Hindware Home Innovation Ltd
Hindware Home Innovation Limited is a leader in Building Products and a prominent player in Consumer Appliances and Building Products. Building Products business offers a wide range of products under the Bathware, Premium Tiles and Plastic Pipes and Fittings segments. Under the Consumer Appliances business, it offers products to enhance modern living, including kitchen and home appliances under brand ‘Hindware Smart Appliances’. Hintastica Private Limited (HPL), company's Joint Venture with Groupe Atlantic, manufactures state-of-the-art water heaters.[1]
Strengths
- +Company has reduced debt.
Weaknesses
- −Stock is trading at 6.66 times its book value
- −Company has low interest coverage ratio.
- −The company has delivered a poor sales growth of -4.84% over past five years.
- −Company has a low return on equity of -14.1% over last 3 years.
- −Company's cost of borrowing seems high
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 51.32% | 51.32% | 52.54%▲1.2 | 52.74%▲0.2 | 52.74% | 52.74% | 52.74% | 52.74% |
| FIIs | 6.05% | 5.65%▼0.4 | 3.5%▼2.2 | 3.64%▲0.1 | 3.59%▼0.1 | 3.16%▼0.4 | 3.1%▼0.1 | 3.36%▲0.3 |
| DIIs | 7.09% | 6.91%▼0.2 | 7.58%▲0.7 | 7.09%▼0.5 | 6.75%▼0.3 | 6.35%▼0.4 | 5.75%▼0.6 | 5.83%▲0.1 |
| Public | 35.54% | 36.12%▲0.6 | 36.37%▲0.3 | 36.52%▲0.2 | 36.92%▲0.4 | 37.74%▲0.8 | 38.4%▲0.7 | 38.06%▼0.3 |
Financial Statements
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 96.32 | 117.02 | 108.23 | 110.53 | 82.53 | 67.35 | 91.94 | 71.22 | 84.13 | 81.45 |
| Expenses | 102.12 | 126.53 | 120.79 | 112.71 | 94.15 | 80.57 | 105.52 | 72.08 | 83.73 | 85.84 |
| Operating Profit | -5.8 | -9.51 | -12.56 | -2.18 | -11.62 | -13.22 | -13.58 | -0.86 | 0.4 | -4.39 |
| OPM % | -6.02% | -8.13% | -11.6% | -1.97% | -14.08% | -19.63% | -14.77% | -1.21% | 0.48% | -5.39% |
| Net Profit | -9.26 | -10.24 | -27.87 | -5.35 | -8.66 | -13.94 | -11.65 | -28.7 | 0.78 | 0.71 |
| EPS ₹ | -1.11 | -1.22 | -3.33 | -0.64 | -1.04 | -1.67 | -1.39 | -3.43 | 0.09 | 0.08 |
AI Insights
TTM revenue at ₹329Cr, down 6.5% YoY. OPM at -6%.
Borrowings at ₹43Cr. Debt-to-equity ratio: 0.17x. Healthy balance sheet.
CWIP at ₹3Cr (12% of fixed assets). Moderate ongoing capital expenditure.
DIIs: 5.83% (-3.19pp change). FIIs: 3.36% (-1.67pp change). Promoters hold 52.74%.
ROCE declining from 0% (Mar 2018) to -11% (Mar 2025). Working capital days: 37.
PE 176x with 11.1% ROCE. Price is 567% above book value of ₹31.8. Dividend yield: 0%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 May
- Board Meeting Intimation for Board Meeting Intimation 12 May - Board meets 19 May 2026 to approve FY26 audited results and consider dividend.
- Disclosures under Reg. 29(1) of SEBI (SAST) Regulations, 2011 7 May - Al Mehwar Commercial increased Hindware stake to 5.42% via open market purchases from April 10-23, 2026.
- Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 28 Apr - Shareholders approved Ram Babu Kabra’s appointment as Non-Executive Non-Independent Director via postal ballot on 25 April 2026.
- Shareholder Meeting / Postal Ballot-Outcome of Postal_Ballot 28 Apr - Postal ballot approved appointment of Ram Babu Kabra as Non-Executive Non-Independent Director on 25 April 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse