Hirect (formerly Hind Rectifiers) has achieved a significant milestone by securing its first-ever development orders for both Vande Metro (Namo Bharat) and Mainline Electric Multiple Unit (MEMU) trainsets, marking its entry into next-generation railway systems. According to the company's press release, these orders represent a strategic pivot as the company expands from supplying individual railway components to delivering complete propulsion systems for next-generation trainsets. The combined value of both contracts stands at approximately ₹120 crore, validating the company's indigenous R&D capabilities and positioning it for larger opportunities in India's rapidly expanding railway modernization programme.
The Vande Metro contract is valued at approximately ₹61 crore and involves comprehensive development, manufacturing, and supply of railway equipment. The MEMU trainset order is valued at approximately ₹60 crore and involves supplying complete propulsion systems for four MEMU trainsets, including traction transformers, traction motors and integrated propulsion systems with TCMS. As reported by Trade Brains, both orders encompass Design, Development, Manufacture, Supply, Installation, Testing and Commissioning of advanced railway equipment. The Vande Metro project is scheduled for execution over 21 months, while the MEMU project has a 24-month execution period. The company has significantly strengthened its balance sheet through a ₹100 crore institutional capital raise from Tata Small Cap Fund completed on July 21, 2026, providing the liquidity to scale up production and execute these high-value contracts. Additionally, Hirect reported 44.8% YoY standalone revenue growth in FY26, reaching ₹949.2 crore.
The Vande Metro trainset is a self-propelled, fully air conditioned 16-coach trainset designed for intercity routes up to 250 km with operational speeds up to 130 kmph. The MEMU trainset is designed for mainline operations with similar performance specifications. According to Trade Brains, the Vande Metro order from Rail Coach Factory (RCF), Kapurthala includes the design, development, manufacture, supply, installation, testing and commissioning of an IGBT-based three-phase propulsion system, traction transformers, traction motors, Train Control and Management System (TCMS) and other equipment, along with a comprehensive annual maintenance contract. These advanced rolling stock represent the next generation of Indian railway technology with sophisticated propulsion systems, traction motors, transformers and digital train control technologies.
These development orders represent a strategic pivot for Hirect as it moves from its traditional component manufacturing business into the railway systems sector for next-generation rolling stock. The company officially rebranded from Hind Rectifiers Limited to Hirect Limited on July 24, 2026, signaling its transformation into an integrated railway propulsion systems provider. Management stated that both orders validate the company's long-term investments in indigenous research and development, as reported by Trade Brains. The successful execution of these projects could establish Hirect as a credible domestic supplier of complete propulsion systems, reducing dependence on imported technologies while positioning the company to participate in future railway tenders. These projects elevate the company into the category of system-level solution providers, substantially increasing the addressable market and creating opportunities for higher-value contracts. Additionally, on June 25, 2026, the company incorporated a wholly owned subsidiary, Hirect Global Holdings Limited, in the Dubai International Financial Centre (DIFC), UAE.
Hirect has secured its first-ever order from the United States for IGBT converters for the mining industry, marking its entry into the mining segment where power electronics are required to operate in demanding environments with stringent requirements for robustness, reliability and uninterrupted performance. According to Business Standard, this order reflects the company's engineering and manufacturing capabilities in delivering high-performance power electronic solutions for specialized industrial applications. The company has also secured its first-ever order from the United States for traction motor assemblies, marking its initial entry into the US market for FY27 delivery. In July 2026, Hirect had also secured its first order to supply propulsion systems for Mainline Electric Multiple Unit (MEMU) trainsets from the Modern Coach Factory (MCF), a production unit of Indian Railways, in a contract valued at approximately ₹60 crore. The company's shares ended at ₹1,334.00, up by ₹19.55, or 1.49% on the BSE, reflecting positive market response to these international expansion developments.
