Hirect Ltd.
•₹ 1,273.7-0.37%
2026-08-21
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 107.8 is well above its own 5-year median (50.4)
- 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
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | ABB | 7400.00 | 52.48 | 156812.20 | 0.53 | 3623.00 | 930.02 | 35588.70 | 1110.31 | 30.18 | 12.56 |
| 2. | POWERINDIA | 33550.00 | 0.00 | 149540.28 | 0.02 | 294.15 | 123.52 | 2493.69 | 74.46 | 28.73 | 14.58 |
| 3. | SIEMENS | 3880.10 | 42.19 | 138178.32 | 0.46 | 214.31 | -49.38 | 4713.70 | 8.44 | 21.42 | 9.14 |
| 4. | CGPOWER | 862.90 | 108.75 | 135945.59 | 0.15 | 308.28 | 15.52 | 3280.81 | 13.99 | 27.94 | 12.11 |
| 5. | ENRIN | 3483.60 | 0.00 | 124058.14 | 0.11 | 4409.00 | 1578.34 | 24856.00 | 1292.81 | 40.19 | 23.56 |
| 6. | GVT&D | 4119.00 | 564.77 | 105465.57 | 0.24 | 362.99 | 24.65 | 1836.14 | 38.04 | 75.51 | 25.10 |
| 7. | HAVELLS | 1278.00 | 49.11 | 80202.38 | 0.78 | 289.71 | -16.64 | 6518.19 | 19.48 | 25.74 | 7.15 |
| 8. | WAAREEENER | 2688.00 | 20.26 | 77320.68 | 0.15 | 891.87 | 15.39 | 7931.79 | 79.22 | 34.71 | 18.15 |
| 9. | APARINDS | 16607.65 | 58.86 | 69540.11 | 0.36 | 4674.50 | 1677.98 | 65910.60 | 1191.31 | 33.47 | 11.50 |
| 10. | SUZLON | 46.78 | 20.45 | 64302.09 | 0.00 | 305.22 | -5.89 | 3829.09 | 22.83 | 35.79 | 15.55 |
| 11. | SCHNEIDER | 1254.75 | 0.00 | 30001.58 | 0.00 | 124.40 | 201.65 | 6513.60 | 947.83 | 31.01 | 5.23 |
| 12. | HIRECT | 1266.10 | 107.75 | 4489.41 | 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 | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — |
| Other Income | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 43 |
| Interest | 3 | 4 | 3 | 3 | 3 | 4 | 4 | 4 | 5 | 4 | 47 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 4 | 4 | 47 |
| 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 | 3 | 4 | 6 | 6 | 3 | 7 | 9 | 8 | 1 | 3 | |
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 7 | 69 |
| Reserves | 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% |
| Equity Capital | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 7 | 69 |
| Reserves | 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% |
Dec 2023
- 137
- 123
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 3
- Depreciation
- 2
- 1
- Tax %
- -14.39%
- Net Profit
- 0
- 89
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 151
- 138
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 2
- 8
- Tax %
- 33.85%
- Net Profit
- 0
- 3
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 136
- 121
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 3
- Depreciation
- 2
- 10
- Tax %
- 28.70%
- Net Profit
- 0
- 4
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 166
- 148
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 3
- Depreciation
- 2
- 13
- Tax %
- 21.27%
- Net Profit
- 0
- 6
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 169
- 151
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 3
- Depreciation
- 2
- 13
- Tax %
- 25.63%
- Net Profit
- 10
- 6
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 185
- 165
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 2
- 14
- Tax %
- 28.62%
- Net Profit
- 10
- 3
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 215
- 191
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 3
- 18
- Tax %
- 29.50%
- Net Profit
- 13
- 7
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 227
- 201
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 4
- Depreciation
- 3
- 20
- Tax %
- 25.05%
- Net Profit
- 15
- 9
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 277
- 252
- Operating Profit
- —
- OPM %
- —
- Other Income
- 0
- Interest
- 5
- Depreciation
- 4
- 15
- Tax %
- 17.10%
- Net Profit
- 13
- 8
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 3
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 280
- 271
- Operating Profit
- —
- OPM %
- —
- Other Income
- 1
- Interest
- 4
- Depreciation
- 4
- 1
- Tax %
- 287.06%
- Net Profit
- -2
- 1
- Equity Capital
- 7
