Hirect Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2018 • Equipments: 92.1% • Electronic Components: 7.9%
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 61.0% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 22.6%
- Latest quarter profit grew 1078.1% YoY, showing strong momentum
- Company has delivered good sales growth of 25.5% CAGR over last 5 years
- Operating margins have improved to 10.3% from 4.4%
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.49x)
CONS
- Receivables are growing faster than sales - a possible quality concern
- Valuation is stretched - P/E of 73.6 is well above its own 5-year median (39.4)
- Total debt has risen sharply - up 39.8% year on year
- Stock is trading at 10.6x 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 | 7269.10 | 51.56 | 154038.32 | 0.54 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| CGPOWER | 910.00 | 114.69 | 143365.96 | 0.14 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| SIEMENS | 3960.90 | 43.07 | 141055.77 | 0.45 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| POWERINDIA | 31415.40 | 121.72 | 140025.86 | 0.03 | 2941.50 | 2135.18 | 24936.90 | 1586.18 | 28.73 | 14.58 |
| GVT&D | 4545.00 | 623.18 | 116373.15 | 0.22 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| ENRIN | 3178.75 | 76.08 | 113201.81 | 0.13 | 440.90 | 67.83 | 2485.60 | 39.28 | 40.19 | 23.56 |
| WAAREEENER | 2627.50 | 19.80 | 75580.39 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 37.92 | 18.15 |
| APARINDS | 17496.15 | 62.01 | 73260.47 | 0.34 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 31.84 | 11.50 |
| HAVELLS | 1114.80 | 42.84 | 69960.57 | 0.90 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| SUZLON | 44.16 | 19.31 | 60700.73 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| SCHNEIDER | 1227.70 | 159.75 | 29354.80 | 0.00 | 12.44 | -69.84 | 651.36 | 4.78 | 31.01 | 5.23 |
| HIRECT | 1244.60 | 105.92 | 4413.18 | 0.11 | 65.01 | 409.28 | 2584.48 | 1103.37 | 18.54 | 5.11 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 98 | 132 | 137 | 151 | 136 | 166 | 169 | 185 | 215 | 227 | 243 | 264 | 2,364 | |
| 91 | 121 | 123 | 138 | 121 | 148 | 151 | 165 | 190 | 201 | 218 | 237 | 2,200 | |
| Operating Profit | 7 | 11 | 13 | 14 | 14 | 18 | 18 | 20 | 24 | 26 | 25 | 27 | 164 |
| OPM % | 6.80% | 8.05% | 9.87% | 8.92% | 10.68% | 11.04% | 10.43% | 10.84% | 11.30% | 11.41% | 10.47% | 10.17% | 6.93% |
| 0 | 0 | -7 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | -1 | -0 | -32 | |
| Interest | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 4 | 46 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 40 |
| Profit before Tax | 3 | 6 | 1 | 8 | 10 | 13 | 13 | 14 | 18 | 20 | 16 | 19 | 202 |
| Tax % | 27.76% | 33.67% | -14.39% | 33.85% | 28.70% | 21.27% | 25.63% | 28.32% | 29.42% | 25.01% | 16.02% | 12.96% | 25.42% |
| Net Profit | 2 | 4 | 2 | 5 | 7 | 10 | 10 | 10 | 13 | 15 | 14 | 16 | 151 |
| 1.11 | 2.32 | 4.97 | 2.99 | 4.04 | 5.95 | 5.84 | 2.96 | 7.47 | 8.59 | 7.99 | 4.77 | 4.39 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 111 | 126 | 255 | 300 | 305 | 372 | 359 | 518 | 655 | 949 | 3,098 | |
| 107 | 116 | 236 | 262 | 285 | 349 | 344 | 476 | 584 | 851 | 2,856 | |
| Operating Profit | 5 | 10 | 19 | 38 | 20 | 23 | 15 | 42 | 71 | 98 | 242 |
| OPM % | 4.23% | 7.83% | 7.47% | 12.68% | 6.56% | 6.09% | 4.30% | 8.07% | 10.83% | 10.34% | 7.81% |
| -7 | 0 | 8 | 0 | 0 | 0 | -11 | -3 | 1 | 4 | -33 | |
| Interest | 5 | 6 | 8 | 8 | 9 | 7 | 8 | 13 | 14 | 16 | 58 |
| Depreciation | 2 | 2 | 3 | 4 | 4 | 4 | 5 | 7 | 8 | 13 | 50 |
| Profit before Tax | -10 | 2 | 17 | 26 | 7 | 11 | -9 | 18 | 50 | 73 | 257 |
| Tax % | 27.04% | 34.85% | 29.18% | 29.58% | 27.59% | 30.13% | 26.73% | 29.28% | 25.86% | 20.98% | 23.88% |
| Net Profit | -7 | 1 | 12 | 18 | 5 | 8 | -6 | 13 | 37 | 58 | 196 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 3.22 | 4.68 | -3.84 | 7.30 | 21.71 | 16.78 | — |
| Dividend Payout % | 0.00% | 0.00% | 5.62% | 7.17% | 12.43% | 8.50% | 0.00% | 16.44% | 9.21% | 8.34% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 26%
- 5 Years:
- 25%
- 3 Years:
- 38%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 61%
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- 40%
- 5 Years:
- 65%
- 3 Years:
- 91%
- 1 Year:
- 48%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 14%
- 3 Years:
- 23%
- Last Year:
- 31%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 7 |
| 50 | 63 | 75 | 92 | 96 | 104 | 108 | 121 | 156 | 207 | |
| 40 | 48 | 59 | 85 | 77 | 67 | 95 | 124 | 153 | 210 | |
| Trade Payables | 12 | 28 | 33 | 39 | 42 | 48 | 53 | 47 | 60 | 112 |
| -4 | -0 | 8 | 18 | 18 | 22 | 28 | 33 | 45 | 77 | |
| Total Liabilities | 102 | 142 | 178 | 238 | 237 | 244 | 288 | 329 | 418 | 613 |
| 20 | 27 | 26 | 33 | 41 | 48 | 80 | 90 | 107 | 167 | |
| Capital Work in Progress | 1 | 0 | 6 | 9 | 9 | 18 | 7 | 8 | 7 | 3 |
| 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | 18 | |
| 27 | 34 | 54 | 69 | 69 | 77 | 92 | 97 | 121 | 135 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89 | 110 | 227 | |
| Cash & Bank | 1 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 1 | 1 |
| 52 | 78 | 89 | 117 | 118 | 99 | 107 | 44 | 72 | 61 | |
| Total Assets | 102 | 142 | 178 | 238 | 237 | 244 | 288 | 329 | 418 | 613 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4 | -4 | 8 | 8 | 24 | 39 | 34 | 34 | 36 | 91 | |
| Cash from Investing | -4 | -10 | -10 | -22 | -8 | -20 | -29 | -19 | -25 | -85 |
| Cash from Financing | 4 | 15 | 3 | 19 | -15 | -17 | -4 | -14 | -11 | -6 |
| -3 | 1 | -1 | 1 | -1 | -0 | 0 | 0 | -0 | 0 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
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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Hirect Ltd.
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