Hind Rectifiers Ltd
NSE:HIRECT
Hind Rectifiers Ltd
Hind Rectifiers Ltd. engages in the development, manufacture and design of power semiconductors, power electronic equipment and railway traction equipment. The company is headquartered in Mumbai, Maharashtra and currently employs 375 full-time employees. The company equipment division offers complete solutions in design, manufacturing and services in the field of power electronic equipment for aviation, power, telecommunication and various industrial plants. Its semiconductor division includes power diodes, thyristors, power modules and special products. Its traction division manufactures inverters, converters, rectifiers and transformers. Its products include high voltage power supplies for pollution control for power plants, large current rectifiers for electrochemical industries and insulated-gate bipolar transistor (IGBT) based converter, transformers and auxiliary panels for three phase locos and specially designed auxiliary panels for Linke Hofmann Busch (LHB) coaches for railway transportation.
Hind Rectifiers Ltd. engages in the development, manufacture and design of power semiconductors, power electronic equipment and railway traction equipment. The company is headquartered in Mumbai, Maharashtra and currently employs 375 full-time employees. The company equipment division offers complete solutions in design, manufacturing and services in the field of power electronic equipment for aviation, power, telecommunication and various industrial plants. Its semiconductor division includes power diodes, thyristors, power modules and special products. Its traction division manufactures inverters, converters, rectifiers and transformers. Its products include high voltage power supplies for pollution control for power plants, large current rectifiers for electrochemical industries and insulated-gate bipolar transistor (IGBT) based converter, transformers and auxiliary panels for three phase locos and specially designed auxiliary panels for Linke Hofmann Busch (LHB) coaches for railway transportation.
Revenue Growth: Hind Rectifiers reported Q3 revenue of INR 277.4 crores, up 64.2% year-on-year, and nine-month FY '26 revenue of INR 719.3 crores, up 52.9% year-on-year.
Profitability: Q3 PAT stood at INR 13 crores, up 30.1% year-on-year, while EBITDA for the quarter was INR 25.5 crores, up 44.9% year-on-year.
Margins: EBITDA margin dropped by 120 basis points year-on-year in Q3 due to higher input costs and investment in the copper conductors plant.
Order Book: The order book remained strong at INR 1,103 crores as of December 31, 2025, with a positive trajectory expected due to upcoming railway tenders.
Outlook: Management expects revenue growth of 30% year-on-year for Q4 and the next fiscal year, with margins set to improve from Q2 FY '27 as in-house copper conductor production scales.
Operational Updates: Propulsion system trials have started on Western Railway and are expected to conclude in three to four months; initial orders worth INR 50 crores are in hand.
Strategic Moves: Announced a 1:1 bonus share issue and strengthened leadership by appointing a Global CEO, Mr. Douglas Bailey.
Expansion & R&D: Ongoing integration of BeLink (Europe) and a robust R&D pipeline with around 40 products under development, mostly for railways.