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 7
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 2,584
- 2,547
- Operating Profit
- —
- OPM %
- —
- Other Income
- 43
- Interest
- 47
- Depreciation
- 47
- 116
- Tax %
- 44.10%
- Net Profit
- 65
- 3
- Equity Capital
- 69
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 69
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 46 | 72 | 87 | — |
| OPM % | 9 | 11 | 9 | — |
| Other Income | 4 | 1 | 6 | 45 |
| Interest | 13 | 14 | 17 | 60 |
| Depreciation | 7 | 8 | 14 | 58 |
| 18 | 50 | 54 | 152 | |
| Tax % | 29 | 26 | 28 | 40 |
| Net Profit | 13 | 37 | 39 | 91 |
| EPS | 7 | 22 | 13 | — |
| Dividend Payout % | 16 | 9 | 11 | — |
| Minority Interest | 0 | 0 | 6 | -29 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 11 | 13 | — |
| Minority Interest | 0 | 0 | 6 | -29 |
| Share of Associates | 0 | 0 | 0 | 0 |
| Adjusted EPS | 4 | 11 | 13 | — |
Mar 2024
- 518
- 476
- Operating Profit
- 46
- OPM %
- 9
- Other Income
- 4
- Interest
- 13
- Depreciation
- 7
- 18
- Tax %
- 29
- Net Profit
- 13
- EPS
- 7
- Dividend Payout %
- 16
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 4
Mar 2025
- 655
- 585
- Operating Profit
- 72
- OPM %
- 11
- Other Income
- 1
- Interest
- 14
- Depreciation
- 8
- 50
- Tax %
- 26
- Net Profit
- 37
- EPS
- 22
- Dividend Payout %
- 9
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2026
- 999
- 919
- Operating Profit
- 87
- OPM %
- 9
- Other Income
- 6
- Interest
- 17
- Depreciation
- 14
- 54
- Tax %
- 28
- Net Profit
- 39
- EPS
- 13
- Dividend Payout %
- 11
- Minority Interest
- 6
- Share of Associates
- 0
- Adjusted EPS
- 13
- Minority Interest
- 6
- Share of Associates
- 0
- Adjusted EPS
- 13
TTM
- 3,369
- 3,271
- Operating Profit
- —
- OPM %
- —
- Other Income
- 45
- Interest
- 60
- Depreciation
- 58
- 152
- Tax %
- 40
- Net Profit
- 91
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- -29
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- -29
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- 75%
- 3 Years:
- 93%
- 1 Year:
- 40%
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 | |
|---|---|---|---|
| LIABILITIES | - | - | - |
| Equity Capital | 3 | 3 | 7 |
| 121 | 156 | 194 | |
| 96 | 120 | 190 | |
| Trade Payables | 47 | 60 | 119 |
| 62 | 78 | 152 | |
| Total Liabilities | 329 | 417 | 662 |
| ASSETS | - | - | - |
| 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 |
| Total Debt | 129 | 159 | 237 |
| Net Working Capital | 36 | 45 | 46 |
| Contingent Liabilities | 12 | 12 | 18 |
| Book Value per Share | 72.34 | 92.94 | 58.50 |
| Face Value | 2.00 | 2.00 | 2.00 |
| Total Debt | 129 | 159 | 237 |
| Net Working Capital | 36 | 45 | 46 |
| Contingent Liabilities | 12 | 12 | 18 |
| Book Value per Share | 72.34 | 92.94 | 58.50 |
| Face Value | 2.00 | 2.00 | 2.00 |
Mar 2024
- Equity Capital
- 3
- 121
- 96
- Trade Payables
- 47
- 62
- Total Liabilities
- 329
- 90
- Capital Work in Progress
- 8
- 97
- 89
- Cash & Bank
- 2
- 44
- Total Assets
- 329
- Total Debt
- 129
- Net Working Capital
- 36
- Contingent Liabilities
- 12
- Book Value per Share
- 72.34
- Face Value
- 2.00
- Total Debt
- 129
- Net Working Capital
- 36
- Contingent Liabilities
- 12
- Book Value per Share
- 72.34
- Face Value
- 2.00
Mar 2025
- Equity Capital
- 3
- 156
- 120
- Trade Payables
- 60
- 78
- Total Liabilities
- 417
- 107
- Capital Work in Progress
- 7
- 121
- 110
- Cash & Bank
- 1
- 72
- Total Assets
- 417
- Total Debt
- 159
- Net Working Capital
- 45
- Contingent Liabilities
- 12
- Book Value per Share
- 92.94
- Face Value
- 2.00
- Total Debt
- 159
- Net Working Capital
- 45
- Contingent Liabilities
- 12
- Book Value per Share
- 92.94
- Face Value
- 2.00
Mar 2026
- Equity Capital
- 7
- 194
- 190
- Trade Payables
- 119
- 152
- Total Liabilities
- 662
- 196
- Capital Work in Progress
- 3
- 149
- 246
- Cash & Bank
- 5
- 62
- Total Assets
- 662
- Total Debt
- 237
- Net Working Capital
- 46
- Contingent Liabilities
- 18
- Book Value per Share
- 58.50
