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Swing Capital

Hardwyn India Ltd

NSE: HARDWYN BSE: 541276Retail

Incorporated in 2017, Hardwyn India Ltd is in the business of wholesale and retail trade of Architectural Hardware and Glass fittings, Kitchen Hardware, Accessories and Appliances[1]

₹23.5
52W: ₹10.9 — ₹27.8
PE 104 · Book ₹8.2 · +187% vs book
Market Cap₹1,148 Cr
Stock P/E104Price to Earnings
ROCE4.13%Return on Capital
ROE2.77%Return on Equity
Div. Yield0%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 155% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 2.86 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 3.08% over last 3 years.

Shareholding Pattern

Promoters43.77%
FIIs0.64%
DIIs0%
Public55.12%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters43.77%43.77%43.77%43.77%43.77%43.77%43.77%43.77%
FIIs0.46%0.48%▲0.00.07%▼0.40.91%▲0.80.01%▼0.90.01%0.63%▲0.60.64%▲0.0
DIIs0%0%0%0%0%0%0%0%
Public55.77%55.75%▼0.055.7%▼0.054.86%▼0.855.77%▲0.955.75%▼0.055.13%▼0.655.12%▼0.0

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales36.3435.0636.9430.939.8734.4936.331.9543.1438.56
Expenses34.2728.731.1328.6633.9328.2133.4826.536.735.75
Operating Profit2.076.365.812.245.946.282.825.456.442.81
OPM %5.7%18.14%15.73%7.25%14.9%18.21%7.77%17.06%14.93%7.29%
Net Profit1.354.113.31.23.873.941.743.514.151.64
EPS ₹0.030.080.070.020.080.080.040.070.080.03

AI Insights

Revenue Trend

TTM revenue at ₹150Cr, up 6.4% YoY. OPM at 12%.

Debt Position

Borrowings at ₹6Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Institutional Flow

DIIs: 0% (+0.00pp change). FIIs: 0.64% (-0.19pp change). Promoters hold 43.77%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 4% (Mar 2025). Working capital days: 101.

Valuation

PE 104x with 4.13% ROCE. Price is 187% above book value of ₹8.2. Dividend yield: 0%.

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