HBL Engineering share price
NSE: HBLENGINEBSE: 517271Industrial ProductsSmall Cap
HBL Engineering Limited · Formerly HBL Power Systems · Face value ₹1 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Jul 1992 on BSE, Jan 2007 on NSE
Last close ₹799.35down ₹16.40 (2.01%)BSE ₹799.60
Share price at the NSE close on 30 Oct 2026. Previous close ₹815.75.
30 Oct: open ₹816.50, high ₹818.00, low ₹791.00
52-week range of traded prices to 30 Oct 2026
₹613.00Low, 30 Mar 2026₹1,122.00High, 10 Nov 2025
- Next results date: the board meets on 7 Nov 2026 to consider: financial results. The notice · Results calendar
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹22,158 Cr334th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 28.38
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 10.01
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.38%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 42.2%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 45.0%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.02
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 11,17,84847.5% delivered
About HBL Engineering
HBL Engineering Limited is a Hyderabad-based maker of batteries, railway electronics and electric mobility products.1 It sells to system integrators, engineering contractors and railway, aviation and defence customers worldwide, including Indian Railways, the Indian Air Force, the Indian Navy and defence ministry laboratories.2
The company groups its businesses into industrial electronics (rail signalling, including Kavach, a train collision avoidance system, and train management systems, which control train movements centrally, plus electric drive trains for trucks and vessels, still in development), industrial batteries (lead, nickel cadmium and lithium) and defence (batteries for aircraft, missiles, torpedoes and submarines, and electronic fuzes, the triggers that detonate ammunition).34
HBL began in 1977 making batteries for defence aircraft, and the company was incorporated in 1986.56 Its promoter is Aluru Jagadish Prasad, the chairman and managing director.7 His daughter Kavita Prasad Aluru, a director, holds 51.30% of the company's shares as trustee of the Aluru Family Private Trust.8 Its wholly owned subsidiaries HBL America Inc and HBL Germany GmbH sell and service its exports in the US and Europe, and it holds 41% of Naval Systems and Technologies and 14.25% of Tonbo Imaging India.910
HBL Engineering key points
Results
- Consolidated revenue from operations rose about 67.9% to ₹3,302.83 crore in the year to Mar 2026, from ₹1,967.20 crore a year earlier.11
- Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) was ₹1,171.98 crore in the year to Mar 2026, against ₹418.13 crore a year earlier.12
- Consolidated profit after tax was ₹814.89 crore in the year to Mar 2026, against ₹276.92 crore a year earlier.12
Business segments
- Share of standalone turnover by main activity, as the company reports it13
Item year to Mar 2026 Electronic equipment for railway and industrial uses 58.36% Batteries for industrial and defence uses 41.64% - In its rating report filed on 9 Oct 2026, CARE Ratings, working from the group's consolidated accounts, put the electronics segment's revenue before inter-segment eliminations at ₹1,626.25 crore in the year to Mar 2026, from ₹298.38 crore a year earlier, driven by Kavach orders.14
- Share of standalone turnover from lead acid and nickel cadmium pocket plate batteries15
Item year to Mar 2026 Lead acid batteries 21.12% Nickel cadmium pocket plate batteries 20.53%
Where revenue comes from
Plants and capacity
- The company says it is the only maker of Pure Lead Thin (PLT) batteries in India. Its data-centre sales grew 100% in the year to Mar 2026, and its PLT production capacity is being doubled.18
- The company is expanding nickel cadmium battery capacity for both domestic and export markets.19
- For defence lithium-ion batteries, the company has invested about ₹200 crore in R&D and a production plant that makes its own cells, with technology licensed from NSTL, a unit of DRDO (the Defence Research and Development Organisation).20
