Hindware Home Innovation Limited (HINDWAREAP)

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Hindware Home Innovation Limited (HINDWAREAP) · mywealthgrid

About

Hindware Home Innovation manufactures sanitary ware and bathroom fittings within consumer durables. With market cap of ₹1,634 Cr and annual revenue around ₹625–676 Cr, it serves India's construction and real estate-linked discretionary markets.

Founded: 2015
Face value: ₹2

Market cap

₹1,426 Cr

P/E

—

P/B

1.9×

Dividend yield

0.2%

ROE

-5.2%

ROCE

8.9%

Debt / equity

0.96

OPM

7.9%

EPS (TTM)

₹-0.7

Book value

₹88.1

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Profitability volatility: net loss of ₹43.37 Cr in Mar 2026 quarter on ₹80.22 Cr revenue; FY25 ended with ₹18.82 Cr loss.
Negative ROE of −5.24% signals value destruction.
Non-trivial debt (D/E 0.96) combined with inconsistent profitability and no dividend for 2 years.
Market weakness: stock down 31% over one year and trading near 52-week low of ₹172.94.

Generated analysis · source review pending

Growth drivers

Margin recovery from −8.64% (Mar 2026 quarter) to 8.02% (Jun 2026) demonstrates profit potential at the ₹625 Cr revenue base.
Quarterly revenue of ₹82–84 Cr holds steady despite margin swings, suggesting resilient underlying demand.
Sector growth in housing and construction drives sanitary ware demand; verify Hindware's market positioning and share gains.
Premium products and organized retail channels could raise margins; verify current strategic focus and channel mix.

Generated analysis · source review pending

1,671 historical price candles were omitted because the exchange source has not been verified.

₹170.5+0.2%1Y

Quick read

rule-based

Pros

No positive flags triggered.

Cons

−Low return on equity of 3% (3-yr avg)
−Thin operating margin of 7.9%
−Modest revenue growth of 7.2% a year over the last 5 years
−Weak interest coverage of 1.6×

Research score

Structured signal from quality, growth, valuation and momentum.

47/100

Business quality: 16
Growth: 38
Valuation: 86

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

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lg Electronics India LimitedLGEINDIALGEINDIA	₹1,16,876 Cr	₹1,16,876 Cr	₹25,575 Cr	₹2,593 Cr	9.8%	₹1,825 Cr	6.9%	31%	24.7%	30
Kalyan Jewellers India LimitedKALYANKJILKALYANKJIL	₹54,578 Cr	₹55,102 Cr	₹39,063 Cr	₹2,616 Cr	7%	₹1,435 Cr	3.8%	31.5%	24.3%	136
Berger Paints (I) LimitedBERGEPAINTBERGEPAINT	₹52,750 Cr	₹53,385 Cr	₹12,263 Cr	₹1,912 Cr	15.4%	₹1,217 Cr	9.5%	21.7%	17.2%	83
Voltas LimitedVOLTASVOLTAS	₹34,850 Cr	₹35,817 Cr	₹14,979 Cr	₹734 Cr	4.5%	₹449 Cr	2.6%	11.4%	5.8%	19
Blue Star LimitedBLUESTARCOBLUESTARCO	₹30,009 Cr	₹30,636 Cr	₹12,798 Cr	₹905 Cr	7.5%	₹509 Cr	4.3%	23.2%	16.2%	33
Amber Enterprises India LimitedAMBERAMBER	₹22,945 Cr	₹25,647 Cr	₹12,625 Cr	₹1,008 Cr	7.8%	₹96 Cr	1.9%	12.6%	5.3%	53
Metro Brands LimitedMETROBRANDMETROBRAND	₹22,721 Cr	₹22,721 Cr	₹2,311 Cr	₹719 Cr	30.3%	₹339 Cr	14.5%	21.4%	22.2%	188
Lalithaa Jewellery Mart LimitedLALITHAALALITHAA	₹21,708 Cr	₹23,312 Cr	₹25,024 Cr	₹1,674 Cr	6.7%	₹1,010 Cr	4%	54.3%	41.6%	—
Kajaria Ceramics LimitedKAJARIACERKAJARIACER	₹19,516 Cr	₹19,646 Cr	₹5,056 Cr	₹939 Cr	17.9%	₹546 Cr	10.1%	23.4%	16.7%	88
Thangamayil Jewellery LimitedTHANGAMAYLTHANGAMAYL	₹15,118 Cr	₹15,943 Cr	₹9,606 Cr	₹621 Cr	6.6%	₹391 Cr	4.1%	39.1%	27.9%	142
Century Plyboards (India) LimitedCENTURYPLYCENTURYPLY	₹14,809 Cr	₹16,439 Cr	₹5,789 Cr	₹720 Cr	12.1%	₹291 Cr	5%	15.4%	10.6%	131
Kansai Nerolac Paints LimitedKANSAINERKANSAINER	₹14,174 Cr	₹14,257 Cr	₹8,263 Cr	₹1,000 Cr	12.1%	₹600 Cr	7.2%	12.9%	9%	92

