NSE: HINDWAREAP · BSE: 542905
HINDWARE HME INOVATON LTD
Manufactures and sells home building products and consumer appliances, with almost nine-tenths of FY26 segment revenue coming from Building Products (Bathware plus PVC Pipes) and the remainder from Consumer Appliances. The Building Products segment recorded ₹2,193.4 crore and the Consumer Appliances segment ₹318.07 crore for the year ended 31 March 2026. Within Building Products, the Bathware line (sanitary ware, faucets, tiles) was the largest contributor at ₹1,520 crore, up 10% year-on-year, while Pipes delivered ₹673 crore. Consumer Appliances, including kitchen appliances, water heaters and related products, recorded ₹317 crore in FY26 and was loss-making at the segment EBIT level. The single largest input cost is materials at 28.5% of revenue, with PVC resin a key exposure for Pipes — the price moved from ₹68 to ₹114/kg in March 2026 and disrupted Q4. The Roorkee Pipes plant became operational from January 2026 and is expected to add meaningful volume from H2 FY27. The company is also undergoing a demerger into two listed entities, pending NCLT sanction. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Building Products (87%), Consumer appliances business (13%), Others (0%). Multi-product consumer durables business covering Bathware, Pipes and Consumer Appliances, with material cost exposure and a capital expenditure base of 5.1% of revenue.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,294 | 2,873 | 2,800 | 2,523 | 2,510 |
| EBITDA (ex other income) | 276 | 246 | 238 | 113 | 145 |
| margin % | 12.0 | 8.6 | 8.5 | 4.5 | 5.8 |
| Owners' profit | 0 | 57 | 26 | 68 | (40) |
| EPS, as reported (₹) | 27.90 | 7.96 | 3.56 | (8.78) | (4.74) |
| ROE % · ROCE % | 38.3 · 33.2 | 9.9 · 15.1 | 4.6 · 12.6 | (8.7) · 2.3 | (5.3) · 5.2 |
| Debt / equity (x) | 0.27 | 1.22 | 1.38 | 0.92 | 0.95 |
| Cash from operations | 226 | 221 | 241 | 192 | 258 |
| Capex | (40) | (196) | (183) | (202) | (128) |
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 | 630 | 594 | 699 | 531 | 676 | 640 | 663 | 625 |
| Profit before tax | (15) | (16) | (28) | (40) | 15 | 6 | 11 | 7 |
| Net profit | (16) | (18) | (31) | (29) | 5 | 4 | (19) | 4 |
| EPS (₹) | (2.16) | (2.28) | (3.70) | (3.48) | 0.59 | 0.42 | (2.27) | 0.52 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consumer appliances business | 318 | 12.7 |
| Building Products | 583 | 23.2 |
| Building products | 1,611 | 64.1 |
| Total, before eliminations | 2,511 | 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. % |
|---|---|---|---|---|---|---|---|---|
| CERA SANITARYWARE LTD | 5,736 | 23.4 | 4.19 | 16.0 | 18.2 | 20.8 | 9.5 | 17.3 |
| HINDWARE HME INOVATON LTD ◆ | 1,439 | — | 1.93 | 11.8 | (5.3) | (0.7) | 7.2 | 8.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/B | 1.9 | 2.2 | 89 of 189 | 53% |
| ROCE | (0.7) | 7.0 | 194 of 219 | 12% |
| ROE | (5.3) | 5.8 | 173 of 189 | 9% |
| Debt / Equity | 0.9 | 0.2 | 171 of 190 | 10% |
| EBITDA margin | 8.8 | 9.3 | 103 of 193 | 47% |
| Revenue growth | 17.7 | 16.4 | 92 of 189 | 52% |
| Profit growth | 115.0 | 16.8 | 32 of 183 | 83% |
| Market cap | 1439 | 223 | 77 of 228 | 67% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 16 Oct 2026 · NCLT sanctions demerger and amalgamation scheme of Hindware Home Innovation | regulatory legal | high | — | — |
| 7 Oct 2026 · Hindware Home Innovation: Reg 74(5) compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Subsidiary gets Rs 1.27 cr VAT demand from Kerala tax dept | regulatory legal | high | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY26 Results | compliance | minimal | — | — |
| 8 Sept 2026 · CRISIL assigns Below average ESG rating of 48 to company | credit debt | medium | — | — |
| 19 Aug 2026 · AGM 2026 voting results: All 4 resolutions passed with over 99 percent approval | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Hindware Home Innovation 9th AGM proceedings filed, voting results to follow | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY26 financial results | compliance | minimal | — | — |
| 12 Aug 2026 · Hindware Home Innovation Q1 FY27 results: PAT turns positive at Rs 4.35 cr | results | high | — | — |
| 12 Aug 2026 · Q1 FY27 results: revenue up 18 percent YoY, PAT at Rs 5.21 cr | results | high | — | — |
How to read this document
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|---|---|---|
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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.