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HBL Engineering Ltd (HBLENGINE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517271 NSE: HBLENGINE Batteries | Small Cap | HBL Engineering Share Price

₹730.20 26.20 (3.72%)

As on 08-Sep'26 15:14

HBL Engineering Ltd (HBLENGINE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517271 NSE: HBLENGINE Batteries | Small Cap | HBL Engineering Share Price

₹730.20 26.20 (3.72%)

As on 08-Sep'26 15:14

Key Metrics
Valuation Multiples
Market Cap
₹19,515 Cr.
Current Price
₹730.2
52-Week Low / High
₹603 / 1,122
TTM EPS
₹27.5
TTM Sales
₹3,284 Cr.
Book Value per Share
₹82.2
P/E Ratio
25.59
Lower than its 5-year historical median
Industry PE
23.7
Price to Book (P/B)
8.57
In line with its 5-year historical median
Price to Sales (P/S)
5.94
In line with its 5-year historical median
EV/EBITDA
17.11
Lower than its 5-year historical median
Dividend Yield
0.41%
Profitability Efficiency
Return on Equity (ROE)
43.89%
Outperforms industry median
Return on Capital Employed (ROCE)
58.27%
Outperforms industry median
Return on Assets (ROA)
28.85%
Operating Profit Margin
33.9%
Net Profit Margin
24.5%
Gross Profit Margin
35.3%
Growth Momentum
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
182.1%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
197.87%
Asset Quality
Promoter Holding
59.11%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,250 Cr.
Equity
₹27.7 Cr.
Face Value
₹1
All Time Low / High
₹0.26 / 1121.95

HBL Engineering stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good
Check detailed performance

Valuation

Overvalued

Check Valuation charts

Price Trend

Semi Strong
Check Price chart
Q.1 Is HBL Engineering Ltd a good quality company?
HBL Engineering Ltd is a average quality company, based on a somewhat consistent 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.

View More

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.

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How does HBL Engineering Ltd performance compare with that of its Peers?
Q.1 Revenue growth of HBL Engineering Ltd vs industry peers?
HBL Engineering Ltd revenue CAGR is 29.04%, compared to the industry median CAGR of 4.4%, indicating faster growth and gaining its market share.
Q.1 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.
Q.1 Stock return of HBL Engineering Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 35.4% based on the current price.
View More

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 end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

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 some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ8.1%7.9%6.6%6.1%3.8%14.2%13.6%32.1%27.1%58.3%-
Value Creation
Index ⓘ		-0.4-0.4-0.5-0.6-0.70.00.01.41.03.3-

Growth Parameters ⓘ
Sales ⓘ1,4071,5931,2611,0779091,2221,3502,2091,9463,2523,284
Sales YoY Gr.-13.2%-20.8%-14.6%-15.6%34.4%10.5%63.6%-11.9%67.1%-
Adj EPS ⓘ110.60.40.42.63.210.19.428.927.5
YoY Gr.--1%-38.8%-33.3%-2.5%566.7%22.7%215.7%-6.5%207.1%-
BVPS (₹) ⓘ26.727.42828.228.631.534.543.552.678.482.2
Adj Net
Profit ⓘ		27.327.116.611.210.87288.4279261802763
Cash Flow from Ops. ⓘ42.515716514711361122258235713-
Debt/CF from Ops. ⓘ11.22.31.410.50.80.60.20.20.1-

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 35.9% 71.6% 39.4% -12.7%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ		43.62.21.41.48.79.725.819.644.234.3
Op. Profit
Mgn % ⓘ		9.27.97.67.37.511.110.91920.133.932.1
Net Profit
Mgn % ⓘ		1.91.71.311.25.96.612.613.424.723.2
Debt to
Equity ⓘ		0.60.50.30.20.10.10.1000-
Working Cap
Days ⓘ		238223256262278206211156220180110
Cash Conv.
Cycle ⓘ		158157190195205148142981218677

Valuation of HBL Engineering - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,4071,5931,2611,0779091,2211,3502,2091,9463,252
Operating Expenses ⓘ + 1,2771,4671,1669998411,0861,2021,7901,5562,150
Manufacturing Costs166185150136118144155343263287
Material Costs8831,0628196815647498271,1439711,362
Employee Cost 93918184779099129149190
Other Costs ⓘ 1351301169882104122175172311
Operating Profit ⓘ 1301269678681351484193911,102
Operating Profit Margin (%) 9.2%7.9%7.6%7.3%7.5%11.1%10.9%18.9%20.1%33.9%
Other Income ⓘ + 1723131791418172659
Exceptional Items ⓘ -3-1075-5111-28-1-31
Interest ⓘ 464131221476121214
Depreciation ⓘ 48464440383534394248
Profit Before Tax ⓘ 50524038191181263553621,068
Tax ⓘ 16231514529319194271
Profit After Tax 34302524158996264268797
PAT Margin (%) 2.4%1.9%2.0%2.2%1.6%7.3%7.1%11.9%13.8%24.5%
Adjusted EPS (₹)1.21.10.90.90.53.23.59.59.728.7
Dividend Payout Ratio (%)20.50%23.40%33.10%34.60%66.50%12.40%13.10%5.30%10.40%10.40%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 7397617777837938729561,2051,4582,172
Share Capital ⓘ 28282828282828282828
Reserves ⓘ 7127337497557658449281,1781,4312,145
Debt +456343215140574766353035
Long Term Debt265601028381600
Short Term Debt430338209140471928193035
Minority Interest0000000000
Trade Payables1651247676678697129179180
Others Liabilities ⓘ 143163150159144175236372483985
Total Liabilities ⓘ 1,5041,3901,2191,1581,0611,1801,3541,7412,1513,373

