.6 · 27.4 | 15.4 · 21.4 | 13.8 · 19.6 |
| Debt / equity (x) | 0.44 | 0.28 | 0.05 | 0.11 | 0.10 |
| Cash from operations | 16 | 17 | 24 | 4 | 14 |
| Capex | (1) | (11) | (2) | (3) | (4) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 17 | 15 | 13 | 36 | 13 | 17 | 23 | 30 |
| Profit before tax | 4 | 2 | 1 | 13 | 1 | 3 | 7 | 10 |
| Net profit | 3 | 2 | 1 | 10 | 1 | 2 | 5 | 8 |
| EPS (₹) | 3.21 | 2.00 | 0.74 | 11.14 | 0.87 | 2.25 | 5.58 | 8.47 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JYOTHY LABS LIMITED | 6,419 | 17.3 | 3.13 | 11.5 | 18.1 | 22.4 | 10.7 | 18.5 |
| EVEREADY INDS. IND. LTD. | 2,217 | 12.4 | 3.56 | 11.1 | 27.5 | 21.4 | 3.1 | 15.1 |
| HIGH ENERGY BATTERIES (INDIA) ◆ | 487 | 31.7 | 4.37 | — | 13.8 | 18.0 | — | 37.3 |
| INDO-NATIONAL LIMITED | 226 | — | 0.73 | — | (8.7) | (7.8) | (3.2) | 0.9 |
| PANASONIC ENERGY INDIA COMPANY | 174 | 49.9 | 1.69 | — | 3.4 | 5.2 | — | 5.9 |
| PEE CEE COSMA SOPE LTD. | 117 | 14.2 | 2.08 | 8.7 | 14.8 | 19.7 | — | 4.0 |
| YUVRAAJ HYGIENE PRODUCTS LTD. | 71 | 15.6 | 15.80 | — | 74.0 | 21.6 | — | 16.1 |
| AMBICA AGAR & AROMAINDLTD | 38 | 11.2 | 0.34 | — | 3.1 | 2.4 | — | 20.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 31.7 | 16.5 | 6 of 8 | 29% |
| P/B | 4.4 | 2.6 | 9 of 10 | 11% |
| ROCE | 18.0 | 11.6 | 5 of 10 | 56% |
| ROE | 13.8 | 8.6 | 5 of 10 | 56% |
| Debt / Equity | 0.1 | 0.1 | 5 of 10 | 56% |
| EBITDA margin | 37.3 | 10.5 | 1 of 10 | 100% |
| Revenue growth | (18.2) | 7.1 | 9 of 10 | 0% |
| Profit growth | (24.0) | 34.8 | 9 of 10 | 11% |
| Market cap | 487 | 145 | 3 of 10 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · September quarter profit rebounds to Rs 572.64 lakh on higher revenue | compliance | minimal | — | — |
| 24 Oct 2026 · September quarter profit after tax jumps 184%; Lead Acid revival under review | results | high | — | — |
| 24 Oct 2026 · September quarter total income up 38%; profit after tax up 184% | results | high | — | — |
| 12 Oct 2026 · Board meeting on Oct 24 to consider Q2 and H1 FY27 results | results | low | — | — |
| 12 Oct 2026 · RTA files SEBI compliance certificate for Q2 FY27 demat | compliance | minimal | — | — |
| 3 Oct 2026 · Newspaper notice on unclaimed shares in Suspense Account | compliance | minimal | — | — |
| 3 Oct 2026 · Newspaper publication on unpaid dividend and shares transferred to IEPF | compliance | minimal | — | — |
| 30 Sept 2026 · Newspaper ad on special window for physical share transfer and demat | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1 for Q2 FY27 Results | compliance | minimal | — | — |
| 28 Jul 2026 · Q1 FY27 results: Net loss Rs 1.82 cr vs Rs 78L profit YoY | compliance | minimal | — | — |
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.