Hardwyn India Limited (HARDWYN)

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Hardwyn India Limited (HARDWYN) · mywealthgrid

About

Hardwyn India Limited manufactures and distributes furniture and home furnishing products within the consumer discretionary sector. With a market capitalization of ₹553.36 Cr and quarterly standalone revenues ranging ₹30–57 Cr, it operates as a small-cap player in India's large, fragmented home furnishing market.

Face value: ₹1

Market cap

₹449 Cr

P/E

36.2×

P/B

1.1×

Dividend yield

ROE

3.3%

ROCE

4.9%

Debt / equity

0.01

OPM

10.6%

EPS (TTM)

₹0.3

Book value

₹8.3

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation premium: PE ratio of 44.63 leaves little room for earnings misses; verify growth assumptions justify the multiple
Capital inefficiency: ROE of 3.31% is critically low, indicating poor returns on shareholder equity despite profitability
Margin volatility: OPM swung from 14.93% (Sep 2025) to 6.15% (Dec 2025) to 14.06% (Jun 2026); clarify if seasonal, cyclical, or structural
Weak institutional backing: FII at 0.22% and DII at 0%; limited analyst coverage and price support

Generated analysis · source review pending

Growth drivers

Financial flexibility: near-zero debt (D/E 0.01) provides capital headroom for organic growth or strategic investments
Margin recovery demonstrated: OPM improved from 6.15% (Dec 2025) to 14.93% (Sep 2025) and 14.06% (Jun 2026), signaling operational improvement; verify if sustainable
Small revenue base offers runway: quarterly standalone revenue of ₹30–57 Cr remains modest; verify addressable market size in home furnishing and Hardwyn's penetration strategy
Promoter-backed confidence: multiple bonus and split announcements (2023–2026) reflect management's belief in value creation; track execution against implied expectations

Generated analysis · source review pending

1,101 historical price candles were omitted because the exchange source has not been verified.

₹9.2-0.8%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 18.1×

Cons

−Low return on equity of 3% (3-yr avg)
−Modest revenue growth of 6.7% a year over the last 3 years

Research score

Structured signal from quality, growth, valuation and momentum.

37/100

Business quality: 44
Growth: 17
Valuation: 51

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	165	153	185	200
COGS	144	129	158	171
Gross profit	21	24	26	29
	7	7	8	8
	14	16	18	21
OPM %	8.2%	10.8%	9.8%	10.6%
Depreciation	0	1	2	2
Interest	1	1	1	1
	1	1	1	1
Profit before tax	13	15	16	19
Tax	4	4	5	6
Tax %	29.4%	29.9%	29.2%	29.7%
	9	10	11	13
PAT margin %	5.6%	6.7%	6.1%	6.6%
EPS (₹)	5.9	0.3	0.2	0.3
EPS adjusted (₹)	0.1	0.2	0.2	0.2
Annual report	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	26	35	49	49
Reserves	346	348	345	357
Minority interest	—	5	5	—
	5	9	9	5
	41	49	57	54
Total equity & liabilities	418	445	465	466
	347	350	350	350
CWIP	0	0	—	—
Investments	0	1	0	0
	71	94	115	116
Total assets	418	445	465	466

₹ Cr	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-1	2	2	7
	-0	-6	-1	-3
	1	4	-0	-5
Net cash flow	0	0	0	0
Free cash flow	-1	2	1	5
CFO / Operating profit %	-7.4%	13%	8.7%	34.4%

Compounded sales growth

7 years: —
5 years: —
3 years: 7%
1 year: 8%

Compounded profit growth

7 years: —
5 years: —
3 years: 13%
1 year: 18%

Return on equity

7 years: —
5 years: —
3 years: 3%
Last year: 3%

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Architectural hardware and Kitchen fittings	177.77	19.37	452.26	32.51	419.75	4.61
Aluminium and Allied Products	22.09	0.54

