Hardwyn India Ltd. (HARDWYN) AI Stock Analysis

Hardwyn India Ltd.

(NSE:HARDWYN)

Select Model

Rating:68Neutral

Price Target:INR 10.00▲(11.86% Upside)

Action:reiterated

Date:10/29/26

Strong financial metrics including asset growth and profitability improvements are the primary positives, tempered by weak technical signals and stretched valuation.

Positive Factors

Strong Revenue ScalingThe 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 ConversionLow 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.

Hardwyn India Ltd. (HARDWYN) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 6.22B
Dividend Yield: ―
Average Volume (3M): 105.58K
Price to Earnings (P/E): 37.6
Beta (1Y): 0.34
Revenue Growth: 2.63%
EPS Growth: -8.65%
Country: India
Employees: 88
Sector: General
Sector Strength: 55
Industry: Industrial - Distribution

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 India...

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 ma...

Hardwyn India Ltd. Financial Statement Overview

Summary

Robust income growth with rising margins, strong balance sheet expansion with low debt-to-equity, and improving cash flows from operations.

Income Statement

85Very Positive

Balance Sheet

90Very Positive

Cash Flow

75Positive

Financial statement breakdown
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	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	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

Technical Analysis SentimentNegative

Last Price8.94

Price Trends

50DMA9.13Negative

100DMA11.71Negative

200DMA13.15Negative

Market Momentum

MACD-0.12Positive

RSI42.82Neutral

STOCH45.89Neutral

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 8.94 is below the 20-day moving average (MA) of 9.11, below the 50-day MA of 9.13, and below 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:HARDWYN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:SUPREMEIND	68Neutral	INR 400.26B	35.41	―	1.17%	16.64%	33.27%
IN:HARDWYN	68Neutral	INR 6.11B	37.56	―	―	2.63%	-8.65%
IN:PRINCEPIPE	61Neutral	INR 28.34B	27.75	―	0.39%	5.10%	347.36%
IN:FINPIPE	59Neutral	INR 85.13B	13.77	―	1.46%	2.80%	26.35%
IN:ASTRAL	57Neutral	INR 359.32B	62.62	―	0.30%	16.79%	18.82%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:APOLLOPIPE	45Neutral	INR 22.12B	-240.17	―	0.14%	-1.99%	-132.14%

* General Sector Average

Performance Comparison

IN:HARDWYN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:HARDWYN	Hardwyn India Ltd.	8.94	-2.13	-19.25%
IN:APOLLOPIPE	Apollo Pipes Ltd.	502.10	196.62	64.37%
IN:ASTRAL	Astral Limited	1337.50	-139.76	-9.46%
IN:FINPIPE	Finolex Industries Limited	137.20	-47.56	-25.74%
IN:PRINCEPIPE	Prince Pipes And Fittings Ltd	256.35	-65.97	-20.47%
IN:SUPREMEIND	Supreme Industries Limited	3151.00	-737.98	-18.98%

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 con...

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.

Date of analysis: Oct 29, 2026

Hardwyn India Ltd. AI Stock Analysis