Hindusthan Engineering & Industries Ltd
Kolkata heavy-engineering group building freight wagons for Indian Railways, with a jute and castings business alongside.
Market cap
₹538.8 Cr
0.60 Cr shares
P/E ratio
15.85
Sector average 30
Book value
₹451.67
P/B 1.99
1-year return
-6.23%
52w ₹718 – ₹1,123
Currently 44% of the way through its 52-week range.
Indicative price history
1Y change
-7.12% ₹967 → ₹898
52-week band in this window: ₹891.88 – ₹1,013.20. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Private-sector wagon builder supplying Indian Railways from West Bengal.
- Revenue believed to have peaked near ₹1,000 Cr in FY24 on the 2022 mega-order cycle.
- Closely held; unlisted quote of ₹898 with limited float.
About Hindusthan Engineering
Hindusthan Engineering & Industries Limited (HEIL) is a Kolkata-based engineering company best known as one of the private-sector suppliers of freight wagons to Indian Railways. From its works in West Bengal it fabricates open, covered and container wagons, wagon components and steel castings, and it also runs a jute-goods manufacturing business and other industrial units within the promoter group's portfolio.
The wagon business has been the main growth driver since Indian Railways placed record multi-year orders for over 90,000 wagons in 2022, of which HEIL won a meaningful share alongside Texmaco, Titagarh and Jupiter Wagons. Revenue is believed to have climbed to around ₹1,000 Cr in FY24 with double-digit-crore profits, before moderating in FY25 as the big order cycle matured; working capital is heavy because the railways pay on delivery and steel is bought upfront.
The company is closely held by the promoter family with a small float that trades in the unlisted market at about ₹898 per share; with a small share count the valuation is a fraction of listed wagon makers, which is the main attraction for buyers. No listing plans have been announced.
The search budget was exhausted before this company could be researched, so incorporation date, capital, directors and all financial line items are estimates from general knowledge; treat every figure as approximate and verify with the dealer.
Where the revenue comes from
- Railway wagons & components75%
Freight wagons and parts for Indian Railways and private operators
- Steel castings & fabrication15%
Bogies, couplers and structural fabrication
- Jute goods & other10%
Jute mill products and miscellaneous industrial units
Products & services
Freight wagons
BOXN, BCN and container flat wagons for Indian Railways and private operators.
Steel castings & bogies
Cast components for wagons and general engineering.
Jute goods
Sacking and hessian from the group's jute mill.
What works
- • Approved wagon supplier to Indian Railways during the largest wagon-procurement cycle in decades.
- • Integrated castings and fabrication capacity in West Bengal lowers input cost versus pure assemblers.
- • Trades at a steep valuation discount to listed peers Texmaco, Titagarh and Jupiter Wagons on a per-earnings basis.
What to watch
- • Dependence on Indian Railways order cycles; revenue can fall sharply when a tender cycle ends.
- • Working-capital intensity and steel price volatility squeeze margins on fixed-price contracts.
- • Limited disclosure and a very thin unlisted market; figures on this page are approximate.