Hardwyn India Ltd.
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ABOUT
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.
PROS
- Company is almost debt free
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 65.1% CAGR over last 5 years
- Operating margins have improved to 12.2% from 6.1%
- Company comfortably covers its interest (14.0x coverage)
- Company generates healthy free cash flow
CONS
- Company has a low return on capital employed of 5.0%
- Company has a low return on equity of 3.3% over last 3 years
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.24x)
- Valuation is stretched - P/E of 52.4 is well above its own 5-year median (30.0)
- Though reporting repeated profits, the company pays out little dividend (0.0%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| ADANIENT | 3057.10 | 55.59 | 413846.54 | 0.04 | -1461.54 | -249.67 | 32923.98 | 49.92 | 13.30 | 15.57 |
| AEGISLOG | 1353.10 | 37.96 | 47493.81 | 0.64 | 544.84 | 210.70 | 2356.86 | 37.07 | 19.76 | 30.28 |
| CPPLUS | 3830.15 | 94.94 | 45310.84 | 0.04 | 142.20 | 332.51 | 1402.42 | 89.51 | 29.48 | 14.52 |
| PREMIERENE | 974.55 | 26.57 | 44239.84 | 0.10 | 471.92 | 53.32 | 2462.59 | 35.25 | 33.72 | 29.03 |
| REDINGTON | 393.65 | 18.09 | 30774.55 | 1.52 | 453.49 | 94.65 | 34922.47 | 34.57 | 18.96 | 2.03 |
| HONASA | 470.95 | 61.70 | 15354.11 | 0.64 | 90.45 | 118.87 | 755.95 | 27.00 | 20.87 | 14.58 |
| LLOYDSENT | 69.79 | 94.88 | 10653.81 | 0.21 | 109.98 | -55.77 | 563.03 | 70.15 | 12.84 | 18.07 |
| SGMART | 751.25 | 76.16 | 9468.39 | 0.00 | 455.80 | 1310.71 | 13085.70 | 1044.08 | 10.43 | 4.49 |
| MMTC | 61.96 | 20.78 | 9294.00 | 0.00 | 104.24 | 135.52 | 0.68 | -50.00 | 33.46 | -1423.53 |
| ENTERO | 1819.35 | 63.14 | 7918.37 | 0.00 | 52.05 | 72.17 | 1940.50 | 38.23 | 10.93 | 5.00 |
| EBGNG | 683.00 | 54.67 | 7786.99 | 0.00 | 28.93 | 56.21 | 412.46 | 32.08 | 20.58 | 11.97 |
| HARDWYN | 9.15 | 50.57 | 625.67 | 0.00 | 28.00 | -22.93 | 346.02 | -19.43 | 4.30 | 13.00 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 272 | 363 | 351 | 369 | 309 | 399 | 345 | 363 | 319 | 431 | 386 | 464 | 301 | |
| 259 | 345 | 293 | 323 | 292 | 345 | 292 | 342 | 270 | 373 | 364 | 418 | 265 | |
| Operating Profit | 12 | 18 | 57 | 47 | 17 | 54 | 53 | 21 | 49 | 58 | 22 | 46 | 36 |
| OPM % | 4.51% | 5.00% | 16.32% | 12.60% | 5.41% | 13.50% | 15.35% | 5.86% | 15.35% | 13.52% | 5.59% | 9.98% | 11.87% |
| 2 | 1 | 1 | 1 | 0 | 1 | 3 | 4 | 1 | 0 | 1 | 3 | 0 | |
| Interest | 2 | 2 | 5 | 3 | 2 | 2 | 6 | 3 | 2 | 2 | 2 | 5 | 2 |
| Depreciation | 1 | 1 | 1 | 9 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 4 |
| Profit before Tax | 14 | 19 | 58 | 48 | 17 | 55 | 56 | 25 | 50 | 59 | 23 | 49 | 36 |
| Tax % | 29.35% | 29.23% | 29.09% | 31.39% | 29.42% | 29.26% | 29.10% | 30.13% | 29.20% | 29.22% | 28.84% | 30.85% | 24.35% |
| Net Profit | 10 | 13 | 41 | 33 | 12 | 39 | 39 | 17 | 35 | 42 | 16 | 34 | 27 |
| 0.03 | 0.04 | 0.12 | 0.09 | 0.03 | 0.12 | 0.08 | 0.04 | 0.07 | 0.08 | 0.03 | 0.07 | 0.06 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 18 | 42 | 12 | 58 | 85 | 125 | 136 | 142 | 1,582 | |
| 18 | 42 | 11 | 56 | 79 | 112 | 120 | 124 | 1,420 | |
