The order, which involves supplying complete propulsion systems for four MEMU trainsets, is scheduled to be executed within 24 months. It marks the power and railway equipment maker’s entry into the MEMU trainset propulsion segment.
The company, in a stock exchange filing on Sunday, July 26, said the contract had been awarded by MCF and was not a related-party transaction. It also stated that its promoters or promoter group have no interest in the entity awarding the contract.
Also read: Five Star Business Finance Q1 net profit up 2% as disbursements hit record ₹1,496 crore
Last month, shareholders approved changing the company’s name from Hind Rectifiers Ltd to Hirect Limited as part of its rebranding exercise.
The order comes after the company reported mixed fourth-quarter results. For the quarter ended March 31, net profit declined 55% year-on-year to ₹4.51 crore from ₹9.99 crore, while revenue rose 51% to ₹279.8 crore from ₹185.1 crore a year earlier.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell 58% year-on-year to ₹8.42 crore from ₹19.9 crore, with the EBITDA margin narrowing to 3.0% from 10.8% in the corresponding quarter last year.
Shares of Hirect ended 0.92% higher at ₹1,296.80 apiece on the National Stock Exchange (NSE) on Friday. The stock has gained about 73% so far in 2026 and nearly 82% over the last 12 months.
