Anant has done excellent in depth analysis on this forum a while back:
HBL Power: Signs of change - Collaborators Corner - ValuePickr Forum
It’s a good company that is slowly getting the hang of it’s research and development. Still a long way to go though.
Unless one converts the research and development to profits, it’s an expense. They have to be more aggressive on their profit margins being in niche segment and I have noticed these changes in last few quarters. So my hopes are intact with the company.
Needless to say, the stock is traders delight as well.