Hirect Limited Reports Q1 FY27 Results; Revenue Up 20.3%, Highlights Strategic Order Gains

Hirect Limited Reports Q1 FY27 Results; Revenue Up 20.3%, Highlights Strategic Order Gains​

Mumbai (11 August 2026) — Hind Rectifiers Limited, a major manufacturer of Power Semiconductor, Power Electronic equipment and Railway Transportation equipment, announced its unaudited financial results for the quarter ending June 30, 2026. The company reported growth in revenue supported by sustained business momentum, alongside significant strategic advances across railway projects and international markets.

The consolidated performance for Q1 FY27 showed a notable increase in revenue from operations, although profitability faced near-term pressure due to operational scaling efforts.

Consolidated Financial Performance (Q1 FY27 vs Q1 FY26)​

The company noted that the consolidated EBITDA reduction was impacted by higher employee and operating costs resulting from the consolidation and scale-up of Elventive France. Management indicated that near-term pressure on consolidated margins is expected to continue over the next three to five quarters as Elventive France moves toward breakeven, followed by a gradual improvement in margins.

Standalone Financial Performance (Q1 FY27 vs Q1 FY26)​

The standalone results reflected healthy traction in the core railway business, though a slight margin dip was attributed to higher raw material costs amid volatility arising from the West Asia crisis.

Strategic and Operational Highlights​

Hirect maintained robust revenue visibility, with the order book standing at ₹739.8 crore as of July 2026. This strength is supported by the company's core Railway Transformer business, along with Railway Electronics and Railway Electromechanical products.

The quarter marked significant progress in evolving from a component supplier to an integrated systems and solutions company. Key milestones include:

• Trainset Orders: Securing a maiden development order from Modern Coach Factory (MCF) for four MEMU trainsets, including traction transformers and propulsion systems.
• Vande Metro Order: Receiving the first development order from Rail Coach Factory (RCF), Kapurthala, for a Vande Metro (Namo Bharat) trainset.

Furthermore, the company expanded its international footprint during Q1 FY27. A new order was secured from the United States for traction motor assemblies. Additionally, Hirect entered the mining segment with its first U.S. order for IGBT converters.

Management Perspective​

Suramya Nevatia, Chairman and Managing Director of Hind Rectifiers Limited, commented that the company commenced FY27 with healthy underlying business momentum. He noted that while integration efforts at Elventive France impacted consolidated margins temporarily, the focus remains on building capabilities and driving long-term sustainable growth.

Mr. Nevatia highlighted that the recent orders for next-generation trainsets from MCF and RCF represent an important step toward addressing a larger share of the value chain. He emphasized that international expansion, including the U.S. order for traction motor assemblies and IGBT converters in the mining industry, strengthens Hirect's ambition to become a global engineering and power electronics company.

Company Overview​

Hind Rectifiers Limited was established in 1958 in partnership with Westinghouse, Brake & Signal, UK. The company operates two manufacturing plants in India and exports products to over 30 countries, maintaining offices across India, Sweden, and the UAE. Hirect is recognized for designing and manufacturing a wide range of power electronics equipment, serving sectors such as Railways, Defence, and heavy industries including Steel and Cement.

HIRECT Stock Price Movement​

Shares of Hind Rectifiers Limited tumbled by 5.34% during trading on Tuesday, settling at ₹1222.30. The stock experienced significant selling pressure, with 566,618 shares transacted throughout the session.