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Hardcastle & Waud Manufacturing Company Q2 FY27 results: net profit up 92.9% to ₹1.35 crore, revenue up 36.1%
Hardcastle & Waud Manufacturing Company Ltd reported standalone Q2 FY27 revenue of ₹3.24 crore and a net profit of ₹1.35 crore. Revenue rose 36.1% from Q2 FY26 and 34.4% from Q1 FY27, while the EBITDA margin increased to 67.9% from 34.1% a year earlier.
Key points
- Q2 FY27 revenue was ₹3.24 crore, up 36.1% from ₹2.38 crore in Q2 FY26.
- EBITDA was ₹2.20 crore, up 171.6% from ₹0.81 crore, with the margin at 67.9%.
- Net profit was ₹1.35 crore, up 92.9% from ₹0.70 crore, and basic EPS was ₹19.88.
- For H1 FY27, revenue was ₹5.64 crore, up 30.3%, while profit before tax was ₹3.46 crore, up 94.4%.
- Leasing revenue rose 203.3% to ₹1.70 crore in Q2 FY27, with segment EBIT of ₹1.44 crore.
How did Hardcastle & Waud Manufacturing Company perform in Q2 FY27?
Hardcastle & Waud Manufacturing Company reported standalone revenue of ₹3.24 crore for Q2 FY27, up 36.1% from ₹2.38 crore in Q2 FY26 and 34.4% from ₹2.41 crore in Q1 FY27. EBITDA rose to ₹2.20 crore from ₹0.81 crore a year earlier, while the margin increased to 67.9% from 34.1% and from 58.3% in the previous quarter.
Profit before tax was ₹2.13 crore, compared with ₹0.73 crore in Q2 FY26 and ₹1.33 crore in Q1 FY27. Net profit increased to ₹1.35 crore from ₹0.70 crore a year earlier and ₹1.07 crore in the previous quarter. Basic EPS was ₹19.88, against ₹10.37 in Q2 FY26 and ₹15.74 in Q1 FY27. The figures are on a standalone basis.
The company reported no exceptional item in Q2 FY27. The filing showed the results as unaudited and approved by the board on 30 October 2026; the limited review report stated that nothing had come to the auditors’ attention that caused them to believe the statement was not prepared in accordance with the applicable accounting standards or contained a material misstatement.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3.24 | 2.41 | 2.38 | +36.1% | +34.4% |
| Other income | 0.13 | 0.12 | 0.12 | +8.3% | +8.3% |
| Total expenses | 1.24 | 1.20 | 1.77 | −29.9% | +3.3% |
| EBITDA | 2.20 | 1.41 | 0.81 | +171.6% | +56.0% |
| EBITDA margin | 67.9% | 58.3% | 34.1% | +33.8 pp | +9.6 pp |
| Profit before tax | 2.13 | 1.33 | 0.73 | +191.8% | +60.2% |
| Tax | 0.78 | 0.26 | 0.03 | +2500.0% | +200.0% |
| Net profit | 1.35 | 1.07 | 0.70 | +92.9% | +26.2% |
| EPS (₹) | 19.88 | 15.74 | 10.37 | +91.7% | +26.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Hardcastle & Waud Manufacturing Company's costs and profit?
Total expenses fell to ₹1.24 crore in Q2 FY27 from ₹1.77 crore in Q2 FY26, a decrease of ₹0.53 crore. Employee cost was lower by ₹0.11 crore, at ₹0.18 crore against ₹0.29 crore, while other expenses fell by ₹0.34 crore to ₹0.34 crore from ₹0.68 crore. Depreciation remained ₹0.20 crore, and there were no finance costs.
Other income increased by ₹0.01 crore to ₹0.13 crore from ₹0.12 crore, while total income rose by ₹0.87 crore to ₹3.37 crore. There was no exceptional item in either quarter. Tax expense increased by ₹0.75 crore to ₹0.78 crore from ₹0.03 crore, which limited the rise in profit after tax to ₹1.35 crore from ₹0.70 crore. The filing did not state why the expense and tax lines changed.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.18 | 0.29 | −0.11 | −37.9% |
| Finance costs | 0 | 0 | 0 | |
| Depreciation | 0.20 | 0.20 | 0 | +0.0% |
| Other expenses | 0.34 | 0.68 | −0.34 | −50.0% |
| Total expenses | 1.24 | 1.77 | −0.53 | −29.9% |
| Other income | 0.13 | 0.12 | +0.01 | +8.3% |
| Tax | 0.78 | 0.03 | +0.75 | +2500.0% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, revenue was ₹5.64 crore, up 30.3% from ₹4.33 crore in H1 FY26. Total income rose 29.4% to ₹5.90 crore from ₹4.56 crore, while profit before tax increased 94.4% to ₹3.46 crore from ₹1.78 crore.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 5.64 | 4.33 | +30.3% |
| Profit before tax | 3.46 | 1.78 | +94.4% |
| Net profit | 2.42 | 1.48 | +63.5% |
| EPS (₹) | 35.61 | 21.71 | +64.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹56.91 crore, compared with ₹53.95 crore at 31 March 2026. Total equity rose to ₹53.20 crore from ₹50.71 crore, while cash declined to ₹0.72 crore from ₹0.81 crore. The company reported no borrowings at either date.
