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Hind Rectifiers Results: Latest Quarterly Results & Analysis

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Hind Rectifiers Ltd. 18 May 2026 16:55 PM
Result PDF

Q4FY26 & FY26 Result Announced for Hind Rectifiers Ltd.

Electronic Components company Hind Rectifiers announced Q4FY26 & FY26 results

Consolidated Financial Highlights:

  • Quarterly Performance (Q4FY26):
    • Revenue from Operations: Rs 2,798.15 million in Q4FY26, compared to Rs 1,850.49 million in Q4FY25, representing a YoY increase of 51.21%. On a QoQ basis, revenue increased by 0.87% from Rs 2,773.89 million in Q3FY26.
    • Total Income: Rs 2,808.99 million in Q4FY26, a YoY increase of 51.52% from Rs 1,853.90 million in Q4FY25, and a QoQ increase of 1.19% from Rs 2,775.98 million in Q3FY26.
    • Net Profit/Loss: The company reported a Net Loss of Rs 15.89 million in Q4FY26, compared to a Net Profit of Rs 99.91 million in Q4FY25 and a Net Profit of Rs 126.97 million in Q3FY26.
    • Total Comprehensive Income: Reported a loss of Rs 13.58 million in Q4FY26, compared to an income of Rs 100.23 million in Q4FY25 and Rs 128.47 million in Q3FY26.
  • Annual Performance (FY26):
    • Revenue from Operations: Rs 9,991.25 million for FY26 compared to Rs 6,553.67 million for FY25, an increase of 52.45%.
    • Total Income: Rs 10,007.71 million for FY26 compared to Rs 6,568.48 million for FY25.
    • Net Profit: Rs 385.97 million for FY26 compared to Rs 371.13 million for FY25, an increase of 4.00%.

Standalone Financial Highlights:

  • Quarterly Performance (Q4FY26):
    • Revenue from Operations: Rs 2,640.20 million in Q4FY26, up 42.68% YoY from Rs 1,850.49 million in Q4FY25 and up 8.53% QoQ from Rs 2,432.71 million in Q3FY26.
    • Total Income: Rs 2,644.15 million in Q4FY26, a YoY increase of 42.63% from Rs 1,853.90 million in Q4FY25 and a QoQ increase of 8.60% from Rs 2,434.80 million in Q3FY26.
    • Net Profit: Rs 163.81 million in Q4FY26, a YoY increase of 61.40% from Rs 101.49 million in Q4FY25 and a QoQ increase of 19.33% from Rs 137.28 million in Q3FY26.
  • Annual Performance (FY26):
    • Revenue from Operations: Rs 9,492.12 million for FY26 compared to Rs 6,553.67 million for FY25, an increase of 44.84%.
    • Net Profit: Rs 576.71 million for FY26 compared to Rs 372.71 million for FY25, an increase of 54.73%.

Business Highlights:

  • Segment-wise Performance (Consolidated FY26 Revenue):
    • Engineering Products: Reported revenue of Rs 9,492.60 million.
    • CTC/PICC/EPICC: Reported revenue of Rs 207.51 million. This segment was identified as a separate operating and reportable segment effective November 3, 2025.
    • EMS: Reported revenue of Rs 498.29 million.
  • Dividend: The Board of Directors recommended a dividend of Rs 1.40 per equity share of face value of Rs 2 each (70%) for the financial year ended March 31, 2026.
  • Bonus Issue: During the year, the company allotted 1,71,83,807 bonus equity shares in the ratio of 1:1 on March 27, 2026, by capitalisation of Securities Premium. This increased the paid-up equity share capital to Rs 68.74 million.
  • Expansion/Subsidiaries: A new subsidiary, ELVENTIVE FRANCE SAS (formerly BELINK HIRECT SAS), was incorporated on September 30, 2025, with the effective date of business takeover being October 1, 2025.
  • Exceptional Item: The company recognized a one-time increase in employee benefit provision amounting to Rs 19.96 million as an exceptional item, following the reassessment of obligations under the New Labour Codes effective November 21, 2025.
  • Capital Raise: The company approved a preferential issue of up to 2,00,000 convertible warrants at Rs 1,368.23 per warrant. As of March 31, 2026, 25% of the consideration (Rs 68.41 million) was received and parked in fixed deposits.

Suramya Nevatia, Chairman & Managing Director of Hind Rectifiers said, “We delivered a strong performance in FY26, driven by robust execution across our railway and industrial businesses, supported by healthy demand, improving operational efficiencies, and focused capacity expansion initiatives.

For FY26, Our Consolidated revenue grew by 52.5% YoY to Rs. 999.1 crore, while EBITDA increased by 19.6% YoY to Rs. 84.1 crore. Profitability remained resilient despite investments in new capabilities, R&D, and global expansion initiatives. Importantly, operating cash flow strengthened significantly to Rs. 85.8 crore in FY26, registering a robust growth of 141.0% YoY, driven by improved execution, efficient working capital management, and stronger operating discipline.

