Hirect lands first MEMU trainset order, adds ₹60 cr to order book
The order from Indian Railways' Modern Coach Factory is the company's second ₹60 cr win in two days and opens a new product vertical.
— 2 earlier stories on Hirect Ltd. →What's new
- Hirect gets ₹60 cr order for MEMU propulsion systems from Indian Railways.
- This is a new product category; earlier supplied Vande Metro systems.
- Order book now exceeds ₹845 cr including yesterday's Vande Metro order.
Why this matters
The order is strategically important as it diversifies Hirect's product range, but at about 6% of FY26 revenue, the financial impact is incremental. With a massive order book and high growth, the company is building momentum.
What we're watching
- Execution timeline of 24 months.
- Whether more MEMU orders follow.
- Order inflow trajectory after two ₹60 cr wins in two days.
The full read
Hirect has bagged a ₹60 crore order for MEMU trainset propulsion systems from Indian Railways' Modern Coach Factory, its first in this product category and the second ₹60 crore win in two days. The contract, to be executed over 24 months, adds a new vertical to a company already supplying Vande Metro systems and railway electrification equipment. At roughly 6% of FY26 revenue, the immediate financial impact is incremental. But the strategic signal is stronger: Hirect is deepening its relationship with Indian Railways across multiple train platforms. With an order book now exceeding ₹845 crore and trailing revenue growth of 51%, the company is building a broad-based rail electrification franchise, even if the latest quarter slipped to a ₹2 crore loss. The open question is how quickly MEMU orders scale from here.
Questions answered
- What is the size and scope of the MEMU order?
- The contract is valued at ₹60 crore for propulsion systems for four MEMU trainsets, to be delivered within 24 months.
- How significant is this relative to Hirect's scale?
- The order is about 6% of FY26 annual revenue. Hirect's order book stands at over ₹845 crore, so the financial impact is incremental.
- Does this change Hirect's product positioning?
- Yes, it adds MEMU trainsets to its portfolio, complementing its existing Vande Metro and railway electrification products.
- What was the previous order announced?
- A day earlier, on July 25, Hirect announced a ₹60 crore development order for Vande Metro trainsets from Indian Railways.
- What is Hirect's recent financial performance?
- Trailing revenue growth is 51.2%, but the latest quarter (Mar 2026) showed a net loss of ₹2 crore on sales of ₹280 crore. The company reported a full-year net profit of ₹57.7 crore for FY26, up 55%.
- What is the market's likely reaction?
- The stock trades at a high P/E of 85.6. The order supports sentiment but is not a major catalyst given similar recent wins and a large order book.
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All notes on HIRECT →- 26 Jul 2026 · 9:57 AM IST Hirect lands first MEMU trainset order, adds ₹60 cr to order book
- today Hirect wins ₹60 cr development order for Vande Metro trainsets
- 65d ago Hind Rectifiers targets $1 billion revenue after strong FY26