NSE: HARDWYN · BSE: 541276
HARDWYN INDIA LIMITED
Designs, manufactures and sells architectural hardware and kitchen fittings, which contributed 88.9% of period segment revenue at ₹177.77 crore for the year ending March 2026. An aluminium and allied products line made up the remaining 11.1% at ₹22.09 crore. Total revenue for FY26 stood at ₹199.86 crore against total assets of ₹466.05 crore, with net profit of ₹13.23 crore and an EBITDA margin of 10.88%. The architectural hardware segment earned EBIT of ₹19.37 crore against ₹0.54 crore from aluminium products, making the fittings business the dominant profit driver. Reported cost-line items in the pack include materials at 1.8% of revenue, employee costs at 2.3%, other operating expenses at 1.6%, depreciation at 0.9%, and capex at 1.3%. Listed on NSE and BSE under the consumer durables / Furniture-Home Furnishing classification, the company undertook a 2:5 bonus issue (two bonus shares for every five held) approved by shareholders in July 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Architectural hardware and Kitchen fittings (89%), Aluminium and Allied Products (11%). Consumer durables / Furniture-Home Furnishing manufacturer with a dominant fittings segment and a smaller aluminium line.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 165 | 153 | 185 | 200 |
| EBITDA (ex other income) | 14 | 16 | 18 | 21 |
| margin % | 8.2 | 10.8 | 9.8 | 10.6 |
| Owners' profit | 0 | 0 | 0 | 13 |
| EPS, as reported (₹) | 5.86 | 0.29 | 0.23 | 0.27 |
| ROE % · ROCE % | 2.5 · 3.8 | 2.6 · 4.1 | 2.8 · 4.3 | 3.3 · 4.8 |
| Debt / equity (x) | 0.01 | 0.02 | 0.02 | 0.01 |
| Cash from operations | (1) | 2 | 2 | 7 |
| Capex | (0) | 0 | (1) | (3) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52 | 46 | 46 | 43 | 51 | 49 | 57 | 35 |
| Profit before tax | 6 | 6 | 3 | 5 | 6 | 2 | 5 | 4 |
| Net profit | 4 | 4 | 2 | 4 | 4 | 2 | 3 | 3 |
| EPS (₹) | 0.11 | 0.08 | 0.04 | 0.07 | 0.09 | 0.04 | 0.07 | 0.06 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Architectural hardware and Kitchen fittings | 84 | 79.2 |
| Aluminium and Allied Products | 22 | 20.8 |
| Total, before eliminations | 106 | 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. % |
|---|---|---|---|---|---|---|---|---|
| SHEELA FOAM LIMITED | 6,579 | 30.7 | 2.02 | 16.4 | 4.9 | 5.0 | 9.4 | 12.7 |
| WAKEFIT INNOVATIONS LTD | 4,307 | 24.0 | 3.81 | — | 16.7 | 6.8 | — | 17.8 |
| RESPONSIVE INDUSTRIES LTD | 4,108 | 40.5 | 2.64 | 17.1 | 9.5 | 9.2 | 13.0 | 13.1 |
| EURO PRATIK SALES LIMITED | 1,808 | 21.0 | 5.64 | 15.9 | 24.1 | 31.2 | — | 28.2 |
| STANLEY LIFESTYLES LTD | 732 | 180.3 | 1.55 | 7.5 | 2.8 | 2.3 | — | 23.0 |
| HARDWYN INDIA LIMITED ◆ | 441 | 34.7 | 1.09 | 20.5 | 3.3 | 4.6 | — | 13.1 |
| AHLADA ENGINEERS LIMITED | 49 | — | 0.35 | — | 0.1 | 0.2 | — | 13.8 |
| PRITI INTERNATIONAL LTD | 42 | 54.6 | 0.59 | — | 1.2 | 1.7 | — | 8.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.7 | 34.7 | 4 of 7 | 50% |
| P/B | 1.1 | 1.8 | 3 of 8 | 71% |
| ROCE | 4.6 | 4.8 | 5 of 8 | 43% |
| ROE | 3.3 | 4.1 | 5 of 8 | 43% |
| Debt / Equity | 0.0 | 0.0 | 4 of 8 | 57% |
| EBITDA margin | 13.1 | 13.5 | 6 of 8 | 29% |
| Revenue growth | (19.4) | (12.1) | 5 of 7 | 33% |
| Profit growth | (22.9) | (53.6) | 3 of 7 | 67% |
| Market cap | 441 | 1270 | 6 of 8 | 29% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · RTA compliance certificate for quarter ending September 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · Hardwyn India gets 3-month extension for holding AGM from ROC | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Trading window closed from Oct 1 for Q2 FY26 results | compliance | minimal | — | — |
| 17 Sept 2026 · Board notes fine of 3.25 lakh rupees for board composition lapse | regulatory legal | high | — | — |
| 16 Sept 2026 · Hardwyn India gets 3-month extension from ROC to hold AGM | regulatory legal | low | — | — |
| 29 Aug 2026 · Hardwyn India appoints Eakam Sayal as Non-Executive Director | management changes | medium | — | — |
| 14 Aug 2026 · Q1 FY27 Results: Revenue and PAT decline year on year | results | high | — | — |
| 14 Aug 2026 · Hardwyn India Q1 FY27 results: revenue and profit decline | results | high | — | — |
| 10 Aug 2026 · Board meeting on Aug 14 to consider Q1 FY27 results | results | low | — | — |
| 5 Aug 2026 · Secretarial Auditor Amit Saxena resigns with immediate effect | management changes | 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.