HMT Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2016 • Tractors Division: 84.5% • Food Processing Machinery Division: 15.5%
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 1.27x)
- Working capital cycle has improved - days down from -1462 to -2446
- Company comfortably covers its interest (24.8x coverage)
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (314.4% of PBT)
- Receivables are growing faster than sales - a possible quality concern
- Company has a low return on capital employed of 1.5%
- Recent results are weak - TTM profit is down 20.3% versus prior year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 432.80 | 61.95 | 150703.70 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 922.60 | 85.51 | 45620.81 | 0.64 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3729.70 | 74.90 | 44441.73 | 0.54 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| KIRLOSENG | 2267.40 | 60.41 | 32995.17 | 0.31 | 111.06 | -20.05 | 1999.53 | 13.36 | 14.46 | 15.02 |
| JYOTICNC | 1026.55 | 72.57 | 23346.12 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 23.88 | 21.40 |
| INOXINDIA | 2180.15 | 77.65 | 19787.80 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| TRITURBINE | 572.05 | 54.07 | 18185.38 | 0.74 | 51.10 | -20.65 | 442.70 | 19.23 | 35.95 | 11.59 |
| AZAD | 2765.75 | 128.52 | 17861.70 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.28 | 37.29 |
| LLOYDSENGG | 84.88 | 58.86 | 13165.22 | 0.29 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| TEGA | 1552.65 | 552.07 | 11664.70 | 0.13 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| KENNAMET | 4534.30 | 85.10 | 9965.59 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
| HMT | 69.50 | 151.07 | 2471.43 | 0.00 | -29.21 | -5.19 | 28.93 | 17.84 | 0.00 | -81.06 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 9 | 10 | 13 | 16 | 5 | 6 | 7 | 7 | 6 | 6 | 6 | 8 | 5 | |
| 14 | 23 | 20 | 23 | 8 | 20 | 15 | 21 | 9 | 20 | 14 | 22 | 8 | |
| Operating Profit | -5 | -13 | -7 | -7 | -3 | -14 | -8 | -14 | -3 | -14 | -8 | -14 | -2 |
| OPM % | -49.79% | -133.07% | -55.09% | -42.82% | -56.78% | -209.08% | -103.56% | -189.13% | -42.28% | -230.82% | -138.49% | -177.81% | -44.36% |
| 12 | 13 | 12 | 15 | 14 | 15 | 15 | 15 | 15 | 15 | 15 | 13 | 14 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | 7 | -1 | 5 | 7 | 11 | 0 | 7 | 1 | 12 | 1 | 7 | -2 | 12 |
| Tax % | 0.00% | -0.00% | 0.00% | -97.48% | 0.00% | 0.00% | 0.00% | 295.83% | 0.00% | 0.00% | 0.00% | -101.20% | 0.00% |
| Net Profit | 7 | -1 | 5 | 14 | 11 | 0 | 7 | -2 | 12 | 1 | 7 | -3 | 12 |
| 0.19 | -0.03 | 0.13 | 0.40 | 0.31 | 0.01 | 0.19 | -0.05 | 0.34 | 0.03 | 0.19 | -0.09 | 0.33 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 46 | 23 | 16 | 21 | 26 | 23 | 13 | 52 | 48 | 26 | 25 | |
| 150 | 145 | 33 | 48 | 52 | 38 | 34 | 84 | 80 | 65 | 63 | |
| Operating Profit | -104 | -122 | -17 | -27 | -26 | -15 | -21 | -32 | -32 | -38 | -38 |
| OPM % | -224.84% | -523.06% | -106.04% | -128.06% | -97.64% | -63.73% | -168.01% | -61.86% | -67.35% | -146.57% | -153.43% |
| 115 | -108 | 53 | 80 | 332 | 66 | 70 | 49 | 52 | 60 | 57 | |
| Interest | 25 | 25 | 41 | 33 | 25 | 17 | 9 | 0 | 0 | 1 | 0 |
| Depreciation | 3 | 3 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 | 1 |
| Profit before Tax | -17 | -258 | -7 | 17 | 279 | 32 | 38 | 15 | 17 | 19 | 18 |
| Tax % | -0.00% | 7.21% | -0.00% | 0.00% | 11.01% | 12.94% | -0.03% | 52.65% | -39.78% | 14.98% | 9.36% |
| Net Profit | -17 | -239 | -7 | 17 | 248 | 27 | 38 | 7 | 24 | 16 | 16 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.77 | 1.08 | 0.20 | 0.69 | 0.45 | — |
| 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:
- -8%
- 5 Years:
- 0%
- 3 Years:
- 28%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -42%
- 3 Years:
- -25%
STOCK PRICE CAGR
- 10 Years:
- 6%
- 5 Years:
- 11%
- 3 Years:
- 19%
- 1 Year:
- 18%
RETURN ON EQUITY
- 10 Years:
- 3%
- 5 Years:
- 5%
- 3 Years:
- 4%
- Last Year:
- 3%
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 | 1,204 | 1,204 | 1,204 | 356 | 356 | 356 | 356 | 356 | 356 | 356 |
| -866 | -1,102 | -1,104 | -238 | 5 | 32 | 71 | 78 | 103 | 119 | |
| 64 | 442 | 405 | 276 | 148 | 26 | 0 | 0 | 81 | 82 | |
| Trade Payables | 19 | 16 | 3 | 3 | 6 | 6 | 2 | 4 | 26 | 20 |
| 459 | 367 | 419 | 659 | 635 | 760 | 794 | 888 | 766 | 774 | |
