Hirect Limited submitted a press release dated August 11, 2026, titled "Hirect Limited reports healthy performance driven by sustained business momentum" to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI Listing Regulations, 2015.

Financial Performance - Consolidated (Q1 FY27)

  • Revenue from operations: ₹258.4 crore, representing 20.3% YoY growth from ₹214.8 crore in Q1 FY26
  • EBITDA: ₹13.2 crore, compared to ₹24.2 crore in Q1 FY26
  • PAT after Minority Interest: ₹9.4 crore, compared to ₹12.8 crore in Q1 FY26
  • The decline in EBITDA and PAT was primarily due to higher employee and operating costs following the consolidation and scale-up of Elventive France

Financial Performance - Standalone (Q1 FY27)

  • Revenue from operations: ₹236.4 crore, representing 10.1% YoY growth
  • Gross profit: ₹60.3 crore
  • Gross profit margin: 25.5%, compared to 26.2% in Q1 FY26 (impacted by higher raw material costs due to West Asia crisis volatility)
  • EBITDA: ₹25.1 crore, representing 3.2% YoY growth from ₹24.3 crore in Q1 FY26
  • PAT: ₹15.1 crore, representing 17.8% YoY growth from ₹12.8 crore in Q1 FY26

Operational & Business Highlights

  • Order book stood at ₹739.8 crore as of July 2026, providing strong revenue visibility
  • Continued strengthening in next-generation railway propulsion systems
  • Expansion into international markets and adjacent industrial applications

New Orders Secured

  • MEMU Trainset Order: Maiden development order from Modern Coach Factory (MCF) for four MEMU trainsets, including traction transformers, propulsion systems, traction motors and TCMS
  • Vande Metro Order: First development order from Rail Coach Factory (RCF), Kapurthala for Vande Metro (Namo Bharat) trainset
  • US Market Entry: First order from United States for traction motor assemblies
  • Mining Segment Entry: First US order for IGBT converters for the mining industry

Management Commentary

Suramya Nevatia, Chairman & Managing Director, commented that:

  • Near-term margin pressure is expected to continue for the next 3-5 quarters as Elventive France moves toward breakeven
  • Consolidated EBITDA is expected to remain moderated during this period, followed by gradual improvement
  • The order book remains anchored by core Railway Transformer business, with Railway Electronics and Railway Electromechanical products accounting for meaningful share
  • Recent orders mark the company's evolution from component supplier to integrated systems and solutions company
  • International expansion through US orders and Elventive France investment strengthens global ambitions
  • Focus remains on strengthening core railway franchise while expanding into higher-value products, international markets, and adjacent industrial markets

Company Background

Hirect Limited (established 1958) operates with 950 employees across manufacturing plants in Nashik and Bhandup, India. The company exports to over 30 countries with offices in India, Sweden, and UAE. Products include Power Converters, Control Electronics, Transformers, Rectifiers, Inverters, Motors, and HVAC systems serving Railways, Defence, Power, Hydrogen, Steel, Cement, Chemical, and Paper industries.

Forward-looking Statements Disclaimer

The document contains forward-looking statements subject to numerous risks and uncertainties that may cause actual results to differ materially from anticipated results. The company assumes no obligation to update these statements.