- Face Value
- 2.00
- Total Debt
- 237
- Net Working Capital
- 46
- Contingent Liabilities
- 18
- Book Value per Share
- 58.50
- Face Value
- 2.00
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 | |
| Free Cash Flow | 34 | 17 | -12 |
| OCF / Net Profit | 2.71 | 0.96 | 2.22 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
| OCF / Net Profit | 2.71 | 0.96 | 2.22 |
| Cumulative 5-Year FCF | 0 | 0 | 0 |
Mar 2024
- 34
- Cash from Investing
- -19
- Cash from Financing
- -14
- 0
- Free Cash Flow
- 34
- OCF / Net Profit
- 2.71
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.71
- Cumulative 5-Year FCF
- 0
Mar 2025
- 36
- Cash from Investing
- -25
- Cash from Financing
- -11
- -0
- Free Cash Flow
- 17
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 0
Mar 2026
- 86
- Cash from Investing
- -90
- Cash from Financing
- 8
- 4
- Free Cash Flow
- -12
- OCF / Net Profit
- 2.22
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 2.22
- Cumulative 5-Year FCF
- 0
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|
| PER SHARE | - | - | - |
| EPS (₹) | 7.30 | 21.62 | 13.10 |
| Book Value (₹) | 72.34 | 92.94 | 58.50 |
| Dividend per Share (₹) | 1.20 | 2.00 | 1.40 |
| Cash EPS (₹) | 5.82 | 13.28 | 15.25 |
| PROFITABILITY | - | - | - |
| Operating Margin % | 8.07% | 10.80% | 8.02% |
| Net Margin % | 2.42% | 5.66% | 3.86% |
| ROE % | 10.09% | 26.18% | 21.41% |
| ROCE % | 12.26% | 22.30% | 18.54% |
| 3.80% | 9.95% | 7.15% | |
| EFFICIENCY | - | - | - |
| Debtor Days | 63 | 55 | 65 |
| Inventory Days | 68 | 61 | 49 |
| Payable Days | 45 | 41 | 44 |
| 86 | 75 | 70 | |
| FINANCIAL HEALTH | - | - | - |
| Debt to Equity (x) | 1.04x | 1.00x | 1.18x |
| Interest Coverage (x) | 2.32x | 4.66x | 4.19x |
| 1.21x | 1.21x | 1.12x | |
| GROWTH | - | - | - |
| Revenue Growth % | 0.00% | 26.63% | 52.45% |
| Operating Profit Growth % | 0.00% | 58.80% | 19.88% |
| Net Profit Growth % | 0.00% | 196.66% | 4.00% |
| 0.00% | 196.19% | -39.43% | |
| VALUATION | - | - | - |
| P/E (x) | 82.49x | 21.67x | 50.44x |
| P/B (x) | 8.32x | 10.08x | 11.29x |
| Dividend Yield % | 0.20% | 0.21% | 0.21% |
| 25.47x | 24.43x | 28.87x |
Mar 2024
- EPS (₹)
- 7.30
- Book Value (₹)
- 72.34
- Dividend per Share (₹)
- 1.20
- Cash EPS (₹)
- 5.82
- Operating Margin %
- 8.07%
- Net Margin %
- 2.42%
- ROE %
- 10.09%
- ROCE %
- 12.26%
- 3.80%
- Debtor Days
- 63
- Inventory Days
- 68
- Payable Days
- 45
- 86
- Debt to Equity (x)
- 1.04x
- Interest Coverage (x)
- 2.32x
- 1.21x
- Revenue Growth %
- 0.00%
- Operating Profit Growth %
- 0.00%
- Net Profit Growth %
- 0.00%
- 0.00%
- P/E (x)
- 82.49x
- P/B (x)
- 8.32x
- Dividend Yield %
- 0.20%
- 25.47x
Mar 2025
- EPS (₹)
- 21.62
- Book Value (₹)
- 92.94
- Dividend per Share (₹)
- 2.00
- Cash EPS (₹)
- 13.28
- Operating Margin %
- 10.80%
- Net Margin %
- 5.66%
- ROE %
- 26.18%
- ROCE %
- 22.30%
- 9.95%
- Debtor Days
- 55
- Inventory Days
- 61
- Payable Days
- 41
- 75
- Debt to Equity (x)
- 1.00x
- Interest Coverage (x)
- 4.66x
- 1.21x
- Revenue Growth %
- 26.63%
- Operating Profit Growth %
- 58.80%
- Net Profit Growth %
- 196.66%
- 196.19%
- P/E (x)
- 21.67x
- P/B (x)
- 10.08x
- Dividend Yield %
- 0.21%
- 24.43x
Mar 2026
- EPS (₹)
- 13.10
- Book Value (₹)
- 58.50
- Dividend per Share (₹)
- 1.40
- Cash EPS (₹)
- 15.25
- Operating Margin %
- 8.02%
- Net Margin %
- 3.86%
- ROE %
- 21.41%
- ROCE %
- 18.54%
- 7.15%
- Debtor Days
- 65
- Inventory Days
- 49
- Payable Days
- 44
- 70
- Debt to Equity (x)
- 1.18x
- Interest Coverage (x)
- 4.19x
- 1.12x
- Revenue Growth %
- 52.45%
- Operating Profit Growth %
- 19.88%
- Net Profit Growth %
- 4.00%
- -39.43%
- P/E (x)
- 50.44x
- P/B (x)
- 11.29x
- Dividend Yield %
- 0.21%
- 28.87x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-18 - Hirect Limited has informed the Exchange about Transcript
- General Updates
2026-08-17 - Hind Rectifiers Limited has informed the Exchange about dispatch of Dividend
Annual Reports
Credit Ratings
Nothing filed yet.
Concalls
Aug 2026
May 2026
Feb 2026