HBL Engineering Results Analysis

Operating Revenue for Q2FY26 is Rs. 1,223 Crs., 134.7% growth YoY, Total Income is Rs. 1,239 Crs., 132.3% growth YoY, EBITDA is Rs. 544 Crs., 401% growth YoY, EBITDA Margin is 44.49% improved by 2,365 Basis points YoY, PBT Rs. 520 Crs., 386.7% growth YoY, PAT Rs. 387 Crs. 409.5% growth YoY. On QoQ basis Op. Revenue is up by 103.2%, Total Income is up by 99.3%, EBITDA is also up by 183.6%, EBITDA Margin increased by 1,260 basis points, PBT is up by 173% and PAT is also up by 174%. Rail signalling (Kavach) is the near-term growth engine; orders have inflected from “drought” to “flood,” with strong visibility for FY26–FY27. Defence Li-ion cells for the Navy: sub-200 crores capex, “profit from year one” by end of this fiscal.