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HBL Engineering Ltd

₹ 796-9.36%
16 Jan – close price
🔗hbl.in•BSE: 517271•NSE: HBLENGINE
Market Cap₹ 22,067 Cr.
Current Price₹ 796
High / Low₹ 1,122
Stock P/E33.7
Book Value₹ 70.4
Dividend Yield0.13 %
ROCE27.0 %
ROE20.2 %
Face Value₹ 1.00
Sales₹ 2,705 Cr.
OPM33.2 %
Mar Cap₹ 22,067 Cr.

ABOUT

Incorporated in 1983, HBL Power System Ltd manufactures and services different types of batteries, e-mobility, and other products[1]

KEY POINTS

Business Segments[1][2]1) Industrial Batteries (71% in FY25 vs 74% in FY23):a) Lead Batteries (VRLA & PLT)serving telecom, railways, UPS, & data servers & defence.b) Nickel-Cadmium BatteriesIt secured second position in the global market. Strong domestic demand was driven by growth in the oil & gas & power sectors. Exports grew by 40%, led by new OEM and EPC clients, especially in the Middle East.c) Lithium BatteriesLithium batteries are becoming price competitive with industrial VRLA, hence VRLA will gradually lose market share in prime sectors. Key clients include Vande Bharat trains, Siemens Germany, global defence forces, and the Indian defence for future undersea vessel projects. The segment grew by 37% in FY25 from FY23.[3][4]

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceCapacity Expansion And ProductsOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.PTC Industries17968.00430.5627056.330.0018.144.79124.6372.217.74410.6219.1162.8418.1419.014.980.13
2.HBL Engineering796.0533.6822067.360.13382.20396.941203.16131.1626.992705.2633.23655.28399.8911.3015.100.04
3.Inox India1120.1042.5510166.420.1860.8419.90358.2216.8537.981400.8721.71238.9359.3410.3715.350.10
4.Esab India5810.5048.648936.651.1279.2027.36381.5512.6770.031438.7817.54183.7254.9721.4729.150.01
5.Subros829.4533.695413.580.3140.7411.86879.836.2219.953487.529.15160.6940.744.678.460.02
6.KRN Heat Exchan706.8074.404392.620.0018.0246.39152.0766.9320.75510.3216.1859.0418.028.3112.410.06
7.Harsha Engg Intl394.2530.813597.640.2536.4425.83378.347.3112.141455.5412.84116.7736.442.736.530.24
–Median: 36 Co.280.7528.79389.420.06.2418.16106.3710.4319.68250.5112.1216.586.243.058.930.22

Quarterly Results

Standalone figures in ₹ crores

Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales
3083293984585515956045115204554605881,203
Expenses
276291355384450483473403411360382399666
Operating Profit
323843751011111311081099578189537
Other Income
664331-195121717-8
Profit before tax
293336669199981011088271188515
Tax %
35%31%3%27%25%23%28%27%26%25%27%26%26%
Net Profit
1923354969767174806151140382
EPS in Rs
0.680.821.261.752.472.752.552.682.902.221.855.0413.79

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
1,2771,3291,2881,4071,5931,2611,0779091,2221,3502,2091,9462,705
Expenses
1,1771,1841,1621,2771,4671,1669998411,0861,2021,7901,5551,806
Operating Profit
100145126130126967868135148419391899
Other Income
672131413192142519-122517
Interest
767168464131221476121217
Depreciation
39515048464440383534394244
Profit before tax
5225205052403819118126355362855
Net Profit
4515834302524158996264268635
EPS in Rs
1.780.580.311.341.070.910.870.533.233.459.529.6522.90
Dividend Payout %
11%35%81%20%23%33%35%67%12%13%5%10%–

