Hind Rectifiers Limited · NSE:HIRECT
Hind Rectifiers — Q3 FY26 Earnings Presentation
33 slides from Hind Rectifiers's earnings presentation, Feb 11, 2026
Slide 1: Cover letter to stock exchanges
Ref No. HIRECT/SEC/2025-26/73 Date: February 11, 2026 To, To, The General Manager, The General Manager, National Stock Exchange Limited BSE Limited, Exchange Plaza, Bandra-Kurla Complex, Phiroze Jeejeebhoy Towers, Dalal Street, Bandra (East), Mumbai-400051. Mumbai- 400 001. NSE Symbol: HIRECT BSE Sc
Slide 2: From Resolve to Rise - Investor Presentation February 2026
From Resolve Investor Presentation to Rise February 2026
Slide 3: Table Of Contents
Table Of Contents Page No. 1 Q3 & 9M FY26 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: Q3 & 9M FY26 Financial Highlights
Q3 & 9M FY26 Financial Highlights
Slide 6: Management Commentary
Management Commentary Commenting on the performance Suramya Nevatia, Chairman & Managing Director of Hind Rectifiers Limited said, “We are pleased to report strong operational and financial performance during Q3FY26, driven by sustained demand across the railways and Industrial segment. Strong Finan
Slide 7: Consolidated Financial Highlights – Q3 & 9M FY26
Consolidated Financial Highlights – Q3 & 9M FY26 (INR Cr) PBT before Exceptional Items PAT# Excluding Minority Revenue EBITDA & Margin (%) & Margin (%) Interest & Margin (%) Q3 FY26 Rs. 277.4 Crore Rs. 25.5 Crore Rs. 16.6 Crore Rs. 13.0 Crore 64.2% YoY 44.9% YoY 23.3% YoY 30.1% YoY Margin 9.2% Margi
Slide 8: Orderbook Position as on 31st December 2025
Orderbook Position as on 31st December 2025 Driving Success Through a Growing Order Book (INR Cr) Order Book Mix & Revenue Mix 1,013 Product wise Revenue Mix – 9M FY26 Product wise Order Book Mix – 9M FY26 893 3.2% 1.2% 5.1% 8.9% 534 0.4% Railway Transformer 19.7% 18.5% Railway Electro Mechanical 35
Slide 9: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (INR Cr) Q3 FY26 Q3FY25 Y-o-Y (%) Q2 FY26 Q-o-Q (%) 9M FY26 9M FY25 Y-o-Y (%) Revenue from operations 277.4 168.9 64.2% 227.1 22.1% 719.3 470.3 52.9% COGS 199.1 124.8 169.6 527.2 341.3 Gross Profit 78.3 44.2 77.4% 57.6 36.1% 192.1 129.1 48.9% Gross
Slide 10: Standalone Profit and Loss Statement
Standalone Profit and Loss Statement Particulars (INR Cr) Q3 FY26 Q3FY25 Y-o-Y (%) Q2 FY26 Q-o-Q (%) 9M FY26 9M FY25 Y-o-Y (%) Revenue from operations 243.3 168.9 44.0% 227.1 7.1% 685.2 470.3 45.7% COGS 187.2 124.8 169.6 515.3 341.3 Gross Profit 56.1 44.2 27.0% 57.6 -2.6% 169.9 129.1 31.6% Gross Pro
Slide 11: Strategic Updates
Pri. Hind Rectifiers Limited Strategic
Slide 12: Hirect acquires BeLink Solutions to Build European Hub
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 13: Strengthening Core Capabilities through Backward Integration in Copper Conductors
Strengthening Core Capabilities through Backward Integration in Copper Conductors Strengthening Backward Integration Capability through in house production of highly specialised Copper Conductors for the Transformer Industry Key Benefits Capex: Rs.56 crore (funded Continuously • Creates a new vertic
Slide 14: Company Overview
Company Pri. Hind Rectifiers Limited
Slide 15: 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 16: Hirect at a Glance
Hirect at a Glance 67 778* 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 15
Slide 17: 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 18: Product Portfolio
Product Portfolio Railway Systems Industrial Systems IGBT Traction Railway Vehicle Traction Single & Three Mid Frequency High Frequency Converter Control Unit Transformers Phase ESP Power Supplies Power Supplies Hotel Load Traction Thyristor Controlled Water Cooled HVAC Systems SMPS Rectifiers Conve
Slide 19: Belink Solutions: Product Portfolio
Belink Solutions: Product Portfolio Target Industries Automotive Electronics: High-reliability electronic boards and PCBs for connected and electric vehicles Defence & Aerospace: Mission-critical electronics for secure, regulated, and sensitive environments Railway Systems: Safety-critical electroni
Slide 20: 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 21: 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 22: 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 23: 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 22
Slide 24: Strategic Roadmap & Way Forward
Strategic Roadmap & Way Forward
Slide 25: Growth to be Assisted by Strong Industry Tailwinds
Growth to be Assisted by Strong Industry Tailwinds Locomotive demands Indian Railway Sector: Key Highlights • The Union Budget 2026 allocated a record INR 2,93,030 crore Demand for total No of Loco Motives* to the Ministry of Railways Infrastructure • The funding is targeted at new lines, gauge conv
Slide 26: 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 27: 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 28: Financials
Pri. Hind Rectifiers Limited
Slide 29: 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 30: 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 31: 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 32: 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 33: 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