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Hardwyn India Ltd.
(HARDWYN)
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Rating:55Neutral
Price Target:
₹9.50
▼(-51.53% Downside)
Action:Reiterated
Date:07/29/26
The score is primarily supported by solid financial fundamentals (strong revenue growth and very low leverage), but is pulled down by weak cash-flow conversion/volatility, a technically bearish trend (price below major moving averages), and a high P/E valuation without dividend support.
Positive Factors
Strong revenue scaling
The substantial multi-year increase in revenue indicates that Hardwyn has expanded its commercial reach and product sales meaningfully. Continued scale in architectural and interior hardware can support stronger brand visibility, channel relevance, and operating leverage over the next several quarters.
Negative Factors
Weak cash conversion
Cash generation is not keeping pace with reported earnings, particularly because 2026 operating cash flow represented only a small share of net income. Weak conversion can constrain internally funded growth and makes working-capital execution more important to maintaining financial flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue scaling
The substantial multi-year increase in revenue indicates that Hardwyn has expanded its commercial reach and product sales meaningfully. Continued scale in architectural and interior hardware can support stronger brand visibility, channel relevance, and operating leverage over the next several quarters.
Read all positive factors
Hardwyn India Ltd. (HARDWYN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹6.24B
Dividend YieldN/A
Average Volume (3M)166.29K
Price to Earnings (P/E)38.6
Beta (1Y)0.70
Revenue Growth2.63%
EPS Growth-8.65%
CountryIN
Employees88
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Distribution
Share Statistics
EPS (TTM)0.24
Shares Outstanding683,795,500
10 Day Avg. Volume105,375
30 Day Avg. Volume166,290
Financial Highlights & Ratios
PEG Ratio3.06
Price to Book (P/B)1.73
Price to Sales (P/S)3.52
P/FCF Ratio200.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Hardwyn India Ltd. Business Overview & Revenue Model
Company Description
Hardwyn India Limited, established in 1965 and based in New Delhi, India, operates as a prominent purveyor of architectural hardware and aluminum products. Trading under its "Hardwyn" brand, the company supplies a diverse range of items to both In...
How the Company Makes Money
Hardwyn India Ltd. primarily makes money by manufacturing and trading architectural hardware and related building/interior products and selling them under its own brand through a dealer–distributor network and retail channels. Revenue is generated...
Hardwyn India Ltd. Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
82
Very Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.92B | 2.00B | 1.85B | 1.53B | 1.65B | 845.58M |
| Gross Profit | 232.11M | 226.33M | 262.80M | 237.24M | 209.91M | 95.28M |
| EBITDA | 200.35M | 217.55M | 188.07M | 169.80M | 140.77M | 53.22M |
| Net Income | 123.73M | 132.06M | 112.31M | 102.36M | 92.81M | 34.07M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 4.66B | 4.65B | 4.45B | 4.18B | 570.35M |
| Cash, Cash Equivalents and Short-Term Investments | 20.88M | 20.88M | 20.33M | 950.00K | 1.88M | 980.33K |
| Total Debt | 0.00 | 64.38M | 98.87M | 92.38M | 45.70M | 66.00M |
| Total Liabilities | -4.12B | 541.42M | 663.30M | 579.98M | 409.55M | 416.88M |
| Stockholders Equity | 4.12B | 4.06B | 3.93B | 3.82B | 3.73B | 153.47M |
Cash Flow | ||||||
| Free Cash Flow | 40.99M | 35.09M | 6.82M | -32.64M | -14.16M | -8.75M |
| Operating Cash Flow | 50.68M | 61.99M | 15.60M | 21.38M | -9.98M | -1.77M |
| Investing Cash Flow | -9.70M | -26.90M | -8.78M | -55.72M | -4.18M | -6.98M |
| Financing Cash Flow | -40.49M | -34.48M | -3.89M | 36.96M | 14.61M | 10.90M |
Hardwyn India Ltd. Technical Analysis
Negative
19.60
Price Trends
11.26
Negative
14.52
Negative
13.67
Negative
Market Momentum
-0.62
Negative
28.19
Positive
60.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HARDWYN, the sentiment is Negative. The current price of 19.6 is above the 20-day moving average (MA) of 9.23, above the 50-day MA of 11.26, and above the 200-day MA of 13.67, indicating a bearish trend. The MACD of -0.62 indicates Negative momentum. The RSI at 28.19 is Positive, neither overbought nor oversold. The STOCH value of 60.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HARDWYN.
Hardwyn India Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹444.68B | 41.40 | ― | 1.07% | 8.71% | 16.02% | |
67 Neutral | ₹392.23B | 65.86 | ― | 0.28% | 16.79% | 18.82% | |
66 Neutral | ₹97.45B | 15.41 | ― | 1.27% | -2.24% | 54.85% | |
64 Neutral | ₹30.91B | 28.89 | ― | 0.38% | 5.10% | 347.36% | |
58 Neutral | ₹25.04B | -265.50 | ― | 0.13% | -1.99% | -132.14% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹6.24B | 38.57 | ― | ― | 2.63% | -8.65% |
* General Sector Average
IN:HARDWYN
Hardwyn India Ltd.
9.15
-0.47
-4.90%
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Hardwyn India Ltd. Corporate Events
Hardwyn India Boosts Authorised Share Capital After Shareholder Nod
Jul 4, 2026
Hardwyn India Limited has secured shareholder approval at its first extra-ordinary general meeting for financial year 2026-27 to amend its Memorandum of Association by altering the capital clause. The change reflects an increase in the companyR...
Hardwyn India Regularises Yogesh Kumar Garg as Independent Director for Five-Year Term
Jul 4, 2026
Hardwyn India Ltd. has regularised the appointment of Yogesh Kumar Garg as an independent director, following shareholder approval at its first extraordinary general meeting for the financial year 2026-27, held via video conferencing on 3 July 202...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.