Announcement • Apr 16
High Energy Batteries (India) Limited to Report Fiscal Year 2026 Results on May 12, 2026 High Energy Batteries (India) Limited announced that they will report fiscal year 2026 results on May 12, 2026 Reported Earnings • Feb 01
Third quarter 2026 earnings released: EPS: ₹5.58 (vs ₹0.74 in 3Q 2025) Third quarter 2026 results: EPS: ₹5.58 (up from ₹0.74 in 3Q 2025). Revenue: ₹237.4m (up 88% from 3Q 2025). Net income: ₹50.0m (up ₹43.4m from 3Q 2025). Profit margin: 21% (up from 5.3% in 3Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Jan 10
High Energy Batteries (India) Limited to Report Q3, 2026 Results on Jan 31, 2026 High Energy Batteries (India) Limited announced that they will report Q3, 2026 results at 12:15 PM, Indian Standard Time on Jan 31, 2026 New Risk • Dec 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 3.6% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₹5.42b market cap, or US$60.3m). Reported Earnings • Oct 26
Second quarter 2026 earnings released: EPS: ₹2.25 (vs ₹2.00 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.25 (up from ₹2.00 in 2Q 2025). Revenue: ₹173.0m (up 16% from 2Q 2025). Net income: ₹20.1m (up 12% from 2Q 2025). Profit margin: 12% (in line with 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹619, the stock trades at a trailing P/E ratio of 41.9x. Average trailing P/E is 56x in the Aerospace & Defense industry in India. Total returns to shareholders of 93% over the past three years. New Risk • Oct 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (298% cash payout ratio). Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (₹5.58b market cap, or US$62.9m). Announcement • Sep 26
High Energy Batteries (India) Limited to Report Q2, 2026 Results on Oct 25, 2025 High Energy Batteries (India) Limited announced that they will report Q2, 2026 results at 12:15 PM, Indian Standard Time on Oct 25, 2025 Reported Earnings • Jul 21
First quarter 2026 earnings released: EPS: ₹0.87 (vs ₹3.21 in 1Q 2025) First quarter 2026 results: EPS: ₹0.87 (down from ₹3.21 in 1Q 2025). Revenue: ₹141.8m (down 18% from 1Q 2025). Net income: ₹7.84m (down 73% from 1Q 2025). Profit margin: 5.5% (down from 17% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. New Risk • Jul 08
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.6% average weekly change). Minor Risks Dividend is not well covered by cash flows (298% cash payout ratio). Market cap is less than US$100m (₹7.11b market cap, or US$82.9m). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹791, the stock trades at a trailing P/E ratio of 46.2x. Average trailing P/E is 74x in the Aerospace & Defense industry in India. Total returns to shareholders of 206% over the past three years. Upcoming Dividend • May 30
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 06 June 2025. Payment date: 28 June 2025. Payout ratio is a comfortable 18% but the company is paying out more than the cash it is generating. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • May 17
Investor sentiment improves as stock rises 39% After last week's 39% share price gain to ₹666, the stock trades at a trailing P/E ratio of 38.9x. Average trailing P/E is 70x in the Aerospace & Defense industry in India. Total returns to shareholders of 137% over the past three years. New Risk • May 12
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 9.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Dividend is not well covered by cash flows (298% cash payout ratio). Share price has been volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$100m (₹5.17b market cap, or US$60.9m). Announcement • May 12
High Energy Batteries (India) Limited, Annual General Meeting, Jun 21, 2025 High Energy Batteries (India) Limited, Annual General Meeting, Jun 21, 2025, at 11:00 Indian Standard Time. Reported Earnings • May 11
Full year 2025 earnings released: EPS: ₹17.10 (vs ₹19.14 in FY 2024) Full year 2025 results: EPS: ₹17.10 (down from ₹19.14 in FY 2024). Revenue: ₹867.1m (up 11% from FY 2024). Net income: ₹153.3m (down 11% from FY 2024). Profit margin: 18% (down from 22% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • May 11
High Energy Batteries (India) Limited Recommends Dividend, Payable on or Before 28 June, 2025 The Board of Directors of High Energy Batteries (India) Limited at its meeting held on May 4, 2025 have recommended a Dividend of INR 3/- per Equity Share of INR 2/- each for the financial year 2024-2025. The Dividend, if approved by the Members at the Annual General Meeting will be paid on or before the 28th June, 2025. The record date for the purpose of determining shareholders who are eligible to receive Dividend for Fiscal Year 2024 - 2025 is fixed on the 06th June, 2025. Announcement • May 03
