Hindusthan Engineering and Industries Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹1,699
- Market Cap
- ₹2,498.68 Cr
- ISIN
- INE665C01026
- Face Value
- ₹10
- P/E Ratio
- 12.05
- EPS
- 140.94
- P/B Ratio
- 1.79
- Book Value
- 951.13
- Debt / Equity Ratio
- 0.29
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Net Revenue | 2754.37 | 1756.16 | 943.29 | 800.12 | 810.19 | 879.35 |
| Growth % | 56.84% | 86.17% | 17.89% | -1.24% | -7.86% | - |
| Total Operating Expenses | 2,454.17 | 1,635.56 | 876.50 | 728.02 | 766.72 | 800.95 |
| Growth % | 50.05% | 86.60% | 20.40% | -5.05% | -4.27% | - |
| Operating Profit (EBITDA) | 300.20 | 120.60 | 66.79 | 72.10 | 43.46 | 78.40 |
| Operating Profit Margin % | 10.90% | 6.87% | 7.08% | 9.01% | 5.36% | 8.92% |
| Other Income | 42.33 | 27.18 | 28.51 | 29.04 | 21.51 | 31.08 |
| Finance Costs | 30.71 | 18.87 | 9.65 | 11.50 | 14.24 | 11.68 |
| Depreciation and Amortization Expense | 35.85 | 34.57 | 35.46 | 33.21 | 32.58 | 32.75 |
| Profit beofore Tax | 275.97 | 94.34 | 50.19 | 56.43 | 18.16 | 65.05 |
| Income Tax | 68.69 | 24.31 | 11.45 | 16.27 | -3.52 | 25.33 |
| Tax % | 24.89% | 25.77% | 22.81% | 28.83% | -19.40% | 38.94% |
| Profit After Tax | 207.28 | 70.03 | 38.74 | 40.16 | 21.68 | 39.72 |
| Growth % | 195.99% | 80.77% | -3.54% | 85.24% | -45.42% | - |
| PAT % | 7.53% | 3.99% | 4.11% | 5.02% | 2.68% | 4.52% |
| EPS | 140.94 | 47.49 | 25.83 | 26.77 | 14.45 | 26.48 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|
| Equity Capital | 14.71 | 14.71 | 15.00 | 15.00 | 15.00 | 15.00 |
| Reserves and Surplus | 1,384.09 | 1,192.23 | 1,121.09 | 1,079.44 | 1,045.00 | 1,021.60 |
| Total Equity | 1,398.80 | 1,206.94 | 1,136.09 | 1,094.44 | 1,060.00 | 1,036.61 |
| Long Term Borrowings | - | - | 0.15 | 1.24 | 0.48 | 0.86 |
| Other Long Term Liabilities | 68.95 | 73.66 | 78.42 | 84.56 | 82.78 | 95.05 |
| Total Non-Current Liabilities | 68.95 | 73.66 | 78.57 | 85.80 | 83.26 | 95.91 |
| Short Term Borrowings | 410.33 | 283.82 | 146.59 | 172.30 | 142.63 | 115.19 |
| Other Current Liabilities | 344.09 | 242.06 | 148.78 | 159.66 | 158.83 | 168.01 |
| Total Current Liabilities | 754.42 | 525.88 | 295.37 | 331.96 | 301.46 | 283.20 |
| Equity + Liabilities | 2,222.17 | 1,806.48 | 1,510.03 | 1,512.20 | 1,444.72 | 1,415.71 |
| Fixed Assets (incl. WIP) | 375.09 | 357.31 | 348.00 | 370.95 | 382.84 | 397.80 |
| Other Non Current Assets | 208.95 | 183.68 | 288.50 | 164.57 | 145.70 | 169.25 |
| Total Non Current Assets | 584.04 | 540.99 | 636.50 | 535.52 | 528.54 | 567.05 |
| Trade Receivables | 250.63 | 220.94 | 175.59 | 158.65 | 154.73 | 137.91 |
| Cash and Bank Balances | 19.31 | 63.10 | 132.73 | 238.22 | 226.19 | 166.30 |
| Other Current Assets | 1,368.19 | 981.45 | 565.21 | 579.81 | 535.25 | 544.46 |
| Total Current Assets | 1,638.13 | 1,265.49 | 873.53 | 976.68 | 916.18 | 848.67 |
| Total Assets | 2,222.17 | 1,806.48 | 1,510.03 | 1,512.20 | 1,444.72 | 1,415.71 |
Shareholding Pattern
- Hindusthan Consultancy and Services Ltd
- 41.43%%
- Promain Limited
- 9.75%%
- Associated General Trading Society ltd
- 4.85%%
- Anuradha Investments Limited
- 4.42%%
- Olympic General Trading Ltd
- 4.26%%
- Foster Engineering Industries Ltd
- 3.69%%
- Carbo Industrial Holdings Ltd
- 3.26%%
- Ratlam Industrial Limited
- 3.14%%
- Paramount Enterprises Limited
- 2.99%%
- Orient Bonds And Srock Limited
- 2.41%%
- Hindusthan Business Corporation Limited
- 1.78%%
- Others
- 18.01%%
Strengths & Weaknesses
Strengths
- Extensive Industry Experience: HEIL, operational for over six decades, benefits from management's broad expertise across industries, fostering strong supplier and customer relationships and supporting consistent growth.
- Established Market Position: HEIL is a leading player in engineering products, jute, and chemicals, with key distinctions like being India’s largest wagon manufacturer (8,400 wagons/year) and holding a 30% market share in Sodium Cyanide production. Its diverse end-user base across multiple industries reduces reliance on any single sector.
- Revenue Growth: Engineering products now contribute 79% of revenue, up from 62% in FY23, driven by strong order inflows from Indian Railways (IR) and private players.
- Healthy Order Book: Unexecuted orders worth ₹2,450 crore as of November 2023 provide revenue visibility through FY26. The company actively bids to maintain its market position.
- Robust Financial Profile: Strong net worth of ₹1,193 crore (March 2023) and stable leverage ratios (gearing: 0.2x, interest coverage: ~5x) ensure healthy debt metrics supported by sustained profitability.
Weaknesses
- Raw Material Risks: HEIL faces exposure to fluctuating prices of steel (engineering) and natural gas (chemicals), with limited pricing power for IR contracts and fixed-price private orders. Operating margins, while improving to 9.7% in H1 FY24, remain sensitive to cost variations.
- Regulatory Constraints: The jute industry is regulated by government policies like minimum support prices (MSP), impacting end-product pricing and profitability.
- Working Capital Intensity: HEIL’s operations are working capital-heavy, with gross current assets of ~190 days as of March 2023. However, back-to-back supplier contracts and healthy accruals mitigate liquidity risks.
About Hindusthan Engineering and Industries Ltd
About the Company: Hindusthan Engineering and Industries Ltd (HEIL) is a well-focused, innovation-driven and rapidly growing corporation in contemporary India.
Board of Directors
- Shri Vikram Aditya Mody - Executive Chairman
- Shri Satish Kapur - Non-Executive Independent Director
- Dr. Ranjan Ghosh - Non-Executive Independent Director
- Smt. Archana Agarwal - Non-Executive Independent Director
- Shri Anil Kumar Damari Singh - Executive Director (Technical)
- Shri M.C. Gauba - Director
- Shri R.K. Duggar - Director
Senior Management
- Shri P K Himatsingka - CFO
- Shri R K Agarwal - Company Secretary