Hind Rectifiers

What Hind Rectifiers does

Hind Rectifiers Limited (d/b/a Hirect) is a Mumbai-headquartered, publicly-listed power electronics and railway transportation equipment manufacturer founded in 1958 in collaboration with Westinghouse, Brake & Signal UK. The company designs, develops, manufactures, and markets power semiconductors, power electronic equipment, and railway transportation equipment, with its core product portfolio organized into two divisions. The Railways division produces traction and auxiliary transformers, IGBT-based propulsion systems, auxiliary converters and battery chargers, on-board DC rectifiers, traction motors (up to 850 kW for 6000HP WAG 9H and WAP 7 locomotives), electrical switchboards, safety and protection electronics, rolling stock HVAC systems, and brake systems. The Industrial division manufactures electro static precipitators (including what the company describes as the world's largest 3-phase 135kV/5250mA CE-certified unit), high current rectifiers, power quality improvement systems, and special rectifiers including ATEX-certified hazardous area versions for oil and gas applications.

The company's revenue model is predominantly B2B custom-quotation-based equipment sales with multi-year contract cycles. It serves Indian Railways as an approved supplier of major aggregates for rolling stock and locomotives, supplies OEMs such as ALSTOM Transport (1,000 sets of 3x130KVA AUX Converters delivered through September 2021), Indian Navy/Mazagon Dock Limited for submarine battery chargers, and industrial customers across power plants, chemicals, defense, oil and gas, marine, and aviation sectors. Recent strategic moves include the FY26 acquisition of Elventive France SAS for European manufacturing/R&D in robotics, establishment of a global investment holding subsidiary in Dubai DIFC, commercial launch of copper conductor manufacturing (CTC/PICC/EPICC) at a new 27,000 sqm Nashik facility, and a partnership with GRZ Technologies of Switzerland for green hydrogen solutions. FY26 consolidated revenue reached ₹999.1 crore (52.5% YoY growth), supported by an ₹845.5 crore order book, though EBITDA margins contracted to 8.4% from 10.7%.

Name

Hind Rectifiers

Legal name

Hind Rectifiers Limited

Website

https://hirect.com

Company type

Public

Founded year

1958

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Hind Rectifiers (Hirect) is a Mumbai-based, publicly-listed power electronics and railway transportation equipment manufacturer founded in 1958. It supplies traction motors, converters, propulsion systems, and industrial rectifiers to Indian Railways, OEMs like ALSTOM, and defense customers across multiple verticals.

Ownership category

akta.pro rank

Product category

Power Electronics Equipment

NAICS

Switchgear and Switchboard Apparatus Manufacturing (335313), Power, Distribution, and Specialty Transformer Manufacturing (335311), Motor Vehicle Electrical and Electronic Equipment Manufacturing (33632), Mechanical Power Transmission Equipment Manufacturing (333613)

SIC

Switchgear & Switchboard Apparatus (3613), Motors & Generators (3621), Power, Distribution & Specialty Transformers (3612), Electronic Coils, Transformers & Other Inductors (3677)

akta.pro primary industry

Transmission & Distribution Line Equipment (Bushings, Insulators, Arresters, Conductors, Hardware) (IMAGAAAF)

akta.pro secondary industries

Circuit Breakers, Disconnectors, Earthing Switches & Switchgear Components (EUADACAH), Powertrain Electronics & Controls Remanufacturing (ECUs/TCUs, Mechatronics) (TLAKALAJ)

Keywords

• Power electronics equipment
• Railway traction systems
• Industrial rectifier systems
• Power conversion solutions
• Traction motors manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Railway Transportation Equipment: Revenue from supplying power electronics equipment to Indian Railways including traction transformers, auxiliary converters, IGBT propulsion systems, traction motors, and electrical switch boards. Company is an approved supplier of major aggregates for rolling stock and locomotives.
2. Industrial Power Electronics: Revenue from industrial applications including Electro Static Precipitator (ESP) systems, high current rectifiers, power quality improvement equipment, and special rectifiers for sectors like power plants, chemicals, oil & gas, and defense.
3. Power Conversion Systems: Sale of rectifiers and power conversion systems for various applications including substations, defense equipment, and marine systems.
4. Copper Conductors: Revenue from advanced copper conductor products (CTC, PICC, EPICC) for power grids, railway rolling stock, and industrial networks. The new Nashik facility produces conductors for high-power transformers and traction motors with export focus.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

Hind Rectifiers designs, develops, manufactures, and markets power semiconductor devices, power electronic equipment, and railway transportation equipment. The company supplies traction transformers, IGBT propulsion systems, traction motors, auxiliary converters, battery chargers, ESPs, and specialised high-current rectifiers to Indian Railways, defence establishments, and industrial customers worldwide.

Product overview

Hirect (Hind Rectifiers Limited) is a power electronics and transformer company founded in 1958 in collaboration with Westinghouse, Brake & Signal, U.K. The company develops, designs, manufactures, and markets power semiconductors, power electronic equipment, and railway transportation equipment. The product portfolio centers on a comprehensive range of power conversion systems: Traction & Aux Transformers, IGBT Propulsion Systems, Auxiliary Converters & Battery Chargers, On-Board DC Rectifiers, Traction Motors (up to 850kW), Electrical Switch Boards, Safety & Protection Electronics, and Rolling Stock HVAC Systems for the railway sector. Industrial products include Electro Static Precipitators (including the world's largest 3-phase 135kV/5250mA CE-certified unit), High Current Rectifiers, Power Quality Improvement systems, and Special Rectifiers (including ATEX/ExP certified hazardous area versions). The company has recently expanded into advanced copper conductors (CTC, PICC, EPICC) manufactured at its new Nashik facility, and provides custom hydrogen power supplies for green energy applications through a partnership with GRZ Technologies Switzerland. The portfolio also includes naval-grade mobile battery chargers. Hirect serves aviation, power plants, marine, chemical, oil & gas, petrochemical, and defense sectors alongside its core railway business.

