On 6 Nov 2026, Hirect was priced at ₹931.00, or 75.8× trailing earnings, against an industry P/E of 30.0×, and the shares are 33% below their 52-week high. Sales grew 41% a year over 3 years, with ROCE of 26% and ROE of 24%. Debt is 1.19× equity, and its dividend yield is 0.1%. It is a small-cap company with a market cap of ₹3,301 Cr, ranked 32nd of 97 Electrical Equipment & Parts companies by market cap; the shares rose 5.8% over the past year.
- ₹1,003.90
- ₹1,003.90
- ₹914.15
- ₹984.80
- 66.5K
Health check
- ReturnsIn line
+5.8% over a year, better than 4 of 7 peers.
- Price tagPricier
P/E 75.8 vs industry 30.0.
- GrowthStrong
Sales +40.7% a year over 3 years.
- ProfitabilityStrong
ROCE 26.3% vs peer median 22.1%.
- Balance sheetFair
Debt 1.19× equity, interest covered 4.4×, Piotroski 4 of 9.
- Red flags3 to check
Quarterly profit down 26.2% on a year ago.
Small cap
Defensive
Key metrics
- Market cap
- ₹3,301 Cr
- Small cap
- P/E
- 75.8
- Industry 30.0
- Price to book
- 15.34
- Peers 7.24
- Dividend yield
- 0.15%
- ROE
- 24.4%
- Peers 18.0%
- ROCE
- 26.3%
- Peers 22.1%
- Debt to equity
- 1.19
- Debt ₹245 Cr
- EPS (TTM)
- ₹12.29
- Face value ₹2
- OPM (TTM)
- 7.0%
- Net margin 4.0%
- Sales growth
- +20.3%
- Latest quarter vs a year ago
- Profit growth
- −26.2%
- Latest quarter vs a year ago
- Price to sales
- 3.17
- EV/EBITDA 51.6
Strengths and risks
Strengths
- Return on equity of 24.4%.
- Return on capital employed of 26.3%.
- Quarterly sales up 20.3% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Quarterly profit down 26.2% on a year ago.
- P/E of 75.8 against an industry P/E of 30.0.
- 33% below its 52-week high.
About Hirect
Hirect Limited designs, develops, manufactures, and markets power semiconductors, power electronic equipment, and railway transportation equipment in India and internationally. The company provides traction and AUX transformers for railways, IGBT propulsion systems manufacturers and suppliers, auxillary converters and battery chargers, on-board AC to DC rectifiers systems, traction motor, electrical switch boards and railway equipments, electronic safety…
- Headquarters
- Mumbai
- Employees
- 679
- Sector
- Industrials
- ISIN
- INE835D01023
- Website
- hirect.com
Price range
- Avg volume (3M)
- 61.3K
- 1-year return
- plus 5.8%
- From 52-week high
- minus 33.5%
Peers · Electrical Equipment & Parts
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| POWERINDIAHitachi Energy India | 27,800.00 | minus 1.42% | 1,23,911 | 107.7 | 95.3 | 24.9% | 16.1% | 0.02 | 22.2% | plus 37.9% |
| CGPOWERCG Power and Industrial Solutions | 773.00 | minus 4.43% | 1,21,785 | 88.6 | 72.5 | 19.3% | 13.1% | 0.02 | 21.2% | plus 8.2% |
| POLYCABPolycab India | 7,871.00 | plus 0.28% | 1,18,613 | 37.5 | 29.0 | 30.4% | 13.6% | 0.02 | 26.6% | plus 3.8% |
