Hercules Investments Ltd.
•Market Cap₹ 390 Cr.
Current Price
High / Low₹ 225 / 151
Stock P/E49.7
Book Value₹ 216
Price to Book0.41
Dividend Yield2.05 %
ROCE1.0 %
ROE1.0 %
Face Value₹ 1
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Material Handling Equipment: 99.0% • Windmill Power: 1.0%
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.
Confidence
View full sector analysis →72%
PROS
- Company is almost debt free
- Operating margins have improved to 89.9% from 22.8%
- Company generates healthy free cash flow
CONS
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of 2.5%
- Company has a low return on equity of 2.0% over last 3 years
- Company's sales have been declining over the last five years
- Effective tax rate is unusually low at 3.9% - earnings may be flattered
- Company has delivered a poor profit growth of -0.1% over past five years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 426.90 | 61.11 | 148649.28 | 0.33 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| THERMAX | 3752.55 | 75.36 | 44714.00 | 0.53 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| INDOMIM | 888.45 | 82.34 | 43932.16 | 0.67 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| KIRLOSENG | 2160.85 | 57.58 | 31444.66 | 0.32 | 111.06 | -20.05 | 1999.53 | 13.36 | 14.46 | 15.02 |
| JYOTICNC | 959.90 | 67.86 | 21830.34 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2097.85 | 74.72 | 19040.82 | 0.10 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2783.75 | 129.36 | 17977.94 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.28 | 37.29 |
| TRITURBINE | 565.00 | 53.41 | 17961.26 | 0.75 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| LLOYDSENGG | 82.81 | 57.42 | 12844.15 | 0.30 | 682.30 | 2172.06 | 5271.50 | 2329.15 | 17.99 | 15.04 |
| TEGA | 1540.80 | 547.86 | 11575.68 | 0.13 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| KENNAMET | 4650.90 | 87.29 | 10221.86 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
| HERCULES | 121.75 | 10.50 | 389.60 | 2.05 | 5.94 | 23.50 | 38.14 | -7.09 | 1.04 | 14.76 |
Detailed Comparison with:
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 41 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 37 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Operating Profit | 5 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | -0 | -0 | -0 | -0 | 0 |
| OPM % | 11.08% | — | — | — | — | — | — | 0.00% | — | — | — | -3.33% | 48.69% |
| Other Income | 3 | 4 | 5 | 0 | 0 | 3 | 3 | 0 | 0 | 5 | 3 | 0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 7 | 4 | 5 | 0 | 0 | 3 | 3 | 0 | 0 | 5 | 3 | 0 | 0 | |
| Tax % | 26.34% | 1.89% | 1.44% | 25.93% | 25.93% | 0.38% | 0.36% | — | 125.00% | 0.95% | 4.04% | 500.00% | 42.36% |
| Net Profit | 5 | 4 | 5 | 0 | 0 | 3 | 3 | 0 | -0 | 5 | 3 | -0 | 0 |
| 2 | 1 | 1 | 0 | 0 | 1 | 1 | 0 | 0 | 2 | 1 | -0 | 0 | |
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 73 | 75 | 102 | 83 | 78 | 108 | 151 | 180 | 5 | 9 | 1 | |
| 72 | 72 | 96 | 81 | 78 | 102 | 136 | 150 | 0 | 1 | 1 | |
| Operating Profit | 13 | 14 | 19 | 20 | 12 | 23 | 34 | 52 | 6 | 8 | — |
| OPM % | 17 | 18 | 19 | 24 | 16 | 21 | 23 | 29 | 104 | 90 | — |
| Other Income | 12 | 10 | 13 | 17 | 12 | 16 | 20 | 22 | 1 | 0 | 8 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 4 | 3 | 2 | 4 | 4 | 0 | 0 | 0 |
| 10 | 11 | 16 | 16 | 10 | 18 | 116 | 47 | 6 | 8 | 8 | |
| Tax % | 20 | 9 | 21 | 19 | 19 | 19 | 11 | 23 | 1 | 4 | 4 |
| Net Profit | 8 | 10 | 13 | 13 | 8 | 15 | 103 | 36 | 6 | 8 | 8 |
| EPS | 0 | 0 | 0 | 0 | 2 | 5 | 32 | 11 | 2 | 2 | — |
| Dividend Payout % | 40 | 41 | 37 | 44 | 62 | 56 | 9 | 36 | 0 | 104 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 2 | 3 | 4 | 4 | 2 | 5 | 32 | 11 | 2 | 2 | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- -21%
- 5 Years:
- -35%
- 3 Years:
- -61%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -5%
- 5 Years:
- 0%
- 3 Years:
- -58%
STOCK PRICE CAGR
- 10 Years:
- -1%
- 5 Years:
- 5%
- 3 Years:
- -10%
- 1 Year:
