MarketFriction

Hardwyn India Ltd

NSE HARDWYN · BSE 541276 · Furniture, Home Furnishing
₹9.19 -0.22%
NSE close2026-10-01
52 week range7.61 - 20.20
Market cap₹631 Cr.
P/E52.9
Price band 20% Delivery 48.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Standalone, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Revenue from operations36.3435.0636.9430.9039.8734.4936.3031.9543.1438.5646.4130.08
Operating costs34.2728.7031.1328.6633.9328.2133.4826.5036.7035.7540.8225.85
EBITDA2.076.365.812.245.946.282.825.456.442.815.594.23
EBITDA margin %5.70%18.14%15.73%7.25%14.90%18.21%7.77%17.06%14.93%7.29%12.04%14.06%
Depreciation & amortisation0.060.130.870.400.410.410.420.380.410.420.470.45
Finance costs0.190.510.290.160.150.580.280.170.190.230.490.21
Non-operating income0.080.070.150.030.090.260.360.050.030.140.320.03
Pre-tax profit1.905.794.801.715.475.552.484.955.872.304.953.60
Effective tax rate %28.95%29.19%31.46%29.24%29.25%29.01%30.24%29.09%29.13%28.70%30.91%24.44%
Profit after tax1.354.113.301.203.873.941.743.514.151.643.422.72
Earnings per share (Rs)0.020.060.050.020.060.060.030.050.060.020.050.04
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Revenue from operations1842125784124135141160158
Operating costs1842115579111119124140139
EBITDA000251316172019
EBITDA margin %0.6%0.6%4.2%3.6%6%11%12%12%13%12%
Depreciation & amortisation0000001222
Finance costs0000111111
Non-operating income0000010111
Pre-tax profit000251314151817
Effective tax rate %20%25%31%27%28%29%30%29%30%
Profit after tax00023910111312
Earnings per share (Rs)0.000.000.000.040.090.130.140.160.190.17
Paid out as dividend %0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Revenue CAGR%23%9%11%
Profit CAGR%53%12%-9%
Share price CAGR%36%-22%6%
Average return on equity%3%3%3%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Net block (property, plant)000011544
Capital work in progress000000000
Investments00000348348348348
Current & other assets917133956609097100
Total assets917133957409443449452
Share capital71010101026354949
Reserves & surplus00025346347344357
Total debt0605759106
Other liabilities & provisions213223532524740
Equity + liabilities917133957409443449452
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating cash flow-7-96-4-04217
Investing cash flow-0-0-0-0-1-0-5-1-2
Free cash flow (after capex)-7-96-4-13-315
Financing cash flow79-651-33-1-4
Net change in cash0-00100000
Cash conversion (OCF / EBITDA) %-6,830%-3,775%1,298%-146%22%56%41%35%61%
Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Return on capital employed %2%3%17%27%7%4%4%5%
Receivable days17814829113513262848289
Inventory days1066971113152173126
Payable days45831461639714310888
Cash cycle (days)13414821458407893147127
Working capital days1398832669586476101116
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Jul 2026
Promoter group %43.77%43.77%43.77%43.77%43.77%43.77%43.77%43.77%43.77%43.77%43.77%43.77%
Foreign investors %0.46%0.46%0.46%0.48%0.07%0.91%0.01%0.01%0.63%0.64%0.22%0.31%
Government %0.00%0.00%0.00%0.00%0.46%0.46%0.46%0.46%0.46%0.46%0.46%0.46%
Retail & others %55.75%55.76%55.77%55.75%55.70%54.86%55.77%55.75%55.13%55.12%55.54%55.45%
Shareholder count23,74332,19434,48036,43659,25060,24058,40755,80353,04849,21846,80451,182

