HBL POWER SYSTEMS: Booting-up for the Race of the Century

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Amara Raja signs licensing agreement with a Slovakian company for lithim ion cells.

HBL also last year approved 60 Cr CAPEX for lithium ion cell production.

Does anyone know the differences in the technologies of HBL Li-ion v/s the above Slovakian company’s LFP technology?

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Kavach 4.0 looks almost complete. Current version being used is 3.2. Ongoing development seems to reason for slow execution.

“The Ministry of Railways, on Friday, informed the Cabinet Secretary that the Indian Railways plans to implement the Kavach safety system across 44,000 km of track within the next five years.”

“During a review meeting focused on Kavach 4.0, Vaishnaw instructed officials to promptly equip all locomotives with the system once it is ready. According to the report, at present, three manufacturers are producing the Kavach system, while others are in different phases of development.”

Disc: invested


Any idea what is the difference between Kavach 3.2 and Kavach 4.0 ?

Any idea why institution holding of both FII and DII is falling since last three years?

Installation of Kavach in mission mode



“The three manufacturers of Kavach who are in the advanced stage of testing version 4.0 presented its progress report to the minister,” a senior railway official said.

Who are these 3 companies? Can anyone suggest who will benefit?

Welcome to valuepickr forum !

Three Indian manufacturers — HBL Power Systems, Kernex, and Medha — have been appr
oved for making and deploying KAVACH.


Summary of July 2024 Concall and rough transcript transcribed using AI tool to convert Audio to text. (Please use your discretion and common sense, the concall transcript from audio is a very rough transcription)

HBL POWER JULY 2024 CONCALL.pdf (177.0 KB)
SUMMARY HBL JULY 2024 Concall.pdf (81.8 KB)


Hi Amol, the forecasted revenue of FY25, is excluding any new KAVACH orders? If there is a tender out, the revenue might increase?

Is my interpretation correct?

Yes you are right. However the revenue from new KAVACH tenders in unlikely to come in this FY. On the concall they mentioned that after tender announcement Railways takes 6-7 months for awarding the contract. Execution starts after that. So newer tenders will reflect in financials in FY26 only.


My notes from concall ( havent noted writing what i remember )

The Revenue projection for 2024-2025 does not include Kavach (new orders) / Grenade & Fuse & truck conversion .

Grenade & fuze & truck conversion have a large market .

Fuze are in testing phase & after usage in real time big orders may start flowing ( 2025-2026)

Kavach billing also will happen next year for order that come this year.

Defence batteries have a good growth , industrial battery will maintain the run rate.

Overall exited for next year as the growth can come.in big way in 2025-2026 .

Disc -biased Invested since more than a year.