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Revenue
₹227.15 Cr
verified against source
Revenue YoY
37%
reported change
EBITDA
₹25.9 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hind Rectifiers delivered a strong Q2 FY26 with revenue of ₹427 crore (+37% YoY), EBITDA of ₹25.9 crore (+41.4% YoY), and PAT of ₹14.7 crore (+44.6% YoY), driven by robust execution and cost optimization. The order book remained healthy at ₹1,099 crore, providing 12-18 month visibility. Key strategic moves included completion of backward integration for copper conductors (₹56 crore investment) and acquisition of France-based Belink Solutions (€10M revenue, currently loss-making). Management reiterated a 30%+ revenue growth target for the next three years, with margin improvement expected from Q4 as supply chain issues ease. Risks include delays in propulsion system trials and potential margin pressure from competitive pricing and new product launches.
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Guidance to track
- Management committed to at least 30% year-on-year revenue growth for the next three years, backed by strong order pipeline and diversification.
- Backward integration of copper conductors is expected to improve gross margins from Q4 FY26 onwards, as supply chain issues are resolved.
- Capital expenditure for FY26 is estimated at approximately ₹60 crore, funded through a term loan of ₹34 crore and internal accruals.
- Hind Rectifiers will fund up to €1.5 million annually for three years to support Belink's working capital, aiming to turn it profitable before that.
Risks flagged
- Trials for the propulsion system have been delayed due to clearance issues with Western Railway, pushing back potential commercialization.
- Belink is currently loss-making with €10M revenue, and management expects it to remain unprofitable for several quarters, requiring continued funding.
- Gross margins contracted in H1 due to expensive imports of copper conductors; while backward integration is expected to help, any further supply disruptions could impact margins.
- Analyst raised concern about increasing competition in traction transformers and propulsion systems; management acknowledged competitors but downplayed the threat.
Key quotes
- Our order book remained strong at 1099 crores as of September 30th, 2025, reflecting sustained demand momentum across our key product lines.
- Orders is not really a questionable problem today. I mean there is enough opportunity... our criteria today is to improve operations and to improve supply chain to improve the costing.
- We have set 30% year-on-year and I will stick to that and you can see the results and they'll speak for themselves.
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