NSE:HBLENGINENSEIndustrials
HBL ENGINEERING LTD
📊 Electrical Equipment & Parts
Day ₹800
₹823 Overbought
52W ₹452
₹1,122 Neutral
₹817.95
▲ ₹17.60 (+2.20%)
Vol: 662,646 · Avg: 1,530,718
As of April 29, 2026 · 06:32 IST
COMPOSITE RISK SCORE
71 LOW RISK
VAL:12/25 · FIN:18/25 · GRO:23/25 · TECH:18/25
📈 P/E RATIO
28.5x
Trailing
📖 P/B RATIO
11.4x
Price to Book
💰 EPS
₹28.73
TTM
🏛 MARKET CAP
₹22,673Cr
Large Cap
📊 ROE
18.7%
Return on Equity
📈 REV GROWTH
94.0%
YoY
🏢 Company Analysis · HBL ENGINEERING LTD
💼 BUSINESS MODEL
  • HBL Engineering Limited manufactures and sells batteries and other products in India and internationally..
  • It operates through Industrial batteries, Defense and Aviation batteries, and Electronics segments..
  • The company offers lead acid batteries, nickel-cadmium batteries, silver zinc batteries, defence, and lithium batteries..
  • It also provides rail signaling electronics, electronic fuzes for ammunition, train collision avoidance systems, train management system, and electric drive trains..
  • Operates in Electrical Equipment & Parts within the Industrials sector.
  • Workforce of 2,152 employees.
🏰 MOAT & COMPETITION
  • Large-cap (₹22,673 Cr) — established player with meaningful market presence.
  • Profit margin of 25.1% suggests pricing power / cost moat.
  • Key competitors: Esab India, HBL Engineering, Inox India, Envirotech Sys..
🚀 CATALYSTS
  • Company has delivered good profit growth of 64.6% CAGR over last 5 years
  • Revenue growing at 94% — strong top-line momentum.
  • Earnings growth of 244% signals execution on profitability.
⚖️ ASYMMETRY CHECK
  • P/E of 28.5x — fair value territory; catalysts needed for re-rating.
🔭 FUTURE OUTLOOK
  • Analyst consensus: None (0 analysts).
  • Latest quarter earnings grew 241% YoY — positive trajectory.
✅ PROS
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 64.6% CAGR over last 5 years
❌ CONS
  • Stock is trading at 11.2 times its book value
VALUATION
12/25
25% WEIGHT
  • P/E at 28x
  • P/B at 11.4x
  • Analyst target: ₹0 (+0.0%)
  • 1Y return: +66.2%
FINANCIAL HEALTH
18/25
25% WEIGHT
  • ROE: 18.7%
  • Profit margin: 25.1%
  • Revenue growth: 94.0%
  • Debt/Equity: 4%
GROWTH
23/25
25% WEIGHT
  • Revenue growth: 94.0%
  • Earnings growth: 244.2%
  • Beta: -0.15
  • Sector: Industrials
TECHNICAL
18/25
25% WEIGHT
  • RSI, MACD, MA crossovers
  • 200 DMA & 50 EMA position
  • Volume trend analysis
  • Price momentum signals
📈 Price Movement
🕯 Candlestick Chart
🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗
📉 Valuation Trends (at current CMP)
P/E Ratio at current CMP
1881.3 1417.0 952.7 488.5 24.2 '2014 '2015 '2016 '2017 '2018 '2019 '2020 '2021 '2022 '2023 '2024 '2025 TTM Mar 2014: 521.0 Mar 2015: 1460.6 Mar 2016: 1386.4 Mar 2017: 534.6 Mar 2018: 717.5 Mar 2019: 818.0 Mar 2020: 861.0 Mar 2021: 1635.9 Mar 2022: 241.3 Mar 2023: 229.8 Mar 2024: 80.7 Mar 2025: 81.9 TTM: 28.5 28.5
💎 Valuation & Financial Metrics
P/E RATIO
28.5x
Trailing twelve months
P/B RATIO
11.4x
Price to Book value
ROE
18.7%
Return on Equity
PROFIT MARGIN
25.1%
Net profit margin
OPM
33.2%
Operating profit margin
ANALYST TARGET
₹0
Range: ₹613 - ₹1,022
Yahoo Finance ↗
PEG RATIO
0.57
Price/Earnings to Growth
EV/EBITDA
19.8x
Enterprise value ratio
CURRENT RATIO
N/A
Liquidity measure
DIVIDEND YIELD
0.25%
Annual yield
ROA
29.7%
Return on Assets
GROSS MARGIN
51.6%
Gross profit margin
INDUSTRY AVERAGES — OTHER INDUSTRIAL PRODUCTS
P/E 48.8x (below avg)
P/B 5.0x (sector fair)
ROCE 25.7% (above avg)
ROE 20% (sector good)
OPM 20% (sector good)
Div Yield 0.29%
D/E <30 (sector comfort)