Differentiator

Problem solved

Functional benefit

Products and services

• Traction and Auxiliary Transformers Power and auxiliary transformers designed for railway locomotive applications, supplied to Indian Railways and railway OEMs for use in electric and diesel-electric traction systems.
• IGBT Propulsion Systems Insulated Gate Bipolar Transistor (IGBT) based propulsion systems for railway locomotives, providing efficient power conversion for traction applications.
• Auxiliary Converters and Battery Chargers Auxiliary power converters and battery chargers for on-board railway applications to power auxiliary loads and charge locomotive batteries.
• On-Board DC Rectifiers DC rectifiers designed for installation on railway rolling stock, providing regulated DC power for locomotive on-board systems.
• Traction Motors Traction motors for railway locomotives, including models designed for high-power 6000HP locomotive applications.
• Electrical Switch Boards Electrical switch boards and control panels for industrial and railway power distribution applications.
• Safety and Protection Electronics Safety and protection electronic systems for railway and industrial power equipment, including the proprietary HiCON-3 controller.
• Rolling Stock HVAC Systems HVAC systems for railway rolling stock, providing climate control for passenger coaches and locomotive cabs.
• Electro Static Precipitator (ESP) Electrostatic precipitators for industrial air pollution control, including the world's largest 3-phase ESP power supply for emissions reduction applications.
• High Current Rectifiers High current rectifier systems for industrial electro-chemical, electro-metallurgical, and chlor-alkali applications.
• Power Quality Improvement Systems Power quality improvement equipment for industrial customers to address harmonics, reactive power, and voltage regulation issues.
• Special Rectifiers Custom-built special rectifier units for niche industrial and process applications.
• Advanced Copper Conductors (CTC, PICC, EPICC) Continuously Transposed Conductors (CTC), Paper Insulated Copper Conductors (PICC), and Enameled Paper Insulated Copper Conductors (EPICC) for transformer winding applications.
• 3-Phase ESP Power Supply The world's largest 3-phase Electrostatic Precipitator power supply, designed for high-efficiency industrial particulate emissions control.
• Mobile Battery Chargers Mobile battery charging systems for railway, defence, and industrial battery-powered vehicles and equipment.
• Hydrogen Power Supplies Specialised power supplies designed for hydrogen generation and processing applications.
• Brake Systems Brake systems for railway rolling stock applications.

Quantifiable outcome

• Order book backlog of ₹845.5 crore as of March 31, 2026
• +2 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• GRZ Technologies LtdcoreStrategic or Co-development Partner · 16 April 2024Partnership with GRZ Technologies Ltd of Switzerland for Green Hydrogen Technologies. GRZ excels in developing hydrogen solutions for renewable energy storage, hydrogen compression, and power conversion. This partnership enables HIRECT to provide advanced, comprehensive hydrogen solutions for localized green power generation, storage, and utilization using cutting-edge technologies including Solid State Hydrogen Storage and modular power systems. Supports India's carbon-neutral goals.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• ABB India: Subsidiary of global ABB that supplies traction transformers, power converters, and propulsion systems for Indian Railways locomotives and substations. Directly competes with Hirect in railway power electronics while also serving the broader industrial power conversion market.
• Siemens India: Local affiliate of Siemens that supplies railway electrification equipment, traction drives, and power conversion solutions to Indian Railways and metro operators. Overlaps with Hirect across propulsion systems, transformers, and switchgear.
• Bharat Heavy Electricals Limited (BHEL): India's largest state-owned power equipment manufacturer. BHEL manufactures traction transformers, propulsion systems, and a wide range of power electronics for Indian Railways and industrial sectors, overlapping directly with Hirect's core railway and industrial product lines.
• Alstom India: Indian operations of Alstom that manufacture locomotives and electric multiple units. While currently a customer of Hirect (via the 1,000+ AUX Converter delivery), Alstom also develops in-house propulsion and power electronics that compete with Hirect's offering.
• Hitachi Rail (formerly Ansaldo STS / Balfour Beatty Rail): Global railway signaling and propulsion supplier active in India through partnerships. Competes for high-power locomotive traction systems and offers IGBT-based propulsion technology directly comparable to Hirect's offerings.

Direct peers

• Transformers and Rectifiers (India) Limited (TARIL): India-based manufacturer of power and distribution transformers with growing traction transformer exposure. Closely comparable in business model and target segments, particularly for power and specialty transformers sold to utilities and Indian Railways.
• CG Power and Industrial Solutions: Indian manufacturer of power transformers, traction electronics, switchgear, and industrial rectifiers. Directly comparable in product portfolio, customer segments (Indian Railways, utilities, industrial), and historical Westinghouse heritage shared with Hirect.

Emerging players

• TD Power Systems: Indian manufacturer of AC generators and power electronics for industrial applications. Overlaps with Hirect in industrial power conversion equipment sold to process industries and power generation customers.
• Bonfiglioli Transmissions (India): Indian operations of Italian power transmission specialist that supplies gearboxes, gearmotors, and drives for rail and industrial applications. Comparable to Hirect's industrial power conversion and motion control portfolio, particularly for traction motor-adjacent systems.

Regional players

• BEML Limited: Indian public sector manufacturer of rail coaches, locomotives, and defense equipment. While BEML primarily produces rolling stock rather than power electronics, it is a key integrator and customer in the Indian railway value chain where Hirect's equipment is deployed.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInin.linkedin.com/company/hirect
• Xx.com/Hirect
• Facebookfacebook.com/HindRectifiersLtd

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hind Rectifiers