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Hardwyn India Ltd.
(HARDWYN)
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Rating:58Neutral
Price Target:
₹9.50
▼(-51.53% Downside)
Action:Reiterated
Date:10/29/26
The score is primarily supported by solid fundamental growth and a conservatively financed balance sheet, but is held back by weak cash-flow conversion/consistency. Technicals remain soft with the stock below key long-term moving averages and negative MACD, and valuation appears demanding at ~38x earnings with no dividend yield provided.
Positive Factors
Strong Revenue Scaling
The substantial multi-year increase in revenue indicates that Hardwyn has expanded its sales base across architectural hardware and interior products. If growth remains supported by its branded portfolio and distribution channels, the larger scale can strengthen operating leverage and create a broader platform for future expansion.
Negative Factors
Weak Cash Conversion
Low cash conversion means reported earnings are not translating efficiently into operating liquidity. This can restrict internally funded expansion and make results more dependent on working-capital movements or other financing decisions, reducing the quality and durability of earnings despite positive net income.
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 sales base across architectural hardware and interior products. If growth remains supported by its branded portfolio and distribution channels, the larger scale can strengthen operating leverage and create a broader platform for future expansion.
Read all positive factors
Hardwyn India Ltd. (HARDWYN) vs. iShares MSCI India ETF (INDA)
Market Cap
₹6.11B
Dividend YieldN/A
Average Volume (3M)48.40K
Price to Earnings (P/E)37.6
Beta (1Y)0.34
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. Volume42,838
30 Day Avg. Volume48,404
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
9.13
Negative
11.71
Negative
13.15
Negative
Market Momentum
-0.12
Positive
42.82
Neutral
45.89
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 9.11, above the 50-day MA of 9.13, and above the 200-day MA of 13.15, indicating a bearish trend. The MACD of -0.12 indicates Positive momentum. The RSI at 42.82 is Neutral, neither overbought nor oversold. The STOCH value of 45.89 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 | ₹400.26B | 35.41 | ― | 1.17% | 16.64% | 33.27% | |
66 Neutral | ₹85.13B | 13.77 | ― | 1.41% | -2.24% | 54.85% | |
61 Neutral | ₹28.34B | 27.75 | ― | 0.39% | 5.10% | 347.36% | |
58 Neutral | ₹6.11B | 37.56 | ― | ― | 2.63% | -8.65% | |
58 Neutral | ₹22.12B | -240.17 | ― | 0.14% | -1.99% | -132.14% | |
57 Neutral | ₹359.32B | 62.62 | ― | 0.30% | 16.79% | 18.82% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:HARDWYN
Hardwyn India Ltd.
8.94
-1.60
-15.20%
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Hardwyn India Ltd. Corporate Events
Hardwyn India Gets Three-Month Extension to Hold 2026 AGM
Sep 16, 2026
Hardwyn India Limited has received a three-month extension from the Registrar of Companies in Delhi for holding its annual general meeting for the financial year ended March 31, 2026. The meeting, originally due by September 30, 2026, will now be ...
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.