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Hind Rectifiers Limited
(HIRECT)
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Rating:52Neutral
Price Target:
₹984.00
▼(-33.13% Downside)
Action:Reiterated
Date:10/16/26
The score is held up by improving fundamentals (strong multi-year revenue growth and a return to profitability) but is weighed down by elevated balance-sheet leverage and inconsistent cash generation (recent negative FCF). Technical signals are bearish and valuation is demanding (high P/E with low dividend yield), which further limits the overall rating.
Positive Factors
Strong Revenue Growth
The sustained expansion in revenue indicates that Hind Rectifiers is gaining scale across power-electronics and infrastructure applications. Continued top-line growth can strengthen operating leverage, support investment in capacity and engineering, and reinforce the company’s position in its served markets over the next several quarters.
Negative Factors
Elevated Leverage
Debt exceeding equity increases Hind Rectifiers’ sensitivity to downturns, funding conditions, and changes in interest obligations. Elevated leverage can restrict financial flexibility, reduce room for discretionary investment, and make execution of large project requirements more demanding if operating performance weakens.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth
The sustained expansion in revenue indicates that Hind Rectifiers is gaining scale across power-electronics and infrastructure applications. Continued top-line growth can strengthen operating leverage, support investment in capacity and engineering, and reinforce the company’s position in its served markets over the next several quarters.
Read all positive factors
Hind Rectifiers Limited (HIRECT) vs. iShares MSCI India ETF (INDA)
Market Cap
₹34.56B
Dividend Yield0.14%
Average Volume (3M)2.78K
Price to Earnings (P/E)80.4
Beta (1Y)1.52
Revenue Growth41.95%
EPS Growth-3.11%
CountryIN
Employees679
SectorGeneral
Sector StrengthN/A
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)12.13
Shares Outstanding35,458,607
10 Day Avg. Volume2,330
30 Day Avg. Volume2,778
Financial Highlights & Ratios
PEG Ratio2.39
Price to Book (P/B)10.87
Price to Sales (P/S)2.27
P/FCF Ratio-86.53
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hind Rectifiers Limited Business Overview & Revenue Model
Company Description
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 ...
How the Company Makes Money
Hind Rectifiers Limited makes money primarily by selling power-electronics equipment and systems to customers that require high-reliability power conversion and control. Its revenue model is mainly project- and order-driven: customers place purcha...
Hind Rectifiers Limited Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
58
Neutral
Cash Flow
49
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.43B | 9.99B | 6.55B | 5.17B | 3.59B | 3.72B |
| Gross Profit | 1.92B | 1.37B | 1.77B | 1.31B | 795.31M | 828.28M |
| EBITDA | 724.86M | 837.25M | 703.10M | 378.62M | 49.51M | 225.34M |
| Net Income | 413.48M | 450.08M | 371.13M | 125.10M | -63.63M | 77.98M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 6.62B | 4.17B | 3.31B | 2.92B | 2.46B |
| Cash, Cash Equivalents and Short-Term Investments | 39.14M | 117.83M | 31.71M | 34.60M | 81.50M | 36.22M |
| Total Debt | 0.00 | 2.45B | 1.64B | 1.35B | 1.05B | 749.90M |
| Total Liabilities | -2.06B | 4.56B | 2.57B | 2.06B | 1.81B | 1.39B |
| Stockholders Equity | 2.06B | 2.09B | 1.60B | 1.25B | 1.12B | 1.07B |
Cash Flow | ||||||
| Free Cash Flow | 99.26M | -262.10M | 129.09M | 195.65M | -212.40M | 161.91M |
| Operating Cash Flow | 633.15M | 711.83M | 356.25M | 338.98M | 330.25M | 362.66M |
| Investing Cash Flow | -432.04M | -907.04M | -253.06M | -194.73M | -293.02M | -206.03M |
| Financing Cash Flow | 45.27M | 231.75M | -107.38M | -142.64M | -36.79M | -159.45M |
Hind Rectifiers Limited Technical Analysis
Negative
1471.60
Price Trends
1171.85
Negative
1183.73
Negative
987.18
Negative
Market Momentum
-55.46
Positive
29.09
Positive
16.63
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HIRECT, the sentiment is Negative. The current price of 1471.6 is above the 20-day moving average (MA) of 1078.54, above the 50-day MA of 1171.85, and above the 200-day MA of 987.18, indicating a bearish trend. The MACD of -55.46 indicates Positive momentum. The RSI at 29.09 is Positive, neither overbought nor oversold. The STOCH value of 16.63 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HIRECT.
Hind Rectifiers Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹102.87B | 31.84 | ― | 0.98% | 17.84% | -2.60% | |
67 Neutral | ₹94.84B | 30.93 | ― | 0.08% | 27.23% | 21.70% | |
65 Neutral | ₹27.67B | 24.75 | ― | 1.43% | 26.44% | -11.83% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹34.56B | 80.45 | ― | 0.14% | 41.95% | -3.11% | |
49 Neutral | ₹18.30B | -6.83 | ― | ― | 55.63% | -13.55% | |
48 Neutral | ₹14.57B | 39.04 | ― | 0.03% | 7.40% | 15.11% |
* General Sector Average
IN:HIRECT
Hind Rectifiers Limited
953.90
31.19
3.38%
IN:BBL
Bharat Bijlee Limited
2,334.90
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IN:EXICOM
Exicom Tele-Systems Ltd.
125.35
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-9.66%
IN:SERVOTECH
Servotech Power Systems Ltd.
62.09
-58.82
-48.65%
IN:TARIL
Transformers and Rectifiers (India) Limited
298.80
-146.20
-32.85%
IN:VOLTAMP
Voltamp Transformers Limited
10,338.30
3,021.55
41.30%
Hind Rectifiers Limited Corporate Events
Hirect overhauls leadership and boosts UAE subsidiary with fresh investment
Aug 11, 2026
Hirect Limited’s board has approved the appointment of Chidambaram Balakrishnan as Global Chief Executive Officer and senior management personnel for the company and its subsidiaries, succeeding Douglas J. Bailey following his resignation on...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.