HBL Engineering Ltd.
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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 GENERATEDCapital Goods
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.
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
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EXIDEIND | 412.65 | 37.65 | 35075.25 | 0.48 | 351.30 | 27.94 | 5528.38 | 17.75 | 9.04 | 11.25 |
| HBLENGINE | 722.35 | 25.65 | 20023.18 | 0.42 | 109.14 | -23.86 | 638.03 | 6.03 | 58.30 | 22.72 |
| ARE&M | 814.05 | 16.16 | 14899.18 | 1.30 | 190.94 | 15.86 | 4214.54 | 23.92 | 15.73 | 9.63 |
| EVEREADY | 362.75 | 14.79 | 2636.73 | 0.69 | 36.97 | 22.30 | 407.71 | 8.97 | 23.95 | 15.01 |
| NIPPOBATRY | 320.20 | 0.00 | 240.15 | 1.17 | 2.01 | 96.10 | 116.14 | -2.76 | 35.63 | 0.11 |
| LAKHNNATNL | 262.85 | 45.79 | 197.14 | 0.74 | 1.66 | 97.26 | 63.52 | 9.49 | 6.16 | 4.07 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 467 | 557 | 599 | 610 | 520 | 521 | 451 | 476 | 602 | 1,223 | 874 | 604 | 638 | |
| 390 | 456 | 486 | 479 | 410 | 412 | 357 | 396 | 410 | 679 | 572 | 529 | 509 | |
| Operating Profit | 78 | 101 | 113 | 132 | 110 | 109 | 94 | 79 | 192 | 544 | 302 | 75 | 129 |
| 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% |
| 3 | 3 | 2 | -19 | 5 | 12 | 2 | 6 | 17 | -8 | 10 | 10 | 21 | |
| Interest | 2 | 3 | 3 | 4 | 2 | 3 | 5 | 4 | 6 | 3 | 3 | 2 | 5 |
| Depreciation | 10 | 10 | 11 | 11 | 11 | 11 | 11 | 11 | 12 | 12 | 12 | 15 | 12 |
| Profit before Tax | 69 | 91 | 102 | 98 | 103 | 107 | 79 | 71 | 191 | 520 | 297 | 67 | 148 |
| 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 Profit | 0 | 0 | 0 | 0 | 80 | 87 | 65 | 45 | 143 | 387 | 220 | 64 | 109 |
| 1.86 | 2.47 | 2.84 | 2.90 | 2.87 | 3.13 | 2.31 | 1.66 | 5.16 | 13.96 | 7.95 | 2.32 | 3.95 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,414 | 1,603 | 1,266 | 1,092 | 912 | 1,236 | 1,369 | 2,233 | 1,967 | 3,303 | 3,339 | |
| 1,286 | 1,477 | 1,169 | 1,011 | 845 | 1,097 | 1,217 | 1,810 | 1,575 | 2,190 | 2,289 | |
| Operating Profit | 129 | 126 | 97 | 80 | 67 | 139 | 151 | 423 | 392 | 1,113 | 1,050 |
| OPM % | 9.09% | 7.86% | 7.68% | 7.37% | 7.39% | 11.24% | 11.06% | 18.96% | 19.94% | 33.69% | 31.45% |
| 20 | 14 | 20 | 22 | 4 | 25 | 19 | -10 | 25 | 28 | 32 | |
| Interest | 46 | 41 | 31 | 22 | 15 | 7 | 7 | 13 | 13 | 15 | 14 |
| Depreciation | 48 | 46 | 44 | 41 | 39 | 35 | 35 | 41 | 44 | 51 | 52 |
| Profit before Tax | 54 | 55 | 43 | 40 | 19 | 122 | 130 | 377 | 374 | 1,092 | 1,033 |
| Tax % | 29.36% | 42.43% | 35.20% | 34.61% | 29.32% | 23.44% | 24.16% | 25.59% | 26.05% | 25.40% | 25.81% |
| Net Profit | 38 | 32 | 28 | 26 | 14 | 94 | 98 | 280 | 276 | 814 | 766 |
| EPS | 1.35 | 1.00 | 0.98 | 0.85 | 0.44 | 3.35 | 3.51 | 10.13 | 9.99 | 29.40 | — |
| 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
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 | 28 |
| Minority Interest | -2 | -2 | 0 | 0 | 0 | 0 | 0 | -1 | -0 | -1 |
| 701 | 724 | 739 | 745 | 754 | 838 | 924 | 1,193 | 1,455 | 2,187 | |
| 479 | 364 | 232 | 158 | 68 | 61 | 83 | 47 | 52 | 58 | |
| Trade Payables | 164 | 126 | 76 | 78 | 67 | 88 | 98 | 130 | 181 | 185 |
| 125 | 146 | 137 | 144 | 137 | 164 | 223 | 374 | 478 | 982 | |
| Total Liabilities | 1,496 | 1,386 | 1,212 | 1,154 | 1,054 | 1,178 | 1,355 | 1,772 | 2,193 | 3,438 |
| 417 | 363 | 321 | 304 | 279 | 265 | 320 | 354 | 397 | 441 | |
| Capital Work in Progress | 8 | 4 | 4 | 4 | 14 | 43 | 25 | 20 | 68 | 127 |
| 8 | 5 | 5 | 6 | 7 | 8 | 9 | 108 | 290 | 402 | |
| 408 | 367 | 325 | 304 | 290 | 307 | 336 | 433 | 534 | 562 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 352 | 373 | 646 | |
| Cash & Bank | 26 | 20 | 33 | 75 | 68 | 105 | 146 | 235 | 143 | 552 |
| 630 | 626 | 524 | 460 | 395 | 451 | 519 | 269 | 389 | 708 | |
| Total Assets | 1,496 | 1,386 | 1,212 | 1,154 | 1,054 | 1,178 | 1,355 | 1,772 | 2,193 | 3,438 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 52 | 185 | 186 | 162 | 122 | 89 | 159 | 270 | 247 | 738 | |
| Cash from Investing | 60 | -8 | 1 | -6 | -32 | -17 | -50 | -137 | -320 | -214 |
| Cash from Financing | -114 | -149 | -163 | -114 | -104 | -22 | 10 | -42 | -33 | -113 |
| -11 | 1 | 5 | 29 | -14 | 23 | 82 | 91 | -107 | 411 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - HBL Engineering Limited has informed the Exchange that Record date for the purpose of Dividend is 11-Sep-2026.
2026-08-08 - HBL Engineering Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
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 - HBL Engineering Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-03 - HBL Engineering Limited has informed the Exchange about Bagging/Receiving of orders/contracts
2026-07-01 - HBL Engineering Limited has informed the Exchange regarding Outcome of Board Meeting held on July 01, 2026.
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
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