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
| ₹ 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) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 45,150 | 93.8 | 24.06 | 77.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,717 | 82.8 | 10.02 | 53.5 | 11.3 | 13.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 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 | — | — |
| 18 Aug 2026 · Q1FY27 earnings call transcript uploaded on website | investor communications | medium | — | — |
| 17 Aug 2026 · Dividend of Rs 1.40 per share credited to shareholders | corporate actions | high | — | — |
| 12 Aug 2026 · Name change to Hirect Limited effective Aug 18, 2026 | corporate actions | medium | — | — |
| 12 Aug 2026 · Q1FY27 earnings call audio recording shared | investor communications | low | — | — |
| 12 Aug 2026 · Hirect Limited Q1 FY27 Results Published in Newspapers | compliance | minimal | — | — |
| 11 Aug 2026 · Hirect Q1FY27 Investor Presentation: Margin Pressure, New Order Wins | investor communications | medium | — | — |
| 11 Aug 2026 · Hirect Q1 FY27: Revenue up 20%, consolidated PAT dips on France costs | compliance | 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 | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| — |
| 11.1 |
| HONEYWELL AUTOMATION IND | 30,536 | 55.7 | 6.84 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD | 23,496 | 67.9 | 4.93 | 33.3 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 22,490 | 69.9 | 11.24 | 39.7 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 19,058 | 109.1 | 6.65 | 61.8 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 12,982 | 455.9 | 3.81 | 38.8 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,285 | 48.3 | 7.30 | 50.1 | 11.7 | 11.5 | — | 15.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 60.8 | 26.9 | 104 of 138 | 25% |
| P/B | 20.7 | 3.5 | 107 of 111 | 4% |
| ROCE | 20.3 | 11.3 | 27 of 144 | 82% |
| ROE | 18.8 | 9.5 | 16 of 117 | 87% |
| Debt / Equity | 1.1 | 0.2 | 107 of 117 | 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 | 4265 | 356 | 20 of 140 | 86% |
| 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.