High Energy Batteries (India) Limited to Report Q4, 2025 Results on May 10, 2025 High Energy Batteries (India) Limited announced that they will report Q4, 2025 results at 12:15 PM, Indian Standard Time on May 10, 2025 Reported Earnings • Jan 22
Third quarter 2025 earnings released: EPS: ₹0.74 (vs ₹3.62 in 3Q 2024) Third quarter 2025 results: EPS: ₹0.74 (down from ₹3.62 in 3Q 2024). Revenue: ₹126.6m (down 25% from 3Q 2024). Net income: ₹6.65m (down 80% from 3Q 2024). Profit margin: 5.3% (down from 19% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Jan 06
High Energy Batteries (India) Limited to Report Q3, 2025 Results on Jan 21, 2025 High Energy Batteries (India) Limited announced that they will report Q3, 2025 results on Jan 21, 2025 Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₹668, the stock trades at a trailing P/E ratio of 47.5x. Average trailing P/E is 58x in the Aerospace & Defense industry in India. Total returns to shareholders of 75% over the past three years. Reported Earnings • Oct 20
Second quarter 2025 earnings released: EPS: ₹2.00 (vs ₹3.64 in 2Q 2024) Second quarter 2025 results: EPS: ₹2.00 (down from ₹3.64 in 2Q 2024). Revenue: ₹162.9m (down 8.2% from 2Q 2024). Net income: ₹18.0m (down 45% from 2Q 2024). Profit margin: 11% (down from 18% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Announcement • Sep 30
High Energy Batteries (India) Limited to Report Q2, 2025 Results on Oct 19, 2024 High Energy Batteries (India) Limited announced that they will report Q2, 2025 results at 3:30 PM, Indian Standard Time on Oct 19, 2024 Reported Earnings • Jul 21
First quarter 2025 earnings released: EPS: ₹3.21 (vs ₹5.14 in 1Q 2024) First quarter 2025 results: EPS: ₹3.21 (down from ₹5.14 in 1Q 2024). Revenue: ₹189.8m (down 8.3% from 1Q 2024). Net income: ₹28.8m (down 37% from 1Q 2024). Profit margin: 15% (down from 22% in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Jul 06
High Energy Batteries (India) Limited to Report Q1, 2025 Results on Jul 20, 2024 High Energy Batteries (India) Limited announced that they will report Q1, 2025 results on Jul 20, 2024 Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹820, the stock trades at a trailing P/E ratio of 42.8x. Average trailing P/E is 61x in the Aerospace & Defense industry in India. Total returns to shareholders of 240% over the past three years. Announcement • Jun 10
High Energy Batteries (India) Limited Approves Cash Dividend of for the Financial Year 2023-24 High Energy Batteries (India) Limited at its Annual General Meeting of the Company held on 08 June, 2024 approved a dividend of INR 3 per Equity Share for the Financial year 2023-24 be and is hereby declared on 8,963,840 equity shares of INR 2/- each fully paid up. (ii) the dividend be paid to the shareholders whose names appear in the Register of Members of the company in the case of Physical holding and to the beneficial owners of shares recorded with the Depositories in the case of demat holding as per details furnished by the National Securities Depository Limited /Central Depository Services (India) Ltd. as on the 23rd May, 2024. New Risk • Jun 04
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Indian stocks, typically moving 9.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (9.8% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₹6.36b market cap, or US$76.1m). Upcoming Dividend • May 15
Upcoming dividend of ₹3.00 per share Eligible shareholders must have bought the stock before 22 May 2024. Payment date: 14 June 2024. Payout ratio is a comfortable 14% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.2%). Lower than average of industry peers (0.7%). Announcement • May 07
High Energy Batteries (India) Limited Recommends Dividend for the Financial Year 2023 - 2024, Payable on or Before June 14, 2024 High Energy Batteries (India) Limited at its board meeting held on May 04, 2024, the board of directors recommended a Dividend of INR 3.00 per Equity Share of INR 2 each for the Financial year 2023 - 2024. The Dividend, if approved by the Members at the Annual General Meeting will be paid on or before the June 14, 2024. The Register of Members and Share transfer Books of the Company will remain closed from the 24th May, 2024 to the 08th June, 2024 (both days inclusive) for payment of Dividend recommended for the financial year 2023 - 2024. Announcement • May 06
High Energy Batteries (India) Limited, Annual General Meeting, Jun 08, 2024 High Energy Batteries (India) Limited, Annual General Meeting, Jun 08, 2024, at 11:00 Indian Standard Time. Reported Earnings • May 05
