Stock Report

Hind Rectifiers Posts Record Q3 FY26 Revenue

Posted On : 2026-02-14 14:15:50( TIMEZONE : IST )

Hind Rectifiers Limited, a leading manufacturer of power semiconductors, power electronic equipment, and railway transportation equipment, announced its unaudited financial results for the quarter and nine months ended December 31, 2025, from Mumbai on February 12, 2026.

Revenue from operations surged 64.2% year-on-year (YoY) to ₹277.4 crore in Q3 FY26 from ₹168.9 crore in Q3 FY25, marking the highest-ever quarterly revenue, fueled by strong demand for traction transformers and power electronics from Indian Railways. EBITDA rose 44.9% YoY to ₹25.5 crore from ₹17.6 crore, though margins moderated 120 basis points due to expansion investments and raw material cost pressures. PAT excluding minority interest grew 30.1% YoY to ₹13.0 crore from ₹10.0 crore, after a ₹1.3 crore exceptional item from new labor law changes.

For 9M FY26, revenue climbed 52.9% YoY to ₹719.3 crore from ₹470.3 crore, EBITDA increased 50.1% to ₹75.7 crore from ₹50.4 crore, and PAT excluding minority interest jumped 49.3% to ₹40.5 crore from ₹27.1 crore.

The order book stood at a robust ₹1,013 crore as of December 31, 2025, driven by railway sector growth. The board approved a 1:1 bonus share issue to reward shareholders. Operational highlights include starting in-house copper conductor production at Sinnar for cost efficiency, appointing Douglas J. Bailey as Global CEO, and advancing integration with BeLink Solutions for European expansion in printed electronics.

Suramya Nevatia, Chairman & Managing Director, commented: "We are pleased to report strong operational and financial performance during Q3FY26, driven by sustained demand across the railways and Industrial segment. Strong Financial Performance: Consolidated Revenue for the quarter grew 64.2% year-on-year to Rs. 277.4 crore, marking the highest-ever quarterly revenue, driven by robust growth in traction transformers and power electronics supplies to Indian Railways. Consolidated Operating EBITDA increased 44.9% year-on-year to Rs. 25.5 crore, driven by sustained execution. This translated into improved profitability, with consolidated PBT before Exceptional Items rising 23.3% year-on-year to Rs. 16.6 crore. Further, the Board of Directors has 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 while improving the liquidity of the Company's equity shares. Robust Order Book: Our order book remains high at Rs. 1,013.0 crore, supported by Indian Railways' continued focus on electrification and network expansion, along with steady demand from the industrial segment. Backward Integration Project: During the quarter, we commenced the use of a certain quantity of in-house manufactured copper conductors in transformers supplied to Indian Railways. Currently, we are ramping up the capacity and expect to improve the cost efficiency and supply reliability, while also exploring external market opportunities for these copper conductors from Q1FY27 onwards. Overall, this initiative enhances control over critical inputs, improves lead times and helps mitigate execution delays and penalties. Strengthening leadership: During the quarter, we further strengthened our leadership team with the appointment of Mr. Douglas J. Bailey as Global Chief Executive Officer of the company and its Subsidiaries. Global Expansion Strategy: On the global expansion strategy, integration efforts with BeLink Solutions is progressing as planned and we are actively focus on strengthening existing customers relations and evaluating new opportunities for the printed electronics in Railway and defence sectors across European Markets. Looking ahead, industry tailwinds remain favourable. Continued government emphasis on railway electrification, rolling stock modernisation, power infrastructure development, defence indigenisation, and domestic electronics manufacturing, as reiterated in the Union Budget, provides strong structural support for our core businesses. Backed by a robust order book, disciplined execution, and ongoing strategic initiatives, we remain confident of delivering sustainable growth and long-term value creation."

Shares of Hind Rectifiers Limited was last trading in BSE at Rs. 1356.70 as compared to the previous close of Rs. 1369.50. The total number of shares traded during the day was 2225 in over 408 trades.

The stock hit an intraday high of Rs. 1402.85 and intraday low of 1327.55. The net turnover during the day was Rs. 3040734.00.