Hind Rectifiers Limited announced its audited financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results on May 16, 2026. The full-year performance reflects robust growth driven by sustained business momentum across railway and industrial segments.

Standalone Financial Performance

Hind Rectifiers delivered strong standalone financial results for FY26. Revenue from operations grew 44.8% year-on-year to INR 949.2 Cr from INR 655.4 Cr in FY25, driven by strong execution across core businesses and robust performance of the traction transformer segment. EBITDA increased 45.5% to INR 102.5 Cr from INR 70.5 Cr in FY25, while net profit surged 54.7% to INR 57.7 Cr from INR 37.3 Cr. Cash flow from operations registered robust growth of 154.8% to INR 90.7 Cr, driven by improved execution, efficient working capital management, and stronger operating discipline. The Return on Capital Employed (ROCE) stood at 24.2% versus 23.4% in FY25, while Return on Equity (ROE) improved to 30.3% from 26.2% in FY25. The debt equity ratio remained stable at 1.02.

The following table presents the extract of standalone audited financial results (figures in ₹ lakhs):

Consolidated Financial Performance

On a consolidated basis, the group reported revenue growth of 52.5% to INR 999.1 Cr and EBITDA growth of 19.6% to INR 84.1 Cr from INR 70.3 Cr in FY25. Consolidated net profit after Minority Interest surged 21.3% to INR 45.0 Cr from INR 37.1 Cr in FY25. Cash flow from operations grew 141.0% to INR 85.8 Cr. The order book remained healthy with an order backlog of INR 845.5 Cr at the end of FY26, while fresh order inflows stood at INR 858.4 Cr during the year.

The following table presents the extract of consolidated audited financial results (figures in ₹ lakhs):

Key Financial Highlights

Strategic Developments

Hind Rectifiers made several key operational and strategic advances during FY26. The company successfully operationalized its specialized Copper Conductor facility at Sinnar with an installed capacity of ~350 TPM, strengthening backward integration for traction transformers and improving supply reliability and cost efficiencies. Significant progress was made in the indigenous propulsion system development program, which is currently in advanced stages of validation and field trials, with completion of EMI/EMC testing identified as a key milestone. The company also received a significant order from Indian Railways for a next-generation propulsion system designed specifically for passenger locomotives. Additionally, Hind Rectifiers secured notable export orders for Traction Transformers to Germany and IGBT-based Inverters to the USA. The company's R&D pipeline remains strong with 42 products under development across multiple platforms.

FY26 also marked a key step in global expansion with the completion of the strategic acquisition of business and operating assets of Elventive France (erstwhile BeLink Solutions), establishing a manufacturing and R&D footprint in Europe to enhance capabilities in EMS, robotics, and printed electronics, while expanding access to high-value sectors including defence, aerospace, and industrial electronics.

Management Commentary

Commenting on the performance, Suramya Nevatia, Chairman & Managing Director of Hind Rectifiers Limited, said: "We delivered a strong performance in FY26, driven by robust execution across our railway and industrial businesses, supported by healthy demand, improving operational efficiencies, and focused capacity expansion initiatives. Importantly, operating cash flow strengthened significantly to Rs. 85.8 crore in FY26, registering a robust growth of 141.0% YoY, driven by improved execution, efficient working capital management, and stronger operating discipline. Sustained investments by Indian Railways in electrification, rolling stock modernisation, and safety systems continue to provide strong long-term growth visibility and a robust opportunity pipeline for the business. With strong industry tailwinds, a healthy order book, improving execution capabilities, strategic backward integration, and continued investments in technology and innovation, we remain confident of delivering sustainable growth and long-term value creation."

Dividend and Capital Actions

The Board of Directors has recommended a dividend of Rs. 1.40 per equity share, i.e., 70% of the face value of Rs. 2/- each, for the financial year ended March 31, 2026. The dividend is subject to the approval of shareholders at the ensuing Annual General Meeting. Additionally, the Board approved the issuance of bonus shares in the ratio of 1:1, reflecting the company's strong financial position and its commitment to reward shareholders.

Hind Rectifiers Limited has announced the allotment of 4,625 equity shares of Rs. 2 each fully paid-up on April 29, 2026, upon exercise of Stock Options by option grantees under the Company's Employee Stock Option Plan 2018. The allotment was approved by the Nomination & Remuneration Committee. The newly issued equity shares shall rank pari-passu in all respects with the existing equity shares of the Company.

Following this allotment, the paid-up equity share capital of Hind Rectifiers Limited stands increased from Rs. 6,87,35,228 divided into 3,43,67,614 equity shares of Rs. 2 each to Rs. 6,87,44,478 divided into 3,43,72,239 equity shares of Rs. 2 each. The shares were exercised at Rs. 42.50 per share, with a premium of Rs. 40.50 per share.

The distinctive numbers of the newly allotted shares range from 3,43,67,615 to 3,43,72,239. The ISIN Number of the shares issued in Demat form is INE835D01023. The ESOP 2018 scheme complies with the provisions of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021.

Key Details of ESOP Allotment

The Company's shares are listed on BSE Limited (Scrip Code: 504036) and National Stock Exchange of India Limited (Symbol: HIRECT). The filing numbers for this allotment are BSE case no. 129001 and NSE Application no. 26701.