Full year 2024 earnings released: EPS: ₹19.14 (vs ₹22.86 in FY 2023) Full year 2024 results: EPS: ₹19.14 (down from ₹22.86 in FY 2023). Revenue: ₹816.3m (down 12% from FY 2023). Net income: ₹171.6m (down 16% from FY 2023). Profit margin: 21% (down from 22% in FY 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹907, the stock trades at a trailing P/E ratio of 41.8x. Average trailing P/E is 67x in the Aerospace & Defense industry in India. Total returns to shareholders of 507% over the past three years. Buy Or Sell Opportunity • Apr 18
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 43% to ₹868. The fair value is estimated to be ₹709, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 8.1%. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₹764, the stock trades at a trailing P/E ratio of 35.2x. Average trailing P/E is 61x in the Aerospace & Defense industry in India. Total returns to shareholders of 402% over the past three years. Announcement • Mar 29
High Energy Batteries (India) Limited Announces Management Changes High Energy Batteries (India) Limited informed that, the directorship of Mr. A L Somayaji, Cmde R P Prem Kumar and Mr. M Natarajan as Independent Directors of the Company is to be completed by 31st March, 2024, upon completion of their two terms of five consecutive years each. Cmde Saroj Kumar Patel and Dr. R Subrahmaniya Sivam will join in the Board as Independent Directors of the Company for a fixed term of five years from 01st April, 2024. Cmde Saroj Kumar Patel; Date of Birth /Age is February 1, 1957 (67 years), Qualification is M.Tech in Guided Missiles. Completed Naval Staff course and Special weapon course at Defence Institute of Advanced Technology (DIAT), Pune. Brief Profile; Commodore Saroj Kumar Patel (retd), a Post Graduate (MTech) in Guided Missiles, completed Naval Technical staff course and Special Weapon course at Defence Institute of Advanced Technology (DIAT), Pune, started his career as a Quality Engineer in HAL Koraput for MIG Aircraft Engines division from July 1978 to January 1981. He was then commissioned into the Indian Navy and served in various capacities as CNAI (MB), CNAI (V) and DNAI. He served as Director of Missile System Quality Assurance Agency (MSQAA) from July 2008 to July 2011 dealing with various Indigenous Tactical and Strategic Missile programs. He was also the founding Director of Directorate of Quality, Reliability and Safety (DQR&S).He has over four decade of experience in Defence & Quality. He was the Member of Aeronautical Society of India and Society for Quality and Reliability (SAQR) with DRDO, ISRO and other Defence establishments like HAL. At present, he is Advisor (Quality) for Defence products at Economic Explosive Ltd, Nagpur. Dr. R Subrahmaniya Sivam Date of Birth /Age is December 15, 1958 (65 years), Qualification; CA., CMA., CS. Ph.D. Brief Profile; Dr R SubrahmaniyaSivam, is a qualified Chartered Accountant, Cost and Management Accountant, Company Secretary and also completed his Doctorate. He is a Practicing Chartered Accountant by Profession. He has held various posts in Industries and has over four decades of experience in Internal and Management audits, structuring costing models & systems. He is also interested in the fields of Cost Accounting, Environmental, Social and Governance (ESG) and Business Responsibility and Sustainability Reporting (BRSR). Buy Or Sell Opportunity • Feb 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.4% to ₹560. The fair value is estimated to be ₹721, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Earnings per share has grown by 8.1%. Reported Earnings • Jan 21
Third quarter 2024 earnings released: EPS: ₹3.62 (vs ₹8.05 in 3Q 2023) Third quarter 2024 results: EPS: ₹3.62 (down from ₹8.05 in 3Q 2023). Revenue: ₹179.6m (down 34% from 3Q 2023). Net income: ₹32.5m (down 55% from 3Q 2023). Profit margin: 18% (down from 27% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₹571, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 42x in the Aerospace & Defense industry in India. Total returns to shareholders of 472% over the past three years. Reported Earnings • Nov 09
Second quarter 2024 earnings released: EPS: ₹3.64 (vs ₹4.29 in 2Q 2023) Second quarter 2024 results: EPS: ₹3.64 (down from ₹4.29 in 2Q 2023). Revenue: ₹177.4m (down 12% from 2Q 2023). Net income: ₹32.6m (down 15% from 2Q 2023). Profit margin: 18% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has increased by 78% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 28
