Harrisons Malayalam Limited (HARRMALAYA)

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Harrisons Malayalam Limited (HARRMALAYA) · mywealthgrid

About

Harrisons Malayalam Limited manufactures rubber products within the Industrials sector. With a market cap of ₹357.92 Cr and recent quarterly standalone revenue between ₹125–147 Cr, it is a mid-sized producer. The stock has declined 10.76% over the past year amid margin compression and demand volatility.

Face value: ₹10

Market cap

₹332 Cr

P/E

12.3×

P/B

1.9×

Dividend yield

ROE

17.5%

ROCE

15%

Debt / equity

0.6

OPM

4.6%

EPS (TTM)

₹14.7

Book value

₹96.8

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins compressed from 6.21% (Dec 2025) to 4.55% (Jun 2026)—a 165 basis-point decline in an already thin-margin business, indicating cost pressures or weak pricing

Quarterly volatility extreme: Sep 2025 margin hit -0.51%, signaling high exposure to commodity cycles—verify rubber input costs, hedging practices, and customer contract terms

Revenue fell 15% quarter-on-quarter (Mar ₹147.13 Cr to Jun ₹124.92 Cr) with no disclosed explanation in recent filings—verify end-market demand, order book, and sales pipeline

No dividend since 2014 despite ROE of 17.51%, coupled with minimal institutional ownership (0.08% DII, 0.01% FII)—verify cash deployment rationale and whether capital allocation concerns deter institutional investors

Generated analysis · source review pending

Growth drivers

ROE of 17.51% indicates capital efficiency, but recovery requires reversing the 165 bps margin decline from Dec 2025 (6.21%) to Jun 2026 (4.55%)

D/E of 0.6 provides debt capacity for growth capex, though no capex plan is evident—verify whether management has identified investments in rubber end-markets (autos, tires, industrial)

Moderate PE of 13.21 offers upside if quarterly earnings stabilize above Jun 2026's ₹3.94 Cr, but recent 15% revenue contraction and continued margin pressure require verification of competitive position and order pipeline

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹179.7+2.3%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 7.5% (3-yr avg)
−Thin operating margin of 4.6%
−Profit declined 6.3% a year over the last 5 years
−Modest revenue growth of 3.6% a year over the last 5 years

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 34
Growth: 29
Valuation: 79

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 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	367	383	354	387	451	472	487	488	514	539
COGS	119	115	115	94	136	159	142	152	188	197
Gross profit	248	268	239	293	316	312	345	337	326	342
	235	256	251	270	260	281	318	326	303	317
	13	13	-12	23	55	31	27	10	24	25
OPM %	3.6%	3.3%	-3.4%	6%	12.3%	6.7%	5.6%	2.1%	4.6%	4.6%
Depreciation	5	4	4	4	4	4	4	6	7	7
Interest	14	13	14	16	14	11	12	13	13	13
	10	9	6	6	3	7	7	1	12	24
Profit before tax	—	4	-24	9	40	23	18	-7	15	29
Tax	—	—	—	0	0	0	0	0	0	0
	4	4	-24	9	40	23	18	-7	15	29
PAT margin %	1.1%	1.2%	-6.8%	2.4%	9%	4.9%	3.7%	-1.5%	2.9%	5.4%
EPS (₹)	—	—	—	5	21.9	12.5	9.6	-4	8.1	15.8
EPS adjusted (₹)	2.2	2.4	-13.1	5	21.9	12.5	9.6	-4	8.1	15.8
Annual report	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	18	18	18	18	18	18	18	18	18	18
Reserves	83	85	60	61	97	120	138	125	136	160
Minority interest	0	—	0	—	—	0	0	0	—	—
	96	86	105	105	96	86	92	94	100	108
	163	190	189	219	196	196	197	225	218	216
Total equity & liabilities	361	381	373	403	407	420	445	463	472	502
	284	277	280	285	285	286	291	298	294	293
CWIP	1	11	10	13	22	36	58	72	88	104
Investments	0	0	0	0	0	0	8	0	3	2
	76	93	83	105	100	98	89	93	88	102
Total assets	361	381	373	403	407	420	445	463	472	502

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 %
Rubber	292.68	25.64	197.59	127.91	69.68	36.8
Tea	242.32	-0.69

