NSE: HIRECT · BSE: 504036
HIRECT LIMITED
Manufactures power electronics and traction equipment for railways, defence, power, and steel industries, operating two plants at Nashik and Bhandup and exporting to over 30 countries. In FY26, 97.9% of segment revenue came from Engineering Products (Rs 949.176 crore), which covers traction transformers, traction motors, IGBT-based propulsion systems, and TCMS, earning a 12.0% EBIT margin. The remaining 2.1% came from CTC/PICC/EPICC (Rs 20.751 crore), which posted a -6.9% EBIT margin. The company has moved from supplying components to delivering integrated railway propulsion systems, winning a MEMU trainset contract of about Rs 60 crore (24-month delivery) and a Vande Metro propulsion contract of about Rs 60 crore (21-month delivery). It has also secured its first US orders, for traction motor assemblies and IGBT converters for the mining industry, with the latter shipping in FY27. Materials are the dominant cost at 74.5% of revenue, followed by employee costs at 11.2% and other operating expenses at 6.7%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Engineering Products (98%), CTC/PICC/EPICC (2%). Capital goods industrial manufacturer, export-oriented, transitioning from component supplier to integrated railway propulsion systems provider
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 655 | 999 |
| EBITDA (ex other income) | 70 | 82 |
| margin % | 10.7 | 8.2 |
| Owners' profit | 37 | 45 |
| EPS, as reported (₹) | 21.64 | 13.68 |
| ROE % · ROCE % | 23.2 · 31.8 | 18.8 · 26.3 |
| Debt / equity (x) | 0.99 | 1.15 |
| Cash from operations | 36 | 86 |
| Capex | (23) | (97) |
Exhibit 2: Quarterly performance, last 7 quarters
| ₹ crore | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 169 | 185 | 215 | 227 | 277 | 280 | 258 |
| Profit before tax | 13 | 14 | 18 | 20 | 15 | 1 | 12 |
| Net profit | 10 | 10 | 13 | 15 | 13 | (2) | 7 |
| EPS (₹) | 5.84 | 5.83 | 7.44 | 8.58 | 7.58 | 1.52 | 2.74 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| CTC/ PICC/ EPICC | 21 | 3.6 |
| Engineering Products | 507 | 87.8 |
| EMS | 50 | 8.6 |
| Total, before eliminations | 578 | 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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 49.1 | 26.5 | 89 of 130 | 32% |
| P/B | 16.8 | 3.1 | 106 of 112 | 5% |
| ROCE | 20.3 | 11.3 | 27 of 142 | 82% |
| ROE | 18.8 | 9.8 | 15 of 113 | 88% |
| Debt / Equity | 1.1 | 0.2 | 103 of 113 | 9% |
| EBITDA margin | 8.2 | 12.4 | 79 of 110 | 28% |
| Revenue growth | 20.3 | 20.6 | 58 of 114 | 50% |
| Profit growth | (49.1) | 17.1 | 89 of 109 | 19% |
| Market cap | 3447 | 279 | 19 of 141 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Routine SEBI Regulation 74(5) certificate filing for July to September 2026 | compliance | minimal | — | — |
| 5 Oct 2026 · Postal Ballot Results: New Independent Director and Executive Director/CFO Appointed | management changes | medium | — | — |
| 24 Sept 2026 · Head Legal resigns to pursue opportunity outside | management changes | medium | — | — |
| 24 Sept 2026 · Legal Head Preeti Sharma resigns from Hirect Limited | management changes | medium | — | — |
| 24 Sept 2026 · Head Legal Mrs Preeti Sharma resigns from Hirect effective Sep 24, 2026 | management changes | medium | — | — |
| 24 Sept 2026 · Hirect sells residual part of non-operational Dehradun plant for Rs 4.5 Cr | strategic transactions | medium | — | — |
| 24 Sept 2026 · Trading window closed till Q2 FY26 results declaration | compliance | minimal | — | — |
| 4 Sept 2026 · Newspaper publication of Postal Ballot Notice | compliance | minimal | — | — |
| 3 Sept 2026 · Postal ballot for director appointments and fund use timeline extension | management changes | medium | — | — |
| 21 Aug 2026 · Crisil reaffirms Hirect credit rating on Rs 228.9 cr bank facilities | credit debt | 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.