📋 Quarterly Performance Trend
QuarterRevenueQoQ %Net ProfitQoQ %Op. Cash FlowEBITDA Margin
Q2 FY25 N/A— N/A— N/A N/A
Q3 FY25 ₹451 Cr— ₹65 Cr— N/A 21.1%
Q4 FY25 ₹462 Cr+2.6% ₹45 Cr-30.4% N/A 20.2%
Q1 FY26 ₹602 Cr+30.2% ₹143 Cr+218.7% N/A 34.6%
Q2 FY26 ₹1,223 Cr+103.2% ₹387 Cr+170.3% N/A 43.8%
Q3 FY26 ₹874 Cr-28.5% ₹221 Cr-43.0% N/A 35.7%
📊 Year-on-Year Trend
FYRevenueYoY %Net ProfitYoY %Op. Cash FlowYoY %
FY22 ₹1,213 Cr— ₹94 Cr— ₹62 Cr—
FY23 ₹1,358 Cr+12.0% ₹99 Cr+5.1% ₹122 Cr+96.0%
FY24 ₹2,221 Cr+63.6% ₹281 Cr+184.7% ₹270 Cr+120.7%
FY25 ₹1,954 Cr-12.1% ₹277 Cr-1.4% ₹239 Cr-11.5%
📈 Revenue vs Earnings
🎯 EPS: Estimate vs Actual
💰 How HBL ENGINEERING LTD Makes Its Money
Revenue ₹874 Cr Cost of Revenue ₹364 Cr Gross Profit ₹510 Cr Op. Expenses ₹220 Cr Operating Inc. ₹290 Cr Tax ₹80 Cr Other ₹11 Cr Net Income ₹221 Cr (25.2% margin) Dec 2025 · All values in ₹ Crores
🏦 Snapshot of HBL ENGINEERING LTD's Balance Sheet
Total Assets ₹2.7K Cr Cash & Equiv.: ₹173 Cr (6.5%) Receivables: ₹843 Cr (31.5%) Inventory: ₹589 Cr (22.0%) Other Current: ₹220 Cr (8.2%) PP&E: ₹540 Cr (20.2%) Goodwill: ₹2 Cr (0.1%) Other Non-Curr.: ₹307 Cr (11.5%) Liab. + Equity ₹2.7K Cr Current Liab.: ₹596 Cr (22.2%) Long-Term Debt: ₹5 Cr (0.2%) Other Liab.: ₹92 Cr (3.4%) Equity: ₹2.0K Cr (74.1%) As of Sep 2025 · All values in ₹ Crores
💸 Looking into HBL ENGINEERING LTD's Cash Flow
Operating CF ₹239 Cr Capital Exp. ₹122 Cr Free Cash Flow ₹117 Cr Retained / Other ₹117 Cr FY2025 · All values in ₹ Crores
📅 Quarterly Results Source: Screener ↗
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales +4675575996105205214514766021,223874
Expenses +390456486479410412357396410679572
Operating Profit781011131311101099479192544302
OPM %17%18%19%22%21%21%21%17%32%44%35%
Other Income +332-195122617-810
Interest23342354633
Depreciation1010111111111111121212
Profit before tax6991102981031077971191520297
Tax %25%26%23%33%26%29%26%26%26%26%27%
Net Profit +5268798180876545143387220
EPS in Rs1.872.482.852.942.893.152.331.625.1713.977.96
Raw PDF
📊 Profit & Loss Statement Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales +1,6031,2661,0929121,2361,3692,2331,9673,174
Expenses +1,4771,1691,0118451,0971,2171,8101,5742,056
Operating Profit1269781671391514233931,118
OPM %8%8%7%7%11%11%19%20%35%
Other Income +1621226262083824
Interest4131221577131316
Depreciation464441393535414447
Profit before tax554340191221303773741,079
Tax %42%35%35%29%23%24%26%26%
Net Profit +322826149498280276795
EPS in Rs1.141.000.950.503.393.5610.139.9928.72
Dividend Payout %22%30%32%71%12%13%5%10%
🏦 Balance Sheet Source: Screener ↗
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital282828282828282828
Reserves7247397457548389241,1931,4551,957
Borrowings +366232161706386677487
Other Liabilities +224162169184204257366422605
Total Liabilities1,3421,1611,1031,0361,1331,2941,6541,9802,677
Fixed Assets +363321304279265320354397416
CWIP2637274381502068129
Investments556789108290319
Other Assets +9477977667077799151,1711,2251,813
Total Assets1,3421,1611,1031,0361,1331,2941,6541,9802,677
💰 Cash Flow Statement Source: Screener ↗
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity +4315916714912162122273239
Cash from Investing Activity +60-81-6-32-17-50-139-320
Cash from Financing Activity +-114-150-163-114-104-2210-42-26
Net Cash Flow-111529-14238291-107
Free Cash Flow514916814086416822889
CFO/OP41%149%192%201%184%65%105%85%86%
📈 Key Financial Ratios
Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days12210310510210286835869
Inventory Days168126145162188149147137201
Days Payable684334414442434168
Cash Conversion Cycle222186216222246193188154202