- A licensed facility for making electronic fuzes, the triggers that detonate explosive warheads, has been set up in Telangana.21
Order book
- In its rating report filed on 9 Oct 2026, CARE Ratings put the order book (orders received but not yet delivered) at about ₹5,902 crore as of September 2026, against ₹2,999 crore on 31 Dec 2025.22
- CARE Ratings said Kavach and train management system projects made up about ₹4,440 crore, or about 75%, of the order book as of September 2026.23
Customers and partners
- Data-centre companies that ordered PLT batteries in the year to Mar 2026 include STT, NTT, Colt, CapitaLand, Digital Edge, Reliance and CtrlS.24
- The company supplies PLT batteries to Cummins India, under Cummins's own label, for its full range of diesel generator sets.24
- Siemens of Germany has chosen the company as one of its suppliers for developing lithium-ion train batteries, and the company has received volume orders for lithium-ion batteries for Vande Bharat trains.25
What the company expects
- The company stated in its annual report for the year to Mar 2026 that its current businesses together should exceed ₹5,000 crore in total sales in the year to Mar 2030, a scenario it says is not a prediction.26
- The company said Kavach, almost 50% of sales in the year to Mar 2026, should hold about that share in the year to Mar 2027, and that Kavach sales and profit before tax could decline from the year to Mar 2029 as competition increases.2728
- The company said it expects approval for its 55-tonne electric trucks by March 2027 and pilot sales from July 2027, a nine-month delay from the October 2026 start it gave earlier, caused by redesigning its motors to work without permanent magnets.29
- The company said it expects Indian Army approval for its grenade fuzes, already approved by the Ministry of Home Affairs and on sale, and approval for fuzes for 155mm artillery shells, during 2027.30
Recent events
- On 9 Oct 2026, CARE Ratings upgraded its credit rating (its view of the ability to repay debt) on the company's long-term bank facilities to CARE AA-; Stable, from CARE A+; Positive.31
- Green Maritime Propulsion Private Limited, a joint venture with Cochin Shipyard agreed on 25 Mar 2026 in which the company is to hold 60%, was incorporated on 11 Jun 2026 to develop electric mobility technology and energy storage for vessels.32
- In its exchange filing of 28 May 2026, the company said Chittaranjan Locomotive Works had issued it a letter of acceptance for on-board Kavach equipment worth ₹1,714 crore, excluding 18% GST, to be completed within 12 months.3334
- In its exchange filing of 11 Feb 2026, the company said Banaras Locomotive Works had issued it a letter of acceptance for on-board Kavach equipment worth ₹800.36 crore, including 18% GST.35
Last updated
All 35 sources, each with its page
- 1. Annual report, 3 Sep 2026, page 208
- 2. Annual report, 3 Sep 2026, page 89
- 3. Annual report, 3 Sep 2026, page 4
- 4. Annual report, 3 Sep 2026, page 9
- 5. Annual report, 3 Sep 2026, page 13
- 6. Annual report, 3 Sep 2026, page 88
- 7. Annual report, 3 Sep 2026, page 67
- 8. Annual report, 3 Sep 2026, page 52
- 9. Annual report, 3 Sep 2026, page 31
- 10. Annual report, 3 Sep 2026, page 90
- 11. Annual report, 3 Sep 2026, page 44
- 12. Annual report, 3 Sep 2026, page 43
- 13. Annual report, 3 Sep 2026, page 88
- 14. Exchange filing, 9 Oct 2026, page 3
- 15. Annual report, 3 Sep 2026, page 102
- 16. Annual report, 3 Sep 2026, page 89
- 17. Annual report, 3 Sep 2026, page 11
- 18. Annual report, 3 Sep 2026, page 10
- 19. Annual report, 3 Sep 2026, page 11
- 20. Annual report, 3 Sep 2026, page 12
- 21. Annual report, 3 Sep 2026, page 13
- 22. Exchange filing, 9 Oct 2026, page 4
- 23. Exchange filing, 9 Oct 2026, page 4
- 24. Annual report, 3 Sep 2026, page 10
- 25. Annual report, 3 Sep 2026, page 12
- 26. Annual report, 3 Sep 2026, page 5
- 27. Annual report, 3 Sep 2026, page 8
- 28. Annual report, 3 Sep 2026, page 8
- 29. Annual report, 3 Sep 2026, page 9
- 30. Annual report, 3 Sep 2026, page 13
- 31. Exchange filing, 9 Oct 2026, page 2
- 32. Annual report, 3 Sep 2026, page 46
- 33. Exchange filing, 28 May 2026, page 1