| HAVELLSHavells India | 1,128.00 | plus 5.61% | 70,789 | 42.6 | 30.0 | 22.1% | 9.1% | 0.02 | 9.9% | minus 28.1% |
| APARINDSApar Industries | 14,106.00 | minus 9.65% | 59,065 | 41.6 | 30.7 | 26.7% | 9.5% | 0.12 | 17.0% | plus 87.2% |
| KEIKEI Industries | 3,988.00 | minus 1.80% | 38,143 | 36.1 | 29.9 | 18.7% | 11.0% | 0.04 | 19.1% | plus 1.8% |
| HONAUTHoneywell Automation India | 30,080.00 | minus 0.79% | 26,613 | 47.0 | 35.7 | 15.7% | 13.8% | 0.02 | 10.9% | minus 17.5% |
| HIRECTHirect | 931.00 | minus 5.46% | 3,301 | 75.8 | 40.1 | 26.3% | 7.0% | 1.19 | 40.7% | plus 5.8% |
| Median of 7 peers | – | −1.42% | 70,789 | 42.6 | 30.7 | 22.1% | 13.1% | 0.02 | 19.1% | 3.8% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 215 | 227 | 277 | 280 | 258 | |
| 191 | 201 | 252 | 271 | 245 | |
| 24.2 | 25.9 | 25.5 | 8.4 | 13.2 | |
| 11.3% | 11.4% | 9.2% | 3.0% | 5.1% | |
| 0.2 | 0.1 | 0.2 | 1.1 | 4.3 | |
| 3.6 | 3.6 | 4.7 | 4.1 | 4.7 | |
| 2.7 | 2.8 | 4.4 | 3.9 | 4.7 | |
| – | – | −1.3 | −0.7 | 3.5 | |
| 18.1 | 19.6 | 15.3 | 0.8 | 11.6 | |
| 29.5% | 25.0% | 17.1% | 287.8% | 44.1% | |
| 12.8 | 14.7 | 12.7 | 4.5 | 9.4 | |
| 3.71 | 4.29 | 3.78 | 1.51 | 2.72 |
Profit & loss
- Sales CAGR 3Y
- +40.7%
- ROE
- 24.4%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 358 | 517 | 654 | 997 | |
| – | +44.5% | +26.5% | +52.4% | |
| 353 | 479 | 579 | 909 | |
| 4.6 | 37.9 | 75.4 | 88 | |
| 1.3% | 7.3% | 11.5% | 8.8% | |
| 11.8 | 11 | 0.1 | 0.7 | |
| 8.1 | 12.7 | 13.2 | 16 | |
| 5.1 | 7.4 | 8.5 | 13.8 | |
| −11.8 | −11 | −3.7 | −5 | |
| −8.7 | 17.7 | 50.1 | 53.9 | |
| 26.7% | 29.3% | 25.9% | 28.4% | |
| −6.4 | 12.5 | 37.1 | 45 | |
| – | – | +196.7% | +21.3% | |
| -1.92 | 3.64 | 10.82 | 13.05 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 3.4 | 3.4 | 3.4 | 6.9 | |
| 108 | 121 | 156 | 202 | |
| 105 | 135 | 164 | 245 | |
| 75.8 | 71.4 | 93.2 | 209 | |
| 292 | 331 | 417 | 662 | |
| 79.7 | 90.9 | 98.3 | 182 | |
| 6.9 | 8.2 | 6.8 | 3.3 | |
| 0.4 | 6.2 | 10.4 | 0.4 | |
| 3.4 | 3.5 | 3.2 | 13.3 | |
| 202 | 222 | 299 | 463 | |
| 292 | 331 | 417 | 662 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 33 | 33.9 | 35.6 | 85.8 | |
| −29.3 | −19.5 | −25.3 | −90.3 | |
| −3.7 | −14.3 | −10.7 | 8.1 | |
| 0 | 0.2 | −0.4 | 3.7 | |
| −29.4 | −14.3 | −22.7 | −97.4 | |
| 3.6 | 19.6 | 12.9 | −11.6 | |
| −0.7 | – | −2.1 | −3.4 |
Shareholding pattern
- Promoters42.59%
- Public57.41%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 42.59% | 57.41% | plus 0.01 | |
| 21 Jul 2026 | 42.58% | 57.42% | minus 1.34 | |
| 30 Jun 2026 | 43.92% | 56.08% | minus 0.01 | |
| 31 Mar 2026 | 43.93% | 56.07% | 0.00 | |
| 30 Mar 2026 | 43.93% | 56.07% | – |
Major shareholders
Filings & events
News
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