Hardwyn India Ltd
HARDWYNHardwyn India Ltd's multiple sits at its floor because earnings outran a 8× five-year rally — compression born of growth, not neglect. The quarters are still improving, and the P/E sits at the 22nd percentile of its own 3-year range.
The sharpest disagreement: profits are rising, but only 32% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (31 weeks in) while the P/E sits at the 22nd percentile of its own 3-year range. Underneath, the last four quarters read improving — profit +84.4% year on year, and 32% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Hardwyn India Ltd trades at ₹15.8, in a confirmed uptrend and 31 weeks into that stage. That is −21.9% against its own 200-day average. It sits at 25% of a 52-week range of ₹12 to ₹27. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (2 weeks and counting).
Today the stock is in a confirmed uptrend — week 31 of stage 2, confirmed. At ₹15.8 it trades −21.9% versus its 200-day average and sits at 25% of its 52-week range (₹12–₹27).
Against the market, two honest reads. Cumulative: over the last 8.2 years the stock moved +4,294% while the NIFTY 500 moved +147% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (2 weeks and counting; last ahead the week of 2026-07-03) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 22nd percentile of its own range.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Hardwyn India Ltd trades at 58.5× P/E, near the bottom of its own range — cheaper only 22% of the time. Its long-run median P/E is 90.3×, measured across 2.9 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 58.5× is near the bottom of its own range — cheaper only 22% of the time, against a long-run median of 90.3× measured over 2.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.
Why the multiple sits where it does: over the past year annual EPS moved +17.4% against a +12.4% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 3y, of the −18.6%/yr price move, ~+12.4%/yr came from earnings growth and ~−31.0 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.
A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Hardwyn India Ltd reads as improving on its fundamental arc. Improving — EPS growth bottomed 7 quarters ago at −12.0% and has held its recovery at +17.4%, ROCE holding at 5.0%. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +8.7% | +6.8% | +28.5% | — |
| Profit | +18.2% | +13.0% | +45.4% | — |
| EPS | +17.4% | +12.4% | +40.1% | — |
| Share price | +12.4% | −18.6% | +53.1% | — |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
49.4/100 — rank 20 of 48 in Trading · 83% evidence confidence
Hardwyn India Ltd scores 49.4 out of 100 against the 48 companies it is compared with in Trading, ranking 20. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 20.4 + 14.5 + 11.7 + 2.8 = 49.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Hardwyn India Ltd reported ₹57.1 Cr of revenue in the Mar 26 quarter, +25.2% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 35.1% a year. The last full year, FY26, came in at ₹200 Cr. The last four reported quarters add to ₹200 Cr.
Hardwyn India Ltd reported ₹57.1 Cr of revenue in the Mar 26 quarter, +25.2% year on year. That is the 2nd straight quarter of year-on-year growth. Over 8 years it has compounded at 35.1% a year. The last full year, FY26, came in at ₹200 Cr. The last four reported quarters add to ₹200 Cr.
FY26 revenue came in at ₹200 Cr (+8.7% on the year), capping 8 years at 35.1% compound. The latest quarter (Mar 26) printed ₹57.1 Cr, +25.2% year on year — the 2nd consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +8.5% growth against the decade's 35.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +8.3% over the last 4 quarters against +14.3%/yr over the last 8 — rolling over; TTM profit +17.5% vs +13.6%/yr — accelerating.
→ Revenue grew — did margins hold as it scaled? Next: 10.0% this quarter (+3.5 pp YoY).
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Hardwyn India Ltd's operating margin is 10.0% in the Mar 26 quarter, +3.5 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged 1.0% to 11.0%. The current quarter sits inside that band.
Hardwyn India Ltd's operating margin is 10.0% in the Mar 26 quarter, +3.5 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged 1.0% to 11.0%. The current quarter sits inside that band.
The latest quarter's operating margin is 10.0%, +3.5 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 1.0%–11.0%, and FY26's 11.0% is the top of that band — a record year.
Why the margin moved: operating margin went +3.5 pp year on year while gross margin went +1.5 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins held — did that reach the bottom line? Next: profit +84.4% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Hardwyn India Ltd earned ₹3.4 Cr of net profit in the Mar 26 quarter, +84.4% year on year. Full-year FY26 profit was ₹13.0 Cr. That is 6.0% of the quarter's revenue. The same quarter a year earlier earned ₹1.9 Cr.
