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Hirect Ltd (HIRECT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504036 NSE: HIRECT Electric Equipment | Small Cap | Hirect Share Price
₹1,214.75 -6.10 (-0.50%)
As on 25-Sep'26 16:59
Hirect Ltd (HIRECT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504036 NSE: HIRECT Electric Equipment | Small Cap | Hirect Share Price
₹1,214.75 -6.10 (-0.50%)
As on 25-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹4,307 Cr.
Current Price
₹1,214.8
52-Week Low / High
₹569 / 1,400
TTM EPS
₹11.8
TTM Sales
₹1,043 Cr.
Book Value per Share
₹86.7
P/E Ratio
103.38
Higher than its 5-year historical median
Industry PE
53.2
Price to Book (P/B)
14.00
Higher than its 5-year historical median
Price to Sales (P/S)
4.13
Higher than its 5-year historical median
EV/EBITDA
57.60
Higher than its 5-year historical median
Dividend Yield
0.12%
Profitability Efficiency
Return on Equity (ROE)
21.41%
Outperforms industry median
Return on Capital Employed (ROCE)
18.54%
In line with industry median
Return on Assets (ROA)
7.15%
Operating Profit Margin
8%
Net Profit Margin
3.86%
Gross Profit Margin
7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
44.84%
Operating Profit Growth (1 Year)
-
13.22%
Net Profit Growth (1 Year)
-
4.02%
Asset Quality
Promoter Holding
43.92%
Pledged shares (%) of Promoter's holding (%)
6.81%
Reserves
₹300 Cr.
Equity
₹7.1 Cr.
Face Value
₹2
All Time Low / High
₹0.43 / 1400.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Hirect Ltd a good quality company?
Hirect Ltd is a weak quality company, based on a inconsistent 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 Hirect Ltd performance compare with that of its Peers?
Revenue growth of Hirect Ltd vs industry peers?
Hirect Ltd revenue CAGR is 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining its market share.
Promoter shareholding and pledge status of Hirect Ltd?
Promoters hold 43.92% of the Hirect Ltd, with 6.81% of their stake pledged, indicating low pledge risk.
Stock return of Hirect Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 39.3% 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.
Hirect Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not 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 % ⓘ | -4.7% | 7.5% | 18.9% | 21% | 9% | 10.1% | -0.1% | 13.2% | 22.4% | 23.4% | - |
| Value Creation Index ⓘ | -1.3 | -0.5 | 0.4 | 0.5 | -0.4 | -0.3 | -1.0 | -0.1 | 0.6 | 0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 111 | 126 | 255 | 300 | 305 | 372 | 359 | 518 | 655 | 949 | 971 |
| Sales YoY Gr. | - | 12.8% | 103% | 17.4% | 1.8% | 22% | -3.5% | 44.1% | 26.6% | 44.8% | - |
| Adj EPS ⓘ | -0.5 | 0.4 | 3.4 | 5.6 | 1.9 | 2.3 | 0.4 | 5.1 | 10.6 | 17.1 | 16.9 |
| YoY Gr. | - | NA | 750% | 65% | -67% | 26% | -82.8% | 1170% | 109.3% | 60.8% | - |
| BVPS (₹) ⓘ | 17.1 | 20 | 23.6 | 28.9 | 30.1 | 32.3 | 32.4 | 36.2 | 46.5 | 62.2 | 92.7 |
| Adj Net Profit ⓘ | -1.6 | 1.3 | 11.3 | 18.6 | 6.1 | 7.7 | 1.4 | 17.4 | 36.5 | 58.7 | 60 |
| Cash Flow from Ops. ⓘ | -3.3 | -3.6 | 6.5 | 4.4 | 21.7 | 36.3 | 33 | 33.9 | 35.6 | 90.7 | - |
| Debt/CF from Ops. ⓘ | -12.6 | -14 | 9.8 | 20.2 | 3.9 | 2.1 | 3.2 | 3.8 | 4.5 | 2.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 26.9% | 25.5% | 38.3% | 44.8% | ||||
| Adj EPS ⓘ | NA | 56% | 249.6% | 60.8% | ||||
| BVPSⓘ | 15.4% | 15.6% | 24.3% | 33.7% | ||||
| Share Price | 39.3% | 65.6% | 92.4% | 43.3% | ||||
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 % ⓘ | -2.7 | 2.2 | 15.6 | 21.4 | 6.3 | 7.5 | 1.3 | 14.8 | 25.7 | 30.8 | 21.8 |
| Op. Profit Mgn % ⓘ | 4.2 | 7.8 | 7.5 | 12.7 | 6.9 | 6.1 | 4.4 | 8.1 | 10.8 | 10.3 | 10.6 |
| Net Profit Mgn % ⓘ | -1.4 | 1 | 4.4 | 6.2 | 2 | 2.1 | 0.4 | 3.4 | 5.6 | 6.2 | 6.2 |
| Debt to Equity ⓘ | 0.8 | 0.8 | 0.8 | 0.9 | 0.8 | 0.7 | 0.9 | 1 | 1 | 1 | - |
| Working Cap Days ⓘ | 253 | 264 | 175 | 191 | 211 | 167 | 178 | 141 | 142 | 136 | 65 |
| Cash Conv. Cycle ⓘ | 151 | 155 | 99 | 112 | 129 | 99 | 100 | 83 | 81 | 77 | 10 |
Valuation of Hirect - 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 | 6.81 | 6.81 | 6.81 | 6.81 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Sales | 518 | 655 | 999 |
| Operating Expenses ⓘ + | 476 | 585 | 919 |
| Operating Profit ⓘ | 42 | 71 | 80 |
| Operating Profit Margin (%) | 8.1% | 10.8% | 8.0% |
| Other Income ⓘ + | 4 | 1 | 6 |
| Interest ⓘ | 13 | 14 | 17 |
