HBLENGINE

HBL Engineering Limited

Industrial and defence electronics products and batteries

Industrials›Capital Goods›Industrial Products›Other Industrial Products

hbl.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹833.15
Market cap
23,008 Cr
Stock P/E
29.5
P/B
10.43
Dividend yield
0.1%
ROE (FY26)
36.8%
ROCE (FY26)
49.0%
Operating margin (FY26)
32.2%
Debt / equity (FY26)
0.02
OCF / EBITDA (FY26)
70.0%
OCF / EBITDA (3Y)
86.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

HBL Engineering (formerly HBL Power Systems) makes industrial batteries, defence and aviation batteries, and electronics, including Kavach train-protection work for Indian Railways.

Company snapshot

1stBy market cap

Ranked among 13 companies in Other Industrial Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 74.9% of revenue

SegmentRevenue shareRevenuePBTAssets
Defence & Aviation Batteries
12.1%
54 Cr24 Cr263 Cr
Electronics
9.9%
45 Cr4 Cr288 Cr
Industrial Batteries
74.9%
338 Cr78 Cr706 Cr
Unallocated
3.4%
15 Cr-3 Cr582 Cr

What we see

Positives
  • ✓Net margin of 24.7% — the business keeps a healthy share of every rupee it earns.
4 more signals from the filings.Sign in free to see them all

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 20251Dec 2025Mar 2026Jun 2026
Sales557 Cr599 Cr610 Cr520 Cr521 Cr451 Cr476 Cr602 Cr1,223 Cr874 Cr604 Cr638 Cr
Operating expenses (approx.)456 Cr486 Cr479 Cr410 Cr412 Cr357 Cr396 Cr410 Cr679 Cr572 Cr529 Cr491 Cr
EBITDA101 Cr113 Cr131 Cr110 Cr109 Cr94 Cr79 Cr192 Cr544 Cr302 Cr75 Cr147 Cr
OPM %18.1%18.9%21.6%21.2%20.8%20.8%16.7%31.9%44.5%34.6%12.4%23.0%
Other income3 Cr5 Cr7 Cr5 Cr12 Cr2 Cr7 Cr20 Cr16 Cr11 Cr13 Cr21 Cr
Interest3 Cr3 Cr4 Cr2 Cr3 Cr5 Cr4 Cr6 Cr3 Cr3 Cr2 Cr5 Cr
Depreciation10 Cr11 Cr11 Cr11 Cr11 Cr11 Cr11 Cr12 Cr12 Cr12 Cr15 Cr12 Cr
Profit before tax92 Cr102 Cr114 Cr107 Cr118 Cr85 Cr63 Cr193 Cr520 Cr300 Cr79 Cr148 Cr
Tax %25.5%22.6%28.4%25.4%26.2%24.4%28.9%25.6%—26.5%19.5%26.1%
Net profit69 Cr79 Cr81 Cr80 Cr87 Cr65 Cr45 Cr143 Cr387 Cr221 Cr64 Cr109 Cr
EPS (₹)₹2.47₹2.84₹2.90₹2.87₹3.13₹2.31₹1.66₹5.16—₹7.95₹2.32₹3.95
  1. 1Sept 2025: Derived from year-to-date: the half-year to 30 Sep 2025 less the quarter to 30 Jun 2025; the filing gives no figures for this quarter alone

