HIRECT LIMITED (HIRECT): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹913.35 latest close · −16.4% over the last 90 sessions

₹913.35 month-end · +19.3% over 12 months

₹913.35 month-end · +171.4% since Jun '24

52-week range ₹565.20 to ₹1399.00 · 1-year volatility 52.8%

Was the rally earned?

+19%share price, 1 yearMultiple-driven

Partly.

Most of the rise came from investors paying a higher multiple (P/E 61.1x to 76.0x); per-share earnings took off 4 points.
The share count fell 22%.

Net profit growth-31 ptsNet profit fell about 25%, which lowers the price.

P/E change+24 ptsThe P/E rose from 61.1x to 76.0x, which lifts the price.

Share count change+27 ptsShare count fell 22%, which lifts the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with BHARAT HEAVY ELECTRICALS

How rough has the ride been?

Maximum drawdown-64.7%recovered 2022-01

1-year volatility52.8%annualised

Beta vs sector index1.403-year daily, correlation 0.48

Volume spikes3last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-64.7% (2020-01 peak to 2020-03 low, recovered 2022-01)

-46.4% (2024-12 peak to 2025-03 low, recovered 2025-07)

-44.8% (2022-01 peak to 2022-06 low, recovered 2023-05)

Most recent volume spikes

2026-08-11: 5.9x the 50-day median, price -5.5% that day

2026-07-16: 37.3x the 50-day median, price +1.2% that day

2026-07-15: 12.1x the 50-day median, price +19.9% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

76.0xP/E todayWithin its usual range

Against its own history50th percentile

CheapestMedian 76.1xDearest

Usual range 50.1x to 122.5x since 2024-06.

Against Producer Manufacturing76.0x vs 29.6x

This company

76.0x

Sector median

29.6x

157% above the Producer Manufacturing median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/B (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

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P/S (this company)10th to 90th percentile of its own historyIts medianProducer Manufacturing median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Producer Manufacturing is valued

Where does it rank among Producer Manufacturing peers?

Each cell is the company's percentile rank among its Producer Manufacturing peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE66th▼ 7 pts vs a year ago
Op. margin17th▼ 32 pts vs a year ago
Revenue growth88th▼ 3 pts vs a year ago
EPS growth33rd▼ 64 pts vs a year ago
Debt/equity ↓6th▼ 5 pts vs a year ago
Cash cycle ↓52nd▲ 3 pts vs a year ago
P/E ↓12th▼ 7 pts vs a year ago
12M momentum73rd▼ 13 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Producer Manufacturing sector page Watch it move against Producer Manufacturing in the Observatory

What is the price implying?

~32%annual earnings growth implied by the price

At a P/E of 82.8x, the price would imply about 32.4%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Producer Manufacturing The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹913.35
P/E: 76.0x
ROCE: 19.0%
Market Cap: ₹3238 cr
Revenue (TTM): ₹1043 cr
P/S: 3.1x
P/B: 15.5x
ROE: 20.4%
Operating Margin: 5.1%
Debt / Equity: 1.2x
Promoter Holding: 43.9%
12M Momentum: 19.3%

52-week range

₹565.20₹1399.00

42% of the way from its 52-week low to its high

Price risk

1Y volatility

52.8%

Beta vs sector

1-year daily

1.49

Balance sheet & cash

Interest cover

operating profit ÷ interest

3.8x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.75x

Share count, 1Y

+133.3%

Are profits backed by cash?

4 of 7checks within range3 near a threshold

Other income reliance15%Near threshold

Other income as a share of pre-tax profit (trailing twelve months): 15.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.2%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.75xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.75x (cash from operations ₹156 cr, net profit ₹89 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 3 yrsNear threshold

Fiscal years with positive free cash flow in the last 3: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+28 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 28 days (90 vs 62). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress5% of fixed assetsWithin range

Capital work-in-progress is 5% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+14 days / 2 yrsWithin range

Days payable changed by +14 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, FIIs added 0.9 pts.
The number of shareholders rose from 8,403 to 22,270 (+165%) between Dec 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters44.1%43.9%-0.2 pts

FIIs5.7%6.6%+0.9 pts

DIIs0.0%0.2%+0.2 pts

Public and others50.2%49.3%-0.9 pts

Number of shareholders

22,270shareholders+165% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−15.4%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like HIRECT LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −39% to +34% vs the market, against −4% for all non-financial companies in the same months.
The gap against the base rate (−11.1%, 80% range −17.0% to +2.7%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median

−15.4%

All companies' median

−4.3%

Beat the market

42% vs 45%

50 past situations · 50 companies · 33 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
BFUTILITIE Industrial Services	Jul 2020	42x	15%	+23%	−38%	+43%
JINDWORLD Process Industries	Mar 2023	59x	19%	+14%	−30%	−34%
WEL Electronic Technology	Oct 2025	110x	—	+1%	−24%	−51%
CANTABIL Consumer Non-Durables	Jan 2023	48x	22%	+39%	−28%	−19%
ICEMAKE Producer Manufacturing	Sep 2025	65x	21%	+6%	−29%	−15%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
HNDFDS Consumer Non-Durables	May 2023	143x	17%	+46%	−21%	−40%
HINDWAREAP Producer Manufacturing	Aug 2023	82x	15%	+80%	−10%	−57%
KECL Producer Manufacturing	Aug 2024	95x	18%	+83%	−18%	−39%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, 12-month momentum and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to HIRECT LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

UNITED POLYFAB GUJARATUNITEDPOLY

Process Industries

62%similar

ROCEoperating margin

AXISCADES TECHNOLOGIESAXISCADES

Commercial Services

54%similar

operating marginrevenue

RATNAVEER PRECISION ENGRATNAVEER

Non-Energy Minerals

53%similar

market caprevenue

CENTUM ELECTRONICSCENTUM

Electronic Technology

52%similar

revenuepromoter holding

KOVAI MEDICAL CENTER & HOSPITAKOVAI

Health Services

52%similar

P/Edebt/equity

KIRLOSKAR ELECTRIC COMPANYKECL

Producer Manufacturing

51%similar

P/Epromoter holding

SERVOTECH RENEWABLE POWER SYSTSERVOTECH

Producer Manufacturing

47%similar

volatilityrevenue

HLE GLASCOATHLEGLAS

Producer Manufacturing

41%similar

P/Emarket cap

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '22

2026
NovPriceFell 32% from the Aug 2026 peak to the Nov 2026 low.
SepResultsYear-on-year EPS growth turned negative.
SepPeer rankSlipped to the 3rd quartile of Producer Manufacturing on EPS growth (from the 2nd quartile).
JulPriceVolume reached 37.3x its 50-day median on 2026-07-16; price +1.2% that day.
JunPeer rankSlipped to the bottom quartile of Producer Manufacturing on operating margin (from the 3rd quartile).
JunSharesShare count is up 133.3% over 12 months.
MayPriceRegained the 2025-08 peak, 4 months after the low.
AprPriceVolume reached 28.5x its 50-day median on 2026-04-10; price +19.0% that day.

Show 22 earlier events

2026
FebPriceVolume reached 41.8x its 50-day median on 2026-02-23; price +8.8% that day.
JanPriceFell 43% from the Aug 2025 peak to the Jan 2026 low.
2025
NovPriceVolume reached 5.7x its 50-day median on 2025-11-06; price -1.1% that day.
AugPeer rankSlipped to the 2nd quartile of Producer Manufacturing on ROCE (from the top quartile).
JulPriceRegained the 2024-12 peak, 4 months after the low.
JulPriceVolume reached 59.8x its 50-day median on 2025-07-30; price +14.0% that day.
MayPriceVolume reached 17.0x its 50-day median on 2025-05-06; price -0.3% that day.
MarPriceFell 46% from the Dec 2024 peak to the Mar 2025 low.
MarPriceVolume reached 5.9x its 50-day median on 2025-03-21; price -0.6% that day.
2024
OctPriceVolume reached 17.3x its 50-day median on 2024-10-18; price +8.8% that day.
AugPriceRegained the 2024-03 peak, 5 months after the low.
AugPriceVolume reached 15.0x its 50-day median on 2024-08-05; price +3.2% that day.
AprPriceVolume reached 11.9x its 50-day median on 2024-04-22; price +6.5% that day.
MarPriceFell 28% from the Mar 2024 peak to the Mar 2024 low.
FebPriceVolume reached 47.0x its 50-day median on 2024-02-28; price +10.0% that day.
2023
NovPriceVolume reached 59.8x its 50-day median on 2023-11-03; price +20.0% that day.
MayPriceRegained the 2022-01 peak, 11 months after the low.
MayPriceVolume reached 82.1x its 50-day median on 2023-05-29; price +20.0% that day.
MarPriceVolume reached 39.4x its 50-day median on 2023-03-10; price +9.8% that day.
2022
NovPriceVolume reached 5.6x its 50-day median on 2022-11-29; price -0.2% that day.
SepPriceVolume reached 71.1x its 50-day median on 2022-09-22; price +5.3% that day.
JunPriceFell 45% from the Jan 2022 peak to the Jun 2022 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history30 months · 2024-06 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	76.0x	₹1043 cr	20.4%	19.0%	1.2x
2026-10	79.3x	₹1043 cr	20.4%	19.0%	1.2x
2026-09	95.4x	₹1043 cr	20.4%	19.0%	1.2x
2026-08	94.0x	₹999 cr	24.3%	19.0%	1.2x
2026-07	102.9x	₹999 cr	24.3%	19.0%	1.2x
2026-06	89.2x	₹999 cr	24.3%	19.0%	1.2x
2026-05	76.3x	₹904 cr	41.6%	22.0%	1.0x
2026-04	64.5x	₹904 cr	41.6%	22.0%	1.0x
2026-03	45.2x	₹904 cr	41.6%	22.0%	1.0x
2026-02	51.3x	₹796 cr	39.4%	22.0%	1.0x
2026-01	45.3x	₹796 cr	39.4%	22.0%	1.0x
2025-12	54.6x	₹796 cr	39.4%	22.0%	1.0x
2025-11	61.1x	₹735 cr	35.6%	22.0%	1.0x
2025-10	74.0x	₹735 cr	35.6%	22.0%	1.0x
2025-09	65.0x	₹735 cr	35.6%	22.0%	1.0x
2025-08	69.8x	₹655 cr	30.8%	22.0%	1.0x
2025-07	84.8x	₹655 cr	30.8%	22.0%	1.0x
2025-06	59.2x	₹655 cr	30.8%	22.0%	1.0x
2025-05	68.6x	₹622 cr	34.3%	—	1.1x
2025-04	46.5x	₹622 cr	34.3%	—	1.1x
2025-03	50.4x	₹622 cr	34.3%	—	1.1x
2025-02	61.0x	₹589 cr	25.2%	—	1.1x
2025-01	88.8x	₹589 cr	25.2%	—	1.1x
2024-12	99.9x	₹589 cr	25.2%	—	1.1x
2024-11	174.0x	₹518 cr	13.8%	—	1.1x
2024-10	159.0x	₹518 cr	13.8%	—	1.1x
2024-09	122.1x	₹518 cr	13.8%	—	1.1x
2024-08	125.8x	₹518 cr	13.8%	—	1.1x
2024-07	103.2x	₹518 cr	13.8%	—	1.1x
2024-06	92.2x	₹518 cr	13.8%	—	1.1x

Methodology and data notes