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	67.5%	75.6%	70%	66.2%	70.9%	69%	63.5%	63.4%
EBITDA margin %	-3.4%	6%	12.3%	6.7%	5.6%	2.1%	4.6%	4.6%
EBIT margin %	-4.6%	4.9%	11.3%	5.8%	4.7%	1%	3.1%	3.3%
PAT margin %	-6.8%	2.4%	9%	4.9%	3.7%	-1.5%	2.9%	5.4%
Working capital
Receivable days	10	8	13	10	9	14	9	10
Inventory days	94	157	94	80	97	89	75	85
Payable days	—	186	117	118	118	160	123	114
NWC days	—	-22	-10	-27	-12	-58	-39	-19
Leverage
Current ratio	0.39	0.44	0.49	0.51	0.47	0.4	0.4	0.45
Debt to EBITDA	—	4.49	1.74	2.73	3.38	9.02	4.24	4.33
Debt to equity	1.34	1.33	0.83	0.62	0.59	0.65	0.65	0.6
Interest coverage	-0.7	1.6	4	3.1	2.5	1	2.1	3.3
Asset turnover	0.95	0.96	1.11	1.12	1.09	1.05	1.09	1.07
Return ratios
Return on assets %	-6.5%	2.3%	9.9%	5.5%	4%	-1.6%	3.2%	5.8%
Return on capital employed %	-5.3%	13.4%	26.4%	14.8%	11.8%	5.3%	11%	15%
Return on equity %	-30.6%	11.7%	35.1%	16.7%	11.4%	-5.1%	9.7%	16.3%

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
	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%	54.12%
	0.09%	0.1%	0.11%	0.01%	0.1%	0.14%	0.16%	0%	0%	0%	0%	0.01%
	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.05%	0.07%
	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	45.74%	45.73%	45.72%	45.82%	45.73%	45.69%	45.67%	45.83%	45.83%	45.83%	45.83%	45.8%
No. of shareholders	—	—	—	—	—	—	—	—	22,517	22,369	21,930	21,529

Promoter holding up 0 percentage points since Sep 2023.

7 deals · 22 Dec 2023 – 29 Jul 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
29 Jul 2024	WALLFORT FINANCIAL SERVICES LTD	Bulk	NSE	Sell	1,00,000	₹243.49	₹2.43 Cr
9 Jul 2024	ANKITA VISHAL SHAH	Bulk	NSE	Sell	1,63,293	₹256.20	₹4.18 Cr
9 Jul 2024	ANKITA VISHAL SHAH	Bulk	NSE	Buy	1,63,293	₹253.71	₹4.14 Cr
9 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	1,00,380	₹238.92	₹2.40 Cr
9 Jul 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	1,00,380	₹238.63	₹2.40 Cr
22 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,17,125	₹186.71	₹5.92 Cr
22 Dec 2023	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,17,125	₹187.13	₹5.93 Cr

1–7 of 7

1 / 1

Bulk deals are a client trading over 0.5% of the equity in a session, aggregated across their trades; block deals are single negotiated trades in the exchange’s block window. Each is reported by the exchange it was crossed on, so NSE and BSE rows are separate trades rather than the same trade twice.

Mr. P RajagopalanNon-Executive - Independent Director-Chairperson
Mr. Kaushik RoyNon-Executive - Non Independent Director
Mr. Cherian M George (Whole-Time Director)Executive Director
Mr. Santosh Kumar (Whole-Time Director)Executive Director
Mr. C VinayaraghavanNon-Executive - Independent Director
Ms. Rusha MitraNon-Executive - Independent Director
Mr. Rajat BhargavaNon-Executive - Non Independent Director
Mr. Noshir Naval FramjeeNon-Executive - Independent Director
Mr. Sajish GeorgeChief Financial Officer
Ms. Sandhya GopiCompany 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 Harrisons Malayalam 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

Credit ratings

Credit rating for various Banking facilities of the Company is attached herewith.20 Feb 2026

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

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Events

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

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

30 Sept 2026, 7:52 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Directorate

Change in Directorate PDF

30 Sept 2026, 7:38 pmCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

30 Sept 2026, 7:25 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

29 Sept 2026, 11:46 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

29 Sept 2026, 8:03 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Outcome of AGM

AGM PDF

5 Sept 2026, 12:33 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

4 Sept 2026, 7:15 pmCorp. Action

Intimation Of Book Closure Pursuant To Regulation 42 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations, 2015

Book Closure PDF

4 Sept 2026, 7:12 pmCorp. Action

Intimation Of Record Date For The Purpose Of 49Th Annual General Meeting.

