Hirect has secured a development order for complete propulsion systems for four Mainline Electric Multiple Unit (MEMU) trainsets from Modern Coach Factory (MCF), Indian Railways.

The 24-month programme covers traction transformers, traction motors and the fully integrated propulsion system including the Train Control and Management System (TCMS). This marks the company’s first full MEMU trainset system order.

InnoTrans 2026 Debut

Hirect will debut its new 6,000 HP electric locomotive propulsion system at InnoTrans 2026 in Berlin, held from September 22 to 25. The system was designed, engineered and manufactured entirely in-house, including liquid-cooled IGBT traction inverters/converters and proprietary control software.

The propulsion system completed its acceptance regime this year after successfully hauling loaded freight in a WAG-9 locomotive under India’s severe duty cycles and demanding thermal operating environment.

Strategic Positioning

For nearly seven decades, Hirect has grown alongside Indian Railways, evolving from a market leader in traction transformers to a power electronics company shipping high-power IGBT converters, auxiliary power supplies, SiC battery chargers, traction motors and HVAC systems.

The qualification of the 6,000 HP system opens one of the world’s largest locomotive markets to Hirect’s complete propulsion package. It also establishes a modular subsystem platform for new-build, retrofit and hybrid locomotive programmes internationally.

What the Numbers Show

The shift from component supply to integrated systems is evident in the scope of the new contract. While Hirect historically supplied discrete components like traction transformers and motors, the MCF order mandates a fully integrated solution including the Train Control and Management System (TCMS). This indicates a strategic move up the value chain towards total powertrain responsibility, leveraging its in-house capability across dielectric coatings, copper wire, and control software.

Leadership Commentary

"These achievements validate the technology roadmap we have been building for years," said Suramya Nevatia, Chairman & Managing Director of Hirect.

He noted that powering Indian Railways locomotives with an in-house designed propulsion system demonstrates the strength of the company’s R&D. "The products and technologies we have created under the guidance of one of the world’s most demanding railways are ready to serve the burgeoning worldwide demand for high-power electronics and propulsion systems," he added.

Decarbonisation Focus

Decarbonisation remains central to Hirect’s industry role. The company provides propulsion and power conversion equipment enabling the transition from diesel to hybrid, electric and alternative-energy traction, including hydrogen.

At InnoTrans 2026, Hirect will display its high-power converters, power module range, traction motor and associated electronic products. Technical specialists will be available at hall 9, stand 621, Messe Berlin, to discuss electrified, hybrid and decarbonised rail programmes.

Hirect Limited has initiated a postal ballot process to seek shareholder approval for key board appointments and an extension to its capital deployment timeline. The voting window opens on September 4, 2026, and closes on October 3, 2026.

The company is seeking consent for four resolutions, including the appointment of Mr. Rahul Rai as an Independent Director and Mr. Anil Kumar Nemani as Whole-Time Director and Chief Financial Officer. Additionally, shareholders will decide on extending the deadline for utilizing funds from a recent preferential issue.

Board Appointments

Mr. Rahul Rai (DIN: 10651078) is proposed for appointment as an Independent Director for a five-year term commencing August 11, 2026. An alumnus of IIT Varanasi and IIM Ahmedabad, Mr. Rai brings over two decades of global executive experience. He previously served as Global Chief Commercial Officer at ECU Worldwide and Business CEO at Allcargo Logistics. He will receive sitting fees and expense reimbursements within statutory limits.

Mr. Anil Kumar Nemani (DIN: 05210724) is proposed for appointment as a Director liable to retire by rotation, and subsequently as Whole-Time Director designated as Executive Director and CFO. His three-year term begins on August 11, 2026. Mr. Nemani, a Chartered Accountant with over 42 years of experience, has served the company since 1992.

Remuneration Structure

The proposed remuneration for Mr. Nemani includes fixed salary, allowances, variable pay, and stock options. The Board has been authorized to vary his remuneration up to a ceiling of ₹3.5 crore in any financial year.

In the event of inadequate profits, Mr. Nemani is entitled to minimum remuneration comprising the specified salary, allowances, and benefits.

Fund Utilization Timeline Extension

Shareholders are also asked to approve an extension for utilizing funds raised through equity warrants in a preferential issue approved on August 28, 2025. The total estimated amount involved is ₹27.36 crore, assuming 100% warrant conversion.

The timeline for procuring machinery in the initial phase has been extended from March 31, 2026, to December 31, 2026. This adjustment accounts for business requirements and market conditions. The remaining 75% of funds, earmarked for land, buildings, or additional machinery, retains its original deadline of December 31, 2027.

What the Numbers Show

The financial data disclosed in Annexure B indicates that Hirect Limited reported a total income of ₹950.18 crore for FY26, up from ₹656.85 crore in FY25. Net profit rose to ₹57.67 crore in FY26 compared to ₹37.27 crore in the prior year. This growth trajectory coincides with the company’s push to expand manufacturing capabilities via the preferential issue proceeds, suggesting capital expenditure is being aligned with revenue expansion needs.

Voting Process

The postal ballot notice was sent electronically to members registered as on August 28, 2026. Remote e-voting is facilitated by National Securities Depository Limited (NSDL). Results will be announced on or before October 5, 2026.