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10 Yrs X-Ray 
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Analyst Note 
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About
HBL Engineering Ltd (HBLENGINE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517271 NSE: HBLENGINE Batteries | Small Cap | HBL Engineering Share Price
₹801.30 0.90 (0.11%)
As on 09-Nov'26 09:11
HBL Engineering Ltd (HBLENGINE)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517271 NSE: HBLENGINE Batteries | Small Cap | HBL Engineering Share Price
₹801.30 0.90 (0.11%)
As on 09-Nov'26 09:11
Key Metrics
Valuation Multiples
Market Cap
₹23,243 Cr.
Current Price
₹801.3
52-Week Low / High
₹603 / 1,122
TTM EPS
₹28.2
TTM Sales
₹3,339 Cr.
Book Value per Share
₹83.9
P/E Ratio
29.77
Lower than its 5-year historical median
Industry PE
21.7
Price to Book (P/B)
10.00
Higher than its 5-year historical median
Price to Sales (P/S)
6.96
Higher than its 5-year historical median
EV/EBITDA
20.16
Lower than its 5-year historical median
Dividend Yield
0.37%
Profitability Efficiency
Return on Equity (ROE)
44.06%
Outperforms industry median
Return on Capital Employed (ROCE)
58.30%
Outperforms industry median
Return on Assets (ROA)
28.93%
Outperforms industry median
Operating Profit Margin
33.7%
Outperforms industry median
Net Profit Margin
24.66%
Outperforms industry median
Gross Profit Margin
35%
Outperforms industry median
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
67.09%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
183.61%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
194.57%
Asset Quality
Promoter Holding
59.11%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,297 Cr.
Equity
₹27.7 Cr.
Face Value
₹1
All Time Low / High
₹0.26 / 1121.95
Check Before You Invest
Quality
Very GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is HBL Engineering Ltd a good quality company?
HBL Engineering Ltd is a good quality company, based on a consistently good multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does HBL Engineering Ltd performance compare with that of its Peers?
Revenue growth of HBL Engineering Ltd vs industry peers?
HBL Engineering Ltd revenue CAGR is 29.35%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of HBL Engineering Ltd?
Promoters hold 59.11% of the HBL Engineering Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of HBL Engineering Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 34.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
HBL Engineering Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 8.1% | 7.9% | 6.6% | 6.1% | 3.8% | 14.2% | 13.6% | 32.1% | 27.1% | 58.3% | - |
| Value Creation Index ⓘ | -0.4 | -0.4 | -0.5 | -0.6 | -0.7 | 0.0 | 0.0 | 1.4 | 1.0 | 3.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 1,407 | 1,593 | 1,261 | 1,077 | 909 | 1,222 | 1,350 | 2,209 | 1,946 | 3,252 | 3,284 |
| Sales YoY Gr. | - | 13.2% | -20.8% | -14.6% | -15.6% | 34.4% | 10.5% | 63.6% | -11.9% | 67.1% | - |
| Adj EPS ⓘ | 1 | 1 | 0.6 | 0.4 | 0.4 | 2.6 | 3.2 | 10.1 | 9.4 | 28.9 | 27.5 |
| YoY Gr. | - | -1% | -38.8% | -33.3% | -2.5% | 566.7% | 22.7% | 215.7% | -6.5% | 207.1% | - |
| BVPS (₹) ⓘ | 26.7 | 27.4 | 28 | 28.2 | 28.6 | 31.5 | 34.5 | 43.5 | 52.6 | 78.4 | 82.2 |
| Adj Net Profit ⓘ | 27.3 | 27.1 | 16.6 | 11.2 | 10.8 | 72 | 88.4 | 279 | 261 | 802 | 763 |
| Cash Flow from Ops. ⓘ | 42.5 | 157 | 165 | 147 | 113 | 61 | 122 | 258 | 235 | 713 | - |
| Debt/CF from Ops. ⓘ | 11.2 | 2.3 | 1.4 | 1 | 0.5 | 0.8 | 0.6 | 0.2 | 0.2 | 0.1 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.8% | 29% | 34.1% | 67.1% | ||||
