BSE: 530315
HINDUSTAN TIN WORKS LTD.
Operates a manufacturing business in the industrial packaging segment that accounts for nearly all of its FY26 revenue of Rs 420.4757 crore, with a residual trading line that contributes negligible sales. Manufacturing revenue ran at Rs 119.1784 crore in Q1 FY26, Rs 116.8174 crore in Q2, Rs 87.6261 crore in Q3, and Rs 95.989 crore in Q4, summing to Rs 419.6109 crore for the year on the segmental break-up. The company's regulatory interactions are centred on Sonipat, Haryana (where it has received multiple GST and entry-tax orders from the local Excise and Taxation Officer), while its corporate office is in Jasola, New Delhi. Materials are the dominant input cost at 74.6% of revenue, followed by employee costs at 10.3%, other operating expenses at 8.4%, depreciation at 2.5% and capex at 4.9% of revenue. EBITDA margin came in at 7.5331% in FY26 and net profit was Rs 8.314 crore against total assets of Rs 353.8313 crore. The company is classified as a SEBI Large Corporate and has faced routine entry-tax and GST proceedings in Haryana for various assessment years, none of which it states have materially affected operations. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (100%), Trading. Single-segment industrial packaging manufacturer, materials-heavy cost structure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 409 | 465 | 419 | 406 | 420 |
| EBITDA (ex other income) | 32 | 31 | 29 | 26 | 27 |
| margin % | 7.8 | 6.8 | 6.9 | 6.5 | 6.4 |
| Owners' profit | 15 | 16 | 17 | 12 | 8 |
| EPS, as reported (₹) | 14.30 | 11.29 | 16.28 | 16.28 | 8.52 |
| ROE % · ROCE % | 8.5 · 14.4 | 8.7 · 14.1 | 8.3 · 12.7 | 5.7 · 8.8 | 3.7 · 8.1 |
| Debt / equity (x) | 0.47 | 0.39 | 0.40 | 0.36 | 0.32 |
| Cash from operations | 26 | 36 | 19 | 56 | 37 |
| Capex | (13) | (22) | (22) | (45) | (21) |
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 | 107 | 110 | 89 | 101 | 119 | 117 | 88 | 96 |
| Profit before tax | 2 | 6 | 4 | 5 | 4 | 2 | 3 | 2 |
| Net profit | 2 | 4 | 3 | 3 | 3 | 2 | 2 | 1 |
| EPS (₹) | 1.44 | 3.62 | 3.08 | 3.05 | 2.53 | 1.69 | 2.45 | 1.85 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Primary Segment (Business) - Manufacturing | 420 | 98.7 |
| Trading | 1 | 0.2 |
| Unallocated | 5 | 1.1 |
| Total, before eliminations | 425 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| EPL LIMITED | 6,871 | 14.1 | 2.40 | 7.5 | 13.7 | 13.6 | 9.0 | 19.1 |
| AGI GREENPAC LIMITED | 4,627 | 12.8 | 1.92 | 7.0 | 14.6 | 16.5 | — | 23.4 |
| UFLEX LIMITED | 4,203 | 6.2 | 0.52 | 6.7 | 3.9 | 2.7 | 11.6 | 17.1 |
| TCPL PACKAGING LIMITED | 3,722 | 32.2 | 5.18 | 14.1 | 13.6 | 13.0 | 15.4 | 17.8 |
| JINDAL POLY FILMS LIMITED | 2,951 | 144.3 | 0.72 | 10.1 | 0.6 | 0.8 | 8.5 | 23.0 |
| POLYPLEX CORPORATION LTD | 2,899 | 18.7 | 0.41 | 8.0 | 0.6 | 0.3 | 7.6 | 14.3 |
| XPRO INDIA LIMITED | 2,360 | 71.5 | 2.96 | 51.2 | 2.4 | 2.8 | 6.2 | 11.4 |
| COSMO FIRST LIMITED | 1,923 | 11.4 | 1.19 | 7.2 | 9.6 | 6.4 | 9.8 | 12.6 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.4 | 16.2 | 20 of 64 | 70% |
| P/B | 0.5 | 1.3 | 6 of 61 | 92% |
| ROCE | 4.4 | 6.9 | 40 of 68 | 42% |
| ROE | 3.7 | 6.8 | 38 of 61 | 38% |
| Debt / Equity | 0.3 | 0.4 | 27 of 61 | 57% |
| EBITDA margin | 7.5 | 12.1 | 46 of 62 | 26% |
| Revenue growth | (4.5) | 14.0 | 47 of 61 | 23% |
| Profit growth | (58.6) | 23.4 | 47 of 60 | 22% |
| Market cap | 110 | 118 | 38 of 73 | 49% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board meeting set for November 2026 results | results | low | — | — |
| 7 Oct 2026 · Compliance certificate for share dematerialization for Q2 FY2027 | compliance | minimal | — | — |
| 1 Oct 2026 · 68th AGM voting results filed with BSE | board shareholder meetings | medium | — | — |
| 30 Sept 2026 · Promoter group holding rises to 41.64 percent in Hindustan Tin Works | ownership changes | medium | — | — |
| 29 Sept 2026 · 68th AGM: All 5 resolutions passed with over 99.99% approval | compliance | minimal | — | — |
| 29 Sept 2026 · 68th AGM held; Rs 0.75 per share dividend declared; all resolutions passed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed for Q2 FY27 results | compliance | minimal | — | — |
| 9 Sept 2026 · Company informs BSE about physical-share dematerialisation notice | compliance | minimal | — | — |
| 8 Sept 2026 · Special window for transfer and dematerialisation of physical shares | compliance | minimal | — | — |
| 3 Sept 2026 · 68th AGM notice published in newspapers; meeting on Sep 29, 2026 | 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.