Key Financial Highlights - Standalone

Q2 FY27 Performance:

  • Revenue from operations: ₹294.3 crore (highest-ever quarterly, 29.6% YoY growth)
  • Gross profit: ₹66.3 crore (15.1% YoY growth)
  • Gross profit margin: 22.5%
  • EBITDA: ₹24.0 crore
  • EBITDA margin: 8.2%
  • PAT: ₹14.5 crore (includes exceptional gain of ₹2.7 crore from sale of Dehradun plant)

H1 FY27 Performance:

  • Revenue from operations: ₹530.7 crore (highest-ever half-yearly, 20.1% YoY growth)
  • Gross profit: ₹126.6 crore (11.2% YoY growth)
  • Gross profit margin: 23.9%
  • EBITDA: ₹49.1 crore
  • EBITDA margin: 9.2%
  • PAT: ₹29.6 crore (includes exceptional gain of ₹6.2 crore from sale of Dehradun plant)

Key Financial Highlights - Consolidated

Q2 FY27 Performance:

  • Revenue from operations: ₹315.7 crore (39.0% YoY growth)
  • EBITDA: ₹13.6 crore
  • EBITDA margin: 4.3%
  • PAT after Minority Interest: ₹6.8 crore (includes exceptional gain of ₹2.7 crore)

H1 FY27 Performance:

  • Revenue from operations: ₹574.1 crore (29.9% YoY growth)
  • EBITDA: ₹26.8 crore
  • EBITDA margin: 4.7%
  • PAT after Minority Interest: ₹16.2 crore (includes exceptional gain of ₹6.2 crore)

Operational & Business Highlights

Regulatory Approvals:

  • Received CTC and PICC approvals from Indian Railways for deployment in Traction Transformers
  • Included in RDSO's UVAM (Unified Vendor Approval Module) list of Development Source for propulsion system
  • Supplies for propulsion systems have already commenced

Order Book Position:

  • Order book stood at ₹795.2 crore as of September 2026
  • Provides healthy foundation for future revenue execution
  • Reflects sustained demand across railway and industrial businesses

Management Commentary

Suramya Nevatia, Chairman & Managing Director, commented on:

  • Strong business momentum and growing demand across key segments
  • Profitability impacted by elevated raw material costs, adverse product mix, and higher operating expenses
  • Geopolitical developments and supply-chain disruptions contributing to input cost pressures
  • Continued investments in human capital to support future growth
  • Elventive France integration and scale-up phase affecting consolidated profitability
  • EBITDA margins at consolidated level expected to remain under pressure over next few quarters
  • Focus on strengthening core railway business, expanding product portfolio, and enhancing operational efficiencies

Company Background

Hirect Limited (established 1958) operates with 950 employees across manufacturing plants in Nashik and Bhandup, India. Exports products to over 30 countries with offices in India, Sweden, and UAE. Manufactures power electronics equipment including 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

The document contains forward-looking statements subject to numerous risks and uncertainties, not necessarily predictive of future results. Company assumes no obligation to update forward-looking statements.