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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 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,613	1,775	2,294	2,873	2,800	2,523	2,510
COGS	1,074	1,194	1,565	1,637	1,530	1,410	1,372
Gross profit	539	581	729	1,236	1,270	1,113	1,138
	451	438	556	998	1,042	988	976
	88	143	173	238	229	125	162
OPM %	5.5%	8.1%	7.5%	8.3%	8.2%	5%	6.5%
Depreciation	46	39	39	101	123	123	117
Interest	33	29	20	77	95	89	70
	24	18	130	35	37	12	-18
Profit before tax	33	92	243	94	48	-75	-43
Tax	10	38	42	37	20	-7	-4
Tax %	30.3%	40.7%	17.2%	38.8%	42%	-9.1%	-9.7%
	23	55	202	58	28	-68	-39
PAT margin %	1.4%	3.1%	8.8%	2%	1%	-2.7%	-1.6%
EPS (₹)	3.2	7.6	27.9	8	3.6	-8.8	-4.7
EPS adjusted (₹)	3.2	7.6	27.9	7.9	3.6	8.2	-4.7
	4.7%	4%	1.8%	6.3%	11.2%	—	—
Annual report	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	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	14	14	14	14	14	14	17	17
Reserves	242	—	315	512	561	583	760	720
Minority interest	—	—	—	—	7	9	9	9
	303	—	189	143	712	837	720	709
	416	—	519	1,476	1,008	977	1,022	997
Total equity & liabilities	976	—	1,039	2,146	2,303	2,420	2,528	2,452
	108	190	157	743	657	705	704	845
CWIP	4	—	10	58	36	54	209	94
Investments	0	—	26	114	88	104	73	39
	863	—	846	1,230	1,522	1,558	1,543	1,475
Total assets	976	—	1,039	2,146	2,303	2,420	2,528	2,452

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 %
Building Products	2,193.4	117	2,134.17	1,510.72	623.45	18.77
Consumer appliances business	318.07	-1.27

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Ratios

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

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	33.4%	32.7%	31.8%	43%	45.4%	44.1%	45.3%
EBITDA margin %	5.5%	8.1%	7.6%	8.6%	8.5%	5.7%	7.9%
EBIT margin %	2.6%	5.8%	5.9%	5.1%	4.1%	0.8%	3.2%
PAT margin %	1.4%	3.1%	8.8%	2%	1%	-2.7%	-1.6%
Working capital
Receivable days	—	84	49	48	59	73	61
Inventory days	—	86	158	152	141	155	163
Payable days	—	44	59	66	74	105	87
NWC days	—	125	147	134	125	124	137
Leverage
Current ratio	—	1.42	0.88	1.08	1	1.1	0.98
Debt to EBITDA	—	1.32	0.82	2.89	3.52	5.03	3.59
Debt to equity	—	0.57	0.27	1.24	1.4	0.93	0.96
Interest coverage	2	4.1	8.1	2.3	1.6	0.7	1.6
Asset turnover	—	1.71	1.07	1.25	1.16	1	1.02
Return ratios
Return on assets %	—	5.3%	9.4%	2.5%	1.1%	-2.7%	-1.6%
Return on capital employed %	—	26.6%	26.2%	18.1%	12.7%	4.7%	8.9%
Return on equity %	—	16.6%	38.3%	10%	4.6%	-8.8%	-5.3%

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
	51.32%	51.32%	51.32%	51.32%	51.32%	52.54%	52.74%	52.74%	52.74%	52.74%	52.74%	52.74%
	7.15%	7.59%	7.49%	6.05%	5.65%	3.5%	3.65%	3.58%	3.15%	3.11%	3.36%	5.15%
	9.22%	9.88%	7.39%	7.13%	6.96%	7.58%	7.08%	6.75%	6.35%	5.75%	5.83%	3.72%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	32.31%	31.21%	33.8%	35.5%	36.07%	36.38%	36.53%	36.93%	37.76%	38.4%	38.07%	38.39%
No. of shareholders	—	—	—	—	—	—	—	—	41,147	38,594	38,057	38,910

Promoter holding up 1.42 percentage points since Sep 2023.

1 disclosure

Person	Deal	Shares	Value	Holding	Filed
Gayatri & Annapurna (Executed through its partner Mr. Ashok Jaipuria, Director of the Company)Director	SellMarket Sale	1,00,000	₹3.01 cr	0.13% → 0.01%	22 Aug 20257(2)

Disclosed under SEBI’s insider-trading regulations, which require a filing only above ₹10 lakh in a quarter — smaller dealings are in no disclosure. Holdings are the filer’s own percentages, not recomputed.

