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Swing Capital

Hind Rectifiers Ltd

NSE: HIRECT BSE: 504036Energy

HRL manufactures power electronic equipment such as converters, inverters, propulsion system, rectifiers and railway transformation equipment like traction transformer for locomotive, motors, various types of panels for locomotive switch board cabinet, regulated battery charger, inverters and modular pantry. The manufacturing facilities are in Mumbai and Nasik, Maharashtra, and Dehradun, Uttarakhand, and its registered office is in Mumbai.

₹921
52W: ₹503 — ₹1054
PE 53.3 · Book ₹64.4 · +1330% vs book
Market Cap₹3,164 Cr
Stock P/E53.3Price to Earnings
ROCE23.5%Return on Capital
ROE31.1%Return on Equity
Div. Yield0.13%Face Value ₹2

Strengths

  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 61.9% CAGR over last 5 years
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 25.1%
  • +Company's median sales growth is 20.3% of last 10 years

Weaknesses

  • −Stock is trading at 13.2 times its book value
  • −Debtor days have increased from 70.4 to 87.3 days.

Shareholding Pattern

Promoters43.93%
FIIs6.38%
DIIs0.13%
Public49.55%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters44.05%44.05%43.98%▼0.143.98%43.98%43.93%▼0.043.93%43.93%
FIIs5.82%5.97%▲0.16.28%▲0.36.03%▼0.36.3%▲0.36.64%▲0.36.21%▼0.46.38%▲0.2
DIIs0.01%0.01%0.07%▲0.10.01%▼0.10.06%▲0.00.13%▲0.10.13%0.13%
Public50.13%49.95%▼0.249.64%▼0.349.96%▲0.349.63%▼0.349.31%▼0.349.73%▲0.449.55%▼0.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales137151136166169185215227243264
Expenses123138121148151165190201218237
Operating Profit13141418182024262527
OPM %10%9%11%11%10%11%11%11%10%10%
Net Profit25710101013151416
EPS ₹0.441.492.022.972.922.963.734.293.994.77

AI Insights

Revenue Trend

Mar 2026 revenue at ₹949Cr, up 44.9% YoY. OPM at 11%.

Debt Position

Borrowings at ₹226Cr. Debt-to-equity ratio: 1.06x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹3Cr (2% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0.13% (+0.12pp change). FIIs: 6.38% (+0.12pp change). Promoters hold 43.93%.

Margin & Efficiency

ROCE improving from -4% (Mar 2015) to 24% (Mar 2026). Working capital days: 24.

Valuation

PE 53.3x with 23.5% ROCE. Price is 1330% above book value of ₹64.4. Dividend yield: 0.13%.

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