Mumbai, Feb 12: Hind Rectifiers Limited, a leading manufacturer of Power Semiconductor, Power Electronic equipment and Railway Transportation equipment, today announced its unaudited financial results for the quarter and nine months ended 31st December 2025.
Key Consolidated Financial Highlights for Q3FY26 are as follows:
- Revenue From operations grew by 64.2% YoY to INR 277.4 Cr in Q3FY26 compared to INR 168.9 Cr in Q3FY25, marking the highest-ever quarterly revenue, driven by robust growth in traction transformers and power electronics supplies to Indian Railways
- EBITDA increased by 44.9% YoY to INR 25.5 Cr in Q3FY26 from INR 17.6 Cr in Q3FY25, primarily driven by driven by sustained execution
- EBITDA margins moderated by 120 bps year-on-year, primarily due to expansion-led investments in the copper conductor plant at Sinnar and an increase in input costs of key raw materials arising from supply chain disruptions
- PAT# excluding Minority Interest surged by 30.1% YoY to INR 13.0 Cr in Q3FY26 from INR 10.0 Cr in Q3FY25
Key Consolidated Financial Highlights for 9MFY26 are as follows:
- Revenue from operations grew by 52.9% YoY to INR 719.3 Cr in 9MFY26 compared to INR 470.3 Cr in 9MFY25
- EBITDA increased by 50.1% YoY to INR 75.7 Cr in 9MFY26 from INR 50.4 Cr in 9MFY25
- PAT# excluding Minority Interest surged by 49.3% YoY to INR 40.5 Cr in 9MFY26 from INR 27.1 Cr in 9MFY26
# PAT includes exceptional item expense of Rs. 1.3 crore for Q3 FY26 related to increase in employee benefit obligations resulting from the change in labour law by the Government of India
Key Operational & Business Highlights- Q3 & 9M FY26:
- Robust order book at INR 1,013 Cr as of 31st December 2025, primarily driven by railway sector expansion and government initiatives
- Board of Directors has approved the issuance of bonus shares in the ratio of 1:1, reflecting the Company’s strong financial position and its commitment to reward shareholders
Commenting on the performance Suramya Nevatia, Chairman & Managing Director of Hind Rectifiers Limited said, “We are pleased to report strong operational and financial performance during Q3FY26, driven by sustained demand across the railways and Industrial segment.
Strong Financial Performance: Consolidated Revenue for the quarter grew 64.2% year-on-year to Rs. 277.4 crore, marking the highest-ever quarterly revenue, driven by robust growth in traction transformers and power electronics supplies to Indian Railways. Consolidated Operating EBITDA increased 44.9% year-on-year to Rs. 25.5 crore, driven by sustained execution. This translated into improved profitability, with consolidated PBT before Exceptional Items rising 23.3% year-on-year to Rs. 16.6 crore. Further, the Board of Directors has approved the issuance of bonus shares in the ratio of 1:1, reflecting the Company’s strong financial position and its commitment to reward shareholders while improving the liquidity of the Company’s equity shares.
Robust Order Book: Our order book remains high at Rs. 1,013.0 crore, supported by Indian Railways’ continued focus on electrification and network expansion, along with steady demand from the industrial segment.
Backward Integration Project: During the quarter, we commenced the use of a certain quantity of in-house manufactured copper conductors in transformers supplied to Indian Railways. Currently, we are ramping up the capacity and expect to improve the cost efficiency and supply reliability, while also exploring external market opportunities for these copper conductors from Q1FY27 onwards. Overall, this initiative enhances control over critical inputs, improves lead times and helps mitigate execution delays and penalties.
Strengthening leadership: During the quarter, we further strengthened our leadership team with the appointment of Mr. Douglas J. Bailey as Global Chief Executive Officer of the company and its Subsidiaries.
Global Expansion Strategy: On the global expansion strategy, integration efforts with BeLink Solutions is progressing as planned and we are actively focus on strengthening existing customers relations and evaluating new opportunities for the printed electronics in Railway and defence sectors across European Markets.
Looking ahead, industry tailwinds remain favourable. Continued government emphasis on railway electrification, rolling stock modernisation, power infrastructure development, defence indigenisation, and domestic electronics manufacturing, as reiterated in the Union Budget, provides strong structural support for our core businesses. Backed by a robust order book, disciplined execution, and ongoing strategic initiatives, we remain confident of delivering sustainable growth and long-term value creation.”