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Shareholding Info
  • Promoters
    59.11 %
  • Foreign institutions-FII
    2.23 %
  • Other domestic institutions
    0.05 %
  • Retail and other
    38.58 %
  • Mutual Funds
    0.03 %

HBL Power Systems Ltd overview

HBL Power Systems Ltd is a global leader in the design, manufacture and supply of industrial and specialised batteries as well as electronic solutions and is headquartered in Hyderabad. The company was incorporated as SAB Nife Power Systems Limited in the year 1986 by Dr. A J Prasad and others. It was later merged with Hyderabad Batteries Ltd (a company incorporated in 1977). The name of the company was changed to HBL Power Systems Ltd. The shares of the company are listed on BSE and NSE.

HBL has a global presence in America, Europe, and the Middle East through its subsidiaries HBL America Inc. and HBL Germany GMBH. Its products and solutions are sold across the world in 80+ different countries. It has a team strength of 1600+ people across 5 manufacturing facilities.

HBL Power Systems Ltd focuses on creating technology solutions and applications that address key sectors like Aviation, Railways, Defence, Oil and Gas, Power, Telecom, and Data Centres. The company’s philosophy is “identify and develop technology leveraging the in-house intellectual capital to fill in prevailing gaps”.

HBL Power Systems Ltd is the world’s second-largest Nickel-Cadmium battery manufacturer, India's third-largest telecom battery manufacturer and the only Indian company with Pure Lead battery technology.

HBL Power Systems Ltd. offers electronic solutions and products battery chargers, battery management systems, army communication equipment, train protection and management system, etc. to its clients, including the defence sector - Indian forces and Indian Railways.

As the energy sector is shifting towards new ways, the company has also expanded its portfolio to keep pace with emerging opportunities. HBL Power Systems Ltd offers tailor-made solutions in Energy storage and E-Mobility markets.

HBL Power Systems Ltd - journey

Key milestones since the inception of HBL Power Systems Ltd are

  • 1986 – Incorporation of SAB Nife Power Systems Ltd by Dr. A.J. Prasad, K.S. Varaprasada Reddy and other five persons. The object of the company was to manufacture Nickel Cadmium Pocket plate batteries.
  • 1991 – The Company undertook to set up a facility to manufacture UPS – Uninterrupted Power Systems. The company entered into an arrangement with NIFE, Sweden for the manufacturing of UPS.
  • 1992 – The company came out with the initial public offering and 30 Lakh shares were issued to the public including to the employees. The company became a publicly traded company with its listing on the exchange.
  • 2003 – Foreign promoter’s stake was taken over by the other promoters of the company.
  • 2005 – The company announces its plan to set up 3 new battery manufacturing facilities
  • 2006 – The name of the company was changed from HBL Nife Power Systems to HBL Power Systems Ltd. Issue of right shares.
  • 2009 – The company sets up a Joint Venture Company in Saudi Arabia to manufacture Industrial batteries. Sub-division of shares – face value changed from Rupees 10 to Rupee 1.
  • 2014 – Best vendor award from Hindustan Aeronautics Ltd
  • 2020-21 – Won an order from BHEL for a solar project in Nigeria for the supply of batteries. Commencement of manufacture and supply of batteries for submarines and torpedoes used by the Indian Navy. Signed an MoU with Ericsson for the deployment of Long Term Evolution communication system for Indian Railways.
  • 2021-22 - Obtained orders from the Naval Science and Technology Laboratory to manufacture and supply batteries for Defence applications. Completed deployment of TCAS (Train Collision Avoidance System) over 347 km in South Central Railway. Won a contract for TCAS for over 260 km from Eastern Railway.

HBL Power Systems Ltd - Initial Public Offer (IPO)

As per BSE’s records, HBL Power Systems Ltd came out with the initial public offer in the year 1992. The shares of the company were listed on the exchange on 3rd July 1992.

HBL Power Systems Ltd products

HBL Power Systems Ltd.’s products mainly comprise batteries, electronics, motors and other mobility solutions catering to various industries including Indian Armed Forces and Indian Railways. The following table describes their products for different sectors:

HBL Products





Aircraft, Torpedoes, Battle Tanks, Missiles, Submarines

Nickel Cadmium and Lead Acid – in various technologies



Army Communication Equipment, Artillery and other Fuses

Energy Storage Systems, Battery Chargers, Battery Management Systems

Train Protection and Management Systems, EV Charging Systems, Motor and Vehicle controllers


Torpedo Motors

Energy Saving Motors

Switched Reluctance Motors

In addition to this, the company is the leading supplier of spun concrete products. These products are used in various industrial structures, high-rise buildings, solar power plants, marine structures and commercial buildings. HBL Power Systems Ltd stock price return in 5 years – 56.27%

HBL Power Systems Ltd business highlights

The company’s key verticals are:

HBL Power Systems Ltd

Key Verticals

Revenue Break-up (%)








HBL Power Systems Ltd performance highlights

3-year CAGR (revenue)


EBITDA (FY2021-22)

₹160 Crore

Profit  (FY2021-22)

₹94 Crore

Share price return in last 3 years


ROCE (FY2021-22)


ROE (FY2021-22)


HBL Power Systems Ltd management

  • Chairperson, CEO and Managing Director: Aluru Jagadish Prasad
  • Executive Director: Kavita Prasad Aluru
  • Chief Finance Officer (CFO): Not Available (K Sridharan retired in September 2022)
  • Investor Relations: MVSS Kumar

Battery industry overview

The following are the key players in the Battery industry -


Key Players

Market Capitalisation

 December 2022

 (in Crore)


Exide Industries



Amar Raja Batteries



HBL Power



Eveready Industries





Size of the Indian Battery industry

The Battery market worldwide was estimated at USD 113.4 billion in the year 2020. Indian lithium-ion battery market reached USD 2.1 billion in 2021, it is expected to reach 4.7 billion by the year 2027. The demand for batteries is driven by various sources including automobiles including electric vehicles as well as various energy storage solutions.

Industry growth prospects

India’s battery market is expected to record a CAGR of 15% during the next 5-year period. The emergence of the new electric vehicle market and battery energy storage systems will be the drivers of growth for this industry. The growth of the automotive market in India and the adoption of electric mobility solutions will drive the demand for batteries. Further, the Indian Government had also announced production-linked incentives for various industries including batteries.

HBL Power Systems Ltd.’s growth prospects

HBL Power Systems Ltd has a decent order pipeline for its batteries and electronics segments from Indian Railways and the Indian Navy. The Indian Government is expected to spend a considerable amount on the modernisation and improvement of Indian Railways and the company expects to benefit from this. Further, the adoption of electric mobility will help the company in its battery business.

Risks and concerns

  • Volatility in the raw material costs and inflation can impact the profit margins of the company. This can impact the HBL Power System Ltd stock price.
  • The company is selling to the government and government organisations. It has its challenges and concerns such as uncertainty, delay in the realisation of sales proceeds, etc.
  • The government business largely depends on the company’s ability to win tenders and execute them, this adds to the uncertainty of getting new business and increasing sales volume.


KFin Technologies Private Limited
Ph: 91 040 67161500
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