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Hind Rectifiers Limited
(HIRECT)
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Rating:56Neutral
Price Target:
₹1,310.00
▼(-10.98% Downside)
Action:Reiterated
Date:07/16/26
The score is primarily held back by elevated valuation (P/E ~97) and heightened fundamental risk from increased leverage and volatile free cash flow (negative in 2026). Offsetting these, the business shows strong multi-year revenue growth and improved profitability, while technicals indicate the stock is still above key moving averages but with weakening momentum signals.
Positive Factors
Revenue Growth
Sustained revenue growth from ~3.0B to ~10.0B over five years indicates durable demand traction across industrial and infrastructure end markets. This scale expansion supports operational leverage, supplier negotiation power and continued investment in engineering and project capabilities, strengthening long-term competitive position.
Negative Factors
Elevated Leverage
Debt exceeding equity signals a materially higher leverage profile after rapid scaling. Elevated leverage increases sensitivity to rate moves and downturns, restricts financial flexibility for bidding large projects or absorbing delays, and raises fixed interest costs that can pressure margins in weaker cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained revenue growth from ~3.0B to ~10.0B over five years indicates durable demand traction across industrial and infrastructure end markets. This scale expansion supports operational leverage, supplier negotiation power and continued investment in engineering and project capabilities, strengthening long-term competitive position.
Read all positive factors
Hind Rectifiers Limited (HIRECT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹43.25B
Dividend Yield0.11%
Average Volume (3M)3.93K
Price to Earnings (P/E)103.8
Beta (1Y)1.36
Revenue Growth41.95%
EPS Growth-3.11%
CountryIN
Employees679
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)12.13
Shares Outstanding34,372,240
10 Day Avg. Volume1,446
30 Day Avg. Volume3,930
Financial Highlights & Ratios
PEG Ratio2.39
Price to Book (P/B)10.87
Price to Sales (P/S)2.27
P/FCF Ratio-86.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hind Rectifiers Limited Business Overview & Revenue Model
Company Description
Mumbai-headquartered Hind Rectifiers Limited, established in 1958, specializes in the development, engineering, manufacturing, and global distribution of power semiconductor components, electronic power systems, and critical railway transportation...
How the Company Makes Money
HIRECT primarily makes money by selling engineered power electronics and electrical equipment and executing associated project/contract work for customers that require power conversion and control systems. Key revenue streams include: (1) Product ...
Hind Rectifiers Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
58
Neutral
Cash Flow
49
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.43B | 9.99B | 6.55B | 5.17B | 3.59B | 3.72B |
| Gross Profit | 1.92B | 1.37B | 1.77B | 1.31B | 795.31M | 828.28M |
| EBITDA | 724.86M | 837.25M | 686.98M | 378.62M | 49.51M | 225.34M |
| Net Income | 413.48M | 450.08M | 371.13M | 125.10M | -63.63M | 77.98M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 6.62B | 4.17B | 3.31B | 2.92B | 2.46B |
| Cash, Cash Equivalents and Short-Term Investments | 39.14M | 117.83M | 31.71M | 34.60M | 81.50M | 36.22M |
| Total Debt | 0.00 | 2.45B | 1.64B | 1.35B | 1.05B | 749.90M |
| Total Liabilities | -2.06B | 4.56B | 2.57B | 2.06B | 1.81B | 1.39B |
| Stockholders Equity | 2.06B | 2.09B | 1.60B | 1.25B | 1.12B | 1.07B |
Cash Flow | ||||||
| Free Cash Flow | 99.26M | -262.10M | 129.09M | 195.65M | -212.40M | 161.91M |
| Operating Cash Flow | 633.15M | 711.83M | 356.25M | 338.98M | 330.25M | 362.66M |
| Investing Cash Flow | -432.04M | -907.04M | -253.06M | -194.73M | -293.02M | -206.03M |
| Financing Cash Flow | 45.27M | 231.75M | -107.38M | -142.64M | -36.79M | -159.45M |
Hind Rectifiers Limited Technical Analysis
Positive
1471.60
Price Trends
1199.25
Positive
1052.45
Positive
890.34
Positive
Market Momentum
17.06
Positive
52.07
Neutral
48.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HIRECT, the sentiment is Positive. The current price of 1471.6 is above the 20-day moving average (MA) of 1293.00, above the 50-day MA of 1199.25, and above the 200-day MA of 890.34, indicating a neutral trend. The MACD of 17.06 indicates Positive momentum. The RSI at 52.07 is Neutral, neither overbought nor oversold. The STOCH value of 48.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:HIRECT.
Hind Rectifiers Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹101.06B | 31.91 | ― | 1.09% | 17.84% | -2.60% | |
74 Outperform | ₹88.95B | 34.14 | ― | 0.07% | 14.60% | -0.37% | |
56 Neutral | ₹43.25B | 103.76 | ― | 0.13% | 41.95% | -3.11% | |
56 Neutral | ₹25.97B | 23.23 | ― | 1.39% | 18.29% | -18.73% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹20.60B | -8.21 | ― | ― | 55.63% | -14.29% | |
48 Neutral | ₹18.56B | 49.73 | ― | 0.06% | 7.40% | 14.85% |
* General Sector Average
IN:HIRECT
Hind Rectifiers Limited
1,262.60
247.29
24.36%
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11.19%
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Hind Rectifiers Limited Corporate Events
Hirect overhauls leadership and boosts UAE subsidiary with fresh investment
Aug 11, 2026
Hirect Limited’s board has approved the appointment of Chidambaram Balakrishnan as Global Chief Executive Officer and senior management personnel for the company and its subsidiaries, succeeding Douglas J. Bailey following his resignation on...
Hirect Limited Wins First Rs 60 Crore MEMU Propulsion Order from Indian Railways
Jul 26, 2026
Hirect Limited, formerly Hind Rectifiers Limited, is a railway and power electronics supplier that provides propulsion systems and other electrical equipment for rail transport, with a strong focus on domestic Indian Railways contracts. The compan...
Hirect wins first Rs 60 crore Vande Metro order from Indian Railways
Jul 25, 2026
Hirect Limited has secured its first development order from Indian Railways for the Vande Metro (Namo Bharat) trainset, marking a significant entry into this new segment of rolling stock equipment supply. The domestic supply order, valued at appro...
Hind Rectifiers Rebrands as Hirect Limited After Regulatory Approval
Jul 24, 2026
Hind Rectifiers Limited has officially rebranded as Hirect Limited, following approval from the Ministry of Corporate Affairs, with the new name effective July 24, 2026. The company’s Memorandum and Articles of Association have been amended ...
Hind Rectifiers files SEBI dematerialisation compliance certificate for June quarter
Jul 4, 2026
Hind Rectifiers Limited has submitted a quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, covering the period ended June 30, 2026. The filing, supported by its registrar and shar...
Hind Rectifiers Shareholders Clear All Resolutions via Postal Ballot
Jun 16, 2026
Hind Rectifiers Limited has informed stock exchanges that it conducted a postal ballot using remote e-voting in line with the Companies Act, 2013 and Regulation 44 of SEBI’s Listing Obligations and Disclosure Requirements. The company appoin...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.