Hbl Engineering Limited (HBLENGINE)

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Hbl Engineering Limited (HBLENGINE) · mywealthgrid

About

HBL Engineering operates in Other Industrial Products within the Industrials sector. With a market cap of ₹18,808 Cr, ROE of 44.08%, and very low leverage (D/E 0.02), the company demonstrates strong capital efficiency and financial stability. The business maintains a regular dividend policy and has delivered a 14.08% one-year return.

Face value: ₹1

Market cap

₹21,604 Cr

P/E

40.2×

P/B

9.8×

Dividend yield

0.5%

ROE

44.1%

ROCE

57.1%

Debt / equity

0.02

OPM

33.7%

EPS (TTM)

₹19.4

Book value

₹79.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation at PE 35.04 is elevated relative to recent quarterly EPS (₹2–8 range) — verify if growth visibility and margin sustainability justify the multiple
Operating margin volatility from 12.36% (Mar 2026) to 34.87% (Dec 2025) — understand drivers and which level is sustainable
Quarterly revenue swings of 48% (₹587–₹874 Cr) suggest cyclicality or customer concentration — verify order book visibility
Business concentrated in 'Other Industrial Products' — verify product and customer diversification

Generated analysis · source review pending

Growth drivers

D/E of 0.02 provides substantial capacity for growth capex or acquisitions without financial constraint
Peak quarterly performance in Dec 2025 (₹874 Cr revenue, 34.87% OPM, ₹7.85–7.95 EPS) demonstrates earning potential — verify if cyclical and repeatable
ROE of 44.08% reflects efficient capital deployment — verify if this scales with larger asset base
Quarterly margin recovery from 12% (Mar 2026) to 22% (Jun 2026) suggests business momentum — verify sustainability

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹779.4-3.6%1Y

Quick read

rule-based

Pros

+Strong return on equity of 30.1% (3-yr avg)
+High return on capital employed of 39.7%
+Healthy operating margin of 33.7%
+Profit CAGR of 126.3% over the last 5 years
+Revenue CAGR of 29.4% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 76.3×

Cons

−Trading at 9.8× book value

Research score

Structured signal from quality, growth, valuation and momentum.

74/100

Business quality: 99
Growth

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 100 NIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,092	912	1,236	1,369	2,233	1,967	3,303
COGS	687	563	753	833	1,150	971	1,382
Gross profit	405	349	483	536	1,084	996	1,921
	323	281	343	383	642	590	808
	82	69	140	153	442	406	1,113
OPM %	7.5%	7.5%	11.3%	11.2%	19.8%	20.7%	33.7%
Depreciation	41	39	35	35	41	44	51
Interest	22	15	7	7	13	13	15
	21	4	25	19	-10	25	28
Profit before tax	40	19	123	130	377	374	1,092
Tax	14	6	29	31	96	97	277
Tax %	34.6%	29.4%	23.4%	24.1%	25.6%	26%	25.4%
	26	14	94	99	281	277	815
PAT margin %	2.4%	1.5%	7.6%	7.2%	12.6%	14.1%	24.7%
EPS (₹)	0.9	0.4	3.4	3.5	10.1	0	29.4
EPS adjusted (₹)	1	0.5	3.4	3.6	10.1	10	29.4
	35.3%	79.5%	11.9%	12.8%	5%	—	10.2%
Annual report	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	25	28	28	28	28	28	28	28	28	28	28
Reserves	556	739	761	777	773	782	866	924	1,193	1,455	2,187
	—	456	343	215	140	58	50	78	59	55	44
	854	252	215	148	162	168	189	265	374	442	683
Total equity & liabilities	1,435	1,475	1,347	1,168	1,103	1,036	1,133	1,294	1,654	1,980	2,942
	420	416	363	320	293	269	254	313	354	397	419
CWIP	—	—	—	—	—	—	—	25	20	68	127
Investments	3	8	3	3	0	0	0	16	179	290	423
	1,013	1,050	980	844	809	767	878	940	1,101	1,225	1,972
Total assets	1,435	1,475	1,347	1,168	1,103	1,036	1,133	1,294	1,654	1,980	2,942

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Electronics	1,626.25	818.49	626.24	306.06	320.18	255.63
Industrial Batteries	1,416.22	341.16

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	37.1%	38.3%	39.1%	39.2%	48.5%	50.6%	58.2%
EBITDA margin %	7.4%	7.4%	11.2%	11.1%	19%	19.9%	33.7%
EBIT margin %	3.6%	3.1%	8.4%	8.5%	17.1%	17.7%	32.2%
PAT margin %	2.4%	1.5%	7.6%	7.2%	12.6%	14.1%	24.7%
Working capital
Receivable days	102	102	86	83	62	69	71
Inventory days	162	188	149	147	137	201	148
Payable days	4	6	4	43	41	68	49
NWC days	260	283	231	188	158	202	171
Leverage
Current ratio	—	—	—	3.05	2.77	2.86	3.57
Debt to EBITDA	1.74	0.87	0.36	0.51	0.14	0.14	0.04
Debt to equity	0.18	0.07	0.06	0.08	0.05	0.04	0.02
Interest coverage	2.5	2.6	15.8	20.4	30.9	28.7	76.3
Asset turnover	0.99	0.88	1.09	1.06	1.35	0.99	1.12
Return ratios
Return on assets %	2.4%	1.3%	8.3%	7.6%	17%	14%	27.7%
Return on capital employed %	—	—	—	13.3%	35.3%	26.6%	57.1%
Return on equity %	3.3%	1.7%	10.5%	10.4%	23%	18.7%	36.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	59.11%	59.11%	59.11%	59.11%	59.11%	59.11%	59.11%	59.11%	59.11%	59.11%	59.11%	59.11%
	2.23%	2.66%	4.59%	4.65%	4.9%	5.22%	4.83%	4.83%	7.1%	5.87%	5.94%	5.62%
	0.08%	0.41%	0.66%	1.07%	0.97%	0.39%	0.36%	0.36%	0.65%	0.82%	0.79%	0.98%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	38.58%	37.82%	35.64%	35.17%	35.02%	35.28%	35.7%	35.7%	33.14%	34.2%	34.16%	34.29%
No. of shareholders	—	—	—	—	—	—	—	—	3,26,066	3,42,335	3,40,740	3,49,936

Promoter holding up 0 percentage points since Sep 2023.

16 deals · 11 Feb 2025 – 10 Nov 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
10 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	17,00,551	₹1,090.98	₹185.53 Cr
10 Nov 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	17,00,483	₹1,090.04	₹185.36 Cr
11 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	23,56,707	₹674.60	₹158.98 Cr
11 Aug 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	23,56,707	₹673.85	₹158.81 Cr
1 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	15,33,962	₹631.51	₹96.87 Cr
1 Jul 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	15,33,962	₹631.02	₹96.80 Cr
1 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	26,95,559	₹518.67	₹139.81 Cr
1 Apr 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	26,95,559	₹518.23	₹139.69 Cr
1 Apr 2025	QE SECURITIES LLP	Bulk	NSE	Buy	16,46,338	₹520.46	₹85.69 Cr
1 Apr 2025	QE SECURITIES LLP	Bulk	NSE	Sell	16,44,732	₹519.01	₹85.36 Cr

1–10 of 16

1 / 2

Mr. Aluru Jagadish PrasadExecutive Director-Chairperson-CEO-MD
E. Sai RamChief Financial Officer
Mrs. Kavita Prasad AluruNon-Executive - Non Independent Director
Mr. Venkata Sriram KaripineniNon-Executive - Independent Director
Mrs. Richa DattaNon-Executive - Independent Director
Ms. Deeksha MikkilineniNon-Executive - Non Independent Director
Mr. Narsing Rao SingayapallyNon-Executive - Independent Director
Mr. Mikkilineni Satyanarayana Subramanya SrinathExecutive Director
Mrs. Aparna SurabhiNon-Executive - Independent Director
Mr. G B S NaiduCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

0.16%

of the company's equity

All mutual funds

0.32%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

24 schemes · 8 fund houses

		Shares
Nifty Smallcap 250 Index Fund	Nippon India Mutual Fund	1.8 L	11.81	0.34%	0.065%	+2,196
Nifty Smallcap 250 Index Fund	SBI Mutual Fund	91,280	6	0.34%	0.033%	+1,021
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	66,169	4.35	0.33%	0.024%	+600
Nifty Smallcap 250 Index Fund	ICICI Prudential Mutual Fund	40,262	2.65	0.34%	0.015%	+817
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	17,967	1.18	0.04%	0.006%	+617
Nifty 500 Equal Weight Index Fund	Nippon India Mutual Fund	14,147	0.93	0.18%	0.005%	+7
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	12,931	0.85	0.34%	0.005%	-708
IB20-Groww Nifty Smallcap 250 Index Fund	Groww Mutual Fund	7,116	0.47	0.34%	0.003%	+36

1–8 of 24

1 / 3

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Credit ratings

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

22

Final dividend11 Sept 2026 · ex-date₹1
Interim dividend13 Feb 2026 · ex-date₹2
Final dividend12 Sept 2025 · ex-date₹1
Final dividend13 Sept 2024 · ex-date₹0.5
Dividend dividend15 Sept 2023 · ex-date₹0.45
Dividend dividend15 Sept 2022 · ex-date₹0.4
Dividend dividend16 Sept 2021 · ex-date₹0.35
Final dividend16 Sept 2020 · ex-date₹0.1
Interim dividend26 Feb 2020 · ex-date₹0.2
Dividend dividend18 Sept 2019 · ex-date₹0.3
Dividend dividend18 Sept 2018 · ex-date₹0.25
Dividend dividend18 Sept 2017 · ex-date₹0.25
Dividend dividend21 Sept 2016 · ex-date₹0.25
Dividend dividend21 Sept 2015 · ex-date₹0.2
Dividend dividend18 Dec 2014 · ex-date₹0.2
Dividend dividend19 Sept 2013 · ex-date₹0.15
Dividend dividend14 Dec 2012 · ex-date₹0.15
Dividend dividend29 Aug 2011 · ex-date₹0.1
Dividend dividend20 Sept 2010 · ex-date₹0.3
Dividend dividend8 Sept 2009 · ex-date₹3
Dividend dividend28 Aug 2008 · ex-date₹1.5
Dividend dividend18 Sept 2007 · ex-date₹1.5

1

Board meeting to consider results8 Aug 2026

1

Face value ₹10 → ₹124 Nov 2009 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

