Hardwyn India Ltd. (HARDWYN) AI Stock Analysis

• Market Cap: ₹7.58B
• Dividend Yield: N/A
• Average Volume (3M): 44.60K
• Price to Earnings (P/E): 54.8
• Beta (1Y): 1.11
• Revenue Growth: 5.12%
• EPS Growth: 6.26%
• Country: IN
• Employees: 88
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Construction
• EPS (TTM): 0.09
• Shares Outstanding: 488,434,050
• 10 Day Avg. Volume: 80,261
• 30 Day Avg. Volume: 44,605
• PEG Ratio: -2.51
• Price to Book (P/B): 1.48
• Price to Sales (P/S): 3.16
• P/FCF Ratio: 853.66
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: ₹17.50 ▼(-10.71% Downside)

The score is driven primarily by strong financial performance (revenue growth, improving margins, and a stable balance sheet) and bullish technical trend signals. This is materially offset by expensive valuation (high P/E) and weaker cash-flow consistency.

Positive Factors

Sustained revenue growth

Revenue more than doubled over three years, indicating durable demand and expanding distribution reach. This scale growth supports long-term supplier leverage, R&D/product investment and strengthens bargaining with channel partners across residential and project segments.

Equity-heavy balance sheet

Very low leverage and a strong equity position provide financial resilience and strategic optionality. The balance sheet can absorb cyclical downturns, fund targeted capex or geographic expansion without stress, and preserves borrowing capacity for growth.

Improving and stable margins

Stable gross margins combined with rising net and operating margins point to sustainable cost controls and better product mix. Improved profitability supports reinvestment, enhances free-cash-flow potential and indicates operational discipline over the medium term.

Negative Factors

Inconsistent operating cash flow

Large swings in operating cash flow constrain the company's ability to consistently fund capex, inventory needs and working-capital cycles. Even with positive free cash flow in 2025, volatility reduces predictability for dividends, buybacks or debt servicing.

Low return on equity

ROE near mid-single digits signals modest capital efficiency relative to peers. Even with improvement, persistently low ROE suggests limited profitability per rupee of equity, restraining long-term shareholder value creation unless margins or asset turnover materially improve.

Concentration in distribution-led model

Heavy reliance on distributors, dealers and project-spec channels concentrates execution risk and ties performance to construction cycles. Limited product diversification and channel concentration may slow penetration in new end-markets and increase exposure to sectoral downturns.

Hardwyn India Ltd. Business Overview & Revenue Model

Company Description

Hardwyn India Limited engages in the trading of aluminum products under the Hardwyn brand in India and internationally. The company's products include door closers, floor springs, glass patch fittings, point fixed architectural fittings, shower enclosure fittings, shower hinges, plastic profiles, mortise handle and locks, spider fittings, shower sliding system, motion gate series, automatic and shower doors, stainless steel railings and balustrades, brass and zinc handles, cylindrical and furniture locks, telescopic channels, and electronic safes, as well as bathroom accessories and aluminum profile products. It serves architects, builders, fabricators, interior decorators, corporate houses, and government contractors. The company was formerly known as Garv Industries Limited and changed its name to Hardwyn India Limited in January 2020. Hardwyn India Limited was founded in 1965 and is based in New Delhi, India.

How the Company Makes Money

Hardwyn India Ltd. generates revenue through the sale of its extensive range of architectural hardware products. The company’s revenue model is primarily based on direct sales to retailers, wholesalers, and construction firms, as well as through online platforms. Key revenue streams include bulk orders from construction projects, retail sales through hardware stores, and strategic partnerships with builders and architects. Additionally, Hardwyn invests in branding and marketing initiatives to enhance visibility and expand its customer base, which significantly contributes to its earnings.

Hardwyn India Ltd. Financial Statement Overview

Summary

Strong revenue growth and improving profitability support a high score, backed by a solid, equity-heavy balance sheet. The main offset is inconsistent operating cash flow, including a sharp drop in 2025, despite free cash flow turning slightly positive.

Income Statement

Hardwyn India Ltd. has shown strong revenue growth over recent years, with a notable increase from ₹845.6 million in 2022 to ₹1,846 million in 2025. Gross profit margins have been stable, averaging around 14-15% in recent years, while net profit margin has improved, reaching 6.1% in 2025. EBIT and EBITDA margins are favorable, indicating effective cost management and operational efficiency.

Balance Sheet

The company maintains a healthy equity position with a high equity ratio of around 84.6% in 2025, indicating financial stability. However, the debt-to-equity ratio, while relatively low at 0.025, suggests the company could potentially leverage more for growth. Return on equity has improved, reaching 2.85% in 2025, reflecting enhanced shareholder value creation.