| Depreciation ⓘ | 7 | 8 | 14 |
| Profit Before Tax ⓘ | 18 | 50 | 54 |
| Tax ⓘ | 5 | 13 | 15 |
| Profit After Tax | 13 | 37 | 39 |
| PAT Margin (%) | 2.4% | 5.7% | 3.9% |
| Adjusted EPS (₹) | 3.7 | 10.8 | 13.1 |
| Dividend Payout Ratio (%) | 16.40% | 9.30% | 10.70% |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 124 | 160 | 201 | ||||||||
| Debt + | 119 | 149 | 223 | ||||||||
| Minority Interest | 0 | 0 | -3 | ||||||||
| Trade Payables | 47 | 60 | 119 | ||||||||
| Others Liabilities ⓘ | 38 | 49 | 122 | ||||||||
| Total Liabilities ⓘ | 329 | 417 | 662 | ||||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 90 | 107 | 196 | ||||||||
| CWIP ⓘ | 22 | 12 | 10 | ||||||||
| Investments ⓘ | 0 | 0 | 0 | ||||||||
| Inventories | 97 | 121 | 149 | ||||||||
| Trade Receivables | 89 | 110 | 246 | ||||||||
| Cash Equivalents | 2 | 1 | 5 | ||||||||
| Others Assets ⓘ | 29 | 67 | 55 | ||||||||
| Total Assets ⓘ | 329 | 417 | 662 | ||||||||
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 34 | 36 | 86 |
| Cash Flow From Investing Activity ⓘ + | -19 | -25 | -90 |
| Cash Flow From Financing Activity ⓘ + | -14 | -11 | 8 |
| Net Cash Flow ⓘ | 0 | -0 | 4 |
| PARTICULARS | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 10.09 | 26.18 | 21.41 | |||||||
| ROCE (%) | 12.26 | 22.3 | 18.54 | |||||||
| Asset Turnover Ratio | 1.57 | 1.76 | 1.85 | |||||||
| PAT to CFO Conversion(x) | 2.62 | 0.97 | 2.21 | |||||||
| Working Capital Days | ||||||||||
| Receivable Days | 62.90 | 55.30 | 65 | |||||||
| Inventory Days | 68.20 | 60.60 | 49.30 | |||||||
| Payable Days | 44.90 | 40.90 | 44.30 | |||||||
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Hirect Ltd FAQs
The current trading price of Hirect on 25-Sep-2026 16:59 is ₹1,214.8.
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 24-Sep-2026 the market cap of Hirect stood at ₹4,307.3 Cr
The latest P/E ratio of Hirect as of 24-Sep-2026 is 71.85.
The latest P/B ratio of Hirect as of 24-Sep-2026 is 13.10.
The 52-week high of Hirect is ₹1,400 and the 52-week low is ₹568.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hirect is ₹971 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Hirect Ltd is a below average quality company.
The key valuation ratios of Hirect 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 Semi Strong which suggest that the price of Hirect Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Hirect Ltd
Hind Rectifiers Ltd.(Hirect) was founded in 1958, in collaboration with Westinghouse, Brake & Signal, U.K. Hind Rectifiers Ltd., has long standing tradition and experience in developing, designing, manufacturing and marketing Power Semiconductors, Power Electronic Equipments and Railway Transportation Equipments.
During this period Hirect has established considerable expertise in its area of activity and caters to wide range of application such as Electronics, Railway Transportation, Power, Telecommunication and core sector industries like steel, non-ferrous metals, cement, chemicals, metal finishing and a host of other industries. Customers have recognized the high quality of Hirect products.
In the Year 1959-60, Hirect shifted the activities to the present location of 20,000sq. Meters campus at Bhandup, Mumbai.
The plant for manufacturing power silicon diodes was imported from Westinghouse Brake & signal Co. Ltd. UK in the year 1966. Starting early 70's Hirect started manufacture of equipments like battery chargers, High Voltage and High Current Rectifiers for Railway Applications were also started about the same time.
Supreme Powertronics Pvt. Ltd., Nashik which began operations as a sister concern around mid 80's was amalgamated with HIRECT in 1995.
In the year 2001, new manufacturing facilities were created in Bhandup, Mumbai for manufacturing 25 KVA invertor to 180 KVA convertor for Indian Railways.
HIRECT has entered its Golden Jubilee year from April 2007 and to commemorate the occasion Hirect Inaugurated two more plants at Dehradun New Delhi on 13th April 2007 to manufacturing power equipments for Railways.
Product range of the company includes:
Semiconductor
- Power Diodes
- Thyristors
- Power Module
- Power Stacks
- Special Products
Equipment
- High Voltage
- High Current
- Power Electronics
- Special Products
Transportation Rectifiers Transformers Converters & Inverters
Trading
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