Hind Rectifiers Limited · NSE:HIRECT
Hind Rectifiers — Q2 & H1 FY26 Earnings Presentation
35 slides from Hind Rectifiers's earnings presentation, Nov 6, 2025
Slide 1: Regulation 30 Intimation Cover Letter to Exchanges
Ref No. HIRECT/SEC/2025-26/60 Date: November 06, 2025 To, To, The General Manager, General Manager, BSE Limited, National Stock Exchange Limited Phiroz Jeejeebhoy Towers, Exchange Plaza, 5th Floor, C-1, Block ‘G Dalal Street, Mumbai 400 001. Bandra Kurla Complex, Bandra (East) Mumbai 400 051. BSE Sc
Slide 2: From Resolve to Rise - Investor Presentation November 2025
From Resolve Investor Presentation to Rise November 2025
Slide 3: Table Of Contents
Table Of Contents Page No. 1 Q2 & H1FY26 Financial Highlights 04 2 Strategic Updates 13 3 Company Overview 16 4 Strategic Roadmap & Way Forward 25 5 Historical Financials 29 2
Slide 4: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Hind Rectifiers Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any secu
Slide 5: Q2 & H1 FY26 Financial Highlights
Q2 & H1 FY26 Financial Highlights
Slide 6: Consolidated Financial Highlights - Q2 & H1 FY26
Consolidated Financial Highlights - Q2 & H1 FY26 (INR Cr) Revenue EBITDA & Margin (%) PBT & Margin (%) PAT & Margin (%) Q2 FY26 Rs. 227.1Crore Rs. 25.9 Crore Rs. 19.6 Crore Rs. 14.7 Crore 37.0% YoY 41.4% YoY 51.9% YoY 44.6% YoY Margin 11.4% Margin 8.6% Margin 6.5% H1 FY26 Rs. 441.9 Crore Rs. 50.1 Cr
Slide 7: Consolidated Financial Highlights
Consolidated Financial Highlights Working Capital (In Days) Cash Conversion Cycle (In Days) ROCE* ROE** 96 103 26.3% 31.4% 24.1% 80 87 25.9% H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 H1 FY25 H1 FY26 Enhanced Working Capital Management Driving Higher ROCE and ROE… ● The Company achieved a notab
Slide 8: Management Commentary
Management Commentary Commenting on the performance Suramya Nevatia, Chairman & Managing Director of Hind Rectifiers Limited said, “We are pleased to report strong financial performance driven by sustained business momentum, driven by disciplined execution, a robust order pipeline, and continued pro
Slide 9: Key Operational & Business Highlights – Q2 & H1 FY26
Key Operational & Business Highlights – Q2 & H1 FY26 01 Robust order book at INR 1,099 crore as of 30th September 2025, primarily driven by railway sector expansion and government initiatives Secured notable export orders for Traction Transformers to Germany and 02 IGBT-based Inverters to the USA, s
Slide 10: Orderbook Position as on 30th September 2025
Orderbook Position as on 30th September 2025 Driving Success Through a Growing Order Book Order Book Mix & Revenue Mix 1,099 Product wise Revenue Mix – H1 FY26 Product wise Order Book Mix – H1 FY26 893 3.1% 1.6% 5.5% 6.9% 13.6% 534 Railway Transformer 22.1% Railway Electro Mechanical 368 441.9 Cr 50
Slide 11: Profit and Loss Statement
Profit and Loss Statement Particulars (INR Cr) Q2 FY26 Q2 FY25 Y-o-Y (%) Q1 FY26 Q-o-Q (%) H1 FY26 H1 FY25 Y-o-Y (%) Revenue from operations 227.1 165.8 37.0% 214.8 5.8% 441.9 301.4 46.6% COGS 169.6 119.3 158.5 328.1 216.5 Gross Profit 57.6 46.5 23.7% 56.2 2.4% 113.8 84.9 34.1% Gross Profit Margin 2
Slide 12: Balance Sheet
Balance Sheet Assets (INR Cr) Sep-25 Mar-25 Liabilities (INR Cr) Sep-25 Mar-25 Non-Current Assets Equity Property, Plant and Equipment 87.3 86.6 Equity Share capital 3.4 3.4 Capital work-in-progress 54.2 6.8 Other Equity 186.8 156.5 Other Intangible Asset 16.9 15.7 Total Equity 190.2 159.9 Intangibl
