Hirect Ltd.

•

hirect.comBSE: 504036NSE: HIRECT

Market Cap₹ 4,523 Cr.

Current Price

High / Low₹ 1,399 / 565

Stock P/E108.5

Book Value₹ 87

Price to Book11.29

Dividend Yield0.11 %

ROCE18.5 %

ROE21.4 %

Face Value₹ 2

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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 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

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

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7393.30	52.44	156670.22	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	CGPOWER	927.00	116.83	146044.22	0.14	308.28	15.52	3280.81	13.99	27.94	12.11
3.	POWERINDIA	31580.00	122.36	140759.52	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	SIEMENS	3947.50	42.92	140578.57	0.46	214.31	-49.38	4713.70	8.44	21.42	9.14
5.	GVT&D	4663.20	639.39	119399.62	0.21	362.99	24.65	1836.14	38.04	75.51	25.10
6.	ENRIN	3179.80	76.10	113239.20	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
7.	WAAREEENER	2567.50	19.35	73854.48	0.16	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17440.85	61.81	73028.91	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1121.10	43.08	70355.94	0.89	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.60	19.93	62680.10	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1197.05	155.76	28621.95	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	HIRECT	1275.45	108.55	4522.57	0.11	65.01	409.28	2584.48	1103.37	18.54	5.11

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44.05	44.05	43.98	43.98	43.98	43.93	43.93	43.93	43.92
	5.82	5.97	6.28	6.03	6.30	6.64	6.21	6.38	6.57
	0.01	0.01	0.07	0.01	0.06	0.12	0.12	0.12	0.19
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	50.12	49.96	49.65	49.97	49.64	49.31	49.74	49.57	49.32

Documents

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

2026-09-04

Copy of Newspaper Publication

2026-09-04 - Hirect Limited has informed the Exchange about Copy of Newspaper Publication

2026-09-03

Shareholders meeting

2026-09-03 - Hirect Limited has informed the Exchange regarding Notice of Postal Ballot

2026-08-21

Credit Rating

2026-08-21 - Hirect Limited has informed the Exchange about Credit Rating

2026-08-18

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-18 - Hirect Limited has informed the Exchange about Transcript

2026-08-17

General Updates

2026-08-17 - Hind Rectifiers Limited has informed the Exchange about dispatch of Dividend

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Hind Rectifiers Limited has informed the Exchange about Schedule of meet

2026-08-12

Name Change

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-12 - Hind Rectifiers Limited has informed the Exchange about Link of Recording

2026-08-12

Copy of Newspaper Publication

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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Hirect Ltd.

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Free 5nance Account

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

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

OPM %

9.87%

8.92%

10.68%

11.04%

10.43%

10.75%

11.28%

11.40%

9.21%

3.01%

1.46%

-7

-1

Interest

Depreciation

Profit before Tax

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

-2

89.00

2.99

4.04

5.95

5.84

2.91

7.44

8.58

7.58

1.31

2.74

Mar 2024

Mar 2025

Mar 2026

TTM

518

655

999

3,369

476

585

919

3,271

Operating Profit

OPM %

8.07%

10.80%

8.02%

2.90%

-3

Interest

Depreciation

Profit before Tax

152

Tax %

29.28%

25.94%

28.41%

40.28%

Net Profit

EPS

7.30

21.62

13.10

—

Dividend Payout %

16.44%

9.25%

10.69%

—

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

-3

121

156

194

124

153

229

Trade Payables

119

116

Total Liabilities

329

417

662

107

196

Capital Work in Progress

121

149

110

246

Cash & Bank

Total Assets

329

417

662

Mar 2024

Mar 2025

Mar 2026

Cash from Investing

-19

-25

-90

Cash from Financing

-14

-11

-0

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

44.05

43.98

43.93

43.92

5.82

5.97

6.28

6.03

6.30

6.64

6.21

6.38

6.57

0.01

0.07

0.01

0.06

0.12

0.19

Government

0.00

50.12

49.96

49.65

49.97

49.64

49.31

49.74

49.57

49.32

Hirect Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Hirect Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI