Hind Rectifiers Limited, a leading manufacturer of power semiconductors, power electronic equipment and railway transportation systems, has announced its unaudited consolidated financial results for the quarter and nine months ended 31 December 2025. The company delivered its highest-ever quarterly revenue during Q3 FY26, reflecting sustained demand across the railway and industrial segments. Revenue from operations increased by 64.2 percent year-on-year to ₹277.4 crore, compared with ₹168.9 crore in the corresponding quarter of the previous year. The strong performance was driven primarily by higher supplies of traction transformers and power electronics equipment to Indian Railways.
Operating EBITDA for the quarter rose 44.9 percent year-on-year to ₹25.5 crore from ₹17.6 crore in Q3 FY25. EBITDA margins moderated by 120 basis points compared with the previous year, mainly due to expansion-related investments in the copper conductor plant at Sinnar and elevated raw material costs resulting from supply chain disruptions. Profit After Tax, excluding minority interest, grew by 30.1 percent to ₹13.0 crore from ₹10.0 crore in the year-ago quarter. The quarter’s profitability includes an exceptional expense of ₹1.3 crore related to increased employee benefit obligations following changes in labour laws by the Government of India.
For the nine months ended 31 December 2025, revenue from operations increased by 52.9 percent year-on-year to ₹719.3 crore, compared with ₹470.3 crore in the corresponding period last year. EBITDA for the nine-month period rose 50.1 percent to ₹75.7 crore from ₹50.4 crore, while Profit After Tax, excluding minority interest, advanced 49.3 percent to ₹40.5 crore from ₹27.1 crore.
The company’s order book stood at ₹1,013 crore as of 31 December 2025, supported by continued investments in railway electrification, network expansion and other government-led infrastructure initiatives. Reflecting confidence in its financial position, the Board of Directors has approved the issuance of bonus shares in the ratio of 1:1, aimed at rewarding shareholders and enhancing liquidity in the company’s equity shares.
Commenting on the performance, Suramya Nevatia, Chairman and Managing Director, said the company’s results underscore the strength of demand across its core markets and the benefits of disciplined project execution. He noted that the company has begun deploying in-house manufactured copper conductors in transformers supplied to Indian Railways and is in the process of ramping up production capacity. This backward integration initiative is expected to improve cost efficiency, strengthen supply reliability and reduce lead times, while also creating opportunities to serve external markets from Q1 FY27 onward.
During the quarter, Hind Rectifiers further strengthened its leadership team with the appointment of Mr. Douglas J. Bailey as Global Chief Executive Officer for the company and its subsidiaries. Integration efforts with BeLink Solutions are progressing in line with plans, with a focus on strengthening relationships with existing customers and exploring new opportunities for printed electronics in railway and defence applications across European markets.
Looking ahead, management believes that continued government emphasis on railway electrification, rolling stock modernisation, power infrastructure development, defence indigenisation and domestic electronics manufacturing will provide structural support for sustained growth. Backed by a strong order pipeline, operational discipline and ongoing strategic initiatives, the company remains focused on delivering long-term value creation.
