Hind Rectifiers Limited, commonly known as Hirect, was established in 1958 in collaboration with Westinghouse Brake & Signal Co. Ltd from the United Kingdom. With 66 years of experience in the engineering and manufacturing space, the company is a leading manufacturer of rectifier equipment and semiconductor devices. Headquartered in Mumbai, Maharashtra, Hind Rectifiers is a pioneer in the field of power semiconductors, railway transportation equipment, and power electronic equipment.
The company operates with a team of 950 employees across manufacturing facilities in Nashik, Bhandup (Mumbai), and Dehradun, India. It also maintains a global presence with offices in India, Sweden, and the UAE, and exports its products to over 30 countries, demonstrating its international reach and capabilities.
Hind Rectifiers is engaged in developing, designing, manufacturing, and marketing power semiconductors, power electronic equipment, and railway transportation equipment. The company's core focus lies in power conversion products, catering primarily to the railway and industrial sectors.
The company operates through multiple business segments, providing a one-stop solution for power equipment manufacturing and design in the telecommunications, aviation, and power sectors. Its products include:
- Electronic, Electrical, Electromechanical Equipment: Transformers, converters, rectifiers, motors, panels, heating ventilation and air conditioning (HVAC), power supplies, and battery chargers, for railway and general industries like power-plant, steel, cement, and others.
- Semiconductors: Thyristors, power diodes, power modules, and other components.
- Railway Transportation Equipment: Traction & auxiliary transformers, insulated-gate bipolar transistor (IGBT) propulsion systems, auxiliary converters & battery chargers, on-board DC rectifiers, traction motors, electrical switch boards, safety & protection electronics, and rolling stock HVAC systems.
- Industrial Equipment: Electrostatic precipitators, high current rectifiers, power quality improvement systems, and special rectifiers.
HRL manufactures power electronic equipment such as converters, inverters, propulsion systems, rectifiers, and railway transformation equipment like traction transformers for locomotives, motors, various types of panels for locomotive switch board cabinets, regulated battery chargers, inverters, and modular pantry units.
The company manufactures products extensively used in AC electric locomotives and AC electrical multiple units for railways. Hind Rectifiers is widely known for its expertise in designing and manufacturing advanced power electronics equipment such as power converters, control electronics, transformers, rectifiers, inverters, motors, and HVAC systems. Its offerings cater to critical sectors including Railways, Defence, and various industrial segments like Power, Hydrogen, Steel, Cement, Chemicals, and Paper. The company's manufacturing facilities are located in Mumbai and Nashik, Maharashtra, and Dehradun, Uttarakhand.
Hind Rectifiers Ltd has a market capitalisation of ₹2,299 crores as of June 30, 2025. The company's financial performance has shown strong growth, particularly in recent periods.
Q4 FY2024-25 Performance:
- Revenue: ₹185.05 crores, a 22% increase year-on-year from ₹151.7 crores in Q4 FY2023-24.
- Net Profit: ₹9.99 crores, a significant jump of 95.12% compared to ₹5.1 crores in the same period last year.
- EBITDA: ₹20.2 crores, up 46% year-on-year from ₹13.9 crores.
- EBITDA Margin: Improved to 10.9% from 9.1% in Q4 FY2023-24, an increase of approximately 180 basis points.
The company declared a final dividend of ₹2 per equity share for FY 2024-25, reflecting its commitment to shareholder returns.
- Q4 FY2024-25 Revenue: ₹185.05 crores
- Q4 FY2024-25 Net Profit: ₹9.99 crores
- Q4 FY2024-25 EBITDA: ₹20.2 crores
- Q4 FY2024-25 EBITDA Margin: 10.9%
- Market Capitalization: ₹2,299 crores (as of June 30, 2025)
- Promoter Holding: 43.98% (as of March 2025)
Hind Rectifiers' stock has demonstrated robust performance:
- 52-week High: ₹1,591.00
- 52-week Low: ₹660.00
- Share Price Movement: Up by 5.10% in the last month, 28.68% in the last 3 months, 85.26% in the last 12 months, and 593.35% in the last 3 years on BSE.
Promoter holding in Hind Rectifiers Ltd has remained relatively stable, decreasing slightly to 43.98% as of March 2025 from 44.05% as of June 2024.
As of March 2025, Hind Rectifiers' order book stood strong at ₹893 crores, primarily driven by railway sector expansion and government initiatives. The company has secured significant orders from Indian Railways, including a supply order worth approximately ₹127 crores and another order of approximately ₹101 crores, both expected to be executed between FY 2025-26 to FY 2026-27.
The company's focus on indigenous product development and execution excellence has enabled successful delivery of high-value projects, including the propulsion system for Indian Railways and HVAC systems for LHB Passenger coaches. It has also established new technology-focused subsidiaries for cutting-edge domains such as IT, Artificial Intelligence, and Web3.
Hind Rectifiers has ambitious future plans, including signing a technical collaboration agreement with Chittaranjan Locomotive Works for the transfer of technology for auxiliary converters. The company's government-recognized R&D department is actively working on developing traction rectifiers for diesel locomotives and 5400KVA loco transformers.
Furthermore, Hind Rectifiers has partnered with GRZ Technologies, Switzerland, to explore revolutionary technologies for the Green Hydrogen economy. This collaboration aims to offer innovative solutions including electrolyser rectifiers, solid-state hydrogen storage, hydrogen-to-power using fuel cells, and methanation reactors.
With the Indian government's continued push on infrastructure development and railway electrification, Hind Rectifiers remains confident in its ability to deliver long-term value to stakeholders, leveraging its engineering prowess, innovation capabilities, and customer-centric execution.