| Operating Profit | 0 | 0 | 0 | 2 | 5 | 13 | 16 | 17 | 162 |
| OPM % | 0.53% | 0.57% | 4.14% | 3.56% | 6.08% | 10.55% | 11.59% | 12.21% | 10.24% |
| 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 | 5 | |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 1 | 11 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 18 |
| Profit before Tax | 0 | 0 | 0 | 2 | 5 | 13 | 14 | 15 | 167 |
| Tax % | 25.43% | 27.29% | 24.49% | 27.65% | 27.78% | 29.28% | 29.93% | 29.36% | 28.60% |
| Net Profit | 0 | 0 | 0 | 2 | 3 | 9 | 10 | 11 | 119 |
| EPS | 0.10 | 0.03 | 0.10 | 1.51 | 3.34 | 3.45 | 0.28 | 0.22 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 65%
- 3 Years:
- 19%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 155%
- 3 Years:
- 47%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -21%
- 1 Year:
- -4%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- 3%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 7 | 10 | 10 | 10 | 10 | 26 | 35 | 49 |
| 0 | 0 | 0 | 2 | 5 | 346 | 347 | 344 | |
| 0 | 6 | 0 | 5 | 7 | 5 | 9 | 9 | |
| Trade Payables | 2 | 1 | 2 | 21 | 32 | 27 | 43 | 34 |
| 0 | 0 | 0 | 1 | 3 | 6 | 13 | 18 | |
| Total Liabilities | 9 | 17 | 13 | 39 | 57 | 411 | 447 | 453 |
| 0 | 0 | 0 | 0 | 1 | 1 | 5 | 4 | |
| 0 | 0 | 0 | 0 | 0 | 348 | 348 | 348 | |
| 0 | 0 | 0 | 10 | 14 | 32 | 46 | 54 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 31 | 32 | |
| Cash & Bank | 0 | 0 | 0 | 1 | 1 | 1 | 2 | 2 |
| 9 | 17 | 13 | 28 | 41 | 29 | 15 | 14 | |
| Total Assets | 9 | 17 | 13 | 39 | 57 | 411 | 447 | 453 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| -7 | -9 | 6 | -4 | 1 | 7 | 2 | 1 | |
| Cash from Investing | -0 | -0 | -0 | -0 | -1 | -0 | -5 | -1 |
| Cash from Financing | 7 | 9 | -6 | 5 | 1 | -3 | 3 | -1 |
| 0 | -0 | 0 | 1 | 0 | 0 | 0 | 0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-29 - Hardwyn India Limited has informed the Exchange regarding Appointment of Eakam Sayal as Non- Executive Director of the company w.e.f. August 29, 2026.
2026-08-15 - Hardwyn India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-14 - Hardwyn India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-05 - Hardwyn India Limited has informed the Exchange about change in Management
2026-07-29 - Hardwyn India Limited has informed the Exchange regarding allotment of 195361440 securities pursuant to Bonus at its meeting held on July 29, 2026
2026-07-20 - Hardwyn India Limited has informed the Exchange that Record date for the purpose of Bonus is 28-Jul-2026.
2026-07-17 - Significant movement in price has been observed in Hardwyn India Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. Hardwyn India Limited has submitted their response.
2026-07-16 - Significant movement in price has been observed in Hardwyn India Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, has written to the company. The response from the company is awaited.
2026-07-10 - Hardwyn India Limited has informed the Exchange about Certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
News
Recent coverage and analyst commentary for HARDWYN
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Hardwyn India Ltd.
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