HBL Engineering’s FY25 sales declined to Rs.1,946 Cr, down Rs.263 Cr from last year due to delayed Kavach tenders, missing estimates.

The Kavach order book remains robust at Rs.3,764 Cr (incl.

GST), supported by the company’s exclusive Kavach 4.0 certification.

FY26 sales are projected around Rs.3,000 Cr, indicating a strong recovery as Kavach-related orders pick up pace.