HBL Engineering Ltd(HBLENGINE)

NSE: HBLENGINEBSE: 517271

₹ 770.15-2.00%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 21,348 crNext results: 7 Nov 2026Website: www.hbl.inUpdated: 24 Oct 2026

About

HBL Engineering Limited (formerly HBL Power Systems Limited) designs and makes electronics systems, including rail signalling such as Kavach, and industrial and defence batteries across three business segments. The company reported revenue of Rs 3,302.83 Cr in FY26. HBL says it holds the second position in the global market for nickel cadmium batteries. Its long-term bank facilities carry a CARE AA- rating as of October 2026.^[1][2]

Business segments

Electronics: 50.0% of segment revenue in FY26 (Rs 1,626.25 Cr), the largest segment, with EBIT margin of 50.3%.^[3]
Industrial Batteries: 43.5% of segment revenue in FY26 (Rs 1,416.22 Cr), with EBIT margin of 24.1%.^[3]
Defence & Aviation Batteries: 6.5% of segment revenue in FY26 (Rs 211.58 Cr), with EBIT margin of 27.2%.^[3]
Electronics' share of segment revenue rose by 41.4 percentage points over FY2020-FY2026.^[3]
In FY25, segment revenue was Rs 1,396.61 Cr for Batteries, Rs 298.38 Cr for Electronics and Rs 227.22 Cr for Defence & Aviation, against Rs 1,422.79 Cr, Rs 540.67 Cr and Rs 179.61 Cr in FY24.^[2][4]

Products and market position

Industrial Batteries has three divisions: lead batteries (VRLA and PLT), nickel cadmium batteries and lithium batteries (FY25 annual report).^[2]
Industrial Electronics covers rail signalling (Kavach, TMS/CTC) and electric drive trains (motors and other vehicle electronics) for trucks (FY25 annual report).^[2]
Electronic fuzes have approvals for grenades, artillery shells, rockets, missiles and air-dropped bombs. HBL says it is the only company in India with 100% indigenisation of these fuzes (FY25 annual report).^[2]
Defence batteries cover aircraft, missiles, armoured vehicles, torpedo propulsion and submarine propulsion. HBL is recognised as the leading supplier, although the MoD has a second supplier (FY25 annual report).^[2]
HBL says it is the only supplier in India of voice and data communication systems for armoured vehicles (FY25 annual report).^[2]
HBL became the first OEM to receive Kavach v4.0 certification, on 13 May 2025.^[2]

Operations

HBL has 7 plants and 22 offices in India (FY25 annual report).^[2]
HBL had 2,152 employees as of FY25.^[2]
Machinery under erection rose to Rs 5,610 lakh at the end of FY25, from Rs 720 lakh a year earlier. Capital commitments stood at Rs 6,812.78 lakh.^[2]

Orders and operating trends

HBL won Kavach contracts totalling about Rs 4,000 Cr (FY25 annual report).^[2]
The company described its order book at March 31, 2025, for FY2026 supplies as very strong, and its NiCd order book as strong.^[2]
Industrial battery exports grew 40% in FY25.^[2]
The 12V UPS battery business grew more than 15% in FY25.^[2]
The company said FY25 sales were below budget because Indian Railways held back Kavach tenders until v4.0 certification.^[2]
The company expects the telecom shift to lithium to sharply reduce 2V-VRLA battery revenue from FY26 onwards, and it is pruning that capacity.^[2]

Customers

Siemens in Germany chose HBL as one of two global sources for lithium-ion batteries for its train and metro cars. Vande Bharat trains are also a customer (FY25 annual report).^[2]
Customers include the Indian Air Force, Indian Navy, MoD labs and Indian Railways (FY25 annual report).^[2]
PGCIL switched its preference from lead-acid VRLA to nickel cadmium batteries (FY25 annual report).^[2]
ICICI and Axis sanctioned Rs 375 Cr in facilities (Rs 350 Cr fund-based) for a locomotive Kavach order from Chittaranjan Locomotive Works. The facilities were unutilised at the end of FY25.^[2]

Expansion and capex

A capex plan of about Rs 100 Cr in CY25 is under way for in-house high energy density lithium cells.^[2]
NCPP export capacity is being enhanced (FY25 annual report).^[2]
Electric truck sales were delayed by a year to October 2026 because of problems with magnets. The trucks will use HBL-made batteries assembled from Chinese cells.^[2]
Management expects Kavach sales of about Rs 1,300-1,500 Cr a year in FY26-FY28 and has a target of Rs 4,500 Cr in total sales by FY2030.^[2]
HBL is setting up Mittelstand Technology Partners, a Category 2 Alternative Investment Fund, to invest in technology-driven companies.^[2]

Recent developments

On 09 October 2026, CARE upgraded the long-term bank facilities rating to AA- from A+ and reaffirmed the A1+ short-term rating.^[5]
The company changed its name from HBL Power Systems Limited to HBL Engineering Limited.^[6][4]
The 39th Annual General Meeting was held on 25 September 2025 by video conference.^[6]

Market Cap

₹21,348 Cr

High / Low

₹1,122 / 603

Stock P/E

26.2

Price / Book

9.6

Book Value

₹80

EPS

₹29.4

No. of Shares

27.72 Cr

ROCE

58.6%

ROE

44.1%

OPM

33.4%

Debt / Equity

0.02

Sales

₹3,303 Cr

Net Profit

₹815 Cr

Promoter holding

59.1%

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HBL Engineering Ltd(HBLENGINE)

About

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Products and market position

Operations

Orders and operating trends

Customers

Expansion and capex

Recent developments

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