BSE: 539176
Hawa Engineers ltd.
Manufactures industrial valves and earns its revenue from the sale of these products to industrial buyers. The filings explicitly describe it as "an industrial valves maker" operating from Ahmedabad. For FY26, total revenue from operations stood at Rs 114.04 crore, with quarterly run-rates visible in recent disclosures — Rs 26.13 crore in Q1 FY27 and Rs 31.40 crore in Q3 FY26. Profitability improved in FY26, with net profit of Rs 2.65 crore on an EBITDA margin of about 6.4%. The cost structure is dominated by materials at 69.9% of revenue, while employees account for 4.2%, other operating expenses for 19.6%, depreciation for 0.7% and capex for 0.3%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Industrial valves. Small, materials-heavy industrial valves manufacturer
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 73 | 102 | 120 | 121 | 114 |
| EBITDA (ex other income) | 3 | 4 | 6 | 6 | 7 |
| margin % | 4.2 | 4.1 | 4.7 | 4.7 | 5.9 |
| Owners' profit | 1 | 1 | 2 | 2 | 3 |
| EPS, as reported (₹) | 3.13 | 0.20 | 5.10 | 4.53 | 7.51 |
| ROE % · ROCE % | 7.0 · 12.9 | 4.3 · 14.7 | 9.9 · 17.4 | 8.1 · 17.5 | 11.8 · 19.7 |
| Debt / equity (x) | 1.02 | 1.06 | 1.05 | 0.82 | 0.97 |
| Cash from operations | (6) | 2 | 0 | 7 | 4 |
| Capex | (0) | (1) | (1) | (1) | (0) |
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 | 35 | 26 | 32 | 25 | 32 | 31 | 26 | 24 |
| Profit before tax | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Net profit | 1 | 0 | 1 | 0 | 1 | 1 | 1 | 1 |
| EPS (₹) | 2.66 | 0.52 | 1.50 | 1.36 | 10.00 | 1.97 | 1.60 | 1.84 |
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. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.0 | 26.7 | 12 of 130 | 92% |
| P/B | 1.2 | 3.1 | 25 of 112 | 78% |
| ROCE | 10.9 | 11.3 | 74 of 142 | 48% |
| ROE | 11.8 | 9.8 | 40 of 113 | 65% |
| Debt / Equity | 1.0 | 0.2 | 100 of 113 | 12% |
| EBITDA margin | 8.1 | 12.4 | 80 of 110 | 28% |
| Revenue growth | (3.2) | 20.6 | 86 of 114 | 25% |
| Profit growth | 35.3 | 17.1 | 46 of 109 | 58% |
| Market cap | 27 | 273 | 121 of 141 | 14% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 17 Oct 2026 · Routine compliance certificate for dematerialization of shares | compliance | minimal | — | — |
| 8 Oct 2026 · Inter-se gift transfer of 5.95% promoter group shares | ownership changes | medium | — | — |
| 8 Oct 2026 · Hawa Engineers promoters receive 5.95% shares via inter-se gift transfer | ownership changes | low | — | — |
| 7 Oct 2026 · Promoter Aslam Kagdi acquires 1.98% via inter-se gift transfer | ownership changes | medium | — | — |
| 7 Oct 2026 · Hawa Engineers promoter Jamilabibi Kagdi gifts 5.95% stake to family members | ownership changes | high | — | — |
| 7 Oct 2026 · Promoter Aslam Kagdi acquires 1.98% stake via inter-se gift transfer | ownership changes | medium | — | — |
| 7 Oct 2026 · Promoter Asad Kagdi acquires 1.98pct via inter-se gift transfer | ownership changes | medium | — | — |
| 7 Oct 2026 · Promoter Asad Kagdi acquires 1.98 percent stake via gift from promoter group | ownership changes | medium | — | — |
| 7 Oct 2026 · Hawa Engineers promoter Aslam Kagdi acquires 1.98 percent via inter-se gift transfer | ownership changes | low | — | — |
| 7 Oct 2026 · Promoter Aslam Kagdi gets 1.98% stake via gift from promoter group member | 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.