| Total Liabilities | 880 | 928 | 927 | 1,056 | 1,149 | 1,179 | 1,222 | 1,326 | 1,332 | 1,351 |
| 22 | 16 | 14 | 14 | 12 | 10 | 9 | 9 | 3 | 2 | |
| 764 | 723 | 723 | 722 | 722 | 720 | 720 | 720 | 720 | 720 | |
| 25 | 19 | 20 | 13 | 8 | 10 | 8 | 10 | 12 | 12 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15 | 13 | |
| Cash & Bank | 9 | 136 | 144 | 146 | 102 | 107 | 57 | 179 | 174 | 151 |
| 59 | 34 | 27 | 161 | 305 | 332 | 427 | 409 | 408 | 453 | |
| Total Assets | 880 | 928 | 927 | 1,056 | 1,149 | 1,179 | 1,222 | 1,326 | 1,332 | 1,351 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 615 | -366 | -84 | -10 | -269 | -6 | -51 | 116 | -16 | -35 | |
| Cash from Investing | 12 | 2 | 8 | 24 | 205 | -20 | 46 | -39 | -54 | 32 |
| Cash from Financing | -636 | 491 | 84 | -10 | -12 | -0 | -0 | -0 | -0 | -0 |
| -9 | 127 | 7 | 2 | -107 | -27 | -8 | 73 | -70 | -4 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | ||||||||||
| EPS (₹) | -0.14 | -1.99 | -0.06 | 0.48 | 6.98 | 0.77 | 1.08 | 0.20 | 0.69 | 0.45 |
| Book Value (₹) | 2.81 | 0.85 | 0.83 | 3.30 | 10.15 | 10.89 | 12.00 | 12.20 | 12.90 | 13.36 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -0.12 | -1.97 | -0.04 | 0.55 | 7.04 | 0.83 | 1.13 | 0.26 | 0.75 | 0.49 |
| PROFITABILITY | ||||||||||
| Operating Margin % | 24.37% | -150.09% | 333.98% | 210.14% | 186.03% | 216.97% | 388.03% | 33.22% | -67.35% | -146.57% |
| Net Margin % | -36.88% | -1017.15% | -44.39% | 81.98% | 941.43% | 117.18% | 305.03% | 13.68% | 50.98% | 61.53% |
| ROE % | -4.77% | -108.70% | -7.07% | 15.86% | 103.80% | 7.35% | 9.43% | 1.64% | 5.47% | 3.45% |
| ROCE % | 0.99% | -42.70% | 5.16% | 6.89% | 34.22% | 4.72% | 4.33% | 1.36% | 1.55% | 1.72% |
| -1.48% | -26.49% | -0.77% | 1.74% | 22.51% | 2.36% | 3.19% | 0.55% | 1.84% | 1.20% | |
| EFFICIENCY | ||||||||||
| Debtor Days | 143 | 166 | 117 | 65 | 44 | 60 | 98 | 71 | 125 | 195 |
| Inventory Days | 233 | 340 | 433 | 286 | 149 | 144 | 270 | 64 | 82 | 169 |
| Payable Days | 234 | 517 | 557 | 62 | 65 | 168 | 257 | 27 | 168 | 994 |
| 142 | -12 | -7 | 289 | 128 | 36 | 111 | 107 | 39 | -629 | |
| FINANCIAL HEALTH | ||||||||||
| Debt to Equity (x) | 0.46x | 4.83x | 6.02x | 5.53x | 1.81x | 1.73x | 1.59x | 1.56x | 1.48x | 1.43x |
| Interest Coverage (x) | 0.32x | -9.20x | 0.82x | 1.52x | 11.95x | 2.83x | 5.51x | 118.46x | 5461.44x | 24.83x |
| 0.20x | 0.50x | 0.45x | 0.48x | 0.65x | 0.56x | 0.54x | 0.65x | 0.76x | 0.78x | |
| GROWTH | ||||||||||
| Revenue Growth % | -24.56% | -49.63% | -30.72% | 30.57% | 25.33% | -11.00% | -46.40% | 310.26% | -7.13% | -45.37% |
| Operating Profit Growth % | 115.01% | -411.89% | 252.54% | -18.00% | 10.95% | 3.80% | -4.14% | -64.87% | 14.24% | 8.22% |
| Net Profit Growth % | 82.25% | -1297.13% | 97.01% | 340.70% | 1339.24% | -88.92% | 39.52% | -81.60% | 246.04% | -34.07% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 246.02% | -34.07% | |
| VALUATION | ||||||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 62.83x | 106.01x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 3.34x | 3.59x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 104.11x | 105.49x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - HMT Limited has informed the Exchange about Delay/default in the payment of fines/penalties/dues etc. to authority
2026-08-17 - HMT Limited has informed the Exchange regarding Appointment of Shri. Dharmender Varada and Smt. Seema Mishra as Non- Executive Independent Directors of the company w.e.f. August 17, 2026.
2026-08-17 - HMT Limited has informed the Exchange regarding Appointment of Shri. Dharmender Varada and Smt. Seema Mishra as Non- Executive Independent Directors of the company w.e.f. August 17, 2026.
2026-08-17 - Newspaper Publication of Un-audited Financial Results of the Company for the quarter ended 30.06.2026
2026-08-14 - HMT Limited has informed the Exchange regarding Change in Director(s) of the company.
2026-08-14 - HMT Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-29 - HMT Limited has informed the Exchange about General Updates
2026-07-29 - HMT Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
2026-07-27 - HMT Limited has informed the Exchange regarding 'Annual Audited Financial Results-31.03.2026'.
News
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