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10 Yrs X-Ray 
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Valuation 
Analyst Note 
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Qtr. Results 
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About
Hind Rectifiers Ltd (HIRECT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504036 NSE: HIRECT Electric Equipment | Small Cap | Hind Rectifiers Share Price
₹1,093.95 0.90 (0.08%)
As on 06-Jul'26 16:59
Hind Rectifiers Ltd (HIRECT)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 504036 NSE: HIRECT Electric Equipment | Small Cap | Hind Rectifiers Share Price
₹1,093.95 0.90 (0.08%)
As on 06-Jul'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹3,760 Cr.
Current Price
₹1,094
52-Week Low / High
₹556 / 1,211
TTM EPS
₹16.8
TTM Sales
₹949 Cr.
Book Value per Share
₹64.4
P/E Ratio
65.20
Higher than its 5-year historical median
Industry PE
54.6
Price to Book (P/B)
16.99
Higher than its 5-year historical median
Price to Sales (P/S)
3.96
Higher than its 5-year historical median
EV/EBITDA
38.48
Higher than its 5-year historical median
Dividend Yield
0.09%
Profitability Efficiency
Return on Equity (ROE)
26.28%
Outperforms industry median
Return on Capital Employed (ROCE)
22.35%
Outperforms industry median
Return on Assets (ROA)
9.99%
Operating Profit Margin
10.8%
Net Profit Margin
5.69%
Gross Profit Margin
9%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
26.63%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
70.03%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
197.92%
Asset Quality
Promoter Holding
43.93%
Pledged shares (%) of Promoter's holding (%)
6.81%
Reserves
₹214 Cr.
Equity
₹6.9 Cr.
Face Value
₹2
All Time Low / High
₹0.43 / 1210.60
Check Before You Invest
Quality
Somewhat GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Strong
Is Hind Rectifiers Ltd a good quality company?
Hind Rectifiers 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.
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 Hind Rectifiers Ltd performance compare with that of its Peers?
Revenue growth of Hind Rectifiers Ltd vs industry peers?
Hind Rectifiers Ltd revenue CAGR is 16.95%, compared to the industry median CAGR of 13.01%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Hind Rectifiers Ltd?
Promoters hold 43.93% of the Hind Rectifiers Ltd, with 6.81% of their stake pledged, indicating low pledge risk.
Stock return of Hind Rectifiers Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 41.6% 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.
Hind Rectifiers 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'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 1.2% | -4.7% | 7.5% | 18.9% | 21% | 9% | 10.1% | -0.1% | 13.2% | 22.4% | - |