- 34. Exchange filing, 28 May 2026, page 2
- 35. Exchange filing, 11 Feb 2026, page 1
Results
Standalone, as consolidated accounts are on record for only 7 of the last ten years; ₹ crore.HBL Engineering quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +63.0%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +129.6%
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹620 Crup 3.72%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹105 Crup 84.48%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 17.0%
Revenue by quarter
Peak revenue ₹1,203 Cr, quarter to Sep 2025; lowest ₹455 Cr, quarter to Dec 2024
Net profit by quarter, a loss in red
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 520 | 455 | 460 | 588 | 1,203 | 864 | 597 | 620 |
| Net profit | 80 | 61 | 51 | 140 | 382 | 218 | 57 | 105 |
| Net margin | 15.5% | 13.5% | 11.2% | 23.8% | 31.8% | 25.2% | 9.6% | 17.0% |
Standalone. The last eight quarters. The latest is shaded.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹3,252 Crup 67.09%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹797 Crup 197.86%
- Net margin
- 24.5%
Revenue by year
Peak revenue ₹3,252 Cr, year to Mar 2026; lowest ₹909 Cr, year to Mar 2021
Net profit by year, a loss in red
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,530 | 1,624what Revenue, Mar 2018, includes. This period's revenue includes excise duty of ₹31 crore, a tax on the goods the company makes that it collects and pays to the government. | 1,257 | 1,077 | 909 | 1,221 | 1,350 | 2,209 | 1,946 | 3,252 |
| Net profit | 35 | 30 | 25 | 24 | 15 | 89 | 96 | 264 | 268 | 797 |
| Net margin | 2.3% | 1.8% | 2.0% | 2.2% | 1.6% | 7.3% | 7.1% | 11.9% | 13.7% | 24.5% |
Standalone. Years to March. The latest is shaded.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- ElectronicsElectronics, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,626 Crup 445.03%50.0%
- Industrial BatteriesIndustrial Batteries, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,416 Crup 1.40%43.5%
- Defence & aviation batteriesDefence & aviation batteries, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹212 Crdown 6.88%6.5%
The pill is the change in revenue on the year before; the share is of all the businesses together.
Valuation
Today, against the company's own history.HBL Engineering PE ratio and valuation
Price to earnings
At or below today's level on 24% of 2,479 trading days over the last 10 years.
LowestHighest
Its median34.25Industry median22.15
Price to book
At or below today's level on 72% of 1,975 trading days since Nov 2018.
LowestHighest
Its median3.07Industry median2.52
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 38% of 2,479 trading days over the last 10 years.
LowestHighest
Its median0.42%Industry median0.39%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +30.6% | – | – | 0.5% |
| 3 years | +86.5% | +103.4% | −8.4% | 0.3% |
| 5 years | +79.5% | +122.6% | −19.5% | 0.4% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count. Earnings growth over 5 years includes one-off items (exceptional items and the result of businesses sold or closed) of more than a tenth of the profit of the year to Mar 2021.
Mutual fund holdings
61 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 54 of the 55 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 61 funds holding HBL Engineering
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 5
- AddedAdded. Funds that held more shares than at the end of the month before.
- 21
- CutCut. Funds that held fewer shares than at the end of the month before.
- 34
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 1
| Fund | |||
|---|---|---|---|
 Mahindra Manulife Small Cap FundMahindra Manulife Mutual Fund | 10,94,536 | 1.62% | ₹87.0 Cr |
| Mahindra Manulife Mid Cap FundMahindra Manulife Mutual Fund | 6,49,571 | 1.02% | ₹51.6 Cr |
| Mahindra Manulife Business Cycle FundMahindra Manulife Mutual Fund | 2,31,380 | 1.42% | ₹18.4 Cr |
| Mahindra Manulife Value FundMahindra Manulife Mutual Fund | 1,78,587 | 1.40% | ₹14.2 Cr |
 Nippon India Nifty Smallcap 250 Index FundNippon India Mutual Fund | 1,74,229 | 0.40% | ₹13.8 Cr |