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	12.8%	15.5%	14.2%	14.6%
EBITDA margin %	8.2%	10.8%	9.8%	10.6%
EBIT margin %	8.1%	10%	8.8%	9.7%
PAT margin %	5.6%	6.7%	6.1%	6.6%
Working capital
Receivable days	56	75	85	84
Inventory days	89	139	136	112
Payable days	79	110	97	81
NWC days	65	104	124	115
Leverage
Current ratio	1.56	1.65	1.73	2.13
Debt to EBITDA	0.34	0.56	0.51	0.26
Debt to equity	0.01	0.02	0.02	0.01
Interest coverage	16.2	13.5	14.2	18.1
Asset turnover	0.39	0.34	0.4	0.43
Return ratios
Return on assets %	2.2%	2.3%	2.4%	2.8%
Return on capital employed %	3.7%	4.1%	4.3%	4.9%
Return on equity %	2.5%	2.7%	2.9%	3.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	43.77%	43.77%	43.77%	43.77%	43.77%	43.77%	43.77%	43.77%	43.77%	43.77%	43.77%	43.77%
	0.47%	0.46%	0.47%	0.46%	0.49%	0.07%	0.91%	0.01%	0.01%	0.64%	0.64%	0.22%
DII	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	0%	0%	0%	0%	0%	0%	0%	0%	0.46%	0.46%	0.46%	0.46%
	55.76%	55.77%	55.76%	55.77%	55.74%	56.16%	55.32%	56.22%	55.76%	55.13%	55.13%	55.55%
No. of shareholders	—	—	—	—	—	—	—	—	55,803	53,048	49,218	46,804

Promoter holding up 0 percentage points since Sep 2023.

31 deals · 31 May 2022 – 20 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Apr 2026	MSB E TRADE SECURITIES LIMITED	Bulk	NSE	Sell	34,31,871	₹24.80	₹8.51 Cr
20 Apr 2026	MSB E TRADE SECURITIES LIMITED	Bulk	NSE	Buy	33,27,614	₹24.65	₹8.20 Cr
3 Jan 2025	SHALINI JAIN	Bulk	NSE	Sell	25,48,991	₹19.19	₹4.89 Cr
24 Nov 2023	WAJID AHMED	Bulk	NSE	Buy	30,00,000	₹39.40	₹11.82 Cr
24 Nov 2023	DREAM ACHIEVER CONSULTANCY SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	21,48,163	₹39.05	₹8.39 Cr
19 May 2023	WAYBROAD TRADING PRIVATE LIMITED	Bulk	NSE	Buy	1,49,000	₹368.00	₹5.48 Cr
19 May 2023	BALBIR SINGH NAYYAR	Bulk	NSE	Sell	1,48,939	₹368.00	₹5.48 Cr
25 Apr 2023	DREAM ACHIEVER CONSULTANCY SERVICES PRIVATE LIMITED	Bulk	NSE	Sell	1,90,000	₹345.00	₹6.56 Cr
25 Apr 2023	ECOTEK GENERAL TRADING L.L.C	Bulk	NSE	Buy	1,89,986	₹345.00	₹6.55 Cr
24 Mar 2023	SILVERTOSS SHOPPERS PRIVATE LIMITED	Bulk	NSE	Sell	2,83,750	₹291.00	₹8.26 Cr

1–10 of 31

1 / 4

Mr. SWARAN JEET SINGH SAYALExecutive Director-Chairperson related to Promoter
Mr. RUBALJEET SINGH SAYALExecutive Director-MD
Mr. KULMEET SINGHNon-Executive - Independent Director
Ms. SHIKHA CHAWLANon-Executive - Independent Director
Mr. YOGESH KUMAR GARGNon-Executive - Independent Director
Ms. Diksha RaniCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Hardwyn India Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results14 Aug 2026

1

Face value ₹10 → ₹15 Jun 2023 · ex-date

4

Bonus 2:528 Jul 2026 · ex-date
Bonus 2:527 Dec 2024 · ex-date
Bonus 1:35 Jun 2023 · ex-date
Bonus 1:225 Jul 2022 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

47 announcementsExport CSV

17 Sept 2026, 3:49 pmCompany Update

The Board Comments On Fine Levied By The Exchange.

General PDF

16 Sept 2026, 6:12 pmCompany Update

Approval Received From Registrar Of Companies For Extension Of Time For Holding Annual General Meeting

General PDF

29 Aug 2026, 3:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

15 Aug 2026, 5:17 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

14 Aug 2026, 5:03 pmResult

Un-Audited Financials Results For The Quarter Ending 30Th June 2026

Financial Results PDF

14 Aug 2026, 4:57 pmBoard Meeting

Board Meeting Outcome for Un-Audited Financials Results For The Quarter Ending 30Th June 2026

Outcome of Board Meeting PDF

10 Aug 2026, 1:38 pmBoard Meeting

Board Meeting Intimation for Considering And Approving The Un-Audited Financial Results For The Quarter Ending June 30, 2026

