AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 29 Aug - Hardwyn India appointed Eakam Sayal as Additional Director, effective August 29, 2026, subject to AGM approval.
Source: Bse
Hardwyn India Limited (HARDWYN)
Small CapIndustrials stocks · Small cap · NSE
Hardwyn India Limited operates in Hardware, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
₹9.07
-0.02 · -0.22%
Market cap ₹638 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals06 Oct 2026 · screener
Latest result14 Aug, 05:03 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
39Bearishfull bear SMA stack · SMA20 +1.1% / mo · MACD + · near 52W low
Stock trend: 34
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HARDWYND candles · FIT view-51.6%Latest close ₹9.07 on 2026-10-21
Bar
-1.9%
RSI
39
MACD hist
0.03
52W pos
12%
2026-10-21O ₹9.25H ₹9.25L ₹8.90C ₹9.07Vol 13.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HARDWYNNifty India ManufacturingNifty 500
- HARDWYN
- -19.3%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- -12.8 pp
Chart stats
21 Oct 2026- From 52W high
- -55.1%
- 52W range position
- 12%
- ATR (14)
- 4.2%
- Volume vs 20D
- 1.54x
- Avg traded value
- ₹0.8 Cr
- 20D price channel
- ₹8.9 - ₹10.5
₹20.2
₹7.6 - ₹20.2
₹0.4
Latest completed session
20-session average
13.4% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue -19.4% · PAT -22.9% YoY
Technical
Bearish39
Price trend and sector-relative-strength timing.
Valuation
Legacy model-28.2%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence66
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100Rev -19% YoY · PAT -23% YoY · margin compression
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹34.6 Cr | -19.4% | -39.5% |
| EBITDA | ₹4.5 Cr | -20.9% | -21.5% |
| Operating margin | 13.0% | -24 bps | +298 bps |
| PAT | ₹2.8 Cr | -22.9% | -18.4% |
| PAT margin | 8.1% | -36 bps | +209 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 51.60
- P/B
- 1.57
- EV/EBITDA
- 29.27
- Market Cap
- 638.00Cr
Profitability
- ROE
- 3.30%
- ROCE
- 4.81%
- ROA
- 2.58%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.01
- Interest Coverage
- 20.00×
- Altman Z
- 7.94
- Book Value
- 5.94
Cash Flow
- FCF Yield
- 0.63%
- FCF Positive Y
- 2/5
- OCF
- 7.00 Cr
- EPS TTM
- 0.18
Shareholding
- Promoter Hold
- 43.77%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 14%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 200+8.7% vs prev
Net Profit
₹ CrLatest: 13.0+18.2% vs prev
Return on Equity
%Latest: 3.2+14.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 rising (~1.1% over last month) — short-term momentum positive.
- RSI(14) at 39 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 55% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
24
RS percentile
Stage 4 Downtrend
1M return
-0.9%
3M return
-19.3%
6M return
-50.3%
1Y return
-12.9%
RS 1D
+1
RS 20D
+7
Sector rank
#2
Industry rank
-
Stage evidence
- Price is 34.1% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 107.93+0.71%
RS vs Nifty 500108
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation2/30
Growth13/25
Quality0/20
Balance Sheet10/15
Cash Flow4/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 13/25 to the score.
Main drags
- Fair-value margin of safety is negative at -28.2%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
51.6
PB
1.6
EV/EBITDA
29.3
ROE
3.3%
ROCE
4.8%
FCF Yield
0.6%
Debt/Equity
0.0
MoS
-28.2%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-28.2%
Previous: -28.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
35
35
35
35
35
35
35
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹4.9
-84.9% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹7.07
-28.2% MoS
PEG
1.95
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SONAMLTD
Small
SONAM LIMITED
Building Products
match 56
34
31.1
10.9%
+11%
WATCHLIST
HINDWAREAP
Small
Hindware Home Innovation Limited
Building Products
match 53
25
—
0.1%
—
OVERVALUED
VISDEM
SME
Visdem Technosys Limited
Building Products
match 32
57
12.2
17.6%
+62%
FAIR VALUE
GANGABATH
SME
Ganga Bath Fittings Ltd.
Building Products
match 32
19
42.7
3.4%
-5%
OVERVALUED
CERA
Micro
Cera Sanitaryware Limited
Building Products
match 23
49
31.9
14.8%
+27%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Hardwyn India Limited operates in Hardware, within the Industrials sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
66Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 49th percentile of the scored universe and 47th percentile within Industrials. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
17 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
49th percentile
overall median 67 · Industrials: 47th pctile, median 68 · Small: 54th pctile, median 66
Evidence depth
Financial-only
17 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
65
acceptable · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
40
weak · capital discipline
Results
48
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.6%.
- ▸Debt/equity is 0.01.
Trust risks
- ▸ROCE is low at 4.8%.
- ▸ROE is low at 3.3%.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Hardwyn India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Management 5 Aug - Mr. Amit Saxena resigned as Secretarial Auditor of Hardwyn India effective August 5, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Issue of Securities 4 Jul - Hardwyn India approved 2:5 bonus shares at July 3, 2026 EGM.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of Association 4 Jul - EGM on July 3, 2026 approved MOA amendment to raise authorized share capital to ₹70 crore.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Resignation of Director 5 Jun - Board approved 2:5 bonus issue, authorised capital hike to ₹70 crore, and EGM on July 3, 2026.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Resignation of Company Secretary / Compliance Officer 5 Jun - Board approved 2:5 bonus issue, raised authorized capital to ₹70 crore, and fixed EGM on July 3, 2026.
Source: Bse
Announcement
Clarification On Movement In Price 17 Jul - Hardwyn India says no pending price-sensitive announcement exists.
Source: Bse
Investor presentationJun 2026
Jun 2026 · PPT
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Newspaper Publication of the Un-audited Financial Results for the quarter ended 30th June 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 4 Jul - Shareholders approved Yogesh Kumar Garg as Independent Director for five years from June 5, 2026.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Jun - Newspaper publication regarding the Corrigendum to the Notice of the First Extra-Ordinary General Meeting (EGM) has been made today, i.e., Thursday, June 25, 2026, in …
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Change in Management 5 Jun - Board approved 2:5 bonus issue, authorised capital hike to ₹70 crore, and key director/CS changes; EGM July 3.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.