The Hi-Tech Gears financials: balance sheet, profit and loss, cash flow

NSE: HITECHGEARBSE: 522073Auto ComponentsSmall Cap

The Hi-Tech Gears Limited · Face value ₹10 · Listed Sep 1988 on BSE, Jan 2002 on NSE

₹500.00₹2.55 (0.51%)BSE ₹490.50

Share price at the NSE close on 30 Oct 2026. Previous close ₹497.45.

30 Oct: open ₹497.05, high ₹508.00, low ₹497.00

52-week range of traded prices to 30 Oct 2026

₹480.00Low, 26 Oct 2026₹824.00High, 30 Oct 2025

Delivery only: shares bought must be paid for in full, with no selling on the same day.
Next results date: the board meets on 4 Nov 2026 to consider: financial results. The notice · Results calendar

Market cap: ₹941 Cr1,391st largest listed
P/E: 47.67
P/B: 1.80
Dividend yield: 0.80%
ROE: 3.9%
ROCE: 4.7%
Debt to equity: 0.35
Volume, NSE: 1,388

The Hi-Tech Gears' financial statements for the 10 years to Mar 2026, consolidated: the company and its subsidiaries together, with the twelve months to Jun 2026 after them.

10 years at a glance

₹ crore, years to March.The Hi-Tech Gears annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 1 of the 10 years shown

Operating and net margin, per cent

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 5.4% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2025, the company's revenue for that year, ₹927 Cr, differs from its quarters added, ₹911 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue908
Materials and goods−459
Employee costs−176
Other expenses−173
Operating profit101
Depreciation−67
Other income+14
One-off items0.0
Finance costs−15
Profit before tax33
Tax−12
Net profit21

What the company owns

Plant, investments and other assets₹490 Cr
Receivables₹173 Cr
Inventory₹141 Cr
Cash and bank₹35 Cr

What pays for it: net worth and liabilities

Net worth₹523 Cr
Borrowings₹183 Cr
Owed to suppliers₹101 Cr
Other liabilities₹33 Cr

The Hi-Tech Gears business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.The Hi-Tech Gears segment results by quarter

Revenue by segment

₹938 CrTotal

India₹680 Cr72.5% of total
Canada₹232 Cr24.7% of total
Others₹26 Cr2.8% of total

Profit by segment

India₹50.6 Cr100.0% of total

Segment results by year

Consolidated, ₹ crore, years to March.

