Shares of Hind Rectifiers Limited fell 3.54% to ₹912.85 on Monday, May 18, as investors reacted to the company's FY26 results released Saturday. According to reports from The Hindu BusinessLine, the stock touched an intraday low of ₹797.55 before recovering, and currently trades at a P/E ratio of 84.28 — well above the broader market. The stock has gained 71% over the past year but remains 13% below its 52-week high of ₹1,054.25 hit in August 2025.
The Mumbai-based power electronics manufacturer reported consolidated revenue of ₹999.1 crore for FY26, representing a 52.5% year-on-year increase and crossing the ₹1,000 crore mark on a standalone basis at ₹949.2 crore. As reported by The Hindu BusinessLine, consolidated PAT excluding minority interest came in at ₹45 crore, up 21.3% year-on-year, while operating cash flow surged 141% to ₹85.8 crore, reflecting improved working capital discipline.
Despite the strong revenue growth, consolidated EBITDA margins contracted to 8.4% from 10.7% in FY25, as higher employee costs and expenses tied to global expansion weighed on profitability. According to the company's FY26 results, these margin pressures offset the positive impact of record revenue growth, leading to investor concerns about the company's profitability trajectory. The margin compression reflects the company's strategic investments in expanding its global footprint and operational capabilities.
The company closed FY26 with an order backlog of ₹845.5 crore and fresh order inflows of ₹858.4 crore during the year. As reported by The Hindu BusinessLine, railway transformers remained the dominant revenue segment at 56%, while the order book showed growing traction in railway electronics at 23.6%. The company operationalised its CTC copper conductor facility at Sinnar with an installed capacity of approximately 350 tonnes per month, funded through ₹56 crore in capex.
In a significant international move, Hind Rectifiers acquired Elventive France, formerly BeLink Solutions, establishing a European manufacturing and R&D base in robotics, electronics manufacturing services, and printed electronics targeting defence, aerospace, and automotive sectors. According to the company's management, Chairman and Managing Director Suramya Nevatia flagged completion of EMI/EMC testing for the company's indigenous locomotive propulsion system as a key near-term catalyst, which would unlock existing orders and access to larger railway propulsion tenders.
