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Hindusthan Engineering And Industries Ltd Unlisted Shares
DRHP Status : Not Filed
1090
Fundamentals About Hindusthan Engineering And Industries Ltd
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All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Hindusthan Engineering And Industries Ltd
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 800 | 943 | 1756 | 2754 |
| Cost of Material Consumed | 483 | 528 | 1267 | 1947 |
| Gross Margins | 39.63 | 44.01 | 27.85 | 29.3 |
| Change in Inventory | -19 | 40 | -60 | -72 |
| Employee Benefit Expenses | 113 | 118 | 140 | 144 |
| Other Expenses | 151 | 190 | 289 | 435 |
| EBITDA | 72 | 67 | 120 | 300 |
| OPM | 9 | 7.1 | 6.83 | 10.89 |
| Other Income | 29 | 28 | 27 | 42 |
| Finance Cost | 11 | 10 | 19 | 31 |
| D&A | 33 | 35 | 34 | 36 |
| EBIT | 39 | 32 | 86 | 264 |
| EBIT Margins | 4.88 | 3.39 | 4.9 | 9.59 |
| PBT | 56 | 50 | 94 | 276 |
| PBT Margins | 7 | 5.3 | 5.35 | 10.02 |
| Tax | 16 | 11 | 24 | 69 |
| PAT | 40 | 39 | 70 | 207 |
| NPM | 5 | 4.14 | 3.99 | 7.52 |
| EPS | 26.67 | 26 | 47.62 | 140.82 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 9 | 7.1 | 6.83 | 10.89 |
| Net Profit Margin | 5 | 4.14 | 3.99 | 7.52 |
| Earning Per Share (Diluted) | 26.67 | 26 | 47.62 | 140.82 |
| Assets | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Fixed Assets | 322 | 301 | 309 | 331 |
| CWIP | 35 | 32 | 49 | 16 |
| Investments | 109 | 112 | 112 | 107 |
| Trade Receivables | 159 | 175 | 221 | 251 |
| Inventory | 284 | 246 | 370 | 697 |
| Other Assets | 603 | 644 | 745 | 820 |
| Total Assets | 1512 | 1510 | 1806 | 2222 |
| Liabilities | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Share Capital | 15 | 15 | 14.7 | 14.7 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 1079 | 1121 | 1192 | 1384 |
| Borrowings | 173 | 147 | 284 | 410 |
| Trade Payables | 91 | 96 | 161 | 280 |
| Other Liabilities | 154 | 131 | 154.3 | 133.3 |
| Total Liabilities | 1512 | 1510 | 1806 | 2222 |
About Company
Hindusthan Engineering & Industries Limited (HEIL) is a diversified engineering company. Its business spans rolling stock (rail wagons), railway track materials, steel castings, gas-based chemicals (like sodium cyanide), and jute goods. It’s the flagship engineering company of the Hindusthan Group. HEIL operates several manufacturing units, including a large private-sector steel foundry, chemical plants, and jute production. The company also has a wholly owned subsidiary: Hindusthan Vidyut Corporation Ltd. (HVCL).
The following table shows a 10-point analysis of Hindusthan Engineering And Industries Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ₹2,950–3,000 cr (Consolidated ~₹2,999 cr) PAT ~₹200–210 cr PAT margin ~7% |
Diversified engineering conglomerate (flagship of Hindusthan group); core businesses include rolling stock (wagons, bogies, couplers, draft gears), railway track materials (CMS crossings, points), steel castings/foundry, gas-based chemicals (sodium nitrite), and jute products. Major supplier to Indian Railways with strong vertical integration from foundry to assembly. |
| Industry & Market Position | Leading private railway rolling stock player High share in IR wagon/bogie/crossing orders |
High entry barriers via IR approvals, scale & technology. Dominant in niche railway components; benefits from Make in India and rail infrastructure push (Dedicated Freight Corridor, electrification). Cyclical exposure to rail orders and commodity prices. |
| Revenue Growth Trend | FY23–FY25 CAGR ~30%+ ₹1,756 cr → ~₹2,999 cr FY25 YoY growth ~7–9% Order book ~₹3,640 cr (H1 FY25) |
Strong prior growth driven by IR order wins & execution ramp-up. FY25 growth moderated but remains positive. Long-term tailwinds from rail modernization & infrastructure spending. |
| Profitability & Margins | EBITDA margin improving PAT margin ~7% ROE healthy |
Margins supported by operational leverage, cost control & favorable order mix. Vertical integration enhances profitability. Earnings quality strong due to recurring IR business. |
| Cash Flow Quality | OCF ~₹184 cr inflow (FY25) No regular dividends |
Significant turnaround in operating cash flows from prior outflow. Strong working capital efficiency; supported by IR advance payments. Cash supports capex and debt servicing. |
| Balance Sheet Strength | Net worth ~₹1,300–1,400 cr Book value ~₹915/share Debt/Equity ~0.29x |
Conservative capital structure; strengthened via internal accruals. Comfortable liquidity and coverage ratios. Strong asset base and order visibility provide downside protection. |