Record Date PDF

Date	Category	Subject	Filing
30 Sept 2026, 7:52 pm	Company Update Change in Directorate	Announcement under Regulation 30 (LODR)-Change in Directorate	PDF
30 Sept 2026, 7:38 pm	Company Update Change in Management	Announcement under Regulation 30 (LODR)-Change in Management

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	67.5%	75.6%	70%	66.2%	70.9%	69%	63.5%	63.4%
EBITDA margin %	-3.4%	6%	12.3%	6.7%	5.6%	2.1%	4.6%	4.6%
EBIT margin %	-4.6%	4.9%	11.3%	5.8%	4.7%	1%	3.1%	3.3%
PAT margin %	-6.8%	2.4%	9%	4.9%	3.7%	-1.5%	2.9%	5.4%
Working capital
Receivable days	10	8	13	10	9	14	9	10
Inventory days	94	157	94	80	97	89	75	85
Payable days	—	186	117	118	118	160	123	114
NWC days	—	-22	-10	-27	-12	-58	-39	-19
Leverage
Current ratio	0.39	0.44	0.49	0.51	0.47	0.4	0.4	0.45
Debt to EBITDA	—	4.49	1.74	2.73	3.38	9.02	4.24	4.33
Debt to equity	1.34	1.33	0.83	0.62	0.59	0.65	0.65	0.6
Interest coverage	-0.7	1.6	4	3.1	2.5	1	2.1	3.3
Asset turnover	0.95	0.96	1.11	1.12	1.09	1.05	1.09	1.07
Return ratios
Return on assets %	-6.5%	2.3%	9.9%	5.5%	4%	-1.6%	3.2%	5.8%
Return on capital employed %	-5.3%	13.4%	26.4%	14.8%	11.8%	5.3%	11%	15%
Return on equity %	-30.6%	11.7%	35.1%	16.7%	11.4%	-5.1%	9.7%	16.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Apcotex Industries LimitedAPCOTEXINDAPCOTEXIND	₹3,073 Cr	₹3,166 Cr	₹1,591 Cr	₹256 Cr	12.3%	₹161 Cr	7%	21.7%	17.3%	41
Pix Transmissions LimitedPIXTRANSPIXTRANS	₹2,461 Cr	₹2,485 Cr	₹610 Cr	₹154 Cr	26.3%	₹132 Cr	18.4%	20.9%	16.5%	220
Tinna Rubber And Infrastructure LimitedTINNARUBRTINNARUBR	₹1,690 Cr	₹1,811 Cr	₹572 Cr	₹107 Cr	17.1%	₹62 Cr	9.7%	27.1%	22.1%	64
Grp LimitedGRPLTDGRPLTD	₹1,004 Cr	₹1,211 Cr	₹568 Cr	₹47 Cr	7.5%	₹6 Cr	0.6%	9.1%	1.7%	105
Rubfila International LimitedRUBFILARUBFILA	₹343 Cr	₹343 Cr	₹591 Cr	₹40 Cr	6.7%	₹26 Cr	4.4%	11.2%	9%	61
Harrisons Malayalam LimitedHARRMALAYAHARRMALAYA	₹332 Cr	₹440 Cr	₹548 Cr	₹22 Cr	4.6%	₹27 Cr	5.4%	15%	17.5%	-19
Ameenji Rubber LtdAMEENJIAMEENJI	₹307 Cr	—	₹123 Cr	₹19 Cr	15.7%	₹6 Cr	5.1%	—	—	—
Horizon Reclaim (India) LtdHORIZONHORIZON	₹265 Cr	—	—	—	—	—	—	—	—	—
Sampann Utpadan India LimitedSAMPANNSAMPANN	₹117 Cr	₹213 Cr	₹152 Cr	₹16 Cr	10.8%	₹7 Cr	4.8%	9.2%	21.3%	58
Rishiroop LtdRISHIROOPRISHIROOP	₹110 Cr	₹110 Cr	₹55 Cr	₹7 Cr	7.3%	₹30 Cr	9.3%	6.3%	5%	62
Defrail Technologies LtdDEFRAILDEFRAIL	₹49 Cr	₹56 Cr	₹80 Cr	₹8 Cr	9.4%	₹4 Cr	5%	23.1%	16.8%	68

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	21	20	-7	33	41	38	33	33	23	25
	4	-7	-6	-9	-11	-14	-27	-22	-16	-18
	-31	-12	11	-23	-32	-21	-7	-11	-8	-4
Net cash flow	-6	1	-1	1	-1	2	-2	0	-1	3
Free cash flow	20	17	-11	31	30	21	5	11	6	4
CFO / Operating profit %	159%	158.6%	—	142.8%	74.4%	119.6%	119.3%	315.9%	99.4%	102%

Harrisons Malayalam Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Credit ratings

Events

Announcements

Not in the F&O segment

No fund holdings on record

8

1

Announcements

Annual reports

Credit ratings

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

OTHERS · revenue

Harrisons Malayalam Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

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

Credit ratings

Events

Announcements

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Not in the F&O segment

No fund holdings on record

Dividends8

Board meetings1

Announcements

Annual reports

Credit ratings

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

OTHERS · revenue

8

1