High Energy Batteries (India) Limited to Report Q2, 2024 Results on Nov 04, 2023 High Energy Batteries (India) Limited announced that they will report Q2, 2024 results on Nov 04, 2023 New Risk • Oct 20
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.3% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (₹6.51b market cap, or US$78.3m). Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹659, the stock trades at a trailing P/E ratio of 28.8x. Average trailing P/E is 47x in the Aerospace & Defense industry in India. Total returns to shareholders of 766% over the past three years. Announcement • Jul 24
High Energy Batteries (India) Limited Appoints A L Somayaji as Chairman of the Stakeholder Relationship Committee High Energy Batteries (India) Limited announced that at its board meeting held on July 22, 2023, the Board approved Mr. A L Somayaji, Independent Director to act as Chairman of the Stakeholder Relationship Committee with effect from 22nd July 2023. He was appointed as member of the said committee at the Board meeting held on 29th April, 2023. Announcement • Jul 14
High Energy Batteries (India) Limited to Report Q1, 2024 Results on Jul 22, 2023 High Energy Batteries (India) Limited announced that they will report Q1, 2024 results on Jul 22, 2023 Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹507, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 39x in the Aerospace & Defense industry in India. Total returns to shareholders of 1,000% over the past three years. Upcoming Dividend • Jun 09
Upcoming dividend of ₹3.50 per share at 0.8% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 24 July 2023. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.4%). Reported Earnings • May 02
Full year 2023 earnings released: EPS: ₹22.86 (vs ₹20.02 in FY 2022) Full year 2023 results: EPS: ₹22.86 (up from ₹20.02 in FY 2022). Revenue: ₹935.6m (up 18% from FY 2022). Net income: ₹205.0m (up 14% from FY 2022). Profit margin: 22% (in line with FY 2022). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: ₹8.05 (vs ₹3.59 in 3Q 2022) Third quarter 2023 results: EPS: ₹8.05 (up from ₹3.59 in 3Q 2022). Revenue: ₹270.5m (up 62% from 3Q 2022). Net income: ₹72.2m (up 124% from 3Q 2022). Profit margin: 27% (up from 19% in 3Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 10
High Energy Batteries (India) Limited to Report Q3, 2022 Results on Jan 28, 2023 High Energy Batteries (India) Limited announced that they will report Q3, 2022 results on Jan 28, 2023 Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 5 highly experienced directors. Whole Time Director & Director of Operations Maria Ignatius was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₹334, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 30x in the Aerospace & Defense industry in India. Total returns to shareholders of 573% over the past three years. Announcement • Oct 30
High Energy Batteries (India) Limited Announces Management Changes The board of directors of High Energy Batteries (India) Limited meeting held on October 29, 2022, announced that Mr. H Nanda, Nominee Director of LIC resigned from the Company with effect from 29 October, 2022; Mr. S.V. Raju, Company Secretary cum Compliance Officer resigned from the Company effective from 29 October, 2022; and Mr. V Anantha Subramanian as Company Secretary and Compliance Officer effective 29 October, 2022. Reported Earnings • Oct 30
Second quarter 2023 earnings released: EPS: ₹4.29 (vs ₹9.83 in 2Q 2022) Second quarter 2023 results: EPS: ₹4.29 (down from ₹9.83 in 2Q 2022). Revenue: ₹202.4m (down 24% from 2Q 2022). Net income: ₹38.5m (down 56% from 2Q 2022). Profit margin: 19% (down from 33% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 94% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 19
High Energy Batteries (India) Limited to Report Q2, 2023 Results on Oct 29, 2022 High Energy Batteries (India) Limited announced that they will report Q2, 2023 results on Oct 29, 2022 Buying Opportunity • Oct 13
Now 20% undervalued Over the last 90 days, the stock is up 21%. The fair value is estimated to be ₹403, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 51%. Buying Opportunity • Sep 01
Now 21% undervalued Over the last 90 days, the stock is up 24%. The fair value is estimated to be ₹439, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 51%. Reported Earnings • Aug 18
First quarter 2023 earnings released: EPS: ₹13.74 (vs ₹1.30 in 1Q 2022) First quarter 2023 results: EPS: ₹13.74 (up from ₹1.30 in 1Q 2022). Revenue: ₹147.0m (up 37% from 1Q 2022). Net income: ₹24.6m (up 111% from 1Q 2022). Profit margin: 17% (up from 11% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 113% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Aug 16