 HDFC Nifty Smallcap 250 ETFHDFC Mutual Fund | 1,36,720 | 0.40% | ₹10.9 Cr |
 Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETFMirae Asset Mutual Fund | 96,382 | 0.82% | ₹7.66 Cr |
 SBI Nifty Smallcap 250 Index FundSBI Mutual Fund | 88,507 | 0.40% | ₹7.03 Cr |
 Motilal Oswal Nifty Smallcap 250 Index FundMotilal Oswal Mutual Fund | 62,781 | 0.40% | ₹4.99 Cr |
 ICICI Prudential Nifty Smallcap 250 Index FundICICI Prudential Mutual Fund | 39,685 | 0.40% | ₹3.15 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
HBL Engineering competitors and peers
Other Industrial Products, 58 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to HBL Engineering in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 INOX IndiaINOXINDIA | 16,913 | 66.37 | 15.13 | +19.9% | +8.8% | 25.6% | 25.9% | 0.11% |
 Esab IndiaESABINDIA | 8,094 | 36.48 | 18.85 | +13.0% | +29.1% | 56.1% | 63.5% | 1.43% |
 KRN Heat Exchanger and RefrigerationKRN | 7,509 | 65.28 | 7.63 | +77.2% | +94.8% | 15.2% | 12.0% | 0.00% |
 WPILWPIL | 4,004 | 26.56 | 2.44 | +8.3% | +56.3% | 9.7% | 10.8% | 0.49% |
 Harsha Engineers InternationalHARSHA | 3,771 | 24.38 | 2.69 | +20.2% | +69.6% | 11.6% | 11.4% | 0.36% |
 SubrosSUBROS | 3,760 | 22.60 | 3.02 | +13.8% | +6.4% | 14.2% | 15.7% | 0.52% |
| Aimtron ElectronicsAIMTRON | 3,449 | 75.02 | 14.70 | +89.2% | +79.4% | 23.6% | – | 0.00% |
 Ador WeldingADOR | 2,316 | 20.06 | 4.07 | +12.9% | +111.7% | 21.7% | 22.8% | 2.29% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.HBL Engineering dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹3.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 11 Sep 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹1.00 |
| 13 Feb 2026 | Interim | ₹2.00 |
| 12 Sep 2025 | Final | ₹1.00 |
| 13 Sep 2024 | Final | ₹0.50 |
| 15 Sep 2023 | Final | ₹0.45 |
| 15 Sep 2022 | Final | ₹0.40 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.HBL Engineering announcements
Oct 2026
22 Oct · Board meeting
9 Oct · Rating
Sep 2026
26 Sep · Meeting
7 Sep · Legal
The exchange asked on 4 Sep 2026
3 Sep · Corporate action
HBL Engineering share price by year
Each calendar year to 2025.HBL Engineering share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 926.60 | +49.0% | 1,098.80 | 406.40 |
| 2024 | 621.85 | +42.5% | 704.90 | 401.40 |
| 2023 | 436.40 | +312.9% | 467.45 | 90.00 |
| 2022 | 105.70 | +67.9% | 118.90 | 57.20 |
| 2021 | 62.95 | +53.2% | 67.35 | 30.90 |
| 2020 | 41.10 | +159.3% | 42.20 | 10.20 |
| 2019 | 15.85 | −45.1% | 28.85 | 13.05 |
| 2018 | 28.85 | −59.9% | 73.80 | 24.15 |
| 2017 | 71.95 | +98.5% | 74.40 | 37.85 |
| 2016 | 36.25 | −19.1% | 46.60 | 29.60 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.
Recent sessions
The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | 813.20 | 824.60 | 806.00 | 815.75 | 813.18 | 7,78,889 | 39.2% |
| 28 Oct 2026 | 785.00 | 816.00 | 779.30 | 809.95 | 806.46 | 16,58,744 | 37.2% |
| 27 Oct 2026 | 765.00 | 795.45 | 759.00 | 788.00 | 781.58 | 11,21,465 | 35.5% |
| 26 Oct 2026 | 758.55 | 776.00 | 737.90 | 760.80 | 765.23 | 10,87,416 | 26.1% |
| 23 Oct 2026 | 786.00 | 786.00 | 744.40 | 769.85 | 763.76 | 20,56,404 | 28.9% |
| 22 Oct 2026 | 777.00 | 813.80 | 766.50 | 784.45 | 793.70 | 28,37,401 | 19.9% |
| 21 Oct 2026 | 806.00 | 814.95 | 779.45 | 786.60 | 799.11 | 27,39,261 | 35.6% |
| 19 Oct 2026 | 827.40 | 832.85 | 800.40 | 812.95 | 811.08 | 54,97,271 | 20.8% |
| 16 Oct 2026 | 711.60 | 842.00 | 702.00 | 833.15 | 807.12 | 3,91,19,356 | 9.4% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 24 Nov 2009 | Split | 0.1000 | Each share became 10. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.
Company details
- NSE symbol
- HBLENGINE
- BSE code
- 517271
- ISIN
- INE292B01021
- Industry
- Industrial Products
- Former symbols
- HBLPOWER
- Website
- www.hbl.in
- CIN
- L40109TG1986PLC006745
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1986
- Registered office
- 8-2-601, Road No 10, Banjara Hills, Hyderabad 500034, Telangana
- Share registrar
- KFin Technologies Ltd
- Keeps the register of shareholders and handles transfers and dividend payments
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