HIRECT
Hind Rectifiers Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
HIRECT
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹1,338 today
BEAR
₹123
-91%
16.8% a year · 8x exit
BASE
₹339
-75%
29.1% a year · 20.1x exit
BULL
₹696
-48%
39.5% a year · 38.1x exit
Where the market has priced it
5x102x today — outside the range42x
- the last 2 years priced this company 55% above its ten-year median (31x vs 20x) — the exit multiple here is the ten-year one, so a sustained re-rating would not be captured
- at 102x its FY26 earnings the stock already trades above the top of its own ten-year range (38x)
- the range is unusually wide — read it as the span of management's own claim, not as a forecast
How these numbers are produced
| Earnings base | FY26 TTM EPS ₹13.09 (universe (TradingView, diluted TTM)) |
|---|---|
| Guided growth | 29.1% a year, said on the call of 16-Feb-2026 · transcript |
| Read across as | operating: unlabelled growth figure, read as revenue — medium confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 8x / 20.06x / 38.09x, this company’s own p20 / median / p80 across 5 filed years |
| Filed-industry peers | median 28.1x across 21 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from NSE earnings-call filings · extracted, not interpreted
generic growth 30%
And we expect a growth of 30% year-on-year, and we continue to maintain that going into the next year as well.
Call 16-Feb-2026 · bridge confidence medium · transcript PDF