India
Revenue, ₹ crore
626
509
522
645
782
789
669
680
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
64
36
57
72
84
82
74
51
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Canada
Revenue, ₹ crore
249
191
214
327
374
320
259
232
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
22
13
0
−34
−21
15
12
0
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
23
29
20
21
31
27
25
26
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2
4
1
0
4
1
−2
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	897	729	757	992	1,187	1,135	952	938
Company revenue, as in its results	890	722	746	971	1,169	1,107	927	908
Revenue	626	509	522	645	782	789	669	680
Revenue growth	–	−18.6%	2.6%	23.4%	21.3%	0.9%	–	1.7%
Profit	64	36	57	72	84	82	74	51
Profit growth	–	−44.1%	59.0%	26.3%	17.9%	−3.0%	–	−31.4%
Margin	10.2%	7.0%	10.9%	11.1%	10.8%	10.4%	11.0%	7.4%
Return on capital	–	31.9%	37.1%	36.8%	34.8%	401.3%	24.1%	15.2%
Assets	–	423	486	555	573	−18	506	527
Liabilities	–	311	333	361	331	−38	200	195
Capital employed	–	112	153	194	243	20	306	332
Revenue	249	191	214	327	374	320	259	232
Revenue growth	–	−23.5%	12.2%	52.8%	14.5%	−14.6%	–	−10.5%
Profit	22	13	0	−34	−21	15	12	0
Profit growth	–	−43.0%	–	–	–	–	–	–
Margin	9.0%	6.7%	−0.2%	−10.5%	−5.6%	4.8%	4.7%	−0.2%
Return on capital	–	8.8%	−0.3%	−25.2%	−18.8%	–	6.9%	−0.2%
Assets	–	341	409	447	412	−9	298	312
Liabilities	–	197	267	310	300	−3	121	121
Capital employed	–	144	143	137	112	−6	177	190
Revenue	23	29	20	21	31	27	25	26
Revenue growth	–	28.2%	−29.9%	1.5%	–	−11.8%	–	6.7%
Profit	2	4	1	0	4	1	−2	−2
Profit growth	–	93.2%	−72.8%	−80.0%	–	−62.3%	–	–
Margin	8.6%	12.9%	5.0%	1.0%	12.6%	5.4%	−7.5%	−7.5%
Return on capital	–	18.2%	4.0%	–	–	2,959.2%	−531.3%	−489.6%
Assets	–	25	27	0	0	0	1	1
Liabilities	–	5	2	1	1	0	0	0
Capital employed	–	21	25	0	0	0	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March. The last column is the twelve months to Jun 2026, the latest four quarters added.The Hi-Tech Gears quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 27 May	Mar 2024	Mar 2025	Mar 2026	Jun 2026Twelve months
Revenue from operations	473	760	890	722	746	971	1,169	1,107	927	908	931
	417	665	800	638	656	889	1,028	957	791	807	829
Materials and goods bought	244	368	449	337	367	482	599	569	462	459	466
Employee costs	79	–	192	177	160	215	218	197	164	176	183
Other expenses	94	–	159	124	129	192	210	191	165	173	181
Operating profit before depreciation	56	95	89	84	90	82	141	150	136	101	101
Operating margin	11.8%	12.5%	10.0%	11.6%	12.1%	8.4%	12.1%	13.5%	14.7%	11.1%	10.9%
Materials, % of revenue	51.5%	–	50.5%	46.7%	49.2%	49.7%	51.3%	51.4%	49.9%	50.5%	50.0%
Employee costs, % of revenue	16.7%	–	21.6%	24.5%	21.5%	22.2%	18.7%	17.8%	17.6%	19.3%	19.6%
Other expenses, % of revenue	20.0%	–	17.9%	17.2%	17.2%	19.8%	18.0%	17.3%	17.8%	19.0%	19.4%
Depreciation and amortisation	24	39	42	43	43	52	82	61	63	67	68
Operating profit after depreciation	32	55	47	41	47	29	59	89	72	34	33
Other income	4	20	41	11	10	8	8	10	12	14	11
Finance costs	3	24	29	33	23	26	33	38	21	15	15
Profit before one-off items and tax	32	52	59	19	34	11	34	61	63	33	29
One-off items	0	0	0	0	0	0	0	77	0	0	0
Profit before tax	32	52	59	19	34	11	34	138	63	33	29
	12	17	23	11	5	12	11	24	22	12	9
Current tax	–	19	18	7	14	14	20	17	19	13	12
Deferred tax	–	−2	5	4	−8	−2	−9	7	4	−1	−3
Net profit	20	34	36	8	29	−1	23	114	40	21	20
Other comprehensive income	–	–	3	4	16	15	3	2	−14	27	15
Total comprehensive income	–	–	39	12	45	14	26	116	26	48	34
Net margin	4.2%	4.5%	4.0%	1.1%	3.9%	−0.1%	2.0%	10.3%	4.4%	2.3%	2.1%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 27 May	Mar 2024	Mar 2025	Mar 2026
	272	276	321	331	354	466	484	523
Share capital	19	19	19	19	19	19	19	19
Reserves	253	257	302	312	336	447	465	504
	402	301	372	471	457	298	202	183
Repayable after a year	309	300	331	321	240	144	127	117
Repayable within a year	93	0	41	149	217	155	75	66
	270	195	261	342	384	294	185	190
Trade payables	97	94	112	143	121	108	84	101
Other financial liabilities	68	88	92	36	33	22	17	18
Other liabilities	–	9	9	9	10	5	7	3
Provisions	4	4	7	4	2	4	2	2
Tax owed	8	–	0	0	0	0	1	0
	326	318	341	330	248	149	135	127
Other liabilities	2	2	2	1	1	1	1	1
Provisions	5	4	4	3	4	4	4	4
Deferred tax	9	12	4	4	3	0	4	5
Total assets	868	789	922	1,002	985	908	804	839
	504	510	569	592	539	493	459	457
Plant in use, after depreciation	333	335	354	414	412	383	374	357
Plant being built	19	34	71	38	13	4	1	7
Intangible assets	63	61	61	58	53	48	41	41
Goodwill	47	49	53	56	31	32	30	38
Investments	4	8	10	12	12	12	1	1
Loans given	4	4	4	0	0	0	0	0
Other financial assets	1	0	0	4	5	9	6	6
Deferred tax	0	0	0	0	8	0	0	2
Other assets	32	17	16	10	5	5	6	6
	364	280	353	410	446	416	345	382
Inventories	107	85	91	116	123	124	125	141
Trade receivables	169	91	149	174	209	200	153	173
Cash and cash equivalents	47	40	51	61	33	14	11	6
Other bank balances	12	30	26	26	46	40	24	29
Loans given	1	1	1	1	1	0	0	0
Other financial assets	7	6	13	9	9	6	5	5
Tax paid in advance	2	4	2	2	3	3	1	2
Other assets	18	22	19	22	22	28	24	25
Net debt	343	231	295	384	377	245	166	147

