HBLENGINE · Capital Goods
HBL Engineering Ltd. reported revenue of ₹874 cr for October to December 2025, +93.8% on the year and −28.5% on the quarter. Over the last four quarters revenue comes to ₹3,175 cr, +51.0% on the four before.
Operating profit (EBITDA) was ₹302 cr, a margin of 34.6%, +1,371 bps on the year and −993 bps on the quarter. Over the last 8 quarters the margin has ranged from 16.6% to 44.5%, averaging 26.5%. Operating costs grew +60.2% against revenue growth of +93.8%, so more of each rupee of sales reached operating profit.
Net profit was ₹220 cr, +238.5% on the year and −43.2% on the quarter, with earnings per share of ₹7.96. Profit before other income, one-offs and tax grew faster, at +272.7%; other income, one-offs or tax held the headline back. The tax rate of 27% is in line with its recent average. Profit over the last four quarters totals ₹795 cr, +154.0% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹28.72 over the last four quarters, the stock at ₹830.05 trades at 28.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Core profit grew faster than reported profit: one-offs held the headline down.
Reported profit +238.5% on the year; profit before other income, exceptional items and tax +272.7%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹557 cr | ₹599 cr | ₹610 cr | ₹520 cr | ₹521 cr | ₹451 cr | ₹476 cr | ₹602 cr | ₹1,223 cr | ₹874 cr | ₹604 cr | ₹638 cr |
| YoY | — | — | — | +11% | −6% | −25% | −22% | +16% | +135% | +94% | +27% | +6% |
| EBITDA margin | 18.1% | 18.9% | 21.5% | 21.2% | 20.9% | 20.8% | 16.6% | 31.9% | 44.5% | 34.6% | 12.4% | 23.0% |
| Other income, % of PBT | 3% | 2% | −19% | 5% | 11% | 3% | 8% | 9% | −2% | 3% | 15% | 14% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 23% | 33% | 26% | 29% | 26% | 26% | 26% | 26% | 27% | 18% | 26% |
| Net profit | ₹68.0 cr | ₹79.0 cr | ₹81.0 cr | ₹80.0 cr | ₹87.0 cr | ₹65.0 cr | ₹45.0 cr | ₹143 cr | ₹387 cr | ₹220 cr | ₹64.0 cr | ₹109 cr |
| YoY | — | — | — | +54% | +28% | −18% | −44% | +79% | +345% | +238% | +42% | −24% |
| Core profit YoY | — | — | — | +48% | +8% | −23% | −44% | +78% | +456% | +273% | −12% | −26% |
| EPS | ₹2.48 | ₹2.85 | ₹2.94 | ₹2.89 | ₹3.15 | ₹2.33 | ₹1.62 | ₹5.17 | ₹13.97 | ₹7.96 | ₹2.30 | ₹3.94 |
| Flags | · | · | · | ✓ | 1 | ✓ | 1 | ✓ | ✓ | ✓ | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
HBL Engineering Ltd. reported revenue of ₹874 cr (+93.8% on the year) and net profit of ₹220 cr (+238.5% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +272.7% on the year, against +238.5% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.