High Energy Batteries FY26 Net Profit Rises to ₹1,539.18 Lakhs; ₹3 Dividend Declared
High Energy Batteries (India) Limited reported audited FY26 standalone results with net profit of ₹1,539.18 lakhs on total income from operations of ₹8,940.82 lakhs. The Board recommended a dividend of ₹3 per equity share (total ₹288.92 lakhs), with the 65th AGM scheduled for 27th June, 2026. An exceptional item of ₹124.66 lakhs related to new Labour Codes impacted profitability, while the Aerospace, Naval and Power System Batteries segment remained the primary revenue driver.
*this image is generated using AI for illustrative purposes only.
High Energy Batteries (India) Limited has released its audited standalone financial results for the quarter and year ended 31st March, 2026. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 12th May, 2026. In compliance with Regulation 47(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the results were subsequently published in Business Standard (English – All India Edition) and Maalai Malar (Tamil – Chennai Edition) on 13th May, 2026. The auditors, M/s Maharaj N R Suresh and Co LLP, issued an unmodified opinion on the annual financial results.
Financial Performance Overview
The company recorded steady growth in total income and profitability for the full year ended 31st March, 2026. Revenue from sale of products stood at ₹8,310.24 lakhs compared to ₹8,075.22 lakhs in FY25. Other operating revenues were ₹42.40 lakhs in FY26 against ₹24.60 lakhs in FY25, while other income was ₹588.18 lakhs compared to ₹571.26 lakhs in FY25. The following table summarises the key financial metrics for the year and the latest quarter:
| Metric: | Q4 FY26 (31.03.2026) | Q4 FY25 (31.03.2025) | FY26 (Year Ended 31.03.2026) | FY25 (Year Ended 31.03.2025) |
|---|---|---|---|---|
| Total Income from Operations (₹ lakhs): | 3,008.59 | 3,782.29 | 8,940.82 | 8,671.08 |
| Profit Before Tax & Exceptional Items (₹ lakhs): | 1,150.22 | 1,346.81 | 2,199.36 | 2,068.38 |
| Profit Before Tax After Exceptional Items (₹ lakhs): | 1,025.56 | 1,346.81 | 2,074.70 | 2,068.38 |
| Net Profit After Tax (₹ lakhs): | 759.11 | 996.72 | 1,539.18 | 1,532.99 |
| Total Comprehensive Income (₹ lakhs): | 738.77 | 937.02 | 1,459.16 | 1,458.12 |
| Basic EPS (₹, not annualised): | 8.47 | 11.14 | 17.17 | 17.10 |
| Diluted EPS (₹, not annualised): | 8.47 | 11.14 | 17.17 | 17.10 |
| Equity Share Capital (₹ lakhs): | 179.28 | 179.28 | 179.28 | 179.28 |
| Other Equity (₹ lakhs): | — | — | 10,970.96 | 9,780.72 |
Expense Breakdown
Total expenses for FY26 were ₹6,741.46 lakhs against ₹6,602.70 lakhs in FY25. The table below provides a detailed view of expense components:
| Expense Item: | FY26 (₹ lakhs) | FY25 (₹ lakhs) |
|---|---|---|
| Cost of Materials Consumed: | 2,297.18 | 2,347.11 |
| Changes in Inventories: | 160.85 | (32.70) |
| Employee Benefits Expense: | 2,193.15 | 1,983.26 |
| Finance Cost: | 185.57 | 148.28 |
| Depreciation and Amortization: | 109.45 | 91.00 |
| Power and Fuel: | 167.09 | 145.56 |
| Other Expenses: | 1,628.17 | 1,920.19 |
| Total Expenses: | 6,741.46 | 6,602.70 |
Exceptional Item and Labour Code Impact
The Government of India, in November 2025, notified four Labour Codes that replaced the existing 29 labour laws. As a result, an additional liability of ₹124.66 lakhs towards gratuity and leave benefits has been recognised under "Exceptional item" in the financial results for FY26. This exceptional item reduced profit before tax from ₹2,199.36 lakhs (before exceptional items) to ₹2,074.70 lakhs (after exceptional items) for the full year. The auditors have drawn attention to this matter in an Emphasis of Matter paragraph, though their opinion remains unmodified.
