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Indian maker of industrial/defense batteries and railway signaling & train-control systems (renamed from HBL Power Systems).
Indian maker of industrial/defense batteries and railway signaling & train-control systems (renamed from HBL Power Systems).
A long-standing battery maker that has moved toward electronics for defence and railways, selling to Indian Railways and defence agencies. Government orders, normally won by tender, drive revenue, so deliveries and cash receipts are lumpy.
Moat: narrow (customer qualification, regulatory licence). Defense and railway-signaling qualification are hard-won, but the company competes with larger, specialized rivals in each segment.
Headquarters: Hyderabad, India · Founded: 1977 · Employees: 7,732
Size HBL Engineering (HBLENGINE.NS) is an India Industrials company (Electrical Products) with a market value of $2.46B, the 325th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹839.25 on 6 Nov 2026.
Performance Over six months the shares fell 1.1%, against -23.4% for the median peer and 0.0% for the India market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 63.0% over the last twelve months (peer median +21.8%); the operating margin is 30.9% (peer median 10.6%).
Valuation It trades at 7.0× enterprise value to sales against a peer median of 3.0× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +29%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 21.0 points above its cost of capital (13.8% WACC).
Next results Next results expected around 7 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹33.4B | ₹33.0B | ₹19.7B | ₹22.3B | ₹13.7B |
| Revenue growth | — | +68% | -12% | +63% | — |
| Gross profit | ₹15.9B | ₹14.2B | ₹5.38B | ₹5.70B | ₹2.47B |
| EBITDA | ₹10.8B | ₹11.2B | ₹3.97B | ₹4.25B | ₹1.59B |
| Net income | ₹7.81B | ₹8.15B | ₹2.77B | ₹2.81B | ₹987M |
| Free cash flow | n/a | ₹6.06B | ₹1.05B | ₹1.94B | ₹600M |
| Capital expenditure | n/a | ₹1.50B | ₹1.53B | ₹741M | ₹639M |
| Total debt | n/a | ₹669M | ₹743M | ₹675M | ₹860M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| HBL Engineering HBLENGINE.NS | $2.46B | -1% | +63% | 31% | 7.0× | 22.6% |
| Exide Industries EXIDEIND.NS | $3.20B | -2% | +13% | 8% | 1.6× | 27.5% |
| Amara Raja Energy & Mobility ARE&M.NS | $1.41B | -19% | +16% | 6% | 0.9× | n/a |
| Siemens SIEMENS.NS | $13.4B | -8% | -12% | 9% | 7.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HBLENGINE.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.1% | -15.5% | 3rd highest of 21 |
| 6-month return | -1.1% | -23.4% | 4th highest of 20 |
| Distance from 52-week high | -25.2% | -52.7% | 3rd highest of 21 |
| Revenue growth (TTM) | +63.0% | +21.8% | 2nd highest of 21 |
| Operating margin | 30.9% | 10.6% | 3rd highest of 21 |
| EV / Sales | 7.0× | 3.0× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 22.6% | 15.1% | 5th most demanding of 14 |
| Growth delivered (Del g) | +29.4% | +12.3% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -6.7 pp | +6.7 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +21.0 pp | +0.1 pp | highest of 21 |
| EV / EBITDA | 21.5× | 15.9× | 3rd most expensive of 7 |
| Net debt / EBITDA | -0.6× | 0.9× | 2nd least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HBL Engineering HBLENGINE.NS | India | $2.46B | -1% | +63% | 31% | 7.0× | 22.6% | +29.4% |
| Tongding Interconnection Information 002491.SZ | China | $2.44B | -15% | +50% | 11% | 3.8× | n/a | n/a |
| Kirloskar Oil Engines KIRLOSENG.NS | India | $2.44B | -8% | +23% | 15% | 2.9× | 25.3% | +18.6% |
| PhiChem 300398.SZ | China | $2.43B | -6% | +15% | 17% | 4.4× | 19.6% | +11.7% |
| Shenzhen Kstar Science and Technology 002518.SZ | China | $2.41B | -40% | +21% | 13% | 2.8× | 24.2% | +16.9% |
| Delijia Transmission Technology (Jiangsu) 603092.SS | China | $2.41B | -45% | +45% | 17% | 2.8× | 7.2% | +20.3% |
| Hangzhou Cable 603618.SS | China | $2.40B | -18% | +18% | 7% | 2.0× | 15.2% | +9.8% |
| Tongling Jingda Special Magnet Wire 600577.SS | China | $2.39B | -45% | +26% | 3% | 0.7× | 9.8% | +14.7% |
| Shenzhen FRD Science & Technology 300602.SZ | China | $2.39B | -23% | +24% | 7% | 2.3× | n/a | n/a |
| Tianhai Auto Electronics 001365.SZ | China | $2.36B | n/a | +28% | 5% | 1.1× | 6.0% | +24.8% |
| Shenzhen Leadshine Technology 002979.SZ | China | $2.36B | +14% | +44% | 13% | 6.2× | n/a | n/a |
| Diamond Power Infrastructure DIACABS.NS | India | $2.34B | +118% | +109% | 10% | 8.1× | n/a | n/a |
| Sanil Electric 062040.KS | South Korea | $2.62B | -56% | +29% | 36% | 5.9× | 15.1% | +50.8% |
| Jonjee Hi-Tech Industrial and Commercial 600872.SS | China | $2.31B | -2% | +1% | 18% | 3.1× | 10.0% | -3.9% |
| Luster LightTech 688400.SS | China | $2.63B | -37% | +10% | 0% | 5.5× | 56.8% | +10.7% |
| RR Kabel RRKABEL.NS | India | $2.30B | 0% | +45% | 8% | 1.9× | n/a | n/a |
| Baoding Tianwei Baobian Electric 600550.SS | China | $2.65B | -36% | +13% | 4% | 2.9× | 45.5% | +7.1% |
| Huaming Power Equipment 002270.SZ | China | $2.66B | -19% | +7% | 32% | 6.7× | 5.9% | +12.3% |
| GS Yuasa 6674.T | Japan | $2.67B | -33% | +6% | 10% | 0.9× | n/a | n/a |
| Weihai Guangwei Composites 300699.SZ | China | $2.68B | -35% | +12% | 16% | 6.9× | 13.8% | +6.2% |
| Shenzhen Honor Electronic 300870.SZ | China | $2.26B | -66% | +10% | 3% | 3.2× | n/a | n/a |