Compounded Sales Growth

10 Years:4%
5 Years:13%
3 Years:17%
TTM:21%

Compounded Profit Growth

10 Years:29%
5 Years:67%
3 Years:49%
TTM:104%

Stock Price CAGR

10 Years:35%
5 Years:86%
3 Years:98%
1 Year:45%

Return on Equity

10 Years:10%
5 Years:15%
3 Years:19%
Last Year:20%

Balance Sheet

Standalone figures in ₹ crores

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
25252528282828282828282828
Reserves
5605625997127337497557658449281,1781,4311,924
Borrowings
731683546476365231158676181566377
Other Liabilities
452303276259221160166183202256363417597
Total Liabilities
1,7681,5741,4451,4751,3471,1681,1071,0431,1341,2931,6241,9372,626
Fixed Assets
474444415416363320301277263317345384404
Gross Block
708.89737.10756.02798.83778.46747.37742.22707.83685.30732.15789.24860.89–
Accumulated Depreciation
234.76293.12341.43382.41415.35426.99440.88430.82422.64415.53444.06477.29–
CWIP
564948332637274381491868129
Investments
292315833335893266293
Other Assets
1,2081,0589681,0169548077757207869191,1671,2201,799
Total Assets
1,7681,5741,4451,4751,3471,1681,1071,0431,1341,2931,6241,9372,626

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
-46951614215716514711361122285227
Cash from Investing Activity
166-24-1561-62-3-24-17-48-146-310
Cash from Financing Activity
-115-66-152-114-149-163-114-103-228-47-25
Net Cash Flow
55-6-113430-14228291-108

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
13111212512710711010711092875972
Inventory Days
277226185167125143162184147146137196
Days Payable
1368177684334414342434167
Cash Conversion Cycle
272258233225189219229250197191155201
Working Capital Days
596259707710912715613112183108
ROCE %
5%9%7%8%9%6%6%4%13%13%34%27%

Shareholding Pattern

Numbers in percentages

Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
59.02%59.08%59.10%59.11%59.11%59.11%59.11%59.10%59.10%59.10%59.10%59.11%
FIIs
1.77%0.91%2.63%2.23%2.66%4.59%4.66%4.91%5.22%4.83%4.83%7.10%
DIIs
0.00%0.00%0.14%0.08%0.41%0.66%1.07%0.96%0.39%0.36%0.36%0.64%
Public
39.21%40.00%38.14%38.58%37.82%35.65%35.17%35.03%35.27%35.70%35.70%33.12%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

HBL Engineering Secures ₹83.81 Crore Order for KAVACH Equipment from Patiala Loco Works

9th April 2026, 3:37 pm

HBL Engineering Secures ₹83.81 Crore Order for KAVACH Equipment

9th April 2026, 2:24 pm

HBL Engineering Secures ₹179.79 Crore Contract for KAVACH Equipment from BLW

2nd April 2026, 7:53 pm

HBL Engineering inks JV deal with Cochin Shipyard for electric mobility tech

25th March 2026, 9:40 pm

HBL Engineering intimates meeting with SBI Mutual Fund, confirms no UPSI shared

18th March 2026, 11:25 pm

Published by Other Websites

External media mentions & references

Cochin Shipyard Surges 14% on F&O Debut, Fueled by ₹21,100 Cr Order Book

1st April 2026, 10:58 am

India Railways Unleashes ₹2.9 Lakh Cr Budget: Small-Caps Poised for Kavach Revolution

4th February 2026, 6:47 am

Infosys Surges 5% on Guidance; Zen Tech Wins Orders; Reliance Power Audit

16th January 2026, 1:43 pm

HBL Engineering Tanks 13% On Missing Major Indian Railways Order

16th January 2026, 11:36 am

HBL Engineering Tumbles 14% After Losing Major Kavach Tender

16th January 2026, 10:26 am

News Articles

Editorial & research coverage

HBL Engineering Tumbles 14% After Losing Major Kavach Tender
HBL Engineering Tumbles 14% After Losing Major Kavach Tender

16th January 2026, 10:26 am

Nifty 500 Stocks Surge: 9 Companies Eye Major Trend Reversal - Are You Invested?
Nifty 500 Stocks Surge: 9 Companies Eye Major Trend Reversal - Are You Invested?

22nd December 2025, 10:46 am

HBL Engineering Q3: Revenue Up 90%, Profit Soars 254% on Strong Growth; Plans JV, Startup Bets
HBL Engineering Q3: Revenue Up 90%, Profit Soars 254% on Strong Growth; Plans JV, Startup Bets
HBL Engineering Lands ₹800 Cr KAVACH Order from BLW
HBL Engineering Lands ₹800 Cr KAVACH Order from BLW
HBL Engineering Secures Rs. 575 Cr KAVACH Order from ICF
HBL Engineering Secures Rs. 575 Cr KAVACH Order from ICF

Documents

Announcements

Update For Stakeholders

1d - Lost 6,300-unit CLW loco tender; visible demand down to 12,129; FY27 Kavach sales Rs.1,900 Cr.