| Value Creation Index ⓘ | -0.9 | -1.3 | -0.5 | 0.4 | 0.5 | -0.4 | -0.3 | -1.0 | -0.1 | 0.6 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 93.9 | 111 | 126 | 255 | 300 | 305 | 372 | 359 | 518 | 655 | 949 |
| Sales YoY Gr. | - | 18.7% | 12.8% | 103% | 17.4% | 1.8% | 22% | -3.5% | 44.1% | 26.6% | - |
| Adj EPS ⓘ | -0.5 | -0.5 | 0.4 | 3.4 | 5.6 | 1.9 | 2.3 | 0.4 | 5.1 | 10.6 | 16.8 |
| YoY Gr. | - | NA | NA | 750% | 65% | -67% | 26% | -82.8% | 1170% | 109.3% | - |
| BVPS (₹) ⓘ | 19.9 | 17.1 | 20 | 23.6 | 28.9 | 30.1 | 32.3 | 32.4 | 36.2 | 46.5 | 64.4 |
| Adj Net Profit ⓘ | -1.5 | -1.6 | 1.3 | 11.3 | 18.6 | 6.1 | 7.7 | 1.4 | 17.4 | 36.5 | 58 |
| Cash Flow from Ops. ⓘ | 5.2 | -3.3 | -3.6 | 6.5 | 4.4 | 21.7 | 36.3 | 33 | 33.9 | 35.6 | - |
| Debt/CF from Ops. ⓘ | 6.1 | -12.6 | -14 | 9.8 | 20.2 | 3.9 | 2.1 | 3.2 | 3.8 | 4.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 24.1% | 17% | 20.8% | 26.6% | ||||
| Adj EPS ⓘ | NA | 13.6% | 65.9% | 109.3% | ||||
| BVPSⓘ | 9.9% | 10% | 12.9% | 28.6% | ||||
| Share Price | 42.1% | 69.2% | 95% | 62.6% | ||||
Key Financial Parameters ⓘ
| Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | -2.4 | -2.7 | 2.2 | 15.6 | 21.4 | 6.3 | 7.5 | 1.3 | 14.8 | 25.7 | 30.3 |
| Op. Profit Mgn % ⓘ | 2.2 | 4.2 | 7.8 | 7.5 | 12.7 | 6.9 | 6.1 | 4.4 | 8.1 | 10.8 | 10.8 |
| Net Profit Mgn % ⓘ | -1.6 | -1.4 | 1 | 4.4 | 6.2 | 2 | 2.1 | 0.4 | 3.4 | 5.6 | 6.1 |
| Debt to Equity ⓘ | 0.5 | 0.8 | 0.8 | 0.8 | 0.9 | 0.8 | 0.7 | 0.9 | 1 | 1 | 0.1 |
| Working Cap Days ⓘ | 335 | 253 | 264 | 175 | 191 | 211 | 167 | 178 | 141 | 142 | 65 |
| Cash Conv. Cycle ⓘ | 203 | 151 | 155 | 99 | 112 | 129 | 99 | 100 | 83 | 81 | 10 |
Profit And Loss
(All Figures are in Crores.)| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 94 | 111 | 126 | 255 | 300 | 305 | 372 | 359 | 518 | 655 |
| Operating Expenses ⓘ + | 92 | 107 | 116 | 236 | 262 | 285 | 349 | 344 | 476 | 584 |
| Operating Profit ⓘ | 2 | 5 | 10 | 19 | 38 | 20 | 23 | 15 | 42 | 71 |
| Operating Profit Margin (%) | 2.2% | 4.2% | 7.8% | 7.5% | 12.7% | 6.6% | 6.1% | 4.3% | 8.1% | 10.8% |
| Other Income ⓘ + | 1 | 1 | 0 | 8 | 0 | 0 | 0 | 0 | 4 | 1 |
| Interest ⓘ | 3 | 5 | 6 | 8 | 8 | 9 | 7 | 8 | 13 | 14 |
| Depreciation ⓘ | 2 | 2 | 2 | 3 | 4 | 4 | 4 | 5 | 7 | 8 |
| Profit Before Tax ⓘ | -2 | -10 | 2 | 17 | 26 | 7 | 11 | -9 | 18 | 50 |
| Tax ⓘ | -1 | -3 | 1 | 5 | 8 | 2 | 3 | -2 | 5 | 13 |
| Profit After Tax | -2 | -7 | 1 | 12 | 18 | 5 | 8 | -6 | 13 | 37 |
| PAT Margin (%) | -1.6% | -6.3% | 1.1% | 4.6% | 6.2% | 1.8% | 2.1% | -1.8% | 2.4% | 5.7% |
| Adjusted EPS (₹) | -0.5 | -2.2 | 0.4 | 3.6 | 5.6 | 1.6 | 2.4 | -1.9 | 3.7 | 10.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 5.60% | 7.20% | 12.40% | 8.50% | 0% | 16.40% | 9.20% |
Valuation of Hind Rectifiers - Standalone
Analyst's Notes
No data found!