Working Capital Days667310412114912611781106
ROCE %8%9%6%6%4%13%14%36%27%
🏭 Industry Peers — Other Industrial Products
#CompanyCMPP/EMkt CapROCEQtr ProfitScore
1Esab India ★₹6,20048.8₹9,54470.0%+29.6%75
2HBL Engineering₹81127.4₹22,47627.3%+242.4%70
3Inox India₹1,49253.6₹13,54638.0%+26.3%63
4Envirotech Sys.₹12213.3₹22831.6%+111.3%52
5Gabriel Pet₹24050.0₹1797.6%+966.7%50
6KRN Heat Exchan₹1,275116.6₹7,92520.8%+65.0%49
7PTC Industries₹15,993360.0₹23,9787.7%+25.9%49
8Subros₹79630.9₹5,19419.9%+22.4%49
9Creative Graphic₹17317.6₹42025.7%+33.4%48
★ Esab India ranks higher on combined P/E, ROCE, and growth metrics in Other Industrial Products
🏛 Shareholding Pattern
Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters59.10%59.10%59.10%59.11%59.11%59.11%
FIIs5.22%4.83%4.83%7.10%5.87%5.94%
DIIs0.39%0.36%0.36%0.64%0.82%0.79%
Public35.27%35.70%35.70%33.12%34.20%34.17%
No. of Shareholders3,58,7983,81,8263,81,8263,26,0663,42,3353,40,740
🟢 CATALYSTS
🏆Revenue Growth 94%: Above sector norm of 18% — strong top-line momentum.
💹Healthy Margins (25.1%): Above sector norm of 20%.
🔀Low Beta (-0.15): Less volatile than market — defensive play.
🇮Earnings Growth (244%): Above sector norm — strong profit expansion.
🔴 RISKS
📜Market Risk: Broader market correction or sentiment shift could impact stock.
💰Sector Risk: Regulatory or competitive changes in Industrials space.
🔓Execution Risk: Growth may not meet elevated expectations.
🕸 Factor Analysis · Radar
Momentum 8/10: 1M +33.0%, 6M -18.9%, RSI 67, MACD bullish, Above 200DMA Sentiment 5/10: Rec: none Value 5/10: P/E 28.5, P/B 11.4, PEG 0.57, EV/EBITDA 19.8 Quality 7/10: Margin 25.1%, D/E 4 Low Volatility 7/10: Beta -0.15, Ann. vol 48% Momentum 8 Sentiment 5 Value 5 Quality 7 Low Vol 7
Momentum 8/10
1M +33.0%, 6M -18.9%, RSI 67, MACD bullish, Above 200DMA
Sentiment 5/10
Rec: none
Value 5/10
P/E 28.5, P/B 11.4, PEG 0.57, EV/EBITDA 19.8
Quality 7/10
Margin 25.1%, D/E 4
Low Volatility 7/10
Beta -0.15, Ann. vol 48%
🎯 Decision Matrix
ActionIf Stock RisesIf Stock Falls
BUYBenefit from potential re-rating; strong 27% ROCE compoundsOPM of 33% provides margin buffer
HOLDRetain existing position; wait for better entry; FII stake rising (+0.07%)Miss further upside if momentum continues; 1M return of +33.0% shows momentum
SELLLock in +66.2% 1Y returnAvoid further drawdown
REASONS TO BUY
  • ROCE at 27% indicates strong capital efficiency
  • FII stake rising (+0.07%) — signals institutional confidence
  • Revenue growing at 94.0% YoY (sector norm: 6%)
  • Operating margin of 33% shows pricing power (sector norm: 20%)
REASONS TO SELL / AVOID
  • 1Y return of +66.2% — profit booking opportunity
📰 Latest News
No recent news available for this stock
RECOMMENDATION
HOLD
COMPOSITE SCORE
71/100
HBL ENGINEERING LTD trades at ₹817.95 with a composite risk score of 71/100. The stock scores 12/25 on valuation, 18/25 on financial health, 23/25 on growth, and 18/25 on technicals. The company is currently profitable with strong return on equity.

The stock is trading near or above analyst consensus targets. Revenue growth is at 94.0% — a strong positive signal.

Within Other Industrial Products, Esab India (P/E 48.8, ROCE 70.0%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Industrials — wait for better entry or catalyst. The current recommendation is HOLD.
PROFITABLE HIGH ROE STRONG GROWTH
RISK SCORE REPORT · NSE:HBLENGINE · GENERATED APR 29, 2026 06:32 IST · DATA VIA YAHOO FINANCE + SCREENER.IN
DISCLAIMER: THIS IS NOT FINANCIAL ADVICE. DATA MAY BE DELAYED. ALWAYS VERIFY WITH OFFICIAL SOURCES BEFORE INVESTING.