Hardwyn IndiaNSE:HARDWYN
Current view Q4 2026
Makes door and window hardware; sales grew to Rs160 crore and margins hit 13%. Growth is real, but the stock trades at 95 times earnings and much of its balance sheet is idle related-party investment.
Latest exchange filings last 5 · 5 after Q4 2026
- 17 Sep ’26Hardwyn India noted ₹3.25 lakh fine for Regulation 17(1) non-compliance; board composition now restored. ↗
- 16 Sep ’26ROC granted Hardwyn India a three-month AGM extension for FY2025-26. ↗
- 29 Aug ’26Hardwyn India appointed Eakam Sayal as Additional Director, effective August 29, 2026, subject to AGM approval. ↗
- 15 Aug ’26Newspaper Publication of the Un-audited Financial Results for the quarter ended 30th June 2026. ↗
- 14 Aug ’26Un-Audited Financials Results For The Quarter Ending 30Th June 2026 14 Aug ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +25.2% | +16.4% | +6.8% | +22.8% |
| Operating profit | ▲ +92.3% | +89.7% | +13.6% | +54.4% |
| EPS | ▲ +66.7% | +66.7% | +10.7% | +37.0% |
| PAT | ▲ +84.4% | +91.6% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +25.2%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Average52/100
Growing, but too slowly to re-price. Profit per share grew 11% a year. A big re-pricing usually needs more than 15% a year, so the score is capped no matter how cheap it looks.
₹9 → ₹18 needs the P/E at 72× — it is 49× today, and has ranged 40× to 158× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 107× — it has traded there — high was 158×.
Target capped at 11× — its 97× five-year average came from near-zero earnings.
De-rating while below every EMA — value-trap risk, not a coiled spring.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a micro-cap at ₹622 cr, so the odds of a re-rate are not fighting its own size.
Why the target is capped at 11×. This company averaged 97× over five years, but a multiple that high comes from near-zero earnings rather than from what buyers chose to pay — projecting a return to it would price in the collapse, not the recovery. 11× is what a 11% grower supports.
Band capped: growth of 10.7% is below the 15% bar a re-rate needs.
Growth rate used: 10.7% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 60%.
How it compares with its rivals Consumer Goods · 6 of 12 listed
These are the industry's largest names rather than companies of its own size, so the columns are worth reading straight across — a ranking against them would only be restating the size gap.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| Hardwyn India | ₹9 | 50.5× | ₹625 Cr | 4.8% | −22.9% | −19.4% |
| Sheela Foam | ₹665 | 35.7× | ₹7,262 Cr | 6.1% | +769.2% | +25.6% |
| Wakefit Innovati | ₹145 | 24.5× | ₹4,820 Cr | 10.9% | +19.2% | +16.6% |
| Responsive Ind | ₹160 | 41.8× | ₹4,252 Cr | 10.8% | −94.5% | −43.1% |
| Euro Pratik Sale | ₹233 | 27.6× | ₹2,378 Cr | 38.4% | +24.8% | +60.1% |
| Safe Enterprises | ₹251 | 18.1× | ₹1,168 Cr | 47.0% | +40.9% | +31.6% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jul 2026
| Are the margins widening? | wider, but it has moved around a lot | operating margin 4% → 13% over 3 years |
|---|---|---|
| Did the profit turn into cash? | under half — much of the profit is tied up | 62% last year, 46% over three · free cash flow ₹5 cr, positive in 2 of 4 years |
| Is the growth borrowed? | essentially debt-free | ₹6 cr — 0.01× its own equity (was 0.03×) |
| Is it being collected? | collection is steady | 84 days to collect, down 1 in a year · cash cycle 115 days |
| Who has been buying? | the promoters have held steady | promoters 43.8%, 43.8% → 43.8% over 2.6 years · FIIs 0.3% (+0.3) · shareholders 23,743 → 51,182 |
| What does it earn on its capital? | earns little on its capital | ROCE 4.8% · ROE 3.3% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company has reduced debt.
- Company is almost debt free.
Against it
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 2.98% over last 3 years.
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.