Information To Stakeholders

18 Dec - 2024 2,200-unit order: 1,659 delivered, 541 cancelled; ~18,429 units expected next year.

Results For The Period Ended September 30,2025

8 Nov 2025 - Q2 FY26 results: revenue Rs1,203.16cr, standalone PAT Rs382.20cr; exceptional Rs23.82cr; board approved Nov 08, 2025

Announcement under Regulation 30 (LODR)-Credit Rating

10 Oct 2025 - CARE reaffirms ratings; outlook revised to Positive; total bank facilities Rs1,177.50 crore (Oct 9, 2025).

Video Recording And Transcript Of AGM 2025

30 Sep 2025 - 39th AGM (Sept 25, 2025): video and transcript uploaded on company's website.

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Financial Year 2022

(from bse)

Financial Year 2021

(from bse)

Financial Year 2020

(from bse)

Financial Year 2019

(from bse)

Financial Year 2018

(from bse)

Financial Year 2017

(from bse)

Financial Year 2016

(from bse)

Financial Year 2015

(from bse)

Financial Year 2014

(from bse)

Financial Year 2013

(from bse)

Financial Year 2012

(from bse)

Financial Year 2011

(from nse)

Credit Ratings

Rating update

10 Oct 2025 from care

Rating update

31 Mar 2025 from care

Rating update

3 Oct 2024 from care

Rating update

28 Aug 2023 from care

Rating update

7 Oct 2022 from care

Rating update

6 Oct 2021 from care

Concalls

Sep 2025

TranscriptRecording

Jul 2024

Recording

Sep 2023

PPT

Feb 2023

PPT

Stock Analysis

Description

HBL Engineering Limited, formerly HBL Power Systems Limited, is involved in manufacturing and servicing various types of batteries, e-mobility solutions, and other products. The company operates primarily through its Industrial Batteries segment, which includes Lead, Nickel-Cadmium, and Lithium batteries, serving sectors like telecom, railways, defence, and power.

Key Growth Triggers

  1. The Kavach railway safety system is a significant growth driver, with substantial future demand expected from ongoing tenders.
  2. The Defence sector, along with continued demand for industrial batteries (especially Lithium-ion), also presents opportunities.
  3. Expansion in the e-mobility segment and strategic product development are key to future growth.

Order Book

Order Book: As of previous announcements, the total order book stood at ₹4,083.17 Crores. The company has now provided updated estimates for the Kavach business pipeline for FY27 and FY28.

Key Red Flags

  1. Missed a significant CLW loco Kavach tender due to competitive pricing from other bidders.
  2. Revised downwards the total estimated demand for loco Kavach units.
  3. Management caution against extrapolating the exceptionally high Q2 FY26 performance.

Key Dates To Watch

  1. Future announcements regarding Kavach tender awards and project execution timelines.
  2. Upcoming quarterly and annual financial results, particularly focusing on revenue and profitability from the Kavach segment.
  3. Any further updates or revisions from credit rating agencies like CARE Ratings.

Corporate Announcements

9th Apr 26
Impact Rating: 9
HBL Engineering has accepted a significant ₹83.81 crore order from Patiala Loco Works (PLW) for supplying, testing, and commissioning of On-board KAVACH equipment.
9th Apr 26
Impact Rating: 8
HBL Engineering accepted a ₹83.81 crore order from Patiala Loco Works for supplying and commissioning On-board KAVACH equipment. The domestic order is to be completed by April 15, 2027, and is inclusive of GST.
2nd Apr 26
Impact Rating: 8
HBL Engineering Limited announced receiving a Rs.179.79 Crore Letter of Acceptance from Banaras Locomotive Works for supplying, testing, and commissioning KAVACH equipment.
25th Mar 26
Impact Rating: 8
HBL Engineering announced the execution of a Joint Venture Agreement with Cochin Shipyard Limited for developing electric mobility and energy storage solutions, marking a strategic move into new technologies.
18th Mar 26
Impact Rating: 3
HBL Engineering Limited informed exchanges about a meeting held on March 18, 2026, with SBI Mutual Fund. The company confirmed that the discussion involved only publicly available information and no unpublished price sensitive information was shared.