| Valuation Comfort | Unlisted price ~₹1,050–1,700 (Feb 2026) EPS ~₹140 P/E ~12–20x Market cap ~₹1,500–2,500 cr |
Attractive valuation for railway infrastructure play with strong order book. Reasonable premium justified by sector tailwinds & execution track record. Value-oriented relative to listed peers. |
| Management & Governance | Promoter/family-led (Hindusthan group) CRISIL ratings (positive outlook) |
Long track record in railway supplies. Transparent disclosures (annual reports, AGM filings). Solid governance; benefits from long-standing Indian Railways relationships. |
| Growth Triggers & Catalysts | Order book ~₹3,640 cr IR capex revival Product diversification |
Upside from sustained IR orders, Vande Bharat & wagon demand. Organic growth from higher capacity utilization & new tenders. No confirmed IPO/DRHP plans. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO plans |
Moderate unlisted trading with liquidity risk. Exit via OTC or potential strategic interest. High-quality railway asset but capital may remain locked. |
Business Model & Key Offerings
- Rolling Stock / Railway Components: HEIL manufactures wagons (covered, open, tank, hopper), bogies, couplers, side-frames, and other critical parts for Indian Railways.
- Foundry / Steel Castings: Produces large castings, heavy components for railway infrastructure, and industrial machinery.
- Gas-based Chemicals: Notably, it produces sodium and potassium cyanide, used in mining and industrial applications.
- Jute Products: Through its jute division, HEIL manufactures jute goods (tarpaulins, hessian, etc.).
- Power / Utilities (via Subsidiary): HVCL may support utility-scale or captive power generation, though specifics are limited.
Financial Performance
- Current Share Price (Unlisted): ~₹1,520
- Market Cap: ~₹2,280 crore
- EPS: ~₹140.80
- Price / Book Ratio: ~1.58×
- Book Value / Share: ~₹915
- Debt / Equity: ~0.29×
Revenue & Profit Trends
- FY 2021: Revenue ~₹ 800 Cr; PAT ~₹ 40 Cr
- FY 2022: Revenue ~₹ 943 Cr; PAT ~₹ 39 Cr
- FY 2023: Revenue ~₹ 1,756 Cr; PAT ~₹ 70 Cr
- FY 2024: Revenue ~₹ 2,754 Cr; PAT ~₹ 207 Cr
Strengths & Growth Drivers
- Diverse Product Portfolio: HEIL is not reliant on just one business — it’s in rail, engineering castings, chemicals and jute.
- Strong Order Pipeline: As a rail-components manufacturer, it has the potential to win large orders from Indian Railways and private freight.
- Chemical Export Potential: Its cyanide production gives it exposure to global/mining demand.
- Financial Discipline: Relatively low leverage (as per unlisted data), with a decent Book Value and stable debt structure.
- Industrial Capability: Large foundry and engineering strength give it a competitive advantage in heavy industrial components.
Risks & Challenges
- Cyclicality: Railway capex, commodity prices (steel, raw materials) and demand for wagons may be cyclical.
- Working Capital Intensity: Large manufacturing + casting businesses often require significant working capital.
- Raw Material Risk: Fluctuating cost of steel or metallurgical inputs could hurt margins.
- Regulatory Risk: Changes in railway procurement policies or environmental regulations on chemicals may impact business.
- Unlisted Liquidity Risk: As an unlisted company, shares may be illiquid and hard to exit.
Quick Summary
Hindusthan Engineering & Industries (HEIL) is a well-established engineering and manufacturing firm with diverse business lines — railway rolling stock, castings, chemicals, and jute. Its unlisted shares reflect strong historical performance, improving profitability, and a robust balance sheet. Its future growth depends heavily on rail orders and industrial demand, but investors should carefully weigh the long-term capex risk and illiquidity of its unlisted shares.
Shareholding Pattern of Hindusthan Engineering And Industries Ltd
| Name | Holding |
|---|---|
| Hindusthan Consultancy And Services Limited | 41.44% |
| Promain Ltd | 9.75% |
| Other Investors | 48.81% |
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Frequently Asked Questions
Hindusthan Engineering And Industries Ltd unlisted shares represent equity holdings in a privately held engineering company that is not listed on NSE or BSE. These shares are available through private investment platforms like UnlistedKraft.
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Yes. According to SEBI regulations, pre-IPO investors must observe a six-month lock-in period once the company gets listed on a public exchange.
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