Now 23% undervalued Over the last 90 days, the stock is up 19%. The fair value is estimated to be ₹445, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 63%. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Nominee Director H. Nanda was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 24% share price gain to ₹1,665, the stock trades at a trailing P/E ratio of 16.6x. Average trailing P/E is 22x in the Aerospace & Defense industry in India. Total returns to shareholders of 1,022% over the past three years. Board Change • Jul 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Nominee Director H. Nanda was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Jun 09
Full year 2022 earnings released Full year 2022 results: Revenue: ₹795.5m (up 2.2% from FY 2021). Net income: ₹179.5m (down 2.1% from FY 2021). Profit margin: 23% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 08
Upcoming dividend of ₹15.00 per share Eligible shareholders must have bought the stock before 15 June 2022. Payment date: 05 July 2022. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.8%). Lower than average of industry peers (1.9%). Reported Earnings • May 08
Full year 2022 earnings released: EPS: ₹100 (vs ₹102 in FY 2021) Full year 2022 results: EPS: ₹100 (down from ₹102 in FY 2021). Revenue: ₹797.3m (up 2.4% from FY 2021). Net income: ₹179.5m (down 2.1% from FY 2021). Profit margin: 23% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has increased by 96% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Whole Time Director & Director of Operations M. Ignatius was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. Whole Time Director & Director of Operations M. Ignatius was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Feb 12
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₹1,854, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 19x in the Aerospace & Defense industry in India. Total returns to shareholders of 603% over the past three years. Reported Earnings • Feb 08
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹17.96 (down from ₹23.30 in 3Q 2021). Revenue: ₹166.7m (down 19% from 3Q 2021). Net income: ₹32.2m (down 23% from 3Q 2021). Profit margin: 19% (down from 20% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 75% per year but the company’s share price has increased by 99% per year, which means it is tracking significantly ahead of earnings growth. Buying Opportunity • Feb 08
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be ₹2,728, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% per annum over the last 3 years. Earnings per share has grown by 75% per annum over the last 3 years. Valuation Update With 7 Day Price Move • Jan 21
Investor sentiment improved over the past week After last week's 22% share price gain to ₹2,334, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 25x in the Aerospace & Defense industry in India. Total returns to shareholders of 773% over the past three years. Valuation Update With 7 Day Price Move • Dec 24
Investor sentiment improved over the past week After last week's 18% share price gain to ₹1,981, the stock trades at a trailing P/E ratio of 18.4x. Average trailing P/E is 22x in the Aerospace & Defense industry in India. Total returns to shareholders of 564% over the past three years. Reported Earnings • Nov 01
Second quarter 2022 earnings released: EPS ₹49.15 (vs ₹59.10 in 2Q 2021) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹265.2m (down 12% from 2Q 2021). Net income: ₹88.1m (down 17% from 2Q 2021). Profit margin: 33% (down from 35% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 78% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 29% share price gain to ₹2,112, the stock trades at a trailing P/E ratio of 17.9x. Average trailing P/E is 20x in the Aerospace & Defense industry in India. Total returns to shareholders of 426% over the past three years. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹1,509, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 15x in the Aerospace & Defense industry in India. Total returns to shareholders of 311% over the past three years. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₹2,135, the stock trades at a trailing P/E ratio of 20.9x. Average trailing P/E is 21x in the Aerospace & Defense industry in India. Total returns to shareholders of 479% over the past three years. Upcoming Dividend • Jul 20