Slide 13: Cashflow Statement
Cashflow Statement Particulars (INR Cr) H1 FY26 H1 FY25 Net Profit Before Tax* 37.7 22.7 Adjustments for: Non-Cash Items / Other Investment or Financial Items 20.6 19.4 Operating profit before working capital changes 58.3 42.0 Changes in working capital 13.5 -18.3 Cash generated from Operations 71.8
Slide 14: Strategic Updates
Pri. Hind Rectifiers Limited Strategic
Slide 15: Hirect acquires BeLink Solutions to Build European Hub for Robotics, Power Electronics & EMS
Hirect acquires BeLink Solutions to Build European Hub for Robotics, Power Electronics & EMS Hind Rectifiers Limited, through its subsidiary ‘BELINK HIRECT SAS’, has acquired the business and operating assets of ‘BeLink Solutions’, a France-based Robotics, EMS and Electronics R&D company with 38 yea
Slide 16: Strengthening Core Capabilities through Backward Integration in Copper Conductors
Strengthening Core Capabilities through Backward Integration in Copper Conductors Hind Rectifiers Ltd. commences commercial production of highly specialised Copper Conductors for the Transformer Industry Key Benefits Integrated into Hirect’s Railway & Industrial Systems product portfolio Continuousl
Slide 17: Company Overview
Company Pri. Hind Rectifiers Limited
Slide 18: Leader in Design & Development of Electrical & Electronic Equipment
Leader in Design & Development of Electrical & Electronic Equipment Manufacturers of Highly specialized Precision engineering leader driving India’s rail electrification and and intricately engineered products modernization, designing and delivering mission-critical State of Art Manufacturing facili
Slide 19: Hirect at a Glance
Hirect at a Glance 67 745* 8 500+ Years of Excellence Permanent Employees Global Accreditations Marquee Clients 2 2 6 30+ R&D Centers Manufacturing Plants Offices Exports *Including Belink solutions’ employees 18
Slide 20: Journey So Far
Journey So Far • Acquired a 26,930 Sq. Mts. plot in Sinnar, Nashik, from MIDC • Celebrated Golden Jubilee, marking 50 years of operations • Commissioned a state-of-the-art • Commissioned a manufacturing manufacturing facility in Sinnar to • Continued expanding facility in Dehradun for railway suppor
Slide 21: Product Portfolio
Product Portfolio Railway Systems Industrial Systems IGBT Traction Traction Traction Single & Three Mid Frequency High Frequency Converter Transformers Motors Phase ESP Power Supplies Power Supplies Railway Vehicle DC Substation Thyristor Controlled Water Cooled HVAC Systems SMPS Rectifiers Control
Slide 22: Diversified End Use
Powering Progress Across Key Industries A Snapshot of Hirect’s Manufacturing Prowess 22,000+ Diversified End Use ESP Transformers & Rectifiers Railway Sector Power Generation Defense Sector 2,200+ Locomotives & Coach Transformers 2,500+ Coach Underslung Inverters Inceneration & Gassification Cement
Slide 23: Strategic Locations for PAN India Presence & Distribution
Strategic Locations for PAN India Presence & Distribution Products Manufactured Satpur Plant: Traction Transformers France Electrostatic Precipitators (High Voltage Rectifiers) Thyristor Controlled Rectifiers, Water Cooled Rectifiers Constant Current Rectifiers New Delhi Railway Control Panels for L
Slide 24: Board of Directors & Leadership Team