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021	Mar 2022	Mar 2023Filed 27 May	Mar 2024	Mar 2025	Mar 2026
	37	56	54	117	168	82
	51	70	75	135	184	96
	−43	−16	−73	−24	43	−21
Receivables	−58	−25	−36	9	47	−17
Inventories	−6	−25	−7	0	−2	−15
Payables	18	31	−23	−13	−24	17
Other working capital	2	4	−6	−19	22	−5
Tax paid	−13	−15	−21	−17	−17	−14
Capital spending	59	60	30	34	24	32
Free cash flow	−21	−5	25	83	144	50
	−51	−56	−41	143	−20	−30
Plant and property sold	0	2	7	171	1	0
Interest received	3	2	3	4	3	2
Dividends received	0	0	0	0	0	0
	25	11	−41	−280	−150	−57
Borrowings raised	79	100	55	8	0	0
Borrowings repaid	−32	−58	−62	−238	−112	−24
Interest paid	−20	−25	−28	−37	−21	−15
Lease payments	0	0	0	−8	−7	−9
Dividends paid	0	4	3	5	9	9
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	12	10	−27	−19	−3	−5

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.The Hi-Tech Gears dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 27 May	Mar 2024	Mar 2025	Mar 2026
Earnings per share	₹10.64	₹18.25	₹18.96	₹4.41	₹15.34	−₹0.59	₹12.32	₹60.86	₹21.49	₹11.16
Diluted earnings per share	₹10.64	₹18.25	₹18.96	₹4.41	₹15.34	−₹0.59	₹12.30	₹60.73	₹21.46	₹11.15
Dividend per share	₹2.50	₹3.50	₹3.50	₹1.50	₹2.00	₹1.50	₹2.50	₹5.00	₹5.00	₹4.00
Book value per share	–	–	₹144.79	₹147.18	₹170.90	₹176.23	₹188.85	₹248.24	₹257.32	₹277.81
Dividend payout	23.5%	19.2%	18.5%	34.0%	13.0%	–	20.3%	8.2%	23.3%	35.9%
Shareholder yield	–	–	–	–	0.0%	0.9%	0.6%	0.3%	0.8%	0.9%
Market cap at the year end (₹ crore)	596	748	541	148	324	403	474	1,444	1,141	1,030

