BSE: 531918
HINDUSTAN APPLIANCES LTD.
Classified under the Trading & Distributors industry by the exchange, the company operates through its registered office in Lower Parel, Mumbai, and holds two wholly-owned subsidiaries — Kshanika Trading Limited and Jogindra Exports Limited — pointing to a trading and export-oriented structure, though the filings do not describe the specific products traded or the counterparties involved. Revenue from operations was Rs. 60.76 lakhs in FY26, marginally below Rs. 62.37 lakhs in FY25. The two subsidiaries together reported nil revenue and a small loss of Rs. 0.33 lakhs for the nine months ended December 2025, indicating the standalone parent is the main revenue contributor. The company slipped to a consolidated net loss of Rs. 5.92 lakhs in FY26 from a profit of Rs. 14.66 lakhs in FY25, and operating cash flows turned negative at Rs. 62.66 lakhs consolidated. Consolidated total assets stood at Rs. 5,088.76 lakhs while borrowings were Rs. 3,600.22 lakhs, leaving the balance sheet heavily geared at a debt-to-equity ratio of 2.4762, and no dividend was declared for FY26. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Trading / distribution activity. Very small, leveraged holding entity over two trading subsidiaries; loss-making in FY26 after a profit in FY25.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (1) | (0) | (0) | (0) | (1) |
| margin % | — | — | — | — | — |
| Owners' profit | (0) | (0) | 0 | 0 | (0) |
| EPS, as reported (₹) | (0.35) | (0.05) | 0.13 | 0.15 | (0.06) |
| ROE % · ROCE % | (2.4) · (2.5) | (0.3) · (0.3) | 0.9 · 0.9 | 1.0 · 1.0 | (0.4) · (0.8) |
| Debt / equity (x) | 2.46 | 2.50 | 2.48 | 2.47 | 2.48 |
| Cash from operations | (0) | 0 | (0) | (0) | (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 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) |
| Net profit | 0 | 0 | 0 | 0 | 0 | 0 | (0) | (0) |
| EPS (₹) | 0.06 | 0.03 | 0.03 | 0.02 | 0.04 | 0.04 | 0.00 | (0.14) |
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. % |
|---|---|---|---|---|---|---|---|---|
| REDINGTON LIMITED | 30,566 | 18.0 | 2.93 | 14.2 | 12.3 | 15.7 | 15.9 | 2.2 |
| MMTC LIMITED | 8,487 | 19.0 | 4.00 | 18.1 | 18.3 | 21.6 | (83.7) | 18426.5 |
| MSTC LIMITED | 4,573 | 19.5 | 5.06 | 13.5 | 24.2 | 31.8 | (13.9) | 86.5 |
| CREATIVE NEWTECH LIMITED | 1,734 | 26.6 | 4.48 | 19.7 | 18.1 | 21.0 | — | 5.2 |
| Pervasive Commodities Limited | 1,133 | — | 12.59 | — | (0.0) | (0.0) | — | 45.0 |
| The Yamuna Syndicate Ltd | 817 | 9.0 | 0.63 | 205.7 | 4.0 | 0.3 | 4.8 | 6.2 |
| SHIV AUM STEELS LIMITED | 751 | 66.1 | 6.22 | 47.8 | 6.0 | 6.9 | — | 4.9 |
| THE STATE TRADING CORPN | 638 | 1.0 | — | 51.7 | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 6.1 | 1.0 | 138 of 150 | 8% |
| ROCE | (0.8) | 2.1 | 139 of 177 | 22% |
| ROE | (0.4) | 2.3 | 121 of 158 | 24% |
| Debt / Equity | 2.5 | 0.1 | 142 of 154 | 8% |
| Profit growth | (687.0) | 0.6 | 148 of 157 | 6% |
| Market cap | 89 | 22 | 43 of 179 | 76% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · Promoter pledges 65.65% of total shares in Hindustan Appliances | ownership changes | critical | — | — |
| 13 Oct 2026 · 65.65% of Hindustan Appliances shares pledged with CTL Trusteeship | ownership changes | medium | — | — |
| 7 Oct 2026 · Hindustan Appliances files quarterly demat certificate under SEBI Reg 74(5) | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 ahead of Q2 results declaration | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Company Reports Net Loss | results | high | — | — |
| 13 Aug 2026 · Hindustan Appliances Q1 FY27 Results: Loss of Rs 13.61 Lakh Reported | results | high | — | — |
| 5 Aug 2026 · Board meeting on 13 Aug to approve Q1 FY27 results | results | low | — | — |
| 31 Jul 2026 · AGM 2026 Results: All Three Resolutions Passed Unanimously | board shareholder meetings | low | — | — |
| 30 Jul 2026 · 42nd AGM held on 30 July 2026 - proceedings and resolutions | board shareholder meetings | low | — | — |
| 30 Jul 2026 · 42nd AGM proceedings held on 30 July 2026 | board shareholder meetings | 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.