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,537 Cr1,634 Cr1,262 Cr1,092 Cr912 Cr1,236 Cr1,369 Cr2,233 Cr1,967 Cr3,303 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,409 Cr1,508 Cr1,169 Cr1,011 Cr845 Cr1,097 Cr1,217 Cr1,810 Cr1,575 Cr2,190 CrSign in free for the trailing twelve months
EBITDA129 Cr126 Cr93 Cr81 Cr67 Cr139 Cr151 Cr423 Cr392 Cr1,113 CrSign in free for the trailing twelve months
OPM %8.4%7.7%7.4%7.4%7.4%11.2%11.1%19.0%19.9%33.7%Sign in free for the trailing twelve months
Other income18 Cr24 Cr17 Cr17 Cr10 Cr14 Cr18 Cr18 Cr26 Cr59 CrSign in free for the trailing twelve months
Interest46 Cr41 Cr31 Cr22 Cr15 Cr7 Cr7 Cr13 Cr13 Cr15 CrSign in free for the trailing twelve months
Depreciation48 Cr46 Cr44 Cr41 Cr39 Cr35 Cr35 Cr41 Cr44 Cr51 CrSign in free for the trailing twelve months
Profit before tax54 Cr55 Cr43 Cr40 Cr19 Cr123 Cr130 Cr377 Cr374 Cr1,092 CrSign in free for the trailing twelve months
Tax %29.4%42.4%35.2%34.6%29.3%23.4%24.1%25.6%26.0%25.4%Sign in free for the trailing twelve months
Net profit38 Cr32 Cr28 Cr26 Cr14 Cr94 Cr99 Cr281 Cr277 Cr815 CrSign in free for the trailing twelve months
EPS (₹)₹1.35₹1.11₹0.98₹0.85₹0.44₹3.35₹3.51₹10.07₹9.96₹29.39Sign in free for the trailing twelve months
Dividend payout %————20.2%10.3%11.2%4.4%-5.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr28 Cr
Reserves701 Cr724 Cr739 Cr745 Cr754 Cr838 Cr924 Cr1,193 Cr1,455 Cr2,187 Cr
Borrowings458 Cr344 Cr216 Cr102 Cr58 Cr63 Cr78 Cr59 Cr55 Cr44 Cr
Other liabilities281 Cr248 Cr179 Cr189 Cr196 Cr204 Cr265 Cr375 Cr442 Cr684 Cr
Total liabilities1,467 Cr1,342 Cr1,161 Cr1,064 Cr1,036 Cr1,133 Cr1,294 Cr1,654 Cr1,979 Cr2,942 Cr
Fixed assets (net)398 Cr348 Cr311 Cr269 Cr252 Cr243 Cr301 Cr338 Cr373 Cr417 Cr
CWIP8 Cr4 Cr4 Cr4 Cr14 Cr43 Cr25 Cr20 Cr68 Cr127 Cr
Investments8 Cr5 Cr5 Cr6 Cr7 Cr18 Cr16 Cr179 Cr290 Cr423 Cr
Loans & advances———0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr4 Cr
Inventories408 Cr367 Cr325 Cr304 Cr290 Cr307 Cr336 Cr433 Cr534 Cr562 Cr
Trade receivables471 Cr453 Cr363 Cr305 Cr254 Cr293 Cr312 Cr382 Cr373 Cr646 Cr
Cash & bank6 Cr7 Cr12 Cr3 Cr26 Cr50 Cr132 Cr223 Cr117 Cr528 Cr
Other assets168 Cr157 Cr140 Cr172 Cr193 Cr179 Cr171 Cr78 Cr224 Cr234 Cr
Total assets1,467 Cr1,342 Cr1,161 Cr1,064 Cr1,036 Cr1,133 Cr1,294 Cr1,654 Cr1,979 Cr2,942 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity43 Cr159 Cr167 Cr149 Cr99 Cr164 Cr151 Cr424 Cr463 Cr780 Cr
Cash from investing60 Cr-8 Cr0.92 Cr-6 Cr45 Cr96 Cr-61 Cr-39 Cr347 Cr-254 Cr
Cash from financing-114 Cr-149 Cr-163 Cr-152 Cr-102 Cr19 Cr-8 Cr8 Cr16 Cr-113 Cr
Net cash flow-11 Cr1 Cr5 Cr-9 Cr43 Cr278 Cr82 Cr393 Cr826 Cr413 Cr
Free cash flow (OCF − Capex)4 Cr143 Cr140 Cr111 Cr99 Cr164 Cr86 Cr424 Cr463 Cr629 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %8.5%8.8%7.5%7.1%4.1%14.0%13.3%30.5%25.2%49.0%
ROE %5.3%4.2%3.6%3.4%1.8%10.8%10.4%23.0%18.7%36.8%
Debtor days1121011051021018683626971
Inventory days166131147164191147147131195148
Days payable67453450444243396649
Cash conversion cycle211187217217248191187154198170
OCF / EBITDA %33.6%126.1%179.6%185.4%147.7%117.7%100.0%100.1%118.1%70.0%
OCF / EBITDA % (3 years)——106.2%158.6%172.6%143.7%115.8%103.5%107.4%86.4%
Debt / equity0.630.460.280.130.070.070.080.050.040.02
Current ratio1.411.602.062.552.923.453.052.772.863.57
Net debt / EBITDA3.522.672.191.230.470.09-0.36-0.39-0.16-0.44