Mumbai-based Hind Rectifiers Limited, a manufacturer of power electronics and semiconductor devices for railway traction, defence, and industrial applications, has reported a strong Q4FY26 on a standalone basis and a record full-year revenue performance, even as consolidated net profit swung to a loss due to a significant non-controlling interest drag at the subsidiary level.
All figures are in Rs. millions — converting to crore throughout. Revenue from operations for Q4FY26 came in at ₹279.82 crore on a consolidated basis, up 51.3% year on year from ₹185.02 crore in Q4FY25 and up 0.88% sequentially from ₹277.32 crore in Q3FY25. Total consolidated income for the quarter was ₹280.90 crore against ₹185.39 crore a year ago.
Standalone Q4FY26 net profit rose 60.7% year on year to ₹16.40 crore from ₹10.20 crore in Q4FY25, with standalone revenue up approximately 40.6% year on year, consistent with the strong topline trajectory.
At the consolidated level, however, the reported net profit for Q4FY26 swung to a loss of ₹1.59 crore from a profit of ₹9.99 crore in Q4FY25. The driver of this consolidated loss is entirely a non-controlling interest issue: profit attributable to owners of the company for Q4FY26 was ₹4.51 crore, while non-controlling interest recorded a loss of ₹6.09 crore — producing the net consolidated loss. This reflects a subsidiary-level performance drag being attributed to minority shareholders, and does not reflect deterioration in the parent company’s standalone operations.
EBITDA for the quarter came in at approximately ₹26.80 crore against ₹20.10 crore in Q4FY25, with EBITDA margin at 10.15% versus 10.84% — a contraction of 69 basis points, reflecting higher cost of materials consumed at ₹204.97 crore against ₹137.16 crore, and elevated employee costs of ₹39.23 crore against ₹17.33 crore as headcount expands alongside revenue.
Profit before exceptional items and tax for Q4FY26 stood at ₹1.57 crore against ₹14.01 crore in Q4FY25. An exceptional loss of ₹0.72 crore was recognised in Q4FY26, bringing profit before tax to ₹0.85 crore. After a combined tax charge of ₹2.44 crore, the consolidated net loss for the period was ₹1.59 crore.
For the full year FY26, Hind Rectifiers crossed the ₹999 crore revenue milestone on a consolidated basis — revenue from operations was ₹999.13 crore against ₹655.37 crore in FY25, a year-on-year surge of 52.4% that reflects the extraordinary pace of order execution across railway and defence electronics segments. Full-year consolidated profit attributable to owners of the company was ₹45.01 crore against ₹37.11 crore in FY25, a 21.3% increase.
Full-year profit before exceptional items and tax was ₹55.91 crore against ₹50.13 crore, with exceptional losses of ₹2.00 crore reducing profit before tax to ₹53.91 crore. Full-year net profit at the consolidated level was ₹38.60 crore against ₹37.11 crore.
Hind Rectifiers is a direct beneficiary of India’s accelerated railway modernisation programme — including Vande Bharat trains, metro rail expansions, and locomotive upgrades — and the defence electronics indigenisation push. The company manufactures power converters, rectifiers, thyristors, and diodes used in traction applications, and has been ramping capacity to meet the surge in order inflows from Indian Railways and defence system integrators. The West Asia crisis and India’s strategic push to accelerate domestic defence procurement have created an additionally supportive demand environment for the company’s defence-facing product lines.
The equity share capital stands at ₹6.87 crore as of March 31, 2026, following a rights issue that doubled the paid-up capital from ₹3.43 crore. Basic EPS before exceptional items for FY26 was ₹13.68 on the post-rights capital base.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.