Exchange filing PDF

29 Jul 2026, 11:50 amCompany Update

Announcement under Regulation 30 (LODR)-Allotment

Allotment of Equity Shares PDF

Date	Category	Subject	Filing
17 Sept 2026, 3:49 pm	Company Update General	The Board Comments On Fine Levied By The Exchange.	PDF
16 Sept 2026, 6:12 pm	Company Update General	Approval Received From Registrar Of Companies For Extension Of Time For Holding Annual General Meeting

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Ratio	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	12.8%	15.5%	14.2%	14.6%
EBITDA margin %	8.2%	10.8%	9.8%	10.6%
EBIT margin %	8.1%	10%	8.8%	9.7%
PAT margin %	5.6%	6.7%	6.1%	6.6%
Working capital
Receivable days	56	75	85	84
Inventory days	89	139	136	112
Payable days	79	110	97	81
NWC days	65	104	124	115
Leverage
Current ratio	1.56	1.65	1.73	2.13
Debt to EBITDA	0.34	0.56	0.51	0.26
Debt to equity	0.01	0.02	0.02	0.01
Interest coverage	16.2	13.5	14.2	18.1
Asset turnover	0.39	0.34	0.4	0.43
Return ratios
Return on assets %	2.2%	2.3%	2.4%	2.8%
Return on capital employed %	3.7%	4.1%	4.3%	4.9%
Return on equity %	2.5%	2.7%	2.9%	3.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Sheela Foam LimitedSFLSFL	₹6,734 Cr	₹7,642 Cr	₹4,031 Cr	₹427 Cr	10.3%	₹215 Cr	4.2%	7.1%	5.1%	31
Wakefit Innovations LimitedWAKEFITWAKEFIT	₹4,634 Cr	₹4,634 Cr	₹1,489 Cr	₹182 Cr	12.2%	₹189 Cr	12.7%	9.2%	16.7%	2
Responsive Industries LimitedRESPONINDRESPONIND	₹4,335 Cr	₹4,527 Cr	₹1,248 Cr	₹193 Cr	17.3%	₹101 Cr	10.7%	11.4%	10.2%	249
Euro Pratik Sales LimitedEUROPRATIKEUROPRATIK	₹1,946 Cr	₹1,958 Cr	₹374 Cr	₹118 Cr	33.8%	₹86 Cr	23%	39.4%	28.3%	320
Stanley Lifestyles LimitedSTANLEYSTANLEY	₹778 Cr	₹779 Cr	₹410 Cr	₹70 Cr	18%	₹5 Cr	3.1%	6.6%	2.6%	190
Hardwyn India LimitedHARDWYNHARDWYN	₹449 Cr	₹454 Cr	₹192 Cr	₹20 Cr	10.6%	₹12 Cr	6.6%	4.9%	3.3%	115
Sham Foam LtdSHAMFOAMSHAMFOAM	₹92 Cr	—	—	—	—	—	—	—	—	—
Tirupati Foam LtdTIRUFOAMTIRUFOAM	₹31 Cr	₹65 Cr	₹74 Cr	₹8 Cr	7.8%	₹1 Cr	2%	13.7%	5.8%	159
Milestone Furniture LtdMILEFURMILEFUR	₹24 Cr	₹24 Cr	₹0 Cr	₹-0 Cr	—	₹-0 Cr	—	-1.9%	-1.9%	—
Shashwat Furnishing Solutions LtdSFSLSFSL	₹13 Cr	₹14 Cr	₹24 Cr	₹-0 Cr	-0.3%	₹-1 Cr	-3%	-3.6%	-20.1%	—
Golden Carpets LtdGOLCAGOLCA	₹7 Cr	₹11 Cr	₹1 Cr	₹0 Cr	-12.6%	₹0 Cr	-16.8%	-5.6%	—	3,694
Magenta Lifecare LtdMAGENTAMAGENTA	₹5 Cr	—	₹14 Cr	₹0 Cr	2.3%	₹0 Cr	0.8%	—	—	—

Hardwyn India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Events

Board meetings1

Stock splits1

Bonus issues4

Announcements

Ratio timeline

Not in the F&O segment

No fund holdings on record

Board meetings1

Stock splits1

Bonus issues4

Announcements

Annual reports

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Segment results

Aluminium and Allied Products · revenue

1

1

4

1

1

4