43 announcementsExport CSV

3 Sept 2026, 2:27 pmCorp. Action

Book-Closure For The Purpose Of AGM

Book Closure PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	37.1%	38.3%	39.1%	39.2%	48.5%	50.6%	58.2%
EBITDA margin %	7.4%	7.4%	11.2%	11.1%	19%	19.9%	33.7%
EBIT margin %	3.6%	3.1%	8.4%	8.5%	17.1%	17.7%	32.2%
PAT margin %	2.4%	1.5%	7.6%	7.2%	12.6%	14.1%	24.7%
Working capital
Receivable days	102	102	86	83	62	69	71
Inventory days	162	188	149	147	137	201	148
Payable days	4	6	4	43	41	68	49
NWC days	260	283	231	188	158	202	171
Leverage
Current ratio	—	—	—	3.05	2.77	2.86	3.57
Debt to EBITDA	1.74	0.87	0.36	0.51	0.14	0.14	0.04
Debt to equity	0.18	0.07	0.06	0.08	0.05	0.04	0.02
Interest coverage	2.5	2.6	15.8	20.4	30.9	28.7	76.3
Asset turnover	0.99	0.88	1.09	1.06	1.35	0.99	1.12
Return ratios
Return on assets %	2.4%	1.3%	8.3%	7.6%	17%	14%	27.7%
Return on capital employed %	—	—	—	13.3%	35.3%	26.6%	57.1%
Return on equity %	3.3%	1.7%	10.5%	10.4%	23%	18.7%	36.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Hbl Engineering LimitedHBLENGINEHBLENGINE	₹21,604 Cr	₹21,648 Cr	₹2,718 Cr	₹716 Cr	33.7%	₹537 Cr	24.7%	57.1%	44.1%	171
Inox India LimitedINOXINDIAINOXINDIA	₹19,688 Cr	₹19,758 Cr	₹1,618 Cr	₹343 Cr	21.6%	₹255 Cr	16.3%	34.7%	25.9%	241
Krn Heat Exchanger And Refrigeration LimitedKRNKRN	₹9,266 Cr	₹9,454 Cr	₹737 Cr	₹144 Cr	18.7%	₹97 Cr	12.7%	19.2%	14.3%	208
Esab India LimitedESABINDIAESABINDIA	₹8,471 Cr	₹8,471 Cr	₹1,577 Cr	₹290 Cr	17.9%	₹222 Cr	13.7%	62.6%	52.3%	34
Subros LimitedSUBROSSUBROS	₹4,466 Cr	₹4,495 Cr	₹3,909 Cr	₹323 Cr	8.6%	₹166 Cr	4.4%	18.8%	14.2%	34
Harsha Engineers International LimitedHARSHAHARSHA	₹4,318 Cr	₹4,689 Cr	₹1,719 Cr	₹252 Cr	14.7%	₹155 Cr	9.5%	15.4%	11.7%	171
Ador Welding LimitedADORADOR	₹2,732 Cr	₹2,733 Cr	₹1,198 Cr	₹153 Cr	10.6%	₹114 Cr	7.2%	21.8%	15.4%	53
Diffusion Engineers LimitedDIFFNKGDIFFNKG	₹1,737 Cr	₹1,765 Cr	₹436 Cr	₹61 Cr	14.1%	₹55 Cr	12.4%	16.6%	13%	159
Mic Electronics LimitedMICELMICEL	₹868 Cr	₹912 Cr	₹223 Cr	₹25 Cr	13.3%	₹-12 Cr	-6.6%	9.8%	-5.8%	278
Technocrats Plasma Systems LtdTECHNOCRATTECHNOCRAT	₹716 Cr	—	—	—	—	—	—	—	—	—
Hy-Tech Engineers LimitedHTELHTEL	₹692 Cr	₹721 Cr	₹189 Cr	₹42 Cr	22%	₹23 Cr	11.9%	23.1%	20.2%	—
Mallcom (India) LimitedMALLCOMMALLCOM	₹580 Cr	₹700 Cr	₹527 Cr	₹56 Cr	11.2%	₹27 Cr	5.6%	15.4%	9.7%	159

Date	Category	Subject	Filing
3 Sept 2026, 2:27 pm	Corp. Action Book Closure	Book-Closure For The Purpose Of AGM	PDF
3 Sept 2026, 2:22 pm	Corp. Action Record Date	Record Date For Determination Of Eligibility For Dividend, If Declared And To E-Vote On The Resolutions.	PDF
3 Sept 2026, 2:17 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
8 Aug 2026, 4:38 pm	Corp. Action Record Date	Record Date For Dividend	PDF
8 Aug 2026, 4:33 pm	Company Update Reg. 32 (1), (3) - Statement of Deviation & Variation	Statement Of Deviation Of Funds For The Quarter June 30, 3036	PDF
8 Aug 2026, 4:16 pm	Board Meeting Outcome of Board Meeting	Board Meeting Outcome for Financial Results Of The Company For The Quarter Ending June 30 2026	PDF
3 Aug 2026, 9:24 am	Company Update Award of Order / Receipt of Order	Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order	PDF
30 Jul 2026, 1:09 pm	Board Meeting	Board Meeting Intimation for Notice Of Board Meeting	PDF

₹ Cr	Mar 2016	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-130	167	149	99	164	151	424	463	780
	-8	1	-6	45	96	-61	-39	347	-254
	134	163	152	-102	19	-8	8	16	-113
Net cash flow	-5	—	—	43	278	82	393	826	413
Free cash flow	-149	140	111	63	95	86	371	341	629
CFO / Operating profit %	—	—	185.4%	147.7%	117.7%	100%	100.1%	118.1%	70.1%

Hbl Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

22

1

1

Announcements

22

1

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Batteries · revenue

Hbl Engineering Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Credit ratings

Events

Dividends22

Board meetings1

Stock splits1

Announcements

Dividends22

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Batteries · revenue

22

1

1

22

1

1