The contract, valued at Rs 83.81 crore, is scheduled to be completed by 15 April 2027.

The company added that none of its promoters, promoter group, or group companies have any interest in PLW, and the transaction does not qualify as a related-party deal.

HBL Engineering (formerly known as HBL Power Systems) manufactures different types of batteries, including lead acid, NiCad, silver zinc, lithium, and railway & defense electronics and other products.

The company’s consolidated net profit zoomed 272.59% to Rs 217.56 crore in Q3 FY26, compared with Rs 58.39 crore in the same quarter last year. Revenue from operations surged 93.98% YoY to Rs 874.04 crore in Q3 December 2025.

Shares of HBL Engineering fell 1.07% to Rs 711.40 on the BSE.