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1. At a Glance
Consolidated revenue for the June 2026 quarter came in at ₹258.45 crore, against ₹214.77 crore a year earlier — a 20.3% increase. Operating profit for the same quarter was ₹13.22 crore, against ₹24.22 crore in June 2025. PAT after minority interest was ₹9.42 crore versus ₹12.77 crore, with EPS of ₹2.74 against ₹3.72.
The quarter also contained an unusual amount of paperwork. The company changed its name from Hind Rectifiers Limited to Hirect Limited with effect from July 24, 2026 — sixty-eight years of “Rectifiers” retired in favour of something that fits on a lanyard. It won its first MEMU trainset development order (~₹60 crore), its first Vande Metro development order (~₹60 crore), its first US traction motor assembly order and its first US mining IGBT converter order. It appointed a new independent director, a new Executive Director & CFO, and a new Global CEO, the previous Global CEO having resigned on August 11, 2026 citing personal reasons. Tata Small Cap Fund was allotted 10,86,366 shares on a preferential basis for ₹100 crore in July 2026.
Other Income for the quarter was ₹7.86 crore, against ₹0.23 crore in the June 2025 quarter — a line item that spent most of the last two years hovering near zero and then abruptly showed up wearing a suit. Management attributes ₹3.5 crore of the quarter’s profit to an exceptional item from the sale of the Dehradun plant.
The order book stood at ₹739.8 crore at end-July 2026. The consolidated numbers, meanwhile, now carry a French passenger.
2. Introduction
Hirect was incorporated in April 1958 by Mr Sushil Kumar Nevatia, in technical collaboration with Westinghouse Brake & Signal Co. Ltd of the UK — an arrangement from an era when “technology transfer” meant somebody actually got on a boat. The company began by pioneering semiconductors out of a 20,000 sq m facility at Bhandup, having acquired Kaycee Industries’ rectifier operations, and has spent the six decades since converting electricity from one shape into a different, more useful shape.
The path was incremental in the way engineering companies usually are. The 1970s–80s brought battery chargers and traction rectifiers for locomotives. The 1990s–2000s brought IGBT-based underslung inverters and the amalgamation of a sister company at Satpur, Nashik, in 1995. The 2010s were spent ramping Satpur. Between 2020 and 2022 the company bought a 26,930 sq m land parcel at Sinnar, Nashik, and got a plant running on it.
The 2022–26 chapter is the one management keeps pointing at. It covers indigenous locomotive propulsion systems, a 350 TPM copper conductor facility commissioned for backward integration, and the acquisition of Elventive France (erstwhile BeLink Solutions) to establish a European manufacturing footprint. The presentation frames this as a move from Era 1 “Component Supplier” through Era 2 “Products and sub-systems” to Era 3 “Integrated Systems and Global Expansion,” with per-locomotive content rising from ₹1.5–1.6 crore to ₹5–5.5 crore across the three eras. Corporate India rarely resists a chart with three arrows on it, and this one at least has rupees attached to each arrow.
Recent activity has been dense. Shareholders approved a loan to Elventive France SAS and a preferential equity issue on June 16, 2026. Crisil reaffirmed the ₹228.9 crore bank loan ratings at BBB+/Stable and A2 on August 21, 2026, having upgraded them from BBB/Stable and A3+ in September 2025. A dividend of ₹1.40 per share was credited on August 13, 2026 following AGM approval.
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3. Business Model: WTF Do They Even Do?
Hirect manufactures power electronic equipment — converters, inverters, propulsion systems, rectifiers — and railway transformation equipment including traction transformers, motors, locomotive switchboard panels, regulated battery chargers and modular pantry units. Somewhere in a spec sheet that lists water-cooled IGBT converters up to 6,000 HP, there is a line item for the place the tea comes from, and that is the railway supply business in one bullet.
The railway portfolio splits three ways. Traction Systems covers IGBT traction converters, traction motors rated up to 1,150 kW, and train communication systems. Power Systems covers auxiliary converters, hotel load converters (2 × 500 kVA and 2 × 600 kVA units that turn 25 kV overhead line power into 750 V three-phase so that passengers can charge phones), and battery chargers up to 12 kW. Control Electronics & Electromechanics covers the Vehicle Control Unit, the Driver Display Unit — a 10.4-inch screen with programmable mimic windows, which is a phrase that has clearly survived several committee meetings — traction transformers up to 7,775 kVA, and HVAC systems.
The industrial side sells single and three-phase ESP power supplies up to 750 kVA for electrostatic precipitators, mid- and high-frequency power supplies, SMPS rectifiers, thyristor-controlled rectifiers up to 1000 V and 20 kA, and water-cooled rectifiers up to 1500 V and 80 kA. Eighty thousand amps is not a number that appears in most product catalogues; it is a number that appears in warnings.
Revenue mix for Q1 FY27 was Railway Transformer 65.8%, Railway Electromechanical 14.4%, Railway Electronics 13.1%, Spares & Services 4.4%, Industrial Products 2.2%, and Trainsets (MEMU & Vande Metro) 0.1% — the newest business contributing roughly one part in a thousand, which is what a maiden order looks like before it becomes anything else. The order book mix