Our order book remained healthy with an order backlog of Rs. 845.5 crore at the end of FY26, while fresh order inflows stood at Rs. 858.4 crore during the year. Sustained investments by Indian Railways in electrification, rolling stock modernisation, and safety systems continue to provide strong long-term growth visibility and a robust opportunity pipeline for the business.

During the year, we operationalised our CTC copper conductor facility with an installed capacity of ~350 TPM. The facility strengthens backward integration, improves supply reliability, enhances cost efficiencies, and also creates opportunities in external markets.

We also made significant progress in our indigenous propulsion system development program, which is currently in advanced stages of validation and field trials. Completion of EMI/EMC testing will be a key milestone, enabling execution of existing orders and participation in a larger share of railway propulsion tenders. In parallel, our R&D pipeline remains strong with 42 products under development across multiple platforms.

FY26 also marked an important step in our global expansion strategy with the acquisition of Elventive France, establishing our manufacturing and R&D footprint in Europe. The acquisition enhances our capabilities in EMS, robotics, and printed electronics, while expanding our access to high-value sectors including defence, aerospace, and industrial electronics.

We further strengthened our leadership team to support the next phase of growth through key appointments across domestic operations, global expansion, and strategic business development.

With strong industry tailwinds, a healthy order book, improving execution capabilities, strategic backward integration, and continued investments in technology and innovation, we remain confident of delivering sustainable growth and long-term value creation.”

Result PDF

Result PDF

Electronic Components company Hind Rectifiers announced Q3FY26 results

  • Revenue: Rs 2,773.89 million against Rs 1,689.44 million during Q3FY25, change 64%.
  • PBT: Rs 153.18 million against Rs 134.55 million during Q3FY25, change 14%.
  • PAT: Rs 126.97 million against Rs 100.06 million during Q3FY25, change 27%.
  • EPS: Rs 7.58 for Q3FY26.

Result PDF

Electronic Components company Hind Rectifiers announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income grew by 22% YoY to Rs 185.4 crore in Q4FY25 compared to Rs 151.7 crore in Q4FY24.
  • EBITDA increased by 46% YoY to Rs 20.2 crore in Q4FY25 from Rs 13.9 crore in Q4FY24, reflecting improved operating efficiencies.
  • EBITDA margins expanded by ~180 bps YoY to 10.9% in Q4FY25 from 9.1% in Q4FY24.
  • PAT surged by 96% YoY to Rs 10.0 crore in Q4FY25 from Rs 5.1 crore in Q4FY24, driven by improved operational performance.

FY25 Financial Highlights:

  • Total Income grew by 27% YoY to Rs 656.8 crore in FY25 from Rs 518.2 crore in FY24.
  • EBITDA witnessed a growth of 60% YoY to Rs 71.8 crore in FY25 from Rs 44.9 crore in FY24. The rise in EBITDA is attributed towards operating leverage reflecting better cost management and profitability.
  • EBITDA margins improved by ~220 bps YoY to 10.9% in FY25 from 8.7% in FY24, supported by operating leverage.
  • PAT surged by 197% YoY to Rs 37.1 crore in FY25 from Rs 12.5 crore in FY24, driven by financial leverage and better utilization of Assets.
  • The company maintains a stable Debt equity ratio at 1.03x.
  • The company clocked an ROCE of 25.6% versus 19.4% in FY24.
  • ROE stood at 26.2% in FY25 as compared to 10.6% in FY24.

Suramya Nevatia, MD & Chairman of Hind Rectifiers, said: “FY25 has been a landmark year for Hind Rectifiers, marked by record-breaking order inflows, strong revenue growth, and significant margin expansion. Our topline grew by 27% YoY to Rs 656.8 crore, while PAT surged by 197% YoY to Rs 37.1 crore, driven by an enhanced product mix, backward integration, and improved operational efficiencies.

Our order book stood at Rs 893 crore as of 31stMarch 2025, underscoring the trust our customers place in us, especially in the railway sector where we secured key orders worth Rs 1,014 crore during the year. This robust pipeline, along with the commissioning of strategic capex of Rs 43 crore towards backward integration and facilitate new product manufacturing at our Sinnar and Satpur facilities, positions us well for sustained future growth.

Our focus on indigenous product development and execution excellence has enabled successful delivery of high-value projects including the propulsion system for Indian Railways and HVAC systems for LHB Passenger coaches. We also enhanced our long-term strategic positioning by establishing new technology-focused subsidiaries, enabling our foray into cutting-edge domains such as IT, Artificial Intelligence and Web3.

With the Indian government’s continued push on infrastructure and railway electrification, we remain confident in our ability to deliver long-term value to stakeholders, leveraging our engineering prowess, innovation capabilities, and customer-centric execution.

Result PDF

Electronic Components company Hind Rectifiers announced Q3FY25 results

Financial Highlights:

  • Total Income grew by 24% YoY to Rs 169.4 crore in Q3FY25 from Rs 136.7 crore in Q3FY24.
  • EBITDA increased by 34% YoY to Rs 18.1 crore in Q3FY25 from Rs 13.54 crore in O3FY24, reflecting improved operating efficiencies.
  • EBITDA margins expanded by ~90 bps YoY to 10.7% in Q3FY25 from 9.8% in Q3FY24.
  • PAT surged by 567% YoY to Rs 10 crore in Q3FY25 from Rs 1.5 crore in Q3FY24, driven by improved operational performance and lower financial costs.