Hardwyn India Ltd earned ₹3.4 Cr of net profit in the Mar 26 quarter, +84.4% year on year. Full-year FY26 profit was ₹13.0 Cr. That is 6.0% of the quarter's revenue. The same quarter a year earlier earned ₹1.9 Cr.
Mar 26 profit was ₹3.4 Cr, +84.4% year on year. On the full year, FY26 printed ₹13.0 Cr (+18.2%).
Why profit moved: revenue contributed +25.2% and the margin +3.5 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +52.0% vs revenue +8.5%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 32% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 32% of Hardwyn India Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹7.0 Cr of operating cash against ₹13.0 Cr of profit. After ₹3.0 Cr of capital spending, ₹4.0 Cr was left as free cash.
FY26: operating cash of ₹7.0 Cr against reported profit of ₹13.0 Cr, leaving free cash of ₹4.0 Cr after ₹3.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 32% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at 32%: the cash cycle stretched 57 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 57 days — the next section's job is to find where the cash is stuck.
→ So follow the cash to where it goes. Next: the 115-day cycle, in money terms.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Hardwyn India Ltd's cash conversion cycle runs 115 days in FY26, up from 58 days in FY21. Capital spending ran ₹9.0 Cr over the last 3 years. At FY26 sales of ₹200 Cr each day of that cycle holds about ₹0.5 Cr, so roughly ₹63.0 Cr sits inside the business at any moment.
FY26: debtors at 84 days, inventory at 112 days — roughly 3.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 115 days, looser than FY21's 58.
The full loop: cash goes out to suppliers and production on day 0; stock waits 112 days to sell; customers pay about 84 days after that; and suppliers themselves are paid at 81 days — netting out to the 115-day cycle.
In money terms: at FY26 sales of ₹200 Cr, each day of the cycle holds about ₹0.5 Cr — so the 115-day loop keeps roughly ₹63.0 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹9.0 Cr over the last 3 fiscal years against ₹5.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹0.0 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
→ Does all this activity actually earn its cost of capital? Next: ROCE is 5% and the ROIC − WACC spread is −8.7 pp.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified
Hardwyn India Ltd earns a ROCE of 5% in FY26. That is up from a trough of 2% in FY19. Return on invested capital clears the cost of that capital by −8.7 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 6.5% net margin on 0.43× asset turns.
FY26 ROCE is 5%, recovered from a FY19 trough of 2% — the full ladder below shows the fall and the climb, undoctored.
🚨 Why the return is what it is — the wiring (FY26): 6.5% net margin × 0.43× asset turns × 1.15× balance-sheet leverage ≈ 3.2% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.
The capstone test — ROIC − WACC: 3.3% − 12.0% = a −8.7 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.01.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified
Hardwyn India Ltd carries total debt of ₹6.0 Cr against shareholder equity of ₹412 Cr as of Mar 26, a debt-to-equity of 0.01 — effectively unlevered. On the annual view that ratio went from 0.47 in FY22 to 0.01 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.
Mar 26: total debt of ₹6.0 Cr against shareholder equity of ₹412 Cr — a debt-to-equity of 0.01. On the annual view, debt-to-equity went from 0.47 (FY22) to 0.01 (FY26). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: the register is quiet.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Hardwyn India Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 43.8%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: −0.2 points over 8 quarters to 0.2%; Promoters: +0.0 points over 8 quarters to 43.8%.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Hardwyn India Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| Hardwyn India Ltd this page | 58.5× | ₹773 Cr | Improving | |||
| Adani Enterprises Ltd | — | ₹4.1L Cr | Mixed | |||