Fundamentals

Market value₹ 631 Cr.
Last price₹ 9.26
P/E (trailing)52.9
Book value / share₹ 5.93
Return on capital4.70 %
Return on equity3.18 %
Dividend yield0.00 %
Face value₹ 1.00
Revenue CAGR (TTM)11%
Profit CAGR (TTM)-9%
Standalone figures.
Valuation
Market capRs 449 Cr
Enterprise valueRs 457 Cr
P/E (TTM)37.63x
Price to book1.14x
Price to sales2.84x
EV / EBITDA23.31x
EV / EBIT25.60x
EV / sales2.89x
Price to cash flow318.35x
Earnings yield2.66%
P/E, 3-year average33.37x
P/B, 3-year average0.87x
P/E, 5-year average20.40x
P/B, 5-year average0.59x
Profitability
Operating margin (excl. other income)12.25%
Operating margin (incl. other income)12.77%
EBITDA margin12.38%
Pre-tax margin10.57%
Net profit margin7.54%
Net margin, latest quarter9.04%
ROE2.77%
ROCE4.13%
ROA2.41%
ROE, 3-year average3.34%
ROCE, 3-year average4.96%
ROA, 3-year average2.86%
ROE, 5-year average9.76%
ROCE, 5-year average11.84%
ROA, 5-year average4.32%
ROIC (approx.)3.15%
Tax rate29.30%
Other income / net worth0.19%
Growth
Sales growth (latest year)4.41%
Profit growth (latest year)10.26%
Sales CAGR, 3 years18.87%
Sales CAGR, 5 years65.02%
Profit CAGR, 3 years46.63%
Profit CAGR, 5 years154.85%
Sales growth QoQ-35.19%
Profit growth QoQ-20.47%
Sales growth YoY (latest quarter)-5.85%
Profit growth YoY (latest quarter)-22.51%
Per share
EPS (TTM)Rs 0.24
EPS (latest year)Rs 0.22
EPS (latest quarter)Rs 0.06
EPS, 3-year averageRs 1.32
EPS, 5-year averageRs 1.76
Book value per shareRs 8.05
Sales per shareRs 3.24
Cash flow per shareRs 0.03
Efficiency
Asset turnover0.31x
Fixed asset turnover36.46x
Inventory turnover2.20x
Inventory days166 days
Debtor days82 days
Debtors turnover4.48x
Leverage
Total debtRs 10 Cr
Cash and bankRs 2 Cr
Net debtRs 8 Cr
Debt to equity0.02x
Net debt / EBITDA0.40x
Interest coverage15.93x
Owners' fund to total sources87.50%
Debt to assets2.15%
Cash flow
Operating cash flow (latest year)Rs 1 Cr
Investing cash flow (latest year)Rs -1 Cr
Financing cash flow (latest year)Rs -1 Cr
Net change in cash (latest year)Rs 0 Cr
Sales to cash flow100.07x
Statement figures
Net sales (TTM)Rs 158 Cr
Net sales (latest year)Rs 141 Cr
Sales (latest quarter)Rs 30 Cr
Operating profit excl. other income (latest year)Rs 17 Cr
Operating profit (latest quarter)Rs 4 Cr
Other income (TTM)Rs 1 Cr
EBITDA (TTM)Rs 20 Cr
PBDT (TTM)Rs 18 Cr
Profit before tax (TTM)Rs 17 Cr
Tax (latest year)Rs 4 Cr
Net profit (TTM)Rs 12 Cr
Net profit (latest year)Rs 11 Cr
Net profit (latest quarter)Rs 3 Cr
Depreciation (TTM)Rs 2 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 1 Cr
Cost of goods sold (latest year)Rs 119 Cr
Total expenditure (latest year)Rs 124 Cr
Total income (latest year)Rs 142 Cr
Share capitalRs 49 Cr
ReservesRs 344 Cr
Shareholders' fundsRs 393 Cr
Total assetsRs 449 Cr
Net blockRs 4 Cr
InvestmentsRs 348 Cr
ReceivablesRs 32 Cr
InventoryRs 54 Cr
Other liabilitiesRs 47 Cr
Shares outstanding (crore)48.84
Computed by MarketFriction from the standalone statements. Returns use average balances.
P/E 37.6 is at the 11th percentile of its own 4.7-year range (median 110.3, low 31.9, high 393.9).
P/B 1.14 is at the 2th percentile (median 4.49).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHARDWYNNifty 50Difference
1 week-0.6%-2.8% +2.1 pts
1 month+1.8%-6.8% +8.6 pts
3 months-48.0%-7.6% -40.4 pts
6 months-36.0%+0.4% -36.5 pts
1 year-0.6%-9.9% +9.3 pts
2 years-60.4%-13.6% -46.8 pts
3 years-52.2%+14.2% -66.4 pts
5 years+361.8%+27.9% +333.9 pts

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was 24% of net profit over the last 3 years
explainShare dilution Share count up 0% in a year, 71% in three
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹30 Cr -5.9% vs Jun 2025. Net profit ₹3 Cr -22.5%.
Against our estimate for Jun 2026: sales -21.4%, profit -16.4% in line. Our estimate for Sep 2026: sales Rs 48 Cr, profit Rs 4 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-28Bonus 2:50.7143
2024-12-27Bonus 2:50.7143
2024-12-11Annual General Meeting
2023-09-22Annual General Meeting
2023-06-05Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share0.1000
2023-06-05Bonus 1:30.7500
2022-09-22Annual General Meeting
2022-07-25Bonus 1:20.6667
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
High low price variation greater than 100perc in previous 6 monthsHigh low price variation greater than 150perc in previous 12 monthsHigh low price variation greater than 75perc in previous 3 monthsScrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Hardwyn India Ltd?

Hardwyn India Ltd (HARDWYN) has a market capitalisation of Rs 631 Cr. at the 2026-10-01 close.

What is the P/E ratio of Hardwyn India Ltd?

Hardwyn India Ltd trades at a P/E of 52.9 on trailing twelve-month profit, at the 2026-10-01 close.

What were Hardwyn India Ltd's latest quarterly results?

In the Jun 2026 quarter, Hardwyn India Ltd sales was Rs 30 Cr (-5.9% vs Jun 2025) and net profit was Rs 3 Cr.

What is the 52-week high and low of Hardwyn India Ltd?

The 52-week high is Rs 20.20 and the 52-week low is Rs 7.61.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03