Trade receivables fell to ₹0.15 crore from ₹0.29 crore, while trade payables increased to ₹0.81 crore from ₹0.76 crore. H1 FY27 operating cash flow was ₹4.99 crore, compared with an outflow of ₹0.02 crore in H1 FY26; investing cash flow was an outflow of ₹5.08 crore against ₹0.01 crore, and capital expenditure was ₹1.19 crore against ₹0.35 crore. Financing cash flow was nil in both periods.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 56.91 | 53.95 |
| Total equity | 53.20 | 50.71 |
| Borrowings | 0 | 0 |
| Cash and equivalents | 0.72 | 0.81 |
| Inventories | 0 | 0 |
| Trade receivables | 0.15 | 0.29 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 4.99 | −0.02 |
| Cash from investing | −5.08 | −0.01 |
| Cash from financing | 0 | 0 |
| Capital expenditure | 1.19 | 0.35 |
Source: Company's results filing (XBRL).
How has Hardcastle & Waud Manufacturing Company done over the last 8 quarters?
Revenue rose year on year in each of the last seven quarters. In the quarterly series, revenue reached ₹3.36 crore in Q4 FY26 before falling to ₹2.41 crore in Q1 FY27 and recovering to ₹3.24 crore in Q2 FY27.
Net profit bottomed at ₹0.09 crore in Q4 FY25 and reached ₹2.04 crore in Q4 FY26; it then fell to ₹1.07 crore in Q1 FY27 and rose to ₹1.35 crore in Q2 FY27. The EBITDA margin peaked at 68.1% in Q3 FY25, fell to 25.2% in Q4 FY25 and recovered to 67.9% in Q2 FY27. Profit rose year on year in each of the last four quarters.
Which businesses drove the quarter?
Leasing was the largest segment in Q2 FY27, with revenue of ₹1.70 crore, up 203.3% from ₹0.56 crore in Q2 FY26. Its EBIT was ₹1.44 crore, compared with ₹0.28 crore, and the segment EBIT margin was 84.6%.
Investments recorded revenue of ₹1.00 crore, down 10.6% from ₹1.12 crore, and EBIT of ₹0.94 crore against ₹0.98 crore. The EBIT margin was 94.2%. Trading revenue fell 23.6% to ₹0.54 crore from ₹0.70 crore, while EBIT declined to ₹0.02 crore from ₹0.11 crore; its EBIT margin was 4.4%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Trading | 0.54 | −23.6% | 0.02 | 4.4% |
| Investments | 1 | −10.6% | 0.94 | 94.2% |
| Leasing | 1.70 | +203.3% | 1.44 | 84.6% |
Source: Company's results filing (XBRL segment data).
How did Hardcastle & Waud Manufacturing Company shares react?
The filing appeared during market hours on 30 October 2026. From the price when the results appeared, the stock moved up 3.0% after five minutes, down 3.3% after 15 minutes and up 0.6% after 30 minutes. It closed the reaction day down 2.7% from the previous close of ₹812, compared with a 2.0% fall for the Specialty Chemicals industry median.
| After the filing | Stock | Specialty Chemicals median |
|---|---|---|
| 5 minutes | +3.0% | |
| 15 minutes | −3.3% | |
| 30 minutes | +0.6% | |
| Reaction day | −2.7% | −2.0% |
| Next day | +1.5% | +0.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 5 August 2026 | −0.7% |
| 14 May 2026 | +10.1% |
| 5 February 2026 | +7.6% |
| 12 August 2025 | −1.5% |
| 26 May 2025 | −5.9% |
| 5 August 2024 | +5.7% |
| 17 April 2024 | +5.0% |
Source: MarketPing price-reaction measurement.
How did other Specialty Chemicals companies do?
Among 48 other Specialty Chemicals companies that filed for the quarter, the median revenue growth was 27.8%. Of the companies with comparable profit data, 39 of 44 reported higher profit. Relative to Hardcastle & Waud Manufacturing Company, 30 peers grew more slowly and 18 grew faster than the company’s revenue growth.
| Hardcastle & Waud Manufacturing Company revenue growth (YoY) | +36.1% |
|---|---|
| Median of 48 other Specialty Chemicals companies | +27.8% |
| Companies with slower revenue growth than Hardcastle & Waud Manufacturing Company | 30 of 48 |
| Companies with faster revenue growth than Hardcastle & Waud Manufacturing Company | 18 of 48 |
| Companies whose net profit rose | 39 of 44 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Hardcastle & Waud Manufacturing Company's revenue in Q2 FY27?
Revenue from operations was ₹3.24 crore, up 36.1% from ₹2.38 crore in Q2 FY26 (standalone).
Did Hardcastle & Waud Manufacturing Company make a profit in Q2 FY27?
Yes. Net profit was ₹1.35 crore, against a net profit of ₹0.70 crore in Q2 FY26.
What was Hardcastle & Waud Manufacturing Company's EPS in Q2 FY27?
Basic earnings per share were ₹19.88, against ₹10.37 in Q2 FY26.
How did Hardcastle & Waud Manufacturing Company shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.7% from the previous close; the median Specialty Chemicals stock moved −2.0%.
When did Hardcastle & Waud Manufacturing Company announce its Q2 FY27 results?
On 30 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consider Interalia Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September, 2026. (BSE, 23 October 2026) · PDF
- Board Meeting Outcome for Submission Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 30 October 2026) · PDF
- Submission Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ended 30Th September, 2026 (BSE, 30 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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