Hirect Wins Indian Railways MEMU Propulsion Contract

30 Jul 2026 CW Team

Hirect Limited, formerly Hind Rectifiers Ltd, has secured its first order from the Modern Coach Factory, a production unit of Indian Railways, to supply complete propulsion systems for four Mainline Electric Multiple Unit (MEMU) trainsets.

The contract is valued at Rs600 mn and marks the company’s entry into the MEMU trainset propulsion segment. The supply is scheduled to be executed over 24 months.

The company disclosed the award in a stock exchange filing, stating the contract is not a related?party transaction and that its promoters and promoter group have no interest in the entity awarding the work. The order follows the firm’s recent rebranding after shareholder approval to change the name to Hirect Limited. The move forms part of a push to expand its presence in India’s railway equipment market.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell 58 per cent year?on?year to Rs84.2 mn from Rs199 mn, while the EBITDA margin narrowed to 3.0 per cent from 10.8 per cent in the corresponding quarter last year. In the quarter ended March 31 the firm reported a year?on?year net profit decline of 55 per cent to Rs45.1 mn from Rs99.9 mn, and revenue rose 51 per cent to Rs2,798 mn from Rs1,851 mn. Management characterised the results as mixed and pointed to earlier capital expenditure and market conditions as factors. The new order is described as a strategic win that could support the company’s propulsion systems credentials.

Shares of Hirect closed 0.92 per cent higher at Rs1,296.80 apiece on the National Stock Exchange, and the stock has gained about 73 per cent so far in 2026 and nearly 82 per cent over the last 12 months. The contract diversifies the company’s revenue mix and does not create related?party exposure. The firm will now focus on executing the propulsion systems supply over the two?year timeline.

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