Balance Sheet
(All Figures are in Crores.)| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 62 | 53 | 66 | 78 | 96 | 100 | 107 | 111 | 124 | 160 | |
| Debt + | 32 | 40 | 48 | 59 | 84 | 77 | 67 | 95 | 119 | 149 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 22 | 12 | 28 | 33 | 39 | 42 | 48 | 53 | 47 | 60 | |
| Others Liabilities ⓘ | 3 | -3 | -0 | 8 | 18 | 18 | 22 | 29 | 38 | 49 | |
| Total Liabilities ⓘ | 119 | 102 | 142 | 178 | 238 | 237 | 244 | 288 | 329 | 418 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 21 | 20 | 27 | 26 | 33 | 41 | 48 | 80 | 90 | 107 | |
| CWIP ⓘ | 2 | 5 | 4 | 14 | 18 | 20 | 28 | 21 | 22 | 12 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 6 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 33 | 27 | 34 | 54 | 69 | 69 | 77 | 92 | 97 | 121 | |
| Trade Receivables | 45 | 36 | 55 | 63 | 81 | 88 | 68 | 68 | 89 | 110 | |
| Cash Equivalents | 5 | 1 | 2 | 2 | 3 | 2 | 1 | 1 | 2 | 1 | |
| Others Assets ⓘ | 14 | 13 | 18 | 18 | 27 | 19 | 21 | 26 | 29 | 67 | |
| Total Assets ⓘ | 119 | 102 | 142 | 178 | 238 | 237 | 244 | 288 | 329 | 418 | |
Cash Flow
(All Figures are in Crores.)| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 5 | -3 | -4 | 6 | 4 | 22 | 36 | 33 | 34 | 36 |
| Cash Flow From Investing Activity ⓘ + | -5 | -4 | -10 | -10 | -22 | -8 | -20 | -29 | -19 | -25 |
| Cash Flow From Financing Activity ⓘ + | 3 | 4 | 15 | 3 | 19 | -15 | -17 | -4 | -14 | -11 |
| Net Cash Flow ⓘ | 4 | -3 | 1 | -1 | 1 | -1 | -0 | 0 | 0 | -0 |
Financial Ratio
| PARTICULARS | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -2.41 | -12.11 | 2.2 | 16.33 | 21.27 | 5.46 | 7.54 | -5.84 | 10.65 | 26.28 |
| ROCE (%) | 1.19 | -4.67 | 7.54 | 18.91 | 21.02 | 8.97 | 10.12 | -0.09 | 13.23 | 22.35 |
| Asset Turnover Ratio | 0.86 | 1.09 | 1.04 | 1.6 | 1.44 | 1.28 | 1.55 | 1.35 | 1.68 | 1.76 |
| PAT to CFO Conversion(x) | N/A | N/A | -4 | 0.5 | 0.22 | 4.4 | 4.5 | N/A | 2.62 | 0.97 |
| Working Capital Days | ||||||||||
| Receivable Days | 186.50 | 121.60 | 130.70 | 84.90 | 87.90 | 101 | 76.30 | 68.80 | 55.30 | 55.30 |
| Inventory Days | 100.90 | 90.40 | 88.40 | 63.40 | 75.20 | 82.40 | 71.40 | 86.10 | 66.70 | 60.60 |
| Payable Days | 113.50 | 80.50 | 83.20 | 59.60 | 63.10 | 63 | 56.70 | 65.80 | 47.70 | 40.90 |
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 | 6.81 | 6.81 | 6.81 |
* Pledged shares as % of Promoter's holding (%)
Top 5 Mutual Funds Holding
Last Visited Stocks
Announcements
Hind Rectifiers Ltd FAQs
The current trading price of Hind Rectifiers on 06-Jul-2026 16:59 is ₹1,094.
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 05-Jul-2026 the market cap of Hind Rectifiers stood at ₹3,760.2 Cr
The latest P/E ratio of Hind Rectifiers as of 05-Jul-2026 is 65.20.
The latest P/B ratio of Hind Rectifiers as of 05-Jul-2026 is 16.99.
The 52-week high of Hind Rectifiers is ₹1,210.6 and the 52-week low is ₹555.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hind Rectifiers is ₹949 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Hind Rectifiers Ltd is a average quality company.
The key valuation ratios of Hind Rectifiers 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 Hind Rectifiers Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing
About Hind Rectifiers 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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