BSE: 506024
HARIYANA VENTURES LIMITED
Trades in iron and steel products as its sole business line, listed on BSE under the former name Hariyana Metals Limited. Trading revenue is erratic — several quarters in FY26 and Q1 FY27 recorded nil revenue from operations, with activity concentrated in Q4 FY26. FY26 swung from a net loss the previous year to a net profit, driven more by reduced expenses and tax adjustments than by trading volume. The reported cost mix shows materials at 0% of revenue, employee costs at 3.7%, other operating expenses at 18%, and depreciation at 5%, with nil capex. By FY26 end, long-term borrowings were fully repaid. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Iron and steel trading. Very small, single-segment iron and steel trader with lumpy, intermittent revenue
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 7 | 3 | 1 | 1 |
| EBITDA (ex other income) | (0) | (0) | (1) | 0 | 1 |
| margin % | (5.0) | (4.9) | (43.0) | 56.3 | 78.3 |
| Owners' profit | (0) | (0) | (1) | (0) | 0 |
| EPS, as reported (₹) | (7.81) | (4.31) | (14.69) | 5.62 | 7.69 |
| ROE % · ROCE % | (14.9) · (9.7) | (9.0) · (4.2) | (43.7) · (35.3) | (19.5) · 15.9 | 18.4 · 25.6 |
| Debt / equity (x) | 0.69 | 1.55 | 1.38 | 0.37 | 0.00 |
| Cash from operations | 1 | (1) | 1 | (1) | 1 |
| Capex | 0 | 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 | 1 | 0 | 0 | 0 | 0 | 1 |
| Profit before tax | (0) | (0) | 0 | (0) | (0) | 0 | (0) | 1 |
| Net profit | (0) | (1) | 0 | 0 | (0) | 0 | (0) | 0 |
| EPS (₹) | (2.06) | (15.74) | 8.24 | 2.92 | (0.88) | 1.82 | (0.12) | 6.86 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| ROCE | 25.3 | 9.1 | 8 of 115 | 94% |
| ROE | 18.4 | 8.6 | 11 of 103 | 90% |
| Debt / Equity | 0.0 | 0.2 | 17 of 101 | 83% |
| EBITDA margin | 98.5 | 11.0 | 5 of 100 | 96% |
| Profit growth | 135.2 | 29.3 | 21 of 105 | 81% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper publication of quarter and half-year results to September 30, 2026 | compliance | minimal | — | — |
| 27 Oct 2026 · No deviation in use of IPO proceeds for September 2026 quarter | compliance | minimal | — | — |
| 27 Oct 2026 · September 2026 results: sharp revenue decline and losses | results | medium | — | — |
| 27 Oct 2026 · Quarterly PAT loss of Rs 2.40 lakh; cash falls to Rs 5 lakh | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Board to review September 2026 quarterly and half-year results | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Routine compliance filing - quarterly dematerialization certificate for Sept 2026 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed for Q2 FY26 results announcement | compliance | minimal | — | — |
| 26 Sept 2026 · 51st AGM Results: All 4 Resolutions Passed at Hariyana Ventures | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 51st AGM held; remuneration revision and director reappointment approved | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Hariyana Ventures publishes notice of 51st AGM in newspapers | compliance | minimal | — | — |
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.