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HBL Engineering Ltd.

•
hbl.inBSE: 517271NSE: HBLENGINE
Market Cap₹ 20,023 Cr.
Current Price
High / Low₹ 1,122 / 613
Stock P/E25.6
Book Value₹ 84
Price to Book7.70
Dividend Yield0.42 %
ROCE58.3 %
ROE44.1 %
Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Electronics: 49.1% • Batteries: 42.8% • Defence & Aviation: 6.4%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence
72%
View full sector analysis →

PROS

  • Company has delivered good profit growth of 126.3% CAGR over last 5 years
  • Company is almost debt free
  • Company has a healthy return on capital (ROCE) of 39.8%
  • Company has a good return on equity (ROE) track record: 3 Years ROE 30.1%
  • Company has consistently been profitable over the last 5 years
  • Operating margins have improved to 33.7% from 12.4%

CONS

  • Recurring exceptional / one-off items are inflating headline profit
  • Stock is trading at 7.7x its book value
  • Growth is decelerating - 3Y profit CAGR (102.2%) trails the 5Y trend (126.3%)
  • Though reporting repeated profits, the company pays out little dividend (10.2%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAutomobile & AncillariesBatteries
Part ofNIFTY 50NIFTY 500NIFTY LARGEMIDCAP 250NIFTY 100NIFTY 200
S.No.Name
1.EXIDEIND412.6537.6535075.250.48351.3027.945528.3817.759.0411.25
2.HBLENGINE722.3525.6520023.180.42109.14-23.86638.036.0358.3022.72
3.ARE&M814.0516.1614899.181.30190.9415.864214.5423.9215.739.63
4.EVEREADY362.7514.792636.730.6936.9722.30407.718.9723.9515.01
5.NIPPOBATRY320.200.00240.151.172.0196.10116.14-2.7635.630.11
6.LAKHNNATNL262.8545.79197.140.741.6697.2663.529.496.164.07
Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
4675575996105205214514766021,223874604638
390456486479410412357396410679572529509
Operating Profit78101113132110109947919254430275129
OPM %16.67%18.12%18.89%21.55%21.24%20.83%20.77%16.71%31.88%44.49%34.60%12.36%20.20%
332-195122617-8101021
Interest2334235463325
Depreciation10101111111111111212121512
Profit before Tax699110298103107797119152029767148
Tax %25.44%25.94%22.72%33.01%26.50%28.90%26.29%25.92%25.87%25.57%26.77%22.86%26.10%
Net Profit00008087654514338722064109
1.862.472.842.902.873.132.311.665.1613.967.952.323.95

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
1,4141,6031,2661,0929121,2361,3692,2331,9673,3033,339
1,2861,4771,1691,0118451,0971,2171,8101,5752,1902,289
Operating Profit1291269780671391514233921,1131,050
OPM %9.09%7.86%7.68%7.37%7.39%11.24%11.06%18.96%19.94%33.69%31.45%
2014202242519-10252832
Interest46413122157713131514
Depreciation4846444139353541445152
Profit before Tax54554340191221303773741,0921,033
Tax %29.36%42.43%35.20%34.61%29.32%23.44%24.16%25.59%26.05%25.40%25.81%
Net Profit38322826149498280276814766
EPS1.351.000.980.850.443.353.5110.139.9929.40—
Dividend Payout %18.05%21.86%29.99%31.72%70.68%11.81%12.64%4.93%10.01%10.21%—

COMPOUNDED SALES GROWTH

10 Years:
10%
5 Years:
29%
3 Years:
34%

COMPOUNDED PROFIT GROWTH

10 Years:
49%
5 Years:
126%
3 Years:
102%

STOCK PRICE CAGR

10 Years:
—
5 Years:
—
3 Years:
—
1 Year:
-15%

RETURN ON EQUITY

10 Years:
13%
5 Years:
23%
3 Years:
30%
Last Year:
44%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

2026

Sep 11

₹ 1

Rs.1.0000 per share(100%)Final Dividend

2026

Feb 13

₹ 2

Rs.2.0000 per share(200%)Interim Dividend

2025

Sep 12

₹ 1

Rs.1.0000 per share(100%)Final Dividend

2024

Sep 13

₹ 0.50

Rs.0.5000 per share(50%)Final Dividend

2023

Sep 15

₹ 0.45

Rs.0.4500 per share(45%)Dividend

2022

Sep 15

₹ 0.40

Rs.0.4000 per share(40%)Dividend

2021

Sep 16

₹ 0.35

Rs.0.3500 per share(35%)Dividend

2020

Sep 16

₹ 0.10

Rs.0.1000 per share(10%)Final Dividend

2020

Feb 26

₹ 0.20

Interim Dividend

2018

Sep 18

₹ 0.25

Rs.0.2500 per share(25%)Dividend

2017

Sep 18

₹ 0.25

Rs.0.2500 per share(25%)Dividend

2016

Sep 21

₹ 0.25

Rs.0.2500 per share(25%)Dividend

2015

Sep 21

₹ 0.20

Rs.0.2000 per share(20%)Dividend

2026

Aug 11

₹ 1

Rs.1.0000 per share(100%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital28282828282828282828
Minority Interest-2-200000-1-0-1
7017247397457548389241,1931,4552,187
479364232158686183475258
Trade Payables1641267678678898130181185
125146137144137164223374478982
Total Liabilities1,4961,3861,2121,1541,0541,1781,3551,7722,1933,438
417363321304279265320354397441
Capital Work in Progress84441443252068127
8556789108290402
408367325304290307336433534562
0000000352373646
Cash & Bank2620337568105146235143552
630626524460395451519269389708
Total Assets1,4961,3861,2121,1541,0541,1781,3551,7722,1933,438

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
5218518616212289159270247738
Cash from Investing60-81-6-32-17-50-137-320-214
Cash from Financing-114-149-163-114-104-2210-42-33-113
-111529-14238291-107411

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
59.1159.1159.1159.1159.1159.1159.1159.1159.11
4.664.915.224.834.837.105.875.945.62
1.070.960.390.350.350.640.820.790.97
Government0.000.000.000.000.000.000.000.000.00
35.1735.0235.2835.7035.7033.1334.2034.1634.29

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07
Spurt in Volume

2026-09-07 - Significant increase in volume has been observed in HBL Engineering Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. HBL Engineering Limited has submitted their response.

2026-09-04
Spurt in Volume

2026-09-04 - Significant increase in volume has been observed in HBL Engineering Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.

2026-09-03
Record Date

2026-09-03 - HBL Engineering Limited has informed the Exchange that Record date for the purpose of Dividend is 11-Sep-2026.

2026-08-08
Statement of deviation(s) or variation(s) under Reg. 32

2026-08-08 - HBL Engineering Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32

2026-08-08
Record Date

2026-08-08 - HBL Engineering Limited has informed the Exchange that Record date for the purpose of Dividend is 11-Sep-2026.

2026-08-08
Outcome of Board Meeting

2026-08-08 - HBL Engineering Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-03
Bagging/Receiving of orders/contracts

2026-08-03 - HBL Engineering Limited has informed the Exchange about Bagging/Receiving of orders/contracts

2026-07-01
Outcome of Board Meeting

2026-07-01 - HBL Engineering Limited has informed the Exchange regarding Outcome of Board Meeting held on July 01, 2026.

2026-06-19
Disclosure under SEBI Takeover Regulations

2026-06-19 - HBL Engineering Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

News

Recent coverage and analyst commentary for HBLENGINE

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