| Lloyds Enterprises Ltd | 1,079.0× | ₹11,894 Cr | Turning around | |||
| RRP Semiconductor Ltd | — | ₹11,877 Cr | No read | |||
| MMTC Ltd | 92.2× | ₹9,228 Cr | No read | |||
| SG Mart Ltd | 72.3× | ₹8,993 Cr | Mixed | |||
| Rashi Peripherals Ltd | 18.5× | ₹5,139 Cr | Consistent | |||
| PTC India Ltd | 8.0× | ₹4,866 Cr | Mixed | |||
| Euro Pratik Sales Ltd | 37.2× | ₹3,083 Cr | No read | |||
| Shankara Buildpro Ltd | 23.1× | ₹2,998 Cr | No read | |||
| Blue Pearl Agriventures Ltd | 5,705.0× | ₹2,795 Cr | No read | |||
| BN Agrochem Ltd | 78.2× | ₹2,688 Cr | No read | |||
| Onix Solar Energy Ltd | 34.7× | ₹2,300 Cr | No read | |||
| Aayush Art and Bullion Ltd | 227.0× | ₹1,790 Cr | No read | |||
| Onix Solar Energy Ltd | 117.0× | ₹1,779 Cr | No read | |||
| Kothari Industrial Corporation Ltd | — | ₹1,761 Cr | No read | |||
| Kothari Industrial Corporation Ltd | — | ₹1,728 Cr | No read | |||
| Aayush Art and Bullion Ltd | 882.0× | ₹1,702 Cr | Mixed | |||
| Keto Motors Ltd | — | ₹1,603 Cr | No read | |||
| Le Merite Exports Ltd | 87.0× | ₹1,177 Cr | — | — | — | — |
| Arisinfra Solutions Ltd | 18.5× | ₹1,007 Cr | No read | |||
| Sudarshan Pharma Industries Ltd | 43.2× | ₹1,006 Cr | No read | |||
| Tembo Global Industries Ltd | 10.8× | ₹984 Cr | Mixed | |||
| A-1 Ltd | 383.0× | ₹947 Cr | Deteriorating | |||
| Bizotic Commercial Ltd | 86.4× | ₹936 Cr | — | — | — | — |
| Neueon Corporation Ltd | — | ₹930 Cr | No read | |||
| Shah Foods Ltd | 276.0× | ₹908 Cr | — | — | — | — |
| Hexa Tradex Ltd | — | ₹857 Cr | No read | |||
| Dhunseri Ventures Ltd | 9.4× | ₹854 Cr | Deteriorating | |||
| Vision Infra Equipment Solutions Ltd | 24.9× | ₹774 Cr | — | — | — | — |
| Yogi Ltd | 36.9× | ₹765 Cr | No read | |||
| Patel Retail Ltd | 19.1× | ₹746 Cr | No read | |||
| Yogi Ltd | 39.1× | ₹741 Cr | No read | |||
| Nupur Recyclers Ltd | 51.0× | ₹725 Cr | Mixed | |||
| Mardia Samyoung Capillary Tubes Company Ltd | 687.0× | ₹707 Cr | No read | |||
| State Trading Corporation of India Ltd | 15.9× | ₹707 Cr | No read | |||
| Uniphos Enterprises Ltd | 33.0× | ₹683 Cr | No read | |||
| Cropster Agro Ltd | 43.7× | ₹679 Cr | No read | |||
| Fabtech Technologies Ltd | 13.7× | ₹666 Cr | No read | |||
| Sudarshan Pharma Industries Ltd | 28.7× | ₹609 Cr | No read |
Frequently asked questions
What is Hardwyn India Ltd's share price today?
Hardwyn India Ltd trades at ₹15.8, +12.4% over the past year. The company is valued at ₹773 Cr. The stock sits at 25% of its 52-week range of ₹12–₹27, −21.9% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 31 weeks in. — as of 24 July 2026.
What were Hardwyn India Ltd's latest quarterly results?
Hardwyn India Ltd reported revenue of ₹57.1 Cr and net profit of ₹3.4 Cr for the Mar 26 quarter. Revenue rose 25.2% and profit rose 84.4% year on year. Earnings per share were ₹0.07. The operating margin was 10.0%, 3.5 pp higher than a year earlier. — as of 24 July 2026.
What is Hardwyn India Ltd's revenue?
Hardwyn India Ltd reported revenue of ₹57.1 Cr in the Mar 26 quarter, +25.2% year on year. For the full FY26 fiscal year, revenue was ₹200 Cr (+8.7%). Over the last 8 years revenue compounded at 35.1% a year. — as of 24 July 2026.
What is Hardwyn India Ltd's profit?
Hardwyn India Ltd earned ₹3.4 Cr of net profit in the Mar 26 quarter, +84.4% year on year. Full-year FY26 profit was ₹13.0 Cr. The operating margin ran 10.0% in the latest quarter. — as of 24 July 2026.
What is Hardwyn India Ltd's market cap?
Hardwyn India Ltd's market capitalisation is ₹773 Cr at a share price of ₹15.8. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Hardwyn India Ltd's P/E ratio?
Hardwyn India Ltd trades at a P/E of 58.5×, at the 22nd percentile of its own 3-year range, against a long-run median of 90.3×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Hardwyn India Ltd pay a dividend?
No — Hardwyn India Ltd has recorded a dividend payout of 0% of profit in each of its last 9 reported fiscal years, so there is no payout history to quote. That is a reading of the filed annual statements, not an estimate. — as of 24 July 2026.
Is Hardwyn India