HBLENGINE · Capital Goods
HBL Engineering Ltd. reported revenue of ₹476 cr for January to March 2025, −22.0% on the year and +5.5% on the quarter. Over the last four quarters revenue comes to ₹1,968 cr, −11.9% on the four before.
Operating profit (EBITDA) was ₹79.0 cr, a margin of 16.6%, −488 bps on the year and −425 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 16.6% to 21.5%). Operating costs grew −17.1%, faster than revenue at −22.0%, so operating profit grew less than sales.
Net profit was ₹45.0 cr, −44.4% on the year and −30.8% on the quarter, with earnings per share of ₹1.62. Profit before other income, one-offs and tax fell 44.4%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹277 cr, −1.1% 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 ₹9.99 over the last four quarters, the stock at ₹830.05 trades at 83.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 16.6%, −488 bps on the year (−425 bps on the quarter).
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.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| 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 ₹476 cr (−22.0% on the year) and net profit of ₹45.0 cr (−44.4% on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −44.4% on the year, against −44.4% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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