Segment Performance
High Energy Batteries operates primarily through its Aerospace, Naval and Power System Batteries segment. The Lead Acid Battery Plant was not operated during the year due to unremunerative prices. Segment-wise results are presented below:
| Segment: | FY26 Revenue (₹ lakhs) | FY25 Revenue (₹ lakhs) | FY26 Segment Result (₹ lakhs) | FY25 Segment Result (₹ lakhs) |
|---|---|---|---|---|
| Aerospace, Naval and Power System Batteries: | 8,352.64 | 8,098.97 | 2,333.19 | 2,427.20 |
| Lead Acid Storage Batteries: | — | 0.85 | (61.15) | (179.36) |
| Total: | 8,352.64 | 8,099.82 | 2,272.04 | 2,247.84 |
Total segment assets as at 31st March, 2026 stood at ₹13,797.24 lakhs compared to ₹12,528.71 lakhs as at 31st March, 2025. Total segment liabilities were ₹2,647.00 lakhs against ₹2,568.71 lakhs in the prior year.
Balance Sheet Highlights
As at 31st March, 2026, total assets were ₹13,797.24 lakhs compared to ₹12,528.71 lakhs as at 31st March, 2025. Key balance sheet items include:
- Property, Plant and Equipment: ₹4,002.04 lakhs (FY25: ₹3,846.29 lakhs)
- Inventories: ₹4,107.83 lakhs (FY25: ₹3,989.57 lakhs)
- Trade Receivables: ₹2,851.12 lakhs (FY25: ₹2,673.61 lakhs)
- Total Equity: ₹11,150.24 lakhs (FY25: ₹9,960.00 lakhs)
- Borrowings (Current): ₹1,155.61 lakhs (FY25: ₹1,124.97 lakhs)
Net cash from operating activities for FY26 was ₹1,434.37 lakhs, a significant increase from ₹390.04 lakhs in FY25. Net cash used in investing activities was ₹1,011.61 lakhs, while net cash used in financing activities was ₹423.65 lakhs.
Dividend, AGM and Corporate Actions
The Board of Directors, at its meeting held on 12th May, 2026, has recommended payment of a dividend of ₹3 (Rupees Three only) per equity share of face value ₹2 each for the financial year ended 31st March, 2026. The total dividend payout amounts to ₹288.92 lakhs. The dividend, if approved by the members at the Annual General Meeting, will be paid on or before 4th July, 2026. The record date for determining shareholders eligible to receive the dividend is fixed as Friday, 12th June, 2026. The company does not have any subsidiary, associate, or joint venture entity as on 31st March, 2026.
The Board has also approved convening the 65th Annual General Meeting (AGM) on Saturday, 27th June, 2026 at 11:00 A.M. The Register of Members and Share Transfer Books will remain closed from Saturday, 13th June, 2026 to Saturday, 27th June, 2026 (both days inclusive) for the purpose of the AGM and dividend payment. The cut-off date for determining shareholders eligible for remote e-voting/e-voting at the AGM is fixed as Saturday, 20th June, 2026. Remote e-voting commences on Wednesday, 24th June, 2026 (09:00 A.M.) and ends on Friday, 26th June, 2026 (05:00 P.M.). Additionally, the Board has amended the Code of Conduct and Whistle Blower Policy of the Company, effective from 12th May, 2026, with the updated policies disclosed on the company's website.
Historical Stock Returns for High Energy Batteries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.46% | -16.60% | -5.74% | -15.86% | -19.49% | +220.20% |
With the Lead Acid Battery Plant idle due to unremunerative prices, what strategic options is High Energy Batteries considering — repurposing, divestment, or waiting for a market price recovery — and what timeline might shareholders expect for a decision?
Given the significant jump in employee benefits expense (₹2,193 lakhs vs ₹1,983 lakhs) and the additional ₹124.66 lakh liability from the new Labour Codes, how might ongoing compliance with the four consolidated Labour Codes continue to pressure margins in FY27 and beyond?
As defence and aerospace battery demand grows alongside India's increased defence indigenisation push, what capacity expansion or R&D investments is High Energy Batteries planning to capture a larger share of government contracts?
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