BSE: 509597
HARDCASTLE & WAUD MFG.CO.LTD.
The company operates across three reported segments — Trading, Investments, and Leasing — with FY26 revenue from operations of ₹10.61 crore and net profit of ₹4.93 crore. For the year ended 31 March 2026, the Leasing segment generated ₹1.65 crore, Trading ₹1.07 crore and Investments ₹0.64 crore of segment revenue, while the segment-disclosure total for the period was ₹4.45 crore, pointing to additional unnamed revenue lines within the segment reporting. Materials cost is 0% of revenue and capex was 0% in FY26, indicating the company does not undertake manufacturing despite its specialty chemicals classification. Its main cost lines are other operating expenses (17.8% of revenue), depreciation (7.4%) and employee cost (6.4%). Active real estate management is visible in two FY26 transactions involving units at Sagar Estate, Kolkata — the sale of Unit 7B to a promoter-group company for ₹1.11 crore in March 2026 and board approval to sell Unit 7A in the same building in May 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Leasing, Trading, Investments. Small BSE-listed entity running Trading, Investments and Leasing segments; not a manufacturer despite its name and specialty chemicals classification
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 4 | 5 | 6 | 11 |
| EBITDA (ex other income) | 2 | 2 | 3 | 3 | 6 |
| margin % | 53.6 | 45.1 | 60.2 | 52.0 | 53.7 |
| Owners' profit | 1 | 1 | 3 | 1 | 5 |
| EPS, as reported (₹) | 18.72 | 16.13 | 37.95 | 18.94 | 72.59 |
| ROE % · ROCE % | 3.2 · 4.5 | 2.6 · 3.1 | 5.8 · 6.7 | 2.8 · 5.9 | 9.7 · 10.3 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 3 | (3) | 3 | 1 | (4) |
| Capex | (1) | (1) | 0 | 0 | 0 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 1 | 1 | 2 | 2 | 2 | 3 | 3 |
| Profit before tax | 1 | 0 | 1 | 0 | 1 | 1 | 2 | 2 |
| Net profit | 1 | (1) | 1 | 0 | 1 | 1 | 1 | 2 |
| EPS (₹) | 16.81 | (8.15) | 9.03 | 1.26 | 11.34 | 10.37 | 20.78 | 30.10 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Trading | 3 | 26.4 |
| Investments | 4 | 42.0 |
| Leasing | 3 | 31.6 |
| Total, before eliminations | 11 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.8 | 23.1 | 12 of 99 | 89% |
| P/B | 1.0 | 2.8 | 13 of 99 | 87% |
| ROCE | 10.3 | 10.1 | 50 of 106 | 53% |
| ROE | 9.7 | 8.1 | 45 of 99 | 55% |
| Debt / Equity | 0.0 | 0.2 | 1 of 99 | 86% |
| EBITDA margin | 57.9 | 15.5 | 1 of 99 | 100% |
| Revenue growth | 89.5 | 24.4 | 9 of 94 | 91% |
| Profit growth | 2294.6 | 55.1 | 1 of 92 | 100% |
| Market cap | 53 | 699 | 89 of 108 | 18% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 23 Oct 2026 · Board meeting set for October 30, 2026 results | results | low | — | — |
| 12 Oct 2026 · Routine compliance filing: RTA certificate for Q2 FY2027 dematerialisation | compliance | minimal | — | — |
| 1 Oct 2026 · 80th AGM voting results - all 3 resolutions passed | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 80th AGM: All 3 resolutions passed with near-unanimous approval | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Summary of 80th AGM proceedings held on 30 Sept 2026 | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · 80th AGM proceedings - financials adopted, director re-appointed, RPT approved | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 80th AGM on 30 Sep 2026, Annual Report 2025-26 available online | compliance | low | — | — |
| 3 Sept 2026 · Book closure from 29 to 30 September 2026 for 80th AGM | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Annual Report FY26 filed; 80 percent revenue growth; RPT approval sought at AGM | compliance | minimal | — | — |
| 3 Sept 2026 · Hardcastle & Waud 80th AGM notice on Sep 30, 2026; RPT approval sought | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.