NSE: HBLENGINE · BSE: 517271 · ISIN INE292B01021
HBL Engineering Limited stock analysis
HBL Engineering Limited ranks #226 in the TickerSutra evidence-ranked universe with a score of 69/100 and 95% data confidence. The latest captured fundamentals show ROCE of 58.5%, quarterly sales growth of 6.0% and quarterly profit growth of -25.1%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- ROCE is 58.5%
- Low debt/equity of 0.03×
- 34.1% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- No calculated threshold risk in the current snapshot.
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹1,236cr | ₹139cr | ₹94cr | 11.0% |
| 2023 | ₹1,369cr | ₹151cr | ₹98cr | 11.0% |
| 2024 | ₹2,233cr | ₹423cr | ₹280cr | 19.0% |
| 2025 | ₹1,967cr | ₹393cr | ₹276cr | 20.0% |
| 2026 | ₹3,303cr | ₹1,113cr | ₹814cr | 34.0% |
| TTM | ₹3,339cr | ₹1,068cr | ₹780cr | 32.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
HBL Engineering Limited has informed the Exchange about Shareholders meeting
RoutineHBL Engineering Ltd-$ - 517271 - Shareholder Meeting / Postal Ballot-Scrutinizer''s ReportBSE · 27 Sept 2026Scrutinizers Report on AGM Voting
RoutineHBL Engineering Ltd-$ - 517271 - Shareholder Meeting / Postal Ballot-Outcome of AGMBSE · 27 Sept 2026Outcome of AGM and related reports
RoutineTrading Window-XBRLNSE · 22 Sept 2026 · Structured filingHBL Engineering Limited has informed the Exchange about Closure of Trading Window
HBL Engineering Limited has informed the Exchange about Closure of Trading Window
Open original XBRL sourceMANAGEMENT COMMENTARY
Signals from filed documents
HBL recorded double-digit growth in FY26 and ended the year with healthy order book position for FY27 . A strong order book flow is expected in FY27 as well, necessitating capacity expansion. Exports: In FY26, the Company’s Nickel Cadmium batteries export performance was strong.
However, the increase in expenditure was significantly lower than the growth in revenue, resulting in improved operational efficiency and profitability. EBITDA increased sharply to H1,160.50 crore from H417.10 crore, recording a growth of 178.2%, while EBITDA margin improved to 35.7% from 21.4% in the previous year, reflecting better operating leverage and improved cost efficiencies. Profit after tax stood at H 796.7
ANNUAL REPORT 2025-26 06 #2 INDUSTRIAL BATTERIES SEGMENT LEAD BATTERIES - TELECOM The Telecom Service and Infrastructure Providers have migrated towards Lithium-Ion battery solutions, resulting in reduced demand for 2V-VRLA batteries. This has resulted in excess Industry capacity for 2V-VRLA batteries, leading to heightened competition and pricing pressure extending even to remaining application sectors. In recent mo
The Company expects to grow its business in North America going forward. As of March 31, 2026, the Company has a healthy export order book, providing good business visibility for FY27 . Fresh order flows in FY27 are still strong.
Incident Reporting and Investigation 11. First Aid Training These measures have enhanced the Company’s ability to address regulatory compliance requirements, reduce incident- related costs, and minimize operational disruptions and downtime. The systematic approach to occupational health and safety has contributed to improved risk management and operational efficiency.
The availability of the weapons and the testing range determine how long approvals take. HBL ’s Electronic Fuzes for grenades have been approved by Ministry of Home Affairs and sales have started; the approval from the Indian Army is expected during 2027 . We also expect to get approval for the fuzes used in artillery shells fired from 155MM Guns, during 2027 .
The provision matrix takes into account available external and internal credit risk factors and the companie’s historical experience for customers. The following table gives details in respect of percentage of revenues generated from top customer and top five customers: (H in Crores) Particulars March 31, 2026 March 31, 2025 Revenue from top customer 35.00% 6.66% Revenue from top five customers 50.00% 22.57% 160 ANNU
The exception is for defence applications, where producing cells in India in small volumes is justified. Instead, HBL focuses on low volume, customized, engineering intensive, higher margin markets.This is where HBL ’s Engineering capabilities help become competitive. There are three segments of demand for such batteries apart from small opportunities elsewhere.
New product development expenditure, software licences, technical knowhow fee, infrastructure and logistic facilities, etc. are recognised as intangible assets upon transfer of ownership, completion of development and commencement of commercial production. Intangible assets are amortized on straight line method over their technically estimated useful lives.
In support of the ‘Green Initiative’ the Company encourages members to register their email address with their Depository Participant or the Company, to receive soft copies of the Annual Report, Notices and other information disseminated by the Company. Shareholding holding pattern as on March 31, 2026 Category March 31, 2026 % March 31, 2025 % Promoters & Promoters group 16,38,52,309 59.11 16,38,52,309 59.11 Foreign
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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