Hirect Limited Announces CEO Change, New Board Appointments and Q1 Financial Results for FY26
Hirect Limited (formerly Hind Rectifiers Limited) announced significant leadership changes following its Board meeting held on August 11, 2026. The company appointed Mr. Chidambaram Balakrishnan as Global Chief Executive Officer (CEO), succeeding Douglas J. Bailey, who resigned from the role. Furthermore, the board approved the appointment of two new directors, Mr. Rahul Rai and Mr. Anil Kumar Nemani.The company also released its un-audited financial results for the quarter ended June 30, 2026. The Board meeting reviewed these results along with the Limited Review Report of the Statutory Auditors. In addition to personnel changes, Hirect Ltd confirmed an investment in its Wholly Owned Subsidiary, Hirect Global Holdings Limited in UAE.
Financial Performance Highlights (Quarter Ended June 30, 2026)
The company reported substantial figures across both standalone and consolidated financial statements for the quarter ended June 30, 2026.Key takeaways from the Q1 results include:
- Consolidated Revenue: Total Income stood at 2,627.75 million.
- Standalone Profitability: Standalone Net Profit was reported at 150.91 million, with Total Income reaching 2,367.10 million.
- Segment Performance: The company's segments include Engineering Products and EMS. Consolidated sales for the quarter were 2,964.12 million (comprising 2,348.50 million from Engineering Products and 220.56 million from EMS).
A detailed look at the financial data across the periods is provided below:
| Financial Metric | Q Ended June 30, 2026 (Unaudited) | Q Ended March 31, 2026 (Audited) | Q Ended June 30, 2025 (Unaudited) | FY Ended March 31, 2026 (Audited) |
|---|---|---|---|---|
| Total Income | 2,627.75 million | 2,808.99 million | 2,150.01 million | 10,007.71 million |
| Cost of Materials Consumed | 2,180.25 million | 2,049.69 million | 1,549.48 million | 7,443.99 million |
| Net Profit | 65.01 million | (15.89) million | 127.65 million | 385.97 million |
New Leadership and Board Appointments
The company announced the appointment of Mr. Chidambaram Balakrishnan as Global Chief Executive Officer (CEO), effective August 11, 2026. This appointment comes following the resignation of Douglas J. Bailey, who served as the former Global CEO.Two new directors were appointed during the meeting:
- Mr. Rahul Rai: He was appointed as an Additional Director and Non-Executive Independent Director for a term of five years, commencing from August 11, 2026. Mr. Rai is noted for his experience, having served in various leadership roles across more than 100 countries and is the founder of JHP Global Logistics.
- Mr. Anil Kumar Nemani: He was appointed as an Additional Director and Whole-Time Director and Chief Financial Officer (CFO). Mr. Nemani holds a B. Com, Chartered Accountant degree and has over 42 years of experience in accounts and finance, serving the company since 1992.
Strategic Investment and Operations Update
The board meeting also approved an investment opportunity involving up to 300 equity shares of Hirect Global Holdings Limited, a Wholly Owned Subsidiary located in UAE.Regarding operations, during the year ended March 31, 2026, the company identified its manufacturing operations related to Continuously Transposed Conductor (CTC) Plant as a separate business line. This CTC Plant has been recognized as a distinct operating segment since November 3, 2025.
HIRECT Stock Price Movement
As of 1:01 PM, shares of Hind Rectifiers Limited are slipping by 7.83% in live trading, currently at ₹1191.7 as they shed over ₹101.30. The stock traded a volume of 194,909 shares during the active market session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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