Fixed Assets

Net Fixed Assets ⓘ +416363320301277263317345384427
Gross Block799778748744712691750804878944
Accumulated Depreciation382415428443435428434459495517
CWIP ⓘ 332637274381491868127
Investments ⓘ 833335893266366
Inventories404364321303284302331429521551
Trade Receivables489467379317274308324356386657
Cash Equivalents 2319317467103144232137537
Others Assets ⓘ 130148127132113119181268390707
Total Assets ⓘ 1,5041,3901,2191,1581,0611,1801,3541,7412,1513,373
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 4215716514711361122285235713
PBT ⓘ 50524038191181263553621,068
Adjustment ⓘ 8874584548264210962222
Changes in Working Capital ⓘ -8857847846-57-10-98-92-283
Tax Paid ⓘ -8-26-18-13-1-27-36-82-96-295
Cash Flow From Investing Activity ⓘ + 61-62-3-24-17-48-146-310-200
Capex -38-10-1-7-29-20-51-63-118-115
Net Investments 40000-2-3-88-173-88
Others ⓘ 944344565-193
Cash Flow From Financing Activity ⓘ + -114-149-163-114-103-228-47-33-110
Net Proceeds from Shares ⓘ 0000000000
Net Proceeds from Borrowing ⓘ -10-19-1-1212017-15-16-16
Interest Paid ⓘ -37-28-21-13-7-2-4-8-11-12
Dividend Paid ⓘ -8-8-8-17-3-10-11-12-14-83
Others ⓘ -59-93-133-71-94-307-1280
Net Cash Flow ⓘ -113430-14228291-108402
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)4.973.953.273.091.8510.7410.4524.4120.0943.89
ROCE (%)8.077.936.626.143.8114.1513.5832.1427.0658.27
Asset Turnover Ratio1.031.120.970.910.821.091.071.4311.18
PAT to CFO Conversion(x)1.245.236.66.137.530.691.271.080.880.89
Working Capital Days
Receivable Days111107.30122.40118118.7086.9085.3056.1069.6058.50
Inventory Days95.1086.4099.10105.60117.7087.4085.6062.808960.10
Payable Days6849.7044.7040.9046.3037.2040.303657.8048.10

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Announcements

HBL Engineering Ltd FAQs

The current trading price of HBL Engineering on 08-Sep-2026 15:14 is ₹730.2.

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 07-Sep-2026 the market cap of HBL Engineering stood at ₹19,514.5 Cr

The latest P/E ratio of HBL Engineering as of 07-Sep-2026 is 25.59.

The latest P/B ratio of HBL Engineering as of 07-Sep-2026 is 8.57.

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 average 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 Semi Strong which suggest that the price of HBL Engineering Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About HBL Engineering Ltd

HBL Power Systems is the pioneer in the design, development and manufacture of specialized batteries and DC systems in India. It has more than 30 years of experience in the field of specialized batteries and DC power systems.

The company is the result of a merger between Hyderabad Batteries (1977) and SABNIFE Power Systems (1986). The company has its headquarters in Hyderabad, India with factories and sales offices in various parts of the country. HBL also has offices, distributors and agents all over the globe to cater to its ever-growing export business.

HBL is committed to improving global competitiveness by sharing knowledge, drive for innovation, growth, and investments in internationally benchmarked technology and niche products.

The company’s aim is to organize India's engineering talent into a globally competitive business, whether in manufacturing or in services.

Product Range:

  • Batteries - Nickel Cadmium, Lead Acid, Lithium and Silver Zinc
  • Electronics - Railway Electronics, Defence Electronics and Thyristor control Rectifiers
  • Others - Anti Infra Red Coating

Divisions:

  • HBL Rail - HBLRAIL, a unit of HBL Power Systems Limited is associated with the Indian Railways for over 25 years and has been a regular and approved supplier of batteries, power systems and electronic signaling products. It is a one stop shop for all railway signaling needs, starting from design, equipment supply to complete turnkey works contracts.
  • HBL Microwave  - HBL Microwave is focused on defence electronics. Unlike batteries and railway products where almost all development was done in house, HBL has collaborated with companies abroad for most of its defence electronics products. Radar and Electronic warfare : Joint venture with ELTA, Israel.
  • HBL Batteries

Subsidiary:

  • HBL (UK)
  • HBL Power Systems (M) SDN BHD
  • Bhagirath Energy Systems (BES)

Certifications:

a) Nickel Cadmium :

  • Pocket Plate, Valve Regulated Pocket Plate, Fibre Plate - ISO 9001, ISO 14001, IEC 60623 Certification (CSA), Bump Test, Vibration Test, Seismic Test, IEC 60623 Certification and OHSAS 18001 Certification
  • Sintered Plate - ISO 9001

b) Silver Zinc - ISO 9001

c) Lead Acid - VRLA Single Cells, VRLA Monoblocks, LMLA, VRLA GEL - ISO 9001, ISO 14001, IEC 60896 Certification (CSA) for VRLA Single Cells , IEC 60896 and Certification (CSA) for Monoblocks

c) Lithium - ISO 9001

d) Electronics - Thyristor Control Rectifiers, DC-DC Convertors and Defence Chargers - ISO 9001.

In 2009 Hbl Power Systems sets up JV Company in Saudi Arabia to manufacture of Industrial Batteries.

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