Ratios

Consolidated, years to March.The Hi-Tech Gears PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023Filed 27 May	Mar 2024	Mar 2025	Mar 2026
Revenue growth	–	60.8%	17.1%	−18.8%	3.3%	30.2%	20.5%	−5.3%	–	−2.0%
Operating profit growth	–	69.7%	−5.8%	−6.2%	7.4%	−9.0%	72.8%	6.1%	–	−25.6%
Net profit growth	–	71.5%	3.9%	−76.7%	247.8%	–	–	394.3%	−64.7%	−48.0%
Earnings per share growth	–	71.5%	3.9%	−76.7%	247.8%	–	–	394.0%	−64.7%	−48.1%
	–	–	13.1%	3.0%	9.6%	−0.3%	6.7%	27.8%	8.5%	4.2%
	–	–	–	−10.1 pts	6.6 pts	−10.0 pts	7.1 pts	21.1 pts	−19.3 pts	−4.3 pts
From the net margin	–	–	–	−9.3 pts	7.2 pts	−9.9 pts	6.2 pts	28.5 pts	−16.1 pts	−4.0 pts
From asset turnover	–	–	–	−0.6 pts	0.0 pts	0.0 pts	1.0 pts	−0.2 pts	−0.9 pts	0.1 pts
From borrowing	–	–	–	−0.2 pts	−0.5 pts	0.0 pts	−0.1 pts	−7.2 pts	−2.4 pts	−0.4 pts
Return on capital employed	–	–	7.0%	7.0%	6.8%	3.7%	7.3%	11.6%	10.6%	4.8%
Cash conversion	–	–	–	–	129.6%	–	234.2%	102.8%	415.6%	389.6%
Interest cover	10.4	2.3	1.6	1.2	2.0	1.1	1.8	2.4	3.4	2.3
Debt to equity	–	–	1.48	1.09	1.16	1.42	1.29	0.64	0.42	0.35
Receivable days	–	–	69	46	73	65	65	66	60	70
Inventory days	–	–	87	92	91	88	75	79	99	112
Payable days	–	–	79	102	112	109	73	69	66	80
Cash conversion cycle, days	–	–	78	37	52	45	67	76	93	101
Working capital days	–	–	52	8	27	49	62	74	78	89
Asset turnover	–	–	1.03	0.87	0.87	1.01	1.18	1.17	1.08	1.11
Assets per rupee of net worth	–	–	3.19	3.02	2.87	2.95	2.90	2.31	1.80	1.63
Sales per rupee of plant	–	–	2.67	2.15	2.11	2.34	2.84	2.89	2.48	2.54
Capital spending to depreciation	–	–	–	–	1.36	1.15	0.36	0.56	0.38	0.48
Plant being built, % of plant in use	–	–	5.8%	10.1%	20.1%	9.2%	3.2%	1.0%	0.3%	1.9%

Revenue growth and operating profit growth are left blank for the year to Mar 2025: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 2.6%
Cash from operations against operating profit: 80.8%

Measure	10 years	5 years	3 years
Profit growth, yearly rate	–	−6.1%	−3.2%
Return on equity, average	–	9.4%	13.5%
Return on capital employed, average	–	7.6%	9.0%
Operating margin, average	11.8%	12.0%	13.1%
Net margin, average	3.7%	3.8%	5.7%
Asset turnover, average	–	1.11	1.12
Cash conversion cycle, days, average	–	76	90
Interest cover, average	2.9	2.2	2.7
Debt to equity, average	–	0.82	0.47

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	477	367	82
Cash from investing	−3	94	−30
Cash from financing	−518	−488	−57
Capital spending	180	90	32
Dividends paid	30	23	9
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	163	8	0
Borrowings repaid	495	374	24

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	5	7	6	5	6
Altman Z-scorePublished threshold 1.81	–	–	2.44	1.89	1.91	1.97	2.42	4.67	4.68	4.34
Beneish M-scorePublished threshold −1.78	–	–	–	–	−1.92	−2.75	−2.58	−2.45	−3.39	−2.64
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.95	−0.03	0.97	−15.47	−12.55	−3.77
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	2.89	1.67	1.91	2.09
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−27.28	59.79	−13.27	−0.47	1.38	−7.38	15.15
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	4.50	−1.87	−3.82	−18.00	5.12	20.31	12.87
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.77	0.26	−0.19	0.09	0.36	−0.82	0.25
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.76	1.15	0.34	0.17	0.11	0.02	0.13
Effective tax ratePublished threshold 17.16 per cent	38.22	33.53	39.21	56.40	15.36	110.10	31.90	17.17	35.69	36.97
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−24.59	−30.70	4.50	9.25	−5.81

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
29 Jun 2026	CRISIL Ratings Limited	Bank Facilities	Crisil A-Review, Re-affirm	Stable	30

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.