Mukul Agrawal-Backed Railway Stock Secures Maiden Rs 60 Crore MEMU Trainset Order; FII & DII Stakes Rise

On Monday, Indian equity benchmark indices traded higher, with the benchmark Nifty 50 index rising 228.50 points, or 0.96 per cent, to 23,995.95. Amid the positive market sentiment, Hirect share price jumped 2.34 per cent to Rs 1,332.30 after the company announced its maiden Rs 60 crore order for supplying propulsion systems for MEMU trainsets.

Hirect Wins Maiden MEMU Trainset Order

Hirect Limited announced that it has secured its first development order for Mainline Electric Multiple Unit (MEMU) trainsets from MCF, marking the company's entry into the next-generation Railway systems segment. The order, valued at approximately Rs 60 crore, involves the supply of complete propulsion systems for four MEMU trainsets, including traction Transformers, traction motors, complete propulsion systems and Train Control and Management Systems (TCMS). The project is scheduled to be executed over the next 24 months.

The company stated that the order represents an important qualification milestone that will enable it to demonstrate the performance and reliability of its indigenously developed propulsion systems, strengthening its credentials for larger system-level opportunities in the expanding trainset ecosystem.

Management Commentary

Commenting on the development, Suramya Nevatia, Chairman & Managing Director, said: "This order is far more than a new business win, it validates the technology roadmap we have been building over several years. Our entry into the MEMU segment demonstrates the strength of our R&D capabilities and our ability to deliver complete, high-value integrated solutions for modern rolling stock. As Indian Railways accelerates the deployment of trainsets and next-generation mobility solutions, we believe HIRECT is well positioned to play an increasingly important role in this transformation."

Institutional Holdings Increase

The company's shareholding pattern for the quarter ended June 2026 reflected higher institutional participation. Foreign Institutional Investors (FIIs) increased their stake to 6.57 per cent from 6.38 per cent in March 2026, while Domestic Institutional Investors (DIIs) raised their holding to 0.20 per cent from 0.13 per cent during the same period.

Ace Investor Mukul Mahavir Agrawal continued to hold a 1.45 per cent stake in the company as of June 2026, highlighting his continued confidence in the business.
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About Hirect

Hirect Ltd, formerly known as Hind Rectifiers Limited, was established in 1958 and is a leading manufacturer of power electronics and railway equipment. The company designs and manufactures power converters, transformers, rectifiers, inverters, motors, HVAC systems and control electronics for railway, Defence and industrial applications. It operates manufacturing facilities in Nashik and Bhandup and exports products to more than 30 countries.

The company has been expanding its product portfolio from component manufacturing to integrated railway systems through strong in-house research and development capabilities. With its entry into the MEMU trainset segment, Hirect aims to strengthen its presence in India's growing railway modernisation and rolling stock market.

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Disclaimer: The article is for informational purposes only and not investment advice.