Harrisons Malayalam Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Rubber: 57.5% • Tea: 41.9% • Others: 0.6%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 3.45x)
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (79.3% of PBT)
- Company has a low return on equity of 5.7% over last 3 years
- Company has a low return on capital employed of 8.8%
- Effective tax rate is unusually low at 0.0% - earnings may be flattered
- Company has delivered a poor sales growth of 5.8% over past five years
- Operating margins have contracted to 4.6% from 8.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APCOTEXIND | 611.55 | 82.29 | 3170.58 | 1.31 | 78.94 | 312.00 | 525.63 | 39.89 | 20.12 | 22.28 |
| PIXTRANS | 1730.80 | 17.90 | 2358.25 | 0.52 | 52.75 | 89.33 | 149.25 | 22.80 | 21.86 | 30.59 |
| TINNARUBR | 1020.05 | 29.80 | 1837.70 | 0.32 | 20.57 | 75.16 | 156.18 | 19.89 | 22.76 | 21.82 |
| GRPLTD | 2000.00 | 188.09 | 1066.67 | 0.17 | 4.20 | 140.16 | 156.83 | 26.73 | 6.33 | 10.78 |
| RUBFILA | 70.55 | 14.88 | 382.86 | 2.83 | 5.80 | -13.26 | 133.49 | -7.89 | 14.13 | 6.99 |
| HARRMALAYA | 190.50 | 12.97 | 351.58 | 0.00 | 3.93 | -34.03 | 124.92 | 7.26 | 11.38 | 4.55 |
| ELGIRUBCO | 59.12 | 0.00 | 295.90 | 0.00 | 40.85 | 2797.95 | 70.09 | -18.10 | -49.96 | 3.73 |
| SAMPANN | 24.35 | 17.77 | 124.45 | 0.00 | 2.05 | 12.24 | 41.70 | 27.62 | 6.01 | 10.99 |
| SOMICONVEY | 91.06 | 24.26 | 107.27 | 0.00 | 5.96 | 395.02 | 156.18 | 495.13 | 10.35 | 9.60 |
| TREADS | — | — | — | — | — | — | — | — | 24.53 | — |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 96 | 122 | 130 | 141 | 98 | 137 | 142 | 137 | 116 | 134 | 141 | 147 | 125 | |
| 96 | 121 | 121 | 140 | 102 | 130 | 128 | 130 | 108 | 135 | 132 | 139 | 124 | |
| Operating Profit | -0 | 1 | 9 | 1 | -4 | 7 | 14 | 7 | 8 | -1 | 9 | 9 | 1 |
| OPM % | -0.30% | 0.85% | 6.80% | 0.65% | -4.35% | 5.35% | 9.73% | 4.81% | 7.05% | -0.51% | 6.21% | 5.85% | 0.60% |
| 2 | 2 | 3 | -5 | 3 | 2 | 3 | 4 | 3 | 12 | 4 | 6 | 3 | |
| Interest | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | -2 | -2 | 7 | -10 | -6 | 4 | 11 | 5 | 6 | 6 | 8 | 9 | 4 |
| Tax % | -0.00% | -0.00% | 0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Profit | -2 | -2 | 7 | -10 | -6 | 4 | 11 | 5 | 6 | 6 | 8 | 9 | 4 |
| -1.23 | -1.16 | 3.62 | -5.18 | -3.04 | 2.23 | 6.07 | 2.81 | 3.23 | 3.48 | 4.14 | 4.95 | 2.13 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 285 | 367 | 383 | 354 | 387 | 451 | 472 | 487 | 488 | 514 | 548 | |
| 317 | 353 | 371 | 366 | 364 | 396 | 440 | 460 | 478 | 490 | 530 | |
| Operating Profit | -32 | 13 | 13 | -12 | 23 | 55 | 31 | 27 | 10 | 24 | 17 |
| OPM % | -11.38% | 3.63% | 3.28% | -3.42% | 6.03% | 12.26% | 6.62% | 5.60% | 2.14% | 4.58% | 3.18% |
| 7 | 10 | 9 | 6 | 6 | 3 | 7 | 7 | 1 | 12 | 24 | |
| Interest | 14 | 14 | 13 | 14 | 16 | 14 | 11 | 12 | 13 | 13 | 13 |
| Depreciation | 6 | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 6 | 7 | 7 |
| Profit before Tax | -45 | 4 | 4 | -24 | 9 | 40 | 23 | 18 | -7 | 15 | 27 |
| Tax % | -0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 0.00% |
| Net Profit | -45 | 4 | 4 | -24 | 9 | 40 | 23 | 18 | -7 | 15 | 27 |
| EPS | -24.75 | 2.22 | 2.41 | -13.05 | 5.03 | 21.92 | 12.44 | 9.63 | -3.95 | 8.07 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 6%
