NSE: HRYNSHP · BSE: 526931
HARIYANA SHIP BREAKERS L
Dismantles end-of-life vessels at ship-breaking yards in Mumbai and Bhavnagar and recovers ferrous and non-ferrous scrap for resale. The Mumbai yard is the active site, with the Bhavnagar yard reporting negligible revenue in FY26. An Industrial Oxygen & Trading segment sits on the books but generated no revenue in the period. Total segment revenue for FY26 was Rs 14.2828 crore against segment EBIT of Rs 17.4378 crore, an EBIT margin of 122.1%, which indicates that non-operating items contribute the bulk of reported segment profit. The cost base is dominated by depreciation at 31.3% of revenue and other operating expenses at 37.9%, with employee cost at 8.3% and no capex incurred in FY26. Despite the small ship-breaking footprint, total assets stand at Rs 155.2767 crore, and recent auditor filings flag that the majority of these assets are capital contributions to partnership firms and onward loans to director-related entities rather than ship-breaking infrastructure. Listed on BSE only as a micro-cap (script code 526931). AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Ship breaking — Mumbai, Ship breaking — Bhavnagar, Industrial Oxygen & Trading. Cyclical ship-breaking and scrap recovery, with a substantial share of assets parked in partnership firms and related-party loans.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 169 | 54 | 149 | 0 | 3 |
| EBITDA (ex other income) | 3 | 1 | (3) | (1) | (12) |
| margin % | 2.0 | 1.3 | (2.2) | (584.8) | (347.3) |
| Owners' profit | 2 | 0 | 3 | 2 | 0 |
| EPS, as reported (₹) | 2.99 | 6.66 | 5.23 | 2.60 | 0.64 |
| ROE % · ROCE % | 1.3 · 7.6 | 2.9 · 5.4 | 2.2 · 3.4 | 1.1 · 3.9 | 0.3 · 0.4 |
| Debt / equity (x) | 0.03 | 0.16 | 0.10 | 0.11 | 0.03 |
| Cash from operations | (8) | (48) | 2 | (2) | 3 |
| Capex | (1) | (0) | (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 | 0 | 0 | 0 | 0 | 0 | 1 | 2 | 0 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 2 | 8 | (14) |
| Net profit | 0 | 0 | 0 | 0 | 1 | 2 | 7 | (9) |
| EPS (₹) | 0.38 | 0.80 | 0.69 | 0.74 | 1.11 | 3.64 | 11.06 | 15.17 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Mumbai | 14 | 80.3 |
| (b) Bhavnagar | 3 | 19.7 |
| Total, before eliminations | 18 | 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. % |
|---|---|---|---|---|---|---|---|---|
| MAZAGON DOCK SHIPBUIL LTD | 69,914 | 24.5 | 7.00 | 19.9 | 25.8 | 27.9 | 26.3 | 25.8 |
| COCHIN SHIPYARD LIMITED | 29,678 | 43.6 | 5.05 | 25.1 | 12.2 | 15.3 | 12.2 | 23.8 |
| LAXMIPATI ENGINEERING WORKS LI | 229 | 6.8 | — | — | — | 71.8 | — | — |
| HARIYANA SHIP BREAKERS L ◆ | 54 | 2.8 | 0.36 | 33.4 | 0.3 | (1.3) | (52.8) | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 2.8 | 26.5 | 5 of 139 | 97% |
| P/B | 0.4 | 3.0 | 3 of 120 | 98% |
| ROCE | (1.3) | 11.2 | 136 of 151 | 10% |
| ROE | 0.3 | 9.5 | 109 of 121 | 10% |
| Debt / Equity | 0.0 | 0.2 | 33 of 121 | 73% |
| Profit growth | (2149.0) | 17.1 | 117 of 117 | 0% |
| Market cap | 54 | 325 | 116 of 150 | 23% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · RTA submits Regulation 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 10 Oct 2026 · Mother in promoter group to receive 4.14 lakh shares as gift from son | ownership changes | medium | — | — |
| 9 Oct 2026 · Promoter group inter-se gift transfer of 4.14 lakh shares at nil price | ownership changes | medium | — | — |
| 30 Sept 2026 · 45th AGM: All 3 resolutions passed with over 99 percent majority | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Hariyana Ship-Breakers 45th AGM: All three resolutions passed | board shareholder meetings | medium | — | — |
| 28 Sept 2026 · Trading Window Closed Ahead of Q2 FY26 Results | compliance | minimal | — | — |
| 25 Sept 2026 · Inter-se promoter group transfer of 4,14,800 shares via Gift Deed | ownership changes | medium | — | — |
| 25 Sept 2026 · Promoter Rajeev Reniwal acquires 6.73% stake via gift from mother | ownership changes | low | — | — |
| 25 Sept 2026 · Promoter Rajeev Renuwal acquires 6.73 percent stake via gift from mother | ownership changes | medium | — | — |
| 25 Sept 2026 · Promoter group member gets 6.73 percent shares as gift from mother | ownership changes | medium | — | — |
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.