HIRECT

Hirect Limited

Traction transformers and propulsion systems for Indian Railways and OEMs

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

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

Price as of 2026-10-19

Stock price
₹1098.70
Market cap
3,896 Cr
Stock P/E
90.7
P/B
18.35
Dividend yield
0.1%
ROE (FY26)
21.9%
ROCE (FY26)
15.8%
Operating margin (FY26)
7.0%
Debt / equity (FY26)
1.15
OCF / EBITDA (FY26)
102.1%

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

Hirect (formerly Hind Rectifiers) makes power-conversion and electronics equipment, such as traction transformers, rectifiers, battery chargers and inverters, mainly for Indian Railways and railway equipment makers, and is now moving into trainset and propulsion systems.

Company snapshot

25thBy market cap

Ranked among 69 companies in Industrial Products.

What we see

Positives
  • ✓Cash flow from operations is higher than reported profit — earnings quality looks solid.
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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

MetricDec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales169 Cr185 Cr215 Cr227 Cr277 Cr280 Cr258 Cr
Operating expenses (approx.)151 Cr165 Cr191 Cr201 Cr252 Cr271 Cr245 Cr
EBITDA18 Cr20 Cr24 Cr26 Cr26 Cr8 Cr13 Cr
OPM %10.4%10.8%11.3%11.4%9.2%3.0%5.1%
Other income0.50 Cr0.34 Cr0.23 Cr0.13 Cr0.21 Cr1 Cr4 Cr
Interest3 Cr4 Cr4 Cr4 Cr5 Cr4 Cr5 Cr
Depreciation2 Cr2 Cr3 Cr3 Cr4 Cr4 Cr5 Cr
Profit before tax13 Cr14 Cr18 Cr20 Cr15 Cr0.85 Cr12 Cr
Tax %25.6%28.7%29.5%25.0%17.1%287.8%44.1%
Net profit10 Cr10 Cr13 Cr15 Cr13 Cr-2 Cr7 Cr
EPS (₹)₹5.84₹5.83₹7.44₹8.58₹7.58₹1.52₹2.74

Profit & loss (annual)

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

MetricMar 2025Mar 2026TTM
Sales655 Cr999 CrSign in free for the trailing twelve months
Operating expenses (approx.)585 Cr915 CrSign in free for the trailing twelve months
EBITDA70 Cr84 CrSign in free for the trailing twelve months
OPM %10.7%8.4%Sign in free for the trailing twelve months
Other income1 Cr2 CrSign in free for the trailing twelve months
Interest13 Cr16 CrSign in free for the trailing twelve months
Depreciation8 Cr14 CrSign in free for the trailing twelve months
Profit before tax50 Cr54 CrSign in free for the trailing twelve months
Tax %25.9%28.4%Sign in free for the trailing twelve months
Net profit37 Cr39 CrSign in free for the trailing twelve months
EPS (₹)₹21.64₹13.68Sign in free for the trailing twelve months
Dividend payout %5.5%8.9%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 2025Mar 2026
Equity capital3 Cr7 Cr
Reserves156 Cr202 Cr
Borrowings159 Cr237 Cr
Other liabilities98 Cr220 Cr
Total liabilities417 Cr662 Cr
Fixed assets (net)87 Cr172 Cr
CWIP7 Cr3 Cr
Investments0.13 Cr0.13 Cr
Loans & advances0.06 Cr0.0050 Cr
Inventories121 Cr149 Cr
Trade receivables110 Cr246 Cr
Cash & bank0.29 Cr4 Cr
Other assets93 Cr88 Cr
Total assets417 Cr662 Cr

Cash flows

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

MetricMar 2025Mar 2026
Cash from operating activity36 Cr86 Cr
Cash from investing-25 Cr-90 Cr
Cash from financing-11 Cr8 Cr
Net cash flow-0.42 Cr4 Cr
Free cash flow (OCF − Capex)13 Cr-12 Cr

Ratios

MetricMar 2025Mar 2026
ROCE %19.9%15.8%
ROE %23.2%21.9%
Debtor days6190
Inventory days8873
Days payable4458
Cash conversion cycle105105
OCF / EBITDA %50.7%102.1%
Debt / equity0.991.15
Current ratio1.211.12
Net debt / EBITDA2.262.77