Board of Directors & Leadership Team Board of Directors Suramya Nevatia Akshada Nevatia Chairman & Managing Executive Director Director Parimal Rameshchandra Vandan Shah Ashlesha Bodas Vishal Pacheriwala Merchant Independent Non- Independent Non- Independent Non- Non-Independent Non- Executive Direc
Slide 25: Advancing with a Stellar Marquee Clientele
Advancing with a Stellar Marquee Clientele Logos displayed are for representation purposes only and remain the property of their respective owners 24
Slide 26: Strategic Roadmap & Way Forward
Strategic Roadmap & Way Forward
Slide 27: Growth to be Assisted by Strong Industry Tailwinds
Growth to be Assisted by Strong Industry Tailwinds Locomotive demands Indian Railway Sector: Key Highlights • Government budgetary support surged from INR 678 billion in Demand for total No of Loco Motives* FY20 to INR 2,520 billion in FY26 Infrastructure 46,017 Investments • Capital expenditure of
Slide 28: Growth Drivers
Growth Drivers Favorable Industry Tailwinds • Annual Capex Investments of ~35Billion USD by Indian Railways Strengthening Manufacturing Capacity and Metros with growth forecast of >8% YoY • Expanding Sinnar and Satpur facilities to add new product lines. • GoI’s focus on growth of manufacturing sect
Slide 29: Advancing Technology Through Research & Development
Advancing Technology Through Research & Development Railway Propulsion and Traction Solutions • Hind Rectifiers is enhancing its product portfolio with high power traction solutions for locomotives and EMUs • These cutting-edge developments improve performance, reinforcing its position as a leader i
Slide 30: Financials
Pri. Hind Rectifiers Limited
Slide 31: Historical Financial Snapshot
Historical Financial Snapshot (INR cr) Revenue from Operations EBITDA & EBITDA Margins PAT & PAT Margins 6.4% 6.0% 4.2% 8.5% 10.7% 1.7% 2.1% -1.8% 2.4% 5.7% 655.4 CAGR:+21% 70.3 517.6 37.1 CAGR:+38% CAGR: +62% 372.1 359.1 44.2 305.1 12.5 5.3 7.8 19.5 22.2 15.1 -6.4 FY21 FY22 FY23 FY24 FY25 FY21 FY22
Slide 32: Profit & Loss Account
Profit & Loss Account Particulars (INR Cr) FY25 FY24 FY23 FY22 FY21 Revenue from operations 655.4 517.6 359.1 372.1 305.1 COGS 478.3 384.3 279.6 288.3 235.7 Gross Profit 177.1 133.2 79.5 83.8 69.4 Gross Profit Margin 27.0% 25.7% 22.1% 22.5% 22.8% Employee Expenses 63.3 52.3 39.1 36.6 32.7 Other Expe
Slide 33: Balance Sheet Statement
Balance Sheet Statement Assets (INR Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Liabilities (INR Cr) Mar-25 Mar-24 Mar-23 Mar-22 Mar-21 Non-Current Assets Equity Property, Plant and Equipment 86.6 76.8 72.7 40.0 35.6 Equity Share capital 3.4 3.4 3.4 3.3 3.3 Capital work-in-progress 6.8 8.2 6.9 17.7 8.7 O
Slide 34: Cashflow Statement
Cashflow Statement Particulars (INR Cr) FY25 FY24 FY23 FY22 FY21 Net Profit Before Tax* 50.1 17.7 -8.7 11.2 7.4 Adjustments for: Non-Cash Items / Other Investment or Financial Items 35.7 30.6 23.9 11.2 12.3 Operating profit before working capital changes 85.8 48.3 15.2 22.4 19.7 Changes in working c
Slide 35: Contact Us
Contact Us Company: Investor Relations Advisor: Company CIN: : L28900MH1958PLC011077 CIN: : U74140MH2010PTC204285 Ms. Anil Kumar Nemani Mr. Nitin Agarwal / Mr. Karan Thakker E: investors@hirect.com E: nitin.agarwal@sgapl.net / karan.thakker@sgapl.net T: +91 2249601775 T: +91 8303 879589 / +91 81699