HBL Engineering

HBLENGINE · NSE · Mid Cap

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Storage·Listed·Directness 30/100

HBL Engineering

Specialty batteries and electronics; storage and rail electrification tailwinds.

Storage
Hold
Last price
₹832.00
52W: ₹488 – ₹1,122
-25.8% from 52W high
Mkt Cap
₹23.08K Cr
P/E
28.3x
EV/EBITDA
58.9x
ROCE
27.3%
ROE
20.6%
Book Value
₹71.6
Promoter
59.1%
Real financial data sourced from Screener.in · annual + quarterly statements below

Scoring breakdown

SageOne-style fundamental · TQ-100 technical · solar overlays

B
Fundamental (30%)
87
Valuation (20%)
42
Technical (20%)
64
Solar exposure (10%)
30
Policy beneficiary (7.5%)
70
Project pipeline (5%)
78
Governance safety (7.5%)
80

52-week position

Real snapshot from Screener

₹488Current: ₹832₹1,122
P/E
28.3x
P/B
11.6x
Div Yield
0.24%

Investment thesis

One-liner · bull · bear · monitorables

One-liner. HBL Engineering: RTC renewable mandate and PLI for ACC make storage a structural multi-year theme.

Bull case

Bull case for HBL Engineering: continued capacity ramp at attractive unit economics, supportive policy (PLI / ALMM / RPO / open access), benign module + commodity cycle, healthy receivable conversion, and re-rating from current valuation as execution beats consensus.

Bear case

Bear case for HBL Engineering: module/tariff price crash, working-capital blowout from DISCOM receivables, leverage spiking past 4x net-debt/EBITDA, ALMM/PLI delays, Chinese dumping, and de-rating to historical median multiples on growth disappointment.

Key monitorables
  • 01Quarterly capacity commissioned vs guidance
  • 02Receivable days from DISCOMs and large customers
  • 03Net debt / EBITDA trajectory
  • 04Order book to revenue cover

Solar exposure

Directness · policy linkage · BOM

Primary segmentStorage
Directness30/100
ALMM eligible—
PLI beneficiary—
Imported BOM—

Valuation snapshot

Multiple methods · solar-specific multiples

MethodValueHist %ile
P/E (TTM)28.3x—
Forward P/E——
EV/EBITDA58.9x—
EV/Sales11.8x—
P/B11.6x—
FCF Yield-0.4%—

Project pipeline

0 tracked projects

No tracked projects.

Financials

Source: Screener.in (consolidated) · ticker HBLENGINE · last updated 2026-05-11

Open on Screener.in
Market Cap
₹23.08K Cr
Price
₹832.00
Stock P/E
28.3x
Book Value
₹71.6
ROCE
27.3%
ROE
20.6%
Div Yield
0.24%
52W Range
₹488 – ₹1,122

Ratio analysis (derived from statements)

Growth · profitability · returns · leverage · cash flow · valuation

Growth
Sales 1Y-11.9%
Sales 3Y CAGR16.8%
Sales 5Y CAGR21.2%
PAT 1Y-1.4%
PAT 3Y CAGR43.2%
PAT 5Y CAGR110.7%
Profitability
OPM latest20.0%
PAT margin latest14.0%
PAT margin 3Y avg11.2%
ROE20.6%
ROCE27.3%
Asset turnover0.99x
Leverage & cash
D / E0.05x
Net Debt / EBITDA0.19x
Borrowings / Assets3.7%
CFO / EBITDA0.61x
CFO / PAT0.87x
FCF (TTM proxy)₹-81 Cr
Valuation
P/E28.3x
EV/EBITDA58.9x
EV/Sales11.77x
P/B11.62x
FCF Yield-0.35%
Div Yield0.24%

Annual P&L · 5 years

₹ Crore. Source: Screener.in consolidated.

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Sales9121,2361,3692,2331,967
Operating Profit67139151423393
OPM %7%11%11%19%20%
Net Profit149498280276
EPS (₹)0.503.393.5610.139.99

Quarterly results · last 4 quarters

₹ Crore.

MetricMar 2025Jun 2025Sep 2025Dec 2025
Sales451476602521
OPM %21%17%32%21%
Net Profit654514387

Balance sheet · 5 years

₹ Crore.

ItemMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Equity Capital2828282828
Reserves7548389241,1931,455
Borrowings7063866774
Fixed Assets—————
Total Assets1,0361,1331,2941,6541,980

Cash flow · 5 years

₹ Crore.

ActivityMar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Operating12162122273239
Investing-32-17-50-139-320
Financing-104-2210-42-26
Net Cash Flow-15238292-107

Shareholding pattern

Latest disclosed

Promoters
59.10%
FII
4.83%
DII
0.36%
Public
35.70%

Policy linkages

Schemes where this company is a confirmed or likely beneficiary

No direct policy linkages tracked.