- -27%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 5%
- 3 Years:
- 2%
- Last Year:
- 1%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| 336 | 377 | 424 | 334 | 491 | 616 | 703 | 945 | 843 | 688 | |
| Trade Payables | 9 | 10 | 13 | 9 | 12 | 15 | 18 | 23 | 0 | 0 |
| 6 | 7 | 11 | 5 | 19 | 45 | 49 | 80 | 94 | 62 | |
| Total Liabilities | 354 | 397 | 451 | 352 | 525 | 679 | 774 | 1,051 | 940 | 754 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 35 | 34 | 35 | 33 | 32 | 29 | 36 | 34 | 0 | 0 | |
| 206 | 263 | 315 | 226 | 423 | 573 | 662 | 944 | 938 | 753 | |
| 33 | 33 | 39 | 32 | 25 | 26 | 29 | 23 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 19 | 0 | 0 | |
| Cash & Bank | 3 | 2 | 6 | 4 | 5 | 15 | 16 | 13 | 1 | 0 |
| 78 | 65 | 55 | 57 | 41 | 36 | 31 | 18 | 1 | 1 | |
| Total Assets | 354 | 397 | 451 | 352 | 525 | 679 | 774 | 1,051 | 940 | 754 |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Working Capital | 92 | 83 | 96 | 98 | 76 | 110 | 61 | 81 | 11 | 20 |
| Contingent Liabilities | 5 | 5 | 4 | 2 | 2 | 3 | 2 | 2 | 0 | 0 |
| Book Value per Share | 106.03 | 118.77 | 133.37 | 105.39 | 154.50 | 193.44 | 220.83 | 296.23 | 264.53 | 216.12 |
| Face Value | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12 | 15 | 13 | 10 | 16 | 14 | 12 | 28 | 8 | -1 | |
| Cash from Investing | 1 | -11 | -5 | -7 | -9 | 3 | -1 | -22 | 6 | 0 |
| Cash from Financing | -13 | -4 | -5 | -6 | -6 | -7 | -9 | -10 | -13 | 0 |
| -0 | -0 | 3 | -2 | 1 | 10 | 2 | -3 | 1 | -1 | |
| Free Cash Flow | 12 | 13 | 9 | 9 | 14 | 14 | 4 | 28 | 8 | -1 |
| OCF / Net Profit | 1.53 | 1.55 | 1.00 | 0.79 | 2.00 | 0.94 | 0.11 | 0.79 | 1.36 | -0.14 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 57 | 59 | 50 | 69 | 68 | 52 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | 2.49 | 3.06 | 4.00 | 4.06 | 2.43 | 4.67 | 32.28 | 11.26 | 1.74 | 2.41 |
| Book Value (₹) | 106.03 | 118.77 | 133.37 | 105.39 | 154.50 | 193.44 | 220.83 | 296.23 | 264.53 | 216.12 |
| Dividend per Share (₹) | 1.00 | 1.25 | 1.50 | 1.80 | 1.50 | 2.60 | 3.00 | 4.00 | 0.00 | 2.50 |
| Cash EPS (₹) | 3.30 | 3.97 | 4.94 | 5.16 | 3.33 | 5.44 | 33.52 | 12.61 | 1.74 | 2.41 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 15.70% | 17.72% | 18.74% | 23.54% | 15.89% | 21.08% | 22.82% | 16.25% | 91.22% | 89.87% |
| Net Margin % | 9.79% | 12.69% | 12.53% | 15.64% | 9.91% | 13.78% | 68.52% | 20.06% | 101.97% | 86.68% |
| ROE % | 3.02% | 2.72% | 3.17% | 3.40% | 1.87% | 2.68% | 15.59% | 4.35% | 0.62% | 1.00% |
| ROCE % | 3.81% | 2.98% | 4.00% | 4.19% | 2.30% | 3.32% | 17.60% | 5.71% | 0.63% | 1.04% |
| 2.67% | 2.61% | 3.02% | 3.23% | 1.77% | 2.48% | 14.22% | 3.95% | 0.56% | 0.91% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 137 | 98 | 54 | 46 | 46 | 29 | 22 | 31 | 0 | 0 |
| Inventory Days | 179 | 155 | 129 | 158 | 133 | 86 | 67 | 52 | 0 | 0 |
| Payable Days | 166 | 80 | 77 | 94 | 85 | 74 | 70 | 75 | 0 | 0 |
| 150 | 174 | 107 | 110 | 94 | 40 | 18 | 8 | 0 | 0 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | 45.20x | 282.46x | 0.00x | 838.13x | 1086.33x | 1922.64x | 212.47x | 85.34x | 0.00x | 4229.05x |
| 9.04x | 6.95x | 6.89x | 9.97x | 6.20x | 4.99x | 3.08x | 3.23x | 14.62x | 168.90x | |
| GROWTH | ||||||||||
| Revenue Growth % | -19.84% | 3.31% | 35.37% | -18.76% | -5.57% | 38.37% | 39.03% | 19.07% | -96.95% | 62.72% |
| Operating Profit Growth % | -33.30% | 6.98% | 40.18% | 2.07% | -36.27% | 83.61% | 50.46% | 49.93% | -89.01% | 41.85% |
| Net Profit Growth % | -40.13% | 22.97% | 30.86% | 1.37% | -40.18% | 92.41% | 591.48% | -65.13% | -84.50% | 38.31% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -65.13% | -84.50% | 38.31% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 47.89x | 83.09x | 37.14x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 1.82x | 0.55x | 0.41x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.74% | 0.00% | 2.79% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 33.21x | 81.71x | 35.67x |
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