| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 943 | 1756 | 2754 | 2950 |
| Cost of Material Consumed | 528 | 1267 | 1947 | 2039 |
| Change in Inventory | - | -60 | -72 | -74 |
| Gross Margins | 39.77 | 31.26 | 31.92 | 33.39 |
| Employee Benefit Expenses | 118 | 140 | 144 | 138 |
| Other Expenses | 190 | 289 | 435 | 514 |
| EBITDA | 67 | 120 | 300 | 333 |
| OPM | 7.1 | 6.83 | 10.89 | 11.29 |
| Other Income | 28 | 27 | 42 | 50 |
| Finance Cost | 10 | 19 | 31 | 44 |
| D&A | 35 | 34 | 36 | 48 |
| EBIT | 32 | 86 | 264 | 295 |
| EBIT Margins | 3.39 | 4.9 | 9.59 | 10 |
| PBT | 50 | 94 | 276 | 300 |
| PBT Margins | 5.3 | 5.35 | 10.02 | 10.17 |
| Tax | 11 | 24 | 69 | 82 |
| PAT | 39 | 70 | 207 | 218 |
| NPM | 4.14 | 3.99 | 7.52 | 7.39 |
| EPS | 26 | 47.62 | 140.82 | 148.2 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 7.1 | 6.83 | 10.89 | 11.29 |
| Net Profit Margin | 4.14 | 3.99 | 7.52 | 7.39 |
| Earning Per Share (Diluted) | 26 | 47.62 | 140.82 | 148.2 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 301 | 309 | 331 | 335 |
| CWIP | 32 | 49 | 16 | 37 |
| Investments | 112 | 112 | 107 | 101 |
| Trade Receivables | 175 | 221 | 251 | 288 |
| Inventory | 246 | 370 | 697 | 694 |
| Other Assets | 644 | 745 | 820 | 981 |
| Total Assets | 1510 | 1806 | 2222 | 2436 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 15 | 14.7 | 14.7 | 14.71 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 1121 | 1192 | 1384 | 1595 |
| Borrowings | 147 | 284 | 410 | 486 |
| Trade Payables | 96 | 161 | 280 | 230 |
| Other Liabilities | 131 | 154.3 | 133.3 | 110.29 |
| Total Liabilities | 1510 | 1806 | 2222 | 2436 |
| Cash-Flow Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| PBT | 50 | 94 | 276 | 300 |
| OPBWC | 72 | 123 | 303 | 350 |
| Change in Receivables | -13 | 0 | -59 | 0 |
| Change in Inventories | 37 | -123 | -327 | 2.6 |
| Change in Payables | -15 | 91 | 102 | 67 |
| Other Changes | 0 | -83 | 0 | -157.6 |
| Working Capital Change | 81 | -115 | -284 | -88 |
| Cash Generated From Operations | 90 | 8 | 19 | 262 |
| Tax | -16 | -23 | -65 | -77.5 |
| Cash Flow From Operations | 65 | -15 | -46 | 184.5 |
| Purchase of PPE | -13 | -44.5 | -40 | -62.7 |
| Sale of PPE | 3 | 0.9 | 1 | 0.29 |
| Cash Flow From Investment | -135 | -76 | -95 | 6 |
| Borrowing | -27 | 137 | 126.5 | 75.6 |
| Dividend | 0 | 0 | 0 | 0 |
| Equity | 0 | 0 | 0 | 0 |
| Others From Financing | -9 | -18 | -29.5 | -43.6 |
| Cash Flow from Financing | -36 | 119 | 97 | 32 |
| Net Cash Generated | -106 | 28 | -44 | 222.5 |
| Cash at the Start | 238 | 35 | 63 | 20 |
| Cash at the End | 132 | 63 | 19 | 242.5 |
Hindusthan Engineering & Industries Limited (HEIL) is a diversified engineering and manufacturing company with a long-standing presence in India’s industrial sector. Known for its robust engineering capabilities, the company operates across multiple segments including steel castings, iron castings, wagon manufacturing, and specialized engineering products. HEIL is recognized as a major supplier of high-quality railway wagons, bogies, and heavy engineering components to Indian Railways and private sector clients. With decades of experience, the company has built a strong reputation for precision engineering, durable product design, and adherence to stringent quality standards required in heavy industries and transport infrastructure.
The company’s manufacturing facilities are equipped with advanced machinery, in-house design units, and quality testing labs that enable it to handle complex engineering requirements. Its product portfolio includes railway wagons, couplers, undercarriage equipment, steel castings, and components used in heavy industries such as mining, power, and construction. HEIL’s continuous investments in modernization, automation, and engineering innovation have helped it enhance production capacity and remain competitive in an industry driven by reliability and performance. Additionally, its long-term partnerships with government bodies, public sector undertakings, and large private industrial players underscore its credibility and operational strength.
Hindusthan Engineering & Industries Limited’s unlisted shares attract investor interest due to the company’s strong positioning in infrastructure-linked sectors, especially railway modernization and logistics expansion. As India increases its investment in freight corridors, rolling stock, and industrial infrastructure, HEIL stands to benefit from growing demand for wagons and engineered components. While unlisted shares come with limitations such as lower liquidity and limited public financial disclosures, the company’s stable business model, longstanding industry relationships, and focus on manufacturing excellence contribute to its long-term investment appeal. For investors seeking exposure to India’s rising infrastructure and rail transportation story, HEIL offers a compelling opportunity with strong fundamentals and steady growth potential.
1. What are unlisted shares?
Unlisted shares are stocks of companies that are not traded on recognized stock exchanges like the National Stock Exchange or Bombay Stock Exchange. These shares are typically traded privately through brokers or platforms.
2. How can I buy unlisted shares in India?
You can buy unlisted shares through specialized brokers, wealth management firms, or private deals. The shares are transferred to your Demat account via off-market transactions.
3. Are unlisted shares legal in India?
Yes, investing in unlisted shares is completely legal in India, as long as transactions comply with regulations set by the Securities and Exchange Board of India.
4. What are the risks of investing in unlisted shares?
Unlisted shares carry higher risks, including low liquidity, limited transparency, price volatility, and lack of regulatory oversight compared to listed stocks.
5. How is the price of unlisted shares determined?
The price is usually based on company performance, demand-supply, recent funding rounds, and financial valuations. Unlike listed stocks, there is no real-time market pricing.
6. Can unlisted shares become listed in the future?
Yes, companies may go public through an IPO. For example, firms preparing for listing on exchanges like the National Stock Exchange can provide significant returns to early investors.
7. What is the tax treatment of unlisted shares?
Unlisted shares are taxed as capital gains. If held for more than 24 months, they are treated as long-term capital assets and taxed accordingly under Indian tax laws.
8. Do unlisted shares pay dividends?
Yes, some unlisted companies distribute dividends, but it depends on the company’s profitability and policies. Dividend payouts are not guaranteed.
9. Can I sell unlisted shares easily?
Selling unlisted shares can be difficult due to limited buyers and lack of a formal exchange. You typically need a broker or a willing buyer for an off-market transaction.
10. Who should invest in unlisted shares?
Unlisted shares are suitable for high-risk investors with a long-term horizon who understand private market dynamics and can handle liquidity constraints.