Other Highlights:

  • The current order book stands at approximately Rs 870 crore.
  • The Board of Directors has approved the incorporation of a wholly owned subsidiary focused on developing solutions in the field of Information Technology (IT), Artificial Intelligence (AI), Web3, and varied software.
  • The company has commercialised the operations of a new vertical: HVAC systems.

Suramya Nevatia, MD & CEO of Hind Rectifiers, said: “We are pleased to announce that Q3 and 9MFY25 have been marked by robust growth and operational excellence. Our topline for Q3FY25 stood at Rs 169.4 crore, reflecting a growth of 24% YoY. The company’s PAT grew by 567% YoY for Q3FY25, driven by effective cost management, despite the impact of rising raw material costs.

The company’s order book remains strong at ~Rs 870 crore, with strong order pipeline, primarily driven by the government's continued focus on the railway sector and upcoming opportunities within the industry. We are actively progressing with our capacity expansion plans at the Sinnar and Satpur plants along with focus on backward integration which will reduce import dependency of certain components and improving cost efficiency. Overall demand seems to be intact and robust.

The government’s emphasis on railway infrastructure development, modernization, and electrification continues to be a critical driver for our business. With a clear focus on indigenous product development, innovation, and execution excellence, our strategy of securing new orders, expanding our product portfolio, and improving margins enables us for sustainable growth going ahead. Our strong order book, combined with our engineering expertise and commitment to backward integration, will continue to propel us toward increased market share and long-term growth across all our business segments.”

Result PDF

Electronic Components company Hind Rectifiers announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue increased by 25.7% YoY to Rs 166 crore in Q2FY25 from Rs 132 crore in Q2FY24.
  • EBITDA witnessed a growth of 72.2% YoY to Rs 18.30 crore in Q2FY25 from Rs 10.6 crore in Q2FY24. The rise in EBITDA is attributed towards operating leverage reflecting better cost management and profitability.
  • EBITDA margins expanded by ~300 bps YoY to 11.0% in Q2FY25 from 8.04% in Q2FY24.
  • PAT increased by 156.1% YoY to Rs 10 crore in Q2FY25 from Rs 4 crore in Q2FY24.

H1FY25 Financial Highlights:

  • Revenue increased by 31.5% YoY to Rs 302 crore in H1FY25 from Rs 230 crore in H1FY24.
  • EBITDA grew by 90.04% YoY to Rs 32.78 crore in H1FY25 from Rs 17.25 crore in HIFY24.
  • EBITDA margins improved by ~336 bps YoY to 10.88% in H1FY25 from 7.52% in H1FY24.
  • PAT jumped by 191.3% YoY to Rs 17 crore in H1FY25 from Rs 6 crore in HIFY24. The PAT growth is largely driven by financial leverage and lower effective tax rate on YoY basis.
  • The company maintains a stable Debt equity ratio at 0.92x.
  • The company clocked a ROCE* of 22.34% (Annualized) versus 12.04% in FY24.
  • ROE stood at 24.53% (Annualized) as compared to 10.59% in FY24.

Busniess Highlights:

  • During H1 FY25, the company has launched Railway Propulsion System and Modular Pantry for Train 18. The entire propulsion system was developed indigenously.
  • The overall order book stood at Rs 846.9 crore, as on Sept-24 and the company continues to have a strong order pipeline from Railways.
  • Revenues from Railway segment contributes ~95% to the overall revenue.
  • The Company has incurred capex of Rs 10.07 crore in H1FY25.
  • The Board of Directors has approved the sale of Dehradun Plant (located at situated at New Khasra No.64- 67 & 74, Village Charba, Langha Road, Dehradun- 248197) of the Company not less than Rs. Eight Crores to unrelated party.

Suramya Nevatia, MD & CEO of Hind Rectifiers, said “We are pleased to announce that the first half of the fiscal commenced on a strong footing, marked by a notable Revenue growth of 25.7% YoY to Rs 302 crore in H1FY25. We have also witnessed an uptick in EBITDA by 90% to Rs 33 crore along with the margin accretion of 336 bps increasing to 11.1% during the same period. On the profitability front, our PAT has surged to Rs 17 crore in H1FY25; a growth of 191.3% YoY. The company’s order book continues to remain robust at Rs 847 crores as on Sept-30 primarily on the back of government’s continued focus on railway sector and several upcoming opportunities within the industry, we are in process of capacity expansion at our Sinnar & Satpur plant.

We have always been at a forefront in terms of Research & Development activities and product innovation. We firmly believe in our engineering expertise coupled with execution capabilities and remain committed in fulfilling existing orders within specified timelines. Our endeavour is to adopt a three-pronged strategy of securing new orders, focus on product development and improving margins. We foresee second half of the fiscal to be promising and the company is well positioned to capture incremental market share in the respective business segments “

Result PDF

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