This Mukul Agrawal Semiconductor Stock, engaged in the design, development, and manufacturing of power semiconductors, power electronic equipment, and railway traction systems, is in focus after the management expects more than 30 percent revenue growth in FY26.
With a market capitalization of Rs. 2,854.06 crore, the shares of Hind Rectifiers Limited were currently trading at Rs. 1,660.90 per equity share, down nearly 2.02 percent from its previous day’s close price of Rs. 1,695.20.
Management Guidance
Hind Rectifiers Limited management expects to keep the ongoing growth momentum and maintain or even improve the order book by the end of the year. For FY26, the company has given a revenue growth guidance of at least 30 percent, with a similar growth trend of 25–30 percent in the coming years.
Additionally, Margins are also expected to get better gradually, with a long-term target of reaching mid-teen EBITDA margins. However, the company has advised that this improvement will take some time and patience.
Order Book
The company’s order book has shown strong growth over the past few years. It has increased from Rs. 368 crore in FY22 to Rs. 893 crore in FY25. In the first quarter of FY26, the order book has already reached Rs. 1,025 crore, which is higher than the order book of the previous years. This steady rise shows that the company is receiving more business orders each year and is starting FY26 with a very strong pipeline.
Capex Plans
Hind Rectifiers Limited has planned a capex of Rs. 50 crore in FY26, mainly for backward integration to strengthen its operations. This investment will be funded with about two-thirds through debt and the remaining one-third from internal accruals. This step is expected to support the company’s growth and improve efficiency in the long run.
Client Base
Hind Rectifiers Limited has strong and lasting partnerships with many top clients, including Indian Railways, Indian Oil, Tata, Reliance, Shell, NTPC, SAIL, and ONGC. It also works with Siemens, GE, Adani, Jindal, and others, showing the trust it has earned across industries.
Shareholding Pattern
In June 2025, Hind Rectifiers Limited had a majority stake held by the promoters at 43.98 percent, foreign institutional investors at 6.30 percent, domestic institutional investors at 0.06 percent, and the public at 49.63 percent.
In the public holding, Ace investor Mukul Mahavir Agrawal holds a 1.46 percent stake in Hind Rectifiers Limited, valued at Rs. 42.6 crores, consisting of 250,000 shares.
Company Overview
Hind Rectifiers Limited was established in 1958 and specializing in the development, design, manufacturing, and marketing of power semiconductors, power electronic equipment, and railway transportation equipment.
The company’s products include converters, inverters, propulsion systems, rectifiers, railway transformers, traction motors, switchboard panels, regulated battery chargers, and HVAC systems for rolling stock.
The company serves sectors such as railways, general industry, power plants, steel, and cement. Its manufacturing facilities are located in Mumbai, Nasik, and Dehradun, flagship R&D at Bhandup (Mumbai), and a software R&D center in Hyderabad.
Recent quarter results
Coming into financial highlights, Hind Rectifiers Limited’s revenue has increased from Rs. 136 crore in Q1 FY25 to Rs. 215 crore in Q1 FY26, which has grown by 58.09 percent. The net profit has also grown by 85.71 percent from Rs. 7 crore in Q1 FY25 to Rs. 13 crore in Q1 FY26. Hind Rectifiers Limited’s standalone revenue and net profit have grown at a CAGR of 21.06 percent and 64.93 percent, respectively, over the last four years.
In terms of return ratios, the company’s ROCE and ROE stand at 21.6 percent and 25.6 percent, respectively. Hind Rectifiers Limited has an earnings per share (EPS) of Rs. 25, and its debt-to-equity ratio is 1.03x.
Written By Nikhil Naik
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