BSE: 500500
HINDUSTAN MOTORS LTD.
Once a passenger car manufacturer (maker of the Hindustan Ambassador), the company has had no manufacturing operations since suspending work at its Uttarpara plant in May 2014. Revenue from operations is now limited to minor scrap sales, with effectively zero operating revenue in several recent quarters. Total income of Rs. 1,226 lakh in FY26, down from Rs. 2,438 lakh in FY25, was propped up by other income, including a Rs. 361.73 lakh write-back of old municipal tax liabilities. The West Bengal government resumed and took physical possession of 395 acres of the Uttarpara factory land after the Supreme Court dismissed the company's appeal in July 2025, leading to an exceptional write-off of Rs. 835 lakh of property, plant and equipment during FY26. The statutory auditor KAMG & Associates has flagged material uncertainty about the company's ability to continue as a going concern. The company remains debt-free on financial borrowings, has reduced accumulated losses from Rs. 25,218 lakh (FY17) to Rs. 10,752 lakh (FY25), and is exploring new business or technology partners to utilise its remaining assets. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Scrap sales, Other income. Non-operating former passenger car manufacturer, essentially a shell exploring new business or technology partners
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 3 | 2 | 0 |
| EBITDA (ex other income) | 6 | (4) | (1) | (3) | (12) |
| margin % | — | — | (36.0) | (139.1) | — |
| Owners' profit | 19 | 0 | 25 | 16 | (0) |
| EPS, as reported (₹) | 0.89 | 0.00 | 1.22 | 0.75 | 0.00 |
| ROE % · ROCE % | (204.2) · (335.1) | (0.6) · 15.2 | 155.6 · 133.7 | 48.8 · 56.6 | (0.1) · (0.1) |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | (4) | 2 | (15) | (27) | 24 |
| 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 | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 8 | 7 | 5 | (1) | 4 | 0 | 0 | (4) |
| Net profit | 8 | 5 | 3 | (1) | 4 | 0 | 0 | (4) |
| EPS (₹) | 0.39 | 0.23 | 0.16 | (0.03) | 0.20 | 0.20 | 0.00 | (0.20) |
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. % |
|---|---|---|---|---|---|---|---|---|
| MARUTI SUZUKI INDIA LTD. | 3,62,943 | 25.3 | 3.39 | 14.1 | 13.7 | 16.8 | 21.1 | 11.8 |
| MAHINDRA & MAHINDRA LTD | 3,45,071 | 17.4 | 3.15 | 11.7 | 17.0 | 11.5 | 21.7 | 19.9 |
| HYUNDAI MOTOR INDIA LTD | 1,51,693 | 30.6 | 7.58 | 15.1 | 27.1 | 32.2 | — | 10.9 |
| TATA MOTORS PASS VEH LTD | 97,137 | — | 0.82 | 7.0 | 69.5 | (1.0) | 6.1 | 7.6 |
| FORCE MOTORS LIMITED | 22,529 | 18.0 | 5.37 | 12.0 | 28.9 | 33.7 | 35.4 | 15.0 |
| OLECTRA GREENTECH LIMITED | 8,073 | 45.6 | 6.55 | 24.0 | 14.6 | 16.8 | 52.4 | 12.2 |
| HINDUSTAN MOTORS LTD. ◆ | 285 | 68.3 | 8.91 | — | (0.1) | (0.2) | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 68.3 | 28.0 | 15 of 16 | 7% |
| P/B | 8.9 | 4.9 | 16 of 17 | 6% |
| ROCE | (0.1) | 10.9 | 16 of 20 | 21% |
| ROE | (0.1) | 14.6 | 14 of 17 | 19% |
| Debt / Equity | 0.0 | 0.6 | 1 of 17 | 81% |
| Profit growth | (504.2) | 16.9 | 16 of 17 | 6% |
| Market cap | 285 | 16718 | 16 of 21 | 25% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 8 Oct 2026 · Compliance Certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Quarterly compliance certificate filed with BSE for Q2 FY27 | compliance | minimal | — | — |
| 23 Sept 2026 · Proceedings of 84th AGM held on 23 Sep 2026 | results | medium | — | — |
| 1 Sept 2026 · Hindustan Motors: 84th AGM newspaper notice published on Sept 1, 2026 | compliance | minimal | — | — |
| 1 Sept 2026 · Annual Report FY26 web link sent to non-registered email shareholders | compliance | minimal | — | — |
| 26 Aug 2026 · Newspaper clippings of 84th AGM notice published on August 26, 2026 | compliance | minimal | — | — |
| 25 Aug 2026 · 84th AGM scheduled for 23 September 2026 via video conferencing | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Annual Report FY26 submitted; 84th AGM on Sept 23, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 25 Aug 2026 · 84th AGM of Hindustan Motors on 23rd September 2026 via video conferencing | 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.