10 deals · 5 Dec 2022 – 12 Aug 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
12 Aug 2026	SKG FAMILY TRUST	Bulk	NSE	Sell	4,42,500	₹201.51	₹8.92 Cr
12 Aug 2026	ARG FAMILY TURST	Bulk	NSE	Sell	4,42,296	₹201.50	₹8.91 Cr
12 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Sell	6,60,135	₹243.51	₹16.07 Cr
12 Jun 2026	NK SECURITIES RESEARCH PRIVATE LIMITED	Bulk	NSE	Buy	6,59,623	₹243.33	₹16.05 Cr
9 Dec 2025	IRAGE BROKING SERVICES LLP	Bulk	NSE	Sell	4,76,185	₹290.97	₹13.86 Cr
9 Dec 2025	IRAGE BROKING SERVICES LLP	Bulk	BSE	Buy	4,75,626	₹290.61	₹13.82 Cr
9 Dec 2025	IRAGE BROKING SERVICES LLP	Bulk	NSE	Buy	7,003	₹285.13	₹0.20 Cr
9 Dec 2025	IRAGE BROKING SERVICES LLP	Bulk	BSE	Sell	999	₹289.90	₹0.03 Cr
5 Dec 2022	AL MEHWAR COMMERCIAL INVESTMENTS L.L.C.	Bulk	NSE	Buy	7,72,121	₹380.00	₹29.34 Cr
5 Dec 2022	EQUITY INTELLIGENCE INDIA PRIVATE LIMITED	Bulk	NSE	Sell	6,50,000	₹380.22	₹24.71 Cr

1–10 of 10

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. SANDIP SOMANYNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. NAND GOPAL KHAITANNon-Executive - Independent Director
Mr. ASHOK JAIPURIANon-Executive - Independent Director
Mr. SALIL KUMAR BHANDARINon-Executive - Independent Director
Ms. SONALI DUTTANon-Executive - Independent Director
Mr. RAM BABU KABRANon-Executive - Non Independent Director
Mr. Naveen MalikChief Financial Officer & Chief Executive Officer
Payal M PuriCompany 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.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

of the company's equity

All mutual funds

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

1 schemes

		Shares
(Investment Manager for Motilal Oswal Mutual Fund)	Motilal Oswal Mutual Fund	117	0	0%	0%	+1

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Documents

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

Announcements

Loading documents…

Events

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

5

Final dividend22 Aug 2024 · ex-date₹0.4
Final dividend20 Sept 2023 · ex-date₹0.5
Interim dividend21 Feb 2022 · ex-date₹0.5
Final dividend16 Sept 2021 · ex-date₹0.3
Dividend dividend24 Aug 2020 · ex-date₹0.15

1

Board meeting to consider results12 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

15 announcementsExport CSV

8 Sept 2026, 2:26 pmCompany Update

ESG Ratings Update

General PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	33.4%	32.7%	31.8%	43%	45.4%	44.1%	45.3%
EBITDA margin %	5.5%	8.1%	7.6%	8.6%	8.5%	5.7%	7.9%
EBIT margin %	2.6%	5.8%	5.9%	5.1%	4.1%	0.8%	3.2%
PAT margin %	1.4%	3.1%	8.8%	2%	1%	-2.7%	-1.6%
Working capital
Receivable days	—	84	49	48	59	73	61
Inventory days	—	86	158	152	141	155	163
Payable days	—	44	59	66	74	105	87
NWC days	—	125	147	134	125	124	137
Leverage
Current ratio	—	1.42	0.88	1.08	1	1.1	0.98
Debt to EBITDA	—	1.32	0.82	2.89	3.52	5.03	3.59
Debt to equity	—	0.57	0.27	1.24	1.4	0.93	0.96
Interest coverage	2	4.1	8.1	2.3	1.6	0.7	1.6
Asset turnover	—	1.71	1.07	1.25	1.16	1	1.02
Return ratios
Return on assets %	—	5.3%	9.4%	2.5%	1.1%	-2.7%	-1.6%
Return on capital employed %	—	26.6%	26.2%	18.1%	12.7%	4.7%	8.9%
Return on equity %	—	16.6%	38.3%	10%	4.6%	-8.8%	-5.3%

Date	Category	Subject	Filing
8 Sept 2026, 2:26 pm	Company Update General	ESG Ratings Update	PDF
19 Aug 2026, 5:55 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
19 Aug 2026, 5:52 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
18 Aug 2026, 4:46 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
18 Aug 2026, 4:45 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
12 Aug 2026, 7:01 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
12 Aug 2026, 6:51 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
26 Jul 2026, 11:06 am	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	79	40	234	226	221	241	192	258
	-37	-31	-52	-124	-705	-219	-215	-129
	-123	-28	-178	-83	467	-2	18	-120
Net cash flow	-81	-19	5	19	-17	20	-4	8
Free cash flow	—	—	206	187	25	57	-10	130
CFO / Operating profit %	—	45.5%	163.9%	129.3%	89.6%	101.3%	134.3%	130.6%

Hindware Home Innovation 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

Documents

Announcements

Events

5

1

Announcements

5

1

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Segment results

Compounded sales growth

Return on equity

Building Products · revenue

Hindware Home Innovation 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

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends5

Board meetings1

Announcements

Dividends5

Board meetings1

Ratio timeline

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Building Products · revenue

5

1

5

1