- 3 Years:
- 3%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- -13%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- -1%
- 3 Years:
- 8%
- 1 Year:
- -11%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 15%
- 3 Years:
- 6%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 | 18 |
| 223 | 84 | 85 | 60 | 61 | 97 | 120 | 138 | 125 | 136 | |
| 112 | 95 | 96 | 121 | 117 | 99 | 89 | 95 | 78 | 89 | |
| Trade Payables | 28 | 32 | 38 | 34 | 48 | 43 | 51 | 46 | 66 | 63 |
| 260 | 271 | 284 | 280 | 300 | 291 | 284 | 292 | 175 | 167 | |
| Total Liabilities | 641 | 501 | 521 | 514 | 544 | 548 | 562 | 589 | 464 | 473 |
| 424 | 277 | 277 | 280 | 285 | 285 | 286 | 291 | 298 | 296 | |
| Capital Work in Progress | 1 | 8 | 11 | 10 | 13 | 22 | 36 | 58 | 72 | 88 |
| 22 | 25 | 28 | 29 | 41 | 35 | 35 | 38 | 37 | 38 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18 | 13 | |
| Cash & Bank | 9 | 3 | 4 | 2 | 4 | 2 | 4 | 2 | 2 | 2 |
| 185 | 188 | 200 | 192 | 202 | 205 | 202 | 201 | 37 | 36 | |
| Total Assets | 641 | 501 | 521 | 514 | 544 | 548 | 562 | 589 | 464 | 473 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 14 | 22 | 20 | -7 | 33 | 42 | 39 | 32 | 33 | 23 | |
| Cash from Investing | 4 | 4 | -7 | -6 | -9 | -11 | -14 | -27 | -22 | -16 |
| Cash from Financing | -15 | -31 | -12 | 11 | -23 | -32 | -21 | -6 | -11 | -8 |
| 3 | -6 | 1 | -1 | 1 | -1 | 2 | -2 | 0 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2016 | Mar 2017 | 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
2026-09-05 - Harrisons Malayalam Limited has informed the Exchange about Copy of Newspaper Publication
2026-09-04 - Harrisons Malayalam Limited has informed the Exchange about the letter to shareholders intimating the web link for accessing the Annual Report for the financial year 2025-26.
2026-09-04 - Harrisons Malayalam Limited has informed the Exchange about the Book Closure pursuant to Regulation 42 of the SEBI (LODR) Regulations, 2015.
2026-09-04 - Harrisons Malayalam Limited has informed the Exchange that Record date for the purpose of 49th Annual General Meeting is 22-Sep-2026.
2026-09-04 - Harrisons Malayalam Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 29, 2026 along with the Annual Report for the financial year 2025-26.
2026-08-31 - Harrisons Malayalam Limited has informed the Exchange about Copy of Newspaper Publication (Pre despatch publication) regarding 49th Annual General Meeting scheduled to be held on 29th September, 2026.
2026-08-20 - Harrisons Malayalam Limited has informed the Exchange about Copy of Newspaper Publication appeared in todays Financial Express (English) and Deshabhimani (malayalam) Newspapers regarding Special Window for relodgement of transfer request of physical securities.
2026-08-14 - Harrisons Malayalam Limited has informed the Exchange about Copy of Newspaper Publication regarding the Unaudited Financials for the first quarter ended 30th June, 2026.
2026-08-13 - Harrisons Malayalam Limited has informed the Exchange regarding Outcome of Board Meeting held on August 13, 2026 with respect to designating Senior Managerial Personnels, appointment of Chairman of the Board and re-appointment of cost auditor.
News
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