Cash Flow

The operating cash flow has been inconsistent, with a significant drop in 2025 to ₹15.6 million. Despite this, free cash flow turned positive in 2025 at ₹6.8 million, recovering from previous negative figures. The free cash flow to net income ratio indicates improvements in cash generation relative to profitability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.87B	1.85B	1.53B	1.65B	845.58M	577.43M
Gross Profit	293.52M	262.80M	237.24M	209.91M	95.28M	38.76M
EBITDA	220.70M	188.07M	169.80M	140.77M	53.22M	23.69M
Net Income	135.25M	112.31M	102.36M	92.81M	34.07M	15.36M
Balance Sheet
Total Assets	0.00	4.65B	4.45B	4.18B	570.35M	389.83M
Cash, Cash Equivalents and Short-Term Investments	20.33M	20.33M	950.00K	1.88M	980.33K	1.06M
Total Debt	0.00	98.87M	92.38M	45.70M	66.00M	49.29M
Total Liabilities	-3.99B	663.30M	579.98M	409.55M	416.88M	270.43M
Stockholders Equity	3.99B	3.93B	3.82B	3.73B	153.47M	119.40M
Cash Flow
Free Cash Flow	0.00	6.82M	-32.64M	-14.16M	-8.75M	-37.58M
Operating Cash Flow	0.00	15.60M	21.38M	-9.98M	-1.77M	-35.96M
Investing Cash Flow	0.00	-8.78M	-55.72M	-4.18M	-6.98M	-1.62M
Financing Cash Flow	0.00	-3.89M	36.96M	14.61M	10.90M	46.92M

Hardwyn India Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 17.31, above the 50-day MA of 17.21, and above the 200-day MA of 14.68, indicating a neutral trend. The MACD of -0.43 indicates Positive momentum. The RSI at 34.90 is Neutral, neither overbought nor oversold. The STOCH value of 19.56 is Positive, 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

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HARDWYN	73 Outperform	₹7.58B	54.78	―	―	5.12%	6.26%
TEXMOPIPES	63 Neutral	₹1.32B	7.17	―	―	-3.48%	363.10%
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
APOLLOPIPE	55 Neutral	₹11.80B	72.54	―	0.23%	9.39%	-26.87%
EVERESTIND	49 Neutral	₹6.89B	-28.23	―	0.50%	-3.11%	-331.77%
KRITI	44 Neutral	₹3.98B	-22.59	―	0.22%	-19.06%	-175.93%
SEJALLTD	41 Neutral	₹7.10B	36.29	―	―	46.74%	281.49%

Hardwyn India Ltd. Corporate Events

Hardwyn India Ltd. Delays Financial Results Submission Due to Board Meeting Rescheduling

Hardwyn India Limited has announced a delay in the submission of its financial results for the quarter ended September 30, 2025. The delay was due to the adjournment of the Board Meeting, initially scheduled for November 14, 2025, which was postponed to November 19, 2025, because of a lack of quorum and the need to reconcile mismatches in financial figures. The company has assured that the delay was unintentional and remains committed to regulatory compliance.

Hardwyn India Revises Preferential Issue Pricing

Hardwyn India Limited has announced a revision in the pricing of its proposed preferential issue. The minimum issue price for the equity shares has been updated to ₹13.84 per share, based on the latest trading data available on the Stock Exchange. This adjustment reflects compliance with SEBI regulations and is calculated as the higher of the average volume-weighted prices over the preceding 90 and 10 trading days. This revision in pricing could impact the company’s capital-raising efforts and influence investor perceptions.

Hardwyn India Limited Releases Q2 2025 Financial Results

Hardwyn India Limited has announced its standalone and consolidated unaudited financial results for the quarter and half-year ending on September 30, 2025. These results were approved by the Board of Directors on November 19, 2025, and have been published in the Financial Express and Jansatta newspapers. The financial results are also available on the company’s website, reflecting the company’s commitment to transparency and regulatory compliance.

Hardwyn India Ltd. Publishes AGM Corrigendum

Hardwyn India Limited, a company listed on both BSE and NSE, has announced the publication of a corrigendum to the notice of its 8th Annual General Meeting for the financial year 2024-2025. The corrigendum was published in both English and Hindi newspapers, Financial Express and Jansatta, respectively. This announcement is part of the company’s compliance with SEBI regulations, ensuring transparency and proper communication with its stakeholders.