BSE: 513039
HINDUSTHAN UDYOG LTD.
Operates as an investment holding company with zero revenue from operations. Standalone earnings come almost entirely from dividends received from associate companies, with Rs 807.33 lakhs paid by associate WPIL Ltd during FY26. Standalone other income (primarily dividends) totalled Rs 1,328.18 lakhs in FY26, and standalone net profit after tax was Rs 844.51 lakhs. On a consolidated basis, profits are driven by the share of profit from associate companies, which contributed Rs 6,646.93 lakhs in FY26, taking consolidated net profit after tax to Rs 6,684.11 lakhs. Named associates include WPIL Ltd, Hindusthan Parsons, Bengal Steel, and Spaans Babcock. Finance costs were Rs 72.40 lakhs in FY26, down from Rs 86.40 lakhs. The company is registered in Kolkata and listed on BSE, with a total voting capital of Rs 6,19,49,960. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Dividend income (standalone), Share of profit from associates (consolidated). Non-operating investment holding company; earnings driven by associate dividends and equity-method profit share
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 8 | 0 | 0 | 0 | 0 |
| EBITDA (ex other income) | (6) | 25 | (4) | (3) | (3) |
| margin % | (80.9) | — | — | — | — |
| Owners' profit | 0 | 0 | 182 | 0 | 0 |
| EPS, as reported (₹) | 57.43 | 159.32 | 293.63 | 88.72 | 107.90 |
| ROE % · ROCE % | 10.7 · (0.9) | 23.1 · 6.4 | 29.7 · 0.1 | 8.2 · 0.3 | 8.6 · 0.2 |
| Debt / equity (x) | 0.01 | 0.08 | 0.02 | 0.01 | 0.01 |
| Cash from operations | (3) | 18 | (5) | (4) | 1 |
| Capex | (0) | (47) | (22) | (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 | 1 | 0 | 0 | 0 | 0 | 0 |
| Net profit | 16 | 24 | 14 | 1 | 10 | 16 | 24 | 17 |
| EPS (₹) | 25.88 | 38.33 | 23.13 | 1.39 | 15.46 | 26.47 | 38.31 | 27.67 |
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) | 0.0 | 26.7 | 1 of 130 | 100% |
| P/B | 0.0 | 3.1 | 1 of 112 | 100% |
| ROCE | 0.2 | 11.3 | 126 of 142 | 11% |
| ROE | 8.6 | 9.8 | 67 of 113 | 41% |
| Debt / Equity | 0.0 | 0.2 | 29 of 113 | 75% |
| Profit growth | 1888.9 | 17.1 | 3 of 109 | 98% |
| Market cap | 2 | 273 | 141 of 141 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 1 Oct 2026 · 79th AGM: All Resolutions Passed With 100% Approval | board shareholder meetings | low | — | — |
| 1 Oct 2026 · 79th AGM: All resolutions passed unanimously | compliance | minimal | — | — |
| 30 Sept 2026 · Proceedings of 79th AGM held on 30 September 2026 | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from 15 Oct 2026 for Q2 and H1 FY27 results | compliance | minimal | — | — |
| 5 Sept 2026 · Newspaper publication of 79th AGM notice | compliance | minimal | — | — |
| 4 Sept 2026 · Book closure 24-30 Sep 2026 for 79th AGM; no dividend for FY26 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Hindusthan Udyog FY26 Annual Report filed, PAT up 29 percent, no dividend | results | high | — | — |
| 4 Sept 2026 · Notice of 79th AGM on September 30, 2026 | board shareholder meetings | low | — | — |
| 17 Aug 2026 · Newspaper publication of Q1 FY26 standalone and consolidated results | compliance | minimal | — | — |
| 13 Aug 2026 · Q1 FY27 Results: Standalone PAT up 147% YoY on tax benefit, consolidated earnings lifted by associates | results | high | — | — |
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.