Hirect Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Engineering Pr oducts: 93.1% • EMS: 4.9% • CTC / PICC / EPICC: 2.0%
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.
PROS
- Latest quarter profit grew 409.3% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.76x)
- Working capital cycle has improved - days down from 25 to 17
- Company generates healthy free cash flow
- Company converts assets efficiently - asset turnover of 1.9x
CONS
- Receivables are growing faster than sales - a possible quality concern
- Valuation is stretched - P/E of 108.5 is well above its own 5-year median (41.2)
- Total debt has risen sharply - up 48.9% year on year
- Stock is trading at 11.3x its book value
- Recurring exceptional / one-off items are inflating headline profit
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ABB | 7393.30 | 52.44 | 156670.22 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 927.00 | 116.83 | 146044.22 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| POWERINDIA | 31580.00 | 122.36 | 140759.52 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| SIEMENS | 3947.50 | 42.92 | 140578.57 | 0.46 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| GVT&D | 4663.20 | 639.39 | 119399.62 | 0.21 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3179.80 | 76.10 | 113239.20 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2567.50 | 19.35 | 73854.48 | 0.16 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17440.85 | 61.81 | 73028.91 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1121.10 | 43.08 | 70355.94 | 0.89 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 45.60 | 19.93 | 62680.10 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1197.05 | 155.76 | 28621.95 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| HIRECT | 1275.45 | 108.55 | 4522.57 | 0.11 | 65.01 | 409.28 | 2584.48 | 1103.37 | 18.54 | 5.11 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 137 | 151 | 136 | 166 | 169 | 185 | 215 | 227 | 277 | 280 | 2,584 | |
| 123 | 138 | 121 | 148 | 151 | 165 | 191 | 201 | 252 | 271 | 2,547 | |
| Operating Profit | 13 | 14 | 14 | 18 | 18 | 20 | 24 | 26 | 26 | 8 | 38 |
| OPM % | 9.87% | 8.92% | 10.68% | 11.04% | 10.43% | 10.75% | 11.28% | 11.40% | 9.21% | 3.01% | 1.46% |
| -7 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | -1 | 0 | 8 | |
| Interest | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 4 | 47 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 4 | 47 |
| Profit before Tax | 1 | 8 | 10 | 13 | 13 | 14 | 18 | 20 | 15 | 1 | 116 |
| Tax % | -14.39% | 33.85% | 28.70% | 21.27% | 25.63% | 28.62% | 29.50% | 25.05% | 17.10% | 287.06% | 44.10% |
| Net Profit | 0 | 0 | 0 | 0 | 10 | 10 | 13 | 15 | 13 | -2 | 65 |
| 89.00 | 2.99 | 4.04 | 5.95 | 5.84 | 2.91 | 7.44 | 8.58 | 7.58 | 1.31 | 2.74 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|
| 518 | 655 | 999 | 3,369 | |
| 476 | 585 | 919 | 3,271 | |
| Operating Profit | 42 | 71 | 80 | 98 |
| OPM % | 8.07% | 10.80% | 8.02% | 2.90% |
| -3 | 1 | 5 | 7 | |
| Interest | 13 | 14 | 17 | 60 |
| Depreciation | 7 | 8 | 14 | 58 |
| Profit before Tax | 18 | 50 | 54 | 152 |
| Tax % | 29.28% | 25.94% | 28.41% | 40.28% |
| Net Profit | 13 | 37 | 39 | 91 |
| EPS | 7.30 | 21.62 | 13.10 | — |
| Dividend Payout % | 16.44% | 9.25% | 10.69% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 40%
- 5 Years:
- 65%
- 3 Years:
- 90%
- 1 Year:
- 44%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 19%
- Last Year:
- 21%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| Equity Capital | 3 | 3 | 7 |
| Minority Interest | 0 | 0 | -3 |
| 121 | 156 | 194 | |
| 124 | 153 | 229 | |
| Trade Payables | 47 | 60 | 119 |
| 33 | 45 | 116 | |
| Total Liabilities | 329 | 417 | 662 |
| 90 | 107 | 196 | |
| Capital Work in Progress | 8 | 7 | 3 |
| 97 | 121 | 149 | |
| 89 | 110 | 246 | |
| Cash & Bank | 2 | 1 | 5 |
| 44 | 72 | 62 | |
| Total Assets | 329 | 417 | 662 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| 34 | 36 | 86 | |
| Cash from Investing | -19 | -25 | -90 |
| Cash from Financing | -14 | -11 | 8 |
| 0 | -0 | 4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Hirect Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-03 - Hirect Limited has informed the Exchange regarding Notice of Postal Ballot
2026-08-21 - Hirect Limited has informed the Exchange about Credit Rating
2026-08-18 - Hirect Limited has informed the Exchange about Transcript
2026-08-17 - Hind Rectifiers Limited has informed the Exchange about dispatch of Dividend
2026-08-14 - Hind Rectifiers Limited has informed the Exchange about Schedule of meet
2026-08-12 - HIRECT: Members of the Exchange are hereby informed that the name of Hind Rectifiers Limited will be changed to Hirect Limited w.e.f. August 18, 2026.
2026-08-12 - Hind Rectifiers Limited has informed the Exchange about Link of Recording
2026-08-12 - Hind Rectifiers Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for HIRECT
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