Hyderabad, January 15, 2026: HBL Engineering Limited (BSE: 517271 | NSE: HBLENGINE) on Thursday provided an update to stakeholders on the outlook of its Kavach business following the conclusion of a major locomotive tender, while reaffirming strong revenue visibility from station-related deployments.
The company said it did not secure any orders in the recently decided CLW locomotive Kavach tender for 6,300 units, as competing bids were quoted at lower prices. As a result, the total visible demand for Kavach locomotive units during the current cycle has reduced from 18,429 units to 12,129 units.
Despite the reduced locomotive opportunity, HBL continues to see meaningful revenue potential from the remaining demand. The company expects to secure Kavach locomotive business worth at least ₹1,000 crore during FY27, with execution extending into FY28.
Estimated Kavach Revenue for FY27
Based on current visibility, HBL has outlined the following minimum revenue expectations from the Kavach program in FY27:| Segment | Estimated Revenue FY27 (₹ crore) |
|---|---|
| Loco Kavach Units | 1,000 |
| Station Kavach | 900 |
| Total | 1,900 |
About the Company
HBL Engineering Limited, formerly known as HBL Power Systems Limited, is a listed Indian engineering company engaged in the design and manufacture of critical power, electronics, and railway safety solutions, including the indigenous Kavach train protection system. The company’s shares are listed on both the BSE and the National Stock Exchange of India.Source:
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