Mukul Agrawal inventory with 30% income development steerage for FY26 so as to add to your watchlist

This Mukul Agrawal Semiconductor Inventory, engaged within the design, improvement, and manufacturing of energy semiconductors, energy digital gear, and railway traction programs, is in focus after the administration expects greater than 30 % income development in FY26.

With a market capitalization of Rs. 2,854.06 crore, the shares of Hind Rectifiers Restricted have been at the moment buying and selling at Rs. 1,660.90 per fairness share, down practically 2.02 % from its earlier day’s shut worth of Rs. 1,695.20. 

Administration Steerage

Hind Rectifiers Restricted administration expects to maintain the continued development momentum and preserve and even enhance the order ebook by the tip of the yr. For FY26, the corporate has given a income development steerage of a minimum of 30 %, with an analogous development pattern of 25–30 % within the coming years. 

Moreover, Margins are additionally anticipated to get higher progressively, with a long-term goal of reaching mid-teen EBITDA margins. Nevertheless, the corporate has suggested that this enchancment will take a while and endurance.

Order Ebook

The corporate’s order ebook has proven sturdy development over the previous few years. It has elevated from Rs. 368 crore in FY22 to Rs. 893 crore in FY25. Within the first quarter of FY26, the order ebook has already reached Rs. 1,025 crore, which is increased than the order ebook of the earlier years. This regular rise exhibits that the corporate is receiving extra enterprise orders every year and is beginning FY26 with a really sturdy pipeline.

Capex Plans

Hind Rectifiers Restricted has deliberate a capex of Rs. 50 crore in FY26, primarily for backward integration to strengthen its operations. This funding might be funded with about two-thirds by way of debt and the remaining one-third from inner accruals. This step is predicted to help the corporate’s development and enhance effectivity in the long term.

Shopper Base

Hind Rectifiers Restricted has sturdy and lasting partnerships with many prime shoppers, together with Indian Railways, Indian Oil, Tata, Reliance, Shell, NTPC, SAIL, and ONGC. It additionally works with Siemens, GE, Adani, Jindal, and others, exhibiting the belief it has earned throughout industries.

Shareholding Sample

In June 2025, Hind Rectifiers Restricted had a majority stake held by the promoters at 43.98 %, overseas institutional traders at 6.30 %, home institutional traders at 0.06 %, and the general public at 49.63 %.

Within the public holding, Ace investor Mukul Mahavir Agrawal holds a 1.46 % stake in Hind Rectifiers Restricted, valued at Rs. 42.6 crores, consisting of 250,000 shares. 

Firm Overview

Hind Rectifiers Restricted was established in 1958 and specializing within the improvement, design, manufacturing, and advertising and marketing of energy semiconductors, energy digital gear, and railway transportation gear.

The corporate’s merchandise embody converters, inverters, propulsion programs, rectifiers, railway transformers, traction motors, switchboard panels, regulated battery chargers, and HVAC programs for rolling inventory. 

The corporate serves sectors comparable to railways, common business, energy vegetation, metal, and cement. Its manufacturing amenities are positioned in Mumbai, Nasik, and Dehradun, flagship R&D at Bhandup (Mumbai), and a software program R&D middle in Hyderabad.

Current quarter outcomes

Coming into monetary highlights, Hind Rectifiers Restricted’s income has elevated from Rs. 136 crore in Q1 FY25 to Rs. 215 crore in Q1 FY26, which has grown by 58.09 %. The online revenue has additionally grown by 85.71 % from Rs. 7 crore in Q1 FY25 to Rs. 13 crore in Q1 FY26. Hind Rectifiers Restricted’s standalone income and web revenue have grown at a CAGR of 21.06 % and 64.93 %, respectively, over the past 4 years.

By way of return ratios, the corporate’s ROCE and ROE stand at 21.6 % and 25.6 %, respectively. Hind Rectifiers Restricted has an earnings per share (EPS) of Rs. 25, and its debt-to-equity ratio is 1.03x.

Written By Nikhil Naik

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