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Revenue
₹277.39 Cr
verified against source
Revenue YoY
64.2%
reported change
EBITDA
₹25.5 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
Quarter read
What the record says.
Hind Rectifiers delivered a strong Q3 FY26 with consolidated revenue surging 64.2% YoY to INR 277.4 Cr, driven by sustained execution in railway equipment and power systems. EBITDA grew 44.9% YoY to INR 25.5 Cr, but margin contracted 120 bps YoY due to copper cost volatility and ramp-up costs at the new copper conductor plant. PAT rose 30.1% YoY to INR 13 Cr, impacted by a one-time exceptional expense of INR 1.3 Cr. The order book remains robust at INR 113 Cr, with management guiding for 30% revenue growth in FY27, driven by existing product lines and a strong railway tender pipeline (1,700 electric locomotives planned). The propulsion system trials have commenced on Western Railway, with a 50,000 km milestone expected in 3-4 months, and initial orders of ~INR 50 Cr are in hand. Key risk: margin recovery hinges on timely stabilization of the copper conductor plant, which may take until Q2 FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 30% year-on-year revenue growth for FY27, driven by existing product lines and market share gains.
- EBITDA margins are expected to improve in Q4 FY26 and further in Q1 FY27, with the copper conductor plant contributing fully from Q2 FY27.
- Capital expenditure for FY26 is approximately INR 60 Cr, primarily for the copper conductor plant and other expansions.
- The 50,000 km trial run for the propulsion system on Western Railway is expected to be completed within 3-4 months, enabling participation in upcoming tenders.
Risks flagged
- EBITDA margin contracted 120 bps YoY due to copper price fluctuations and ramp-up costs at the copper conductor plant. Recovery depends on plant stabilization.
- Order inflows were muted in Q3 as railway tenders were delayed by a quarter. Any further delays could impact order book growth and revenue visibility.
- The European subsidiary Belink remains loss-making with no clear timeline for profitability. Management acknowledged it will take 'a few quarters' to turn around.
- While trials have commenced, there is no guarantee of successful completion or timely approval. Competition from 1-2 other players may also emerge.
Key quotes
- The trials of our propulsion system have officially commenced at Western Railway and ideally it should be completed within 3 to four months.
- We expect a growth of 30% year-on-year and we continue to maintain that going into the next year as well.
- The reduction in the margins is due to fluctuations in volatility in the commodity, more particularly to do with copper... we should be back in the next couple of quarters.
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