| Adj EPS ⓘ | 45.5% | 136.6% | 108.5% | 207.1% | ||||
| BVPSⓘ | 12.7% | 22.3% | 31.5% | 49% | ||||
| Share Price | 34.7% | 71.9% | 38.3% | -18.2% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 4 | 3.6 | 2.2 | 1.4 | 1.4 | 8.7 | 9.7 | 25.8 | 19.6 | 44.2 | 34.3 |
| Op. Profit Mgn % ⓘ | 9.2 | 7.9 | 7.6 | 7.3 | 7.5 | 11.1 | 10.9 | 19 | 20.1 | 33.9 | 32.1 |
| Net Profit Mgn % ⓘ | 1.9 | 1.7 | 1.3 | 1 | 1.2 | 5.9 | 6.6 | 12.6 | 13.4 | 24.7 | 23.2 |
| Debt to Equity ⓘ | 0.6 | 0.5 | 0.3 | 0.2 | 0.1 | 0.1 | 0.1 | 0 | 0 | 0 | - |
| Working Cap Days ⓘ | 238 | 223 | 256 | 262 | 278 | 206 | 211 | 156 | 220 | 180 | 110 |
| Cash Conv. Cycle ⓘ | 158 | 157 | 190 | 195 | 205 | 148 | 142 | 98 | 121 | 86 | 77 |
Valuation of HBL Engineering - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,414 | 1,603 | 1,266 | 1,092 | 912 | 1,236 | 1,369 | 2,233 | 1,967 | 3,303 |
| Operating Expenses ⓘ + | 1,286 | 1,477 | 1,169 | 1,011 | 845 | 1,097 | 1,217 | 1,810 | 1,575 | 2,190 |
| Operating Profit ⓘ | 129 | 126 | 97 | 80 | 67 | 139 | 151 | 423 | 392 | 1,113 |
| Operating Profit Margin (%) | 9.1% | 7.9% | 7.7% | 7.4% | 7.4% | 11.2% | 11.1% | 19.0% | 19.9% | 33.7% |
| Other Income ⓘ + | 18 | 24 | 13 | 17 | 10 | 14 | 18 | 18 | 26 | 59 |
| Interest ⓘ | 46 | 41 | 31 | 22 | 15 | 7 | 7 | 13 | 13 | 15 |
| Depreciation ⓘ | 48 | 46 | 44 | 41 | 39 | 35 | 35 | 41 | 44 | 51 |
| Profit Before Tax ⓘ | 54 | 55 | 43 | 40 | 19 | 122 | 130 | 377 | 374 | 1,092 |
| Tax ⓘ | 16 | 23 | 15 | 14 | 6 | 29 | 31 | 96 | 97 | 277 |
| Profit After Tax | 38 | 32 | 28 | 26 | 14 | 94 | 98 | 280 | 276 | 814 |
| PAT Margin (%) | 2.7% | 2.0% | 2.2% | 2.4% | 1.5% | 7.6% | 7.2% | 12.6% | 14.1% | 24.7% |
| Adjusted EPS (₹) | 1.4 | 1.1 | 1.0 | 1.0 | 0.5 | 3.4 | 3.6 | 10.1 | 10.0 | 29.4 |
| Dividend Payout Ratio (%) | 18.10% | 21.90% | 30% | 31.70% | 70.70% | 11.80% | 12.60% | 4.90% | 10% | 10.20% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 729 | 752 | 766 | 773 | 782 | 866 | 951 | 1,221 | 1,483 | 2,214 | |
| Debt + | 458 | 344 | 216 | 140 | 58 | 47 | 68 | 43 | 37 | 42 | |
| Minority Interest | -2 | -2 | 0 | 0 | 0 | 0 | 0 | -1 | -0 | -1 | |
| Trade Payables | 164 | 126 | 76 | 78 | 67 | 88 | 98 | 130 | 181 | 185 | |
| Others Liabilities ⓘ | 146 | 166 | 153 | 162 | 147 | 178 | 237 | 379 | 492 | 998 | |
| Total Liabilities ⓘ | 1,496 | 1,386 | 1,212 | 1,154 | 1,054 | 1,178 | 1,355 | 1,772 | 2,193 | 3,438 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 417 | 363 | 321 | 304 | 279 | 265 | 320 | 354 | 397 | 441 | |
| CWIP ⓘ | 33 | 26 | 37 | 27 | 43 | 81 | 50 | 20 | 68 | 127 | |
| Investments ⓘ | 8 | 5 | 5 | 6 | 7 | 8 | 9 | 108 | 290 | 402 | |
| Inventories | 408 | 367 | 325 | 304 | 290 | 307 | 336 | 433 | 534 | 562 | |
| Trade Receivables | 471 | 453 | 363 | 305 | 254 | 293 | 312 | 352 | 373 | 646 | |
| Cash Equivalents | 26 | 20 | 33 | 75 | 68 | 105 | 146 | 235 | 143 | 552 | |
| Others Assets ⓘ | 133 | 151 | 127 | 132 | 113 | 120 | 182 | 269 | 389 | 708 | |
| Total Assets ⓘ | 1,496 | 1,386 | 1,212 | 1,154 | 1,054 | 1,178 | 1,355 | 1,772 | 2,193 | 3,438 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 43 | 159 | 167 | 149 | 121 | 62 | 122 | 270 | 247 | 738 |
| Cash Flow From Investing Activity ⓘ + | 60 | -8 | 1 | -6 | -32 | -17 | -50 | -137 | -320 | -214 |
| Cash Flow From Financing Activity ⓘ + | -114 | -149 | -163 | -114 | -104 | -22 | 10 | -42 | -33 | -113 |
| Net Cash Flow ⓘ | -11 | 1 | 5 | 29 | -14 | 23 | 82 | 91 | -107 | 411 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 5.74 | 4.28 | 3.65 | 3.41 | 1.77 | 11.37 | 10.83 | 25.81 | 20.46 | 44.06 |
| ROCE (%) | 8.5 | 8.23 | 6.94 | 6.48 | 3.87 | 14.79 | 14.02 | 33.76 | 27.46 | 58.3 |
| Asset Turnover Ratio | 1.04 | 1.13 | 0.97 | 0.92 | 0.83 | 1.11 | 1.08 | 1.43 | 0.99 | 1.17 |
| PAT to CFO Conversion(x) | 1.13 | 4.97 | 5.96 | 5.73 | 8.64 | 0.66 | 1.24 | 0.96 | 0.89 | 0.91 |
| Working Capital Days | ||||||||||
| Receivable Days | 106.60 | 103.20 | 117.70 | 111.70 | 111.80 | 80.70 | 80.60 | 54.30 | 67.30 | 56.30 |
| Inventory Days | 95.40 | 86.60 | 99.80 | 105.20 | 118.90 | 88.10 | 85.80 | 62.80 | 89.60 | 60.50 |
| Payable Days | 67.70 | 49.70 | 45.20 | 41 | 47.20 | 37.50 | 40.70 | 36.30 | 58.60 | 48.40 |
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Last Visited Stocks
Announcements
Annual reports
No annual reports available.
Concalls
No concalls available.
HBL Engineering Ltd FAQs
The current trading price of HBL Engineering on 09-Nov-2026 09:11 is ₹801.3.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 08-Nov-2026 the market cap of HBL Engineering stood at ₹23,242.8 Cr
The latest P/E ratio of HBL Engineering as of 08-Nov-2026 is 30.48.
The latest P/B ratio of HBL Engineering as of 08-Nov-2026 is 10.20.
The 52-week high of HBL Engineering is ₹1,122 and the 52-week low is ₹603.2.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of HBL Engineering is ₹3,284 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that HBL Engineering Ltd is a good quality company.
The key valuation ratios of HBL Engineering Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of HBL Engineering Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About HBL Engineering Ltd
HBL Engineering (formerly known as HBL Power Systems) is India’s leading research-based engineering company. The company with its proven experience is now uniquely poised to offer Containerized Battery Energy Storage Solutions-Lithium Ion Based (BESS-LIB), enabling for multiple applications based on the customer requirements. The company seeks to fill technology gaps in India by developing and manufacturing complex products and solutions demanded in India.
The first products the company selected and successfully developed were Aircraft batteries - eventually leading to HBL manufacturing one of the world’s widest range of specialized batteries and becoming the leading supplier of batteries to the Indian Airforce. For over the years, the company has been at the forefront of developing innovative products and cost-effective solutions that meet critical requirements of several industries that are of strategic importance. The company has built an extensive footprint globally - meeting the client needs of several critical sectors including Aviation, Railways, Defence, Oil & Gas, Power, Telecom & Data Centers.
To cater to its ever-growing export business, the company has expanded internationally by setting up subsidiaries in the EU and USA - and appoints foreign representatives in several international locations with the Indian office as the international business headquarters. The company leverages its engineering knowledge and technological expertise to extend its business horizon, beyond batteries, into challenging niche business verticals namely railway electronics, defense electronics, industrial power electronics, and other engineered products.
Business area of the company
The principal activities of the company comprise of manufacturing of different types of products including Batteries, Railway Electronics and other products. The company is also engaged in service activities related to the above products.
Business units
- Batteries
- Electronics
- eMobility
- Defence
- Spun Concrete
- Battery Energy Storage Systems
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