BSE: 544105
HARSHDEEP HORTICO LIMITED
Manufactures premium planters, garden furniture, shade nets, and 3D-printed pots from three factories in Pune, Delhi, and Bhiwandi, and sells through seven showrooms, distributors, and direct B2B clients across more than 27 Indian states. Revenue is B2B-heavy at 75%, with the Grower Series contributing 42% and Roto Moulded products about 30.66% of FY26 revenue; other lines include Muebles garden furniture, AgriShield shade nets, EcoSeries pots made from agricultural waste blended with recycled plastic, and roto-moulded decorative fountains described as India's first such range. FY26 revenue was ₹68.71 crore, with materials the dominant cost at 75.2% of revenue, employee costs at 8.4%, and other operating expenses at 10.1%. Exports contributed about 2% of revenue, going to markets including the USA, Canada, the Netherlands, the UAE, and the UK. Named B2B clients include Adani, Reliance, Tata, Lodha, Infosys, and Zepto; recent purchase orders include supply of flower pots to Lucknow, Mumbai, and Vizag international airports, and a non-binding letter of intent from Ugaoo Agritech targets about ₹12 crore of orders in FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Grower Series (42%), Roto Moulded (31%), AgriShield shade nets, Muebles garden furniture, EcoSeries pots. Manufacturing-led consumer durables and agri-input products, discretionary in demand and sensitive to polymer raw-material costs.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 48 | 56 | 69 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 4.07 | 6.03 | 7.78 |
| ROE % · ROCE % | — · 25.0 | — · 24.0 | — · 26.3 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (15) | 6 | 4 |
| Capex | — | (5) | (9) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 25 | 25 | 31 | 33 | 36 |
| Profit before tax | 5 | 5 | 6 | 7 | 9 |
| Net profit | — | — | — | — | — |
| EPS (₹) | 2.24 | 2.63 | 3.40 | 3.54 | 4.24 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 13,579 | 21.2 | 3.00 | 11.6 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,108 | 10.7 | 1.40 | 8.4 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,628 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,503 | 14.2 | 2.00 | 9.4 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,301 | 23.5 | 2.09 | 12.9 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,984 | 22.4 | 29.23 | 218.8 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,249 | 21.5 | 2.43 | 13.1 | 11.2 | 14.8 | — | 9.5 |
| GRM OVERSEAS LIMITED | 1,823 | 13.9 | 3.01 | 17.1 | 12.3 | 16.5 | 17.2 | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.4 | 12.3 | 10 of 53 | 83% |
| ROCE | 25.8 | 4.1 | 4 of 67 | 96% |
| Revenue growth | 42.7 | 10.3 | 9 of 51 | 84% |
| Market cap | 143 | 66 | 29 of 69 | 59% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · PMS acquirer buys 19,500 shares of Harshdeep Hortico via open market | ownership changes | medium | — | — |
| 12 Oct 2026 · Routine compliance filing for Q2 FY27 demat holdings certificate | compliance | minimal | — | — |
| 29 Sept 2026 · Please find Attached the Closure of Trading Window. | compliance | minimal | — | — |
| 19 Sept 2026 · AGM results: all 7 resolutions passed; Rs 0.25 dividend declared | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Harshdeep Hortico 4th AGM: 2.5% dividend and director changes approved | board shareholder meetings | low | — | — |
| 9 Sept 2026 · SAST disclosure: Counter Cyclical Investments buys 18,000 shares in Harshdeep Hortico | ownership changes | high | — | — |
| 24 Aug 2026 · Counter Cyclical Investments buys 21,000 Harshdeep Hortico shares | ownership changes | medium | — | — |
| 20 Aug 2026 · Newspaper publication for 4th AGM on 17 September 2026 | compliance | minimal | — | — |
| 20 Aug 2026 · Record Date Set for Final Dividend FY 2025-26 | corporate actions | high | — | — |
| 19 Aug 2026 · AGM Notice on 17 Sept 2026; Dividend and Director Pay Approvals | 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.