Under the contract, Hirect will deliver complete propulsion systems for four MEMU trainsets. The project is slated for completion within 24 months, marking the company’s entry into the MEMU trainset propulsion segment.
In a stock exchange filing dated July 26, 2026, Hirect confirmed that the contract from MCF is not a related-party transaction. The company also stated that its promoters and promoter group have no interests in the entity awarding the contract.
This order follows a recent name change approved by shareholders last month, rebranding Hind Rectifiers Ltd to Hirect Limited.
The new contract comes amid mixed financial results for the company. For the quarter ending March 31, 2026, Hirect reported a 55% year-on-year decline in net profit to ₹4.51 crore, down from ₹9.99 crore. However, revenue increased by 51% to ₹279.8 crore from ₹185.1 crore in the same period last year.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell 58% to ₹8.42 crore from ₹19.9 crore, leading to a contraction of the EBITDA margin to 3.0% from 10.8% year-on-year.
Shares of Hirect closed 0.92% higher at ₹1,296.80 on the National Stock Exchange on the last trading day before the announcement. The stock has gained approximately 73% in 2026 and nearly 82% over the past 12 months.