Upcoming dividend of ₹15.00 per share Eligible shareholders must have bought the stock before 27 July 2021. Payment date: 13 August 2021. Trailing yield: 0.4%. Lower than top quartile of Indian dividend payers (1.4%). Lower than average of industry peers (2.4%). Reported Earnings • Jul 16
Full year 2021 earnings released: EPS ₹102 (vs ₹31.25 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹778.3m (up 27% from FY 2020). Net income: ₹183.3m (up 227% from FY 2020). Profit margin: 24% (up from 9.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has increased by 89% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improved over the past week After last week's 22% share price gain to ₹1,498, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 16x in the Aerospace & Defense industry in India. Total returns to shareholders of 344% over the past three years. Reported Earnings • Jun 02
Full year 2021 earnings released: EPS ₹102 (vs ₹31.25 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹779.5m (up 27% from FY 2020). Net income: ₹183.3m (up 227% from FY 2020). Profit margin: 24% (up from 9.1% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Announcement • Jun 01
High Energy Batteries (India) Limited Recommends Dividend for the Financial Year 2020 - 2021 High Energy Batteries (India) Limited recommended payment of Dividend of INR 10 per Equity Share of INR 10 each for the financial year 2020 - 2021. The Dividend, if approved by the Members at the Annual General Meeting to be held on 7 August, 2021, will be paid, subject to deduction of tax at source by the 13 August, 2021, subject to there being no constraints due to the ongoing pandemic. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 24% share price gain to ₹1,015, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 18x in the Aerospace & Defense industry in India. Total returns to shareholders of 192% over the past three years. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improved over the past week After last week's 26% share price gain to ₹876, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 9.6x. This compares to an average P/E of 16x in the Aerospace & Defense industry in India. Total returns to shareholders over the past three years are 82%. Reported Earnings • Feb 08
Third quarter 2021 earnings released: EPS ₹23.30 (vs ₹13.35 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₹205.6m (up 16% from 3Q 2020). Net income: ₹41.8m (up 75% from 3Q 2020). Profit margin: 20% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 08
New 90-day high: ₹707 The company is up 40% from its price of ₹504 on 10 November 2020. The Indian market is up 21% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 39% over the same period. Announcement • Jan 17
High Energy Batteries (India) Limited to Report Q3, 2021 Results on Feb 06, 2021 High Energy Batteries (India) Limited announced that they will report Q3, 2021 results on Feb 06, 2021 Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 22% share price gain to ₹621, the stock is trading at a trailing P/E ratio of 9.9x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 16x in the Aerospace & Defense industry in India. Total returns to shareholders over the past three years are 34%. Is New 90 Day High Low • Dec 23
New 90-day high: ₹546 The company is up 40% from its price of ₹389 on 24 September 2020. The Indian market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is up 10.0% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₹535 The company is up 30% from its price of ₹412 on 08 September 2020. The Indian market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is flat over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: ₹504 The company is up 90% from its price of ₹265 on 12 August 2020. The Indian market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Aerospace & Defense industry, which is down 22% over the same period. Valuation Update With 7 Day Price Move • Nov 09
Market bids up stock over the past week After last week's 17% share price gain to ₹420, the stock is trading at a trailing P/E ratio of 28.8x, up from the previous P/E ratio of 24.7x. This compares to an average P/E of 13x in the Aerospace & Defense industry in India. Total returns to shareholders over the past three years are 24%. Announcement • Aug 23
High Energy Batteries (India) Limited to Report Q1, 2021 Results on Aug 28, 2020 High Energy Batteries (India) Limited announced that they will report Q1, 2021 results on Aug 28, 2020 Announcement • Jun 20
High Energy Batteries (India) Limited to Report Q4, 2020 Results on Jun 27, 2020 High Energy Batteries (India) Limited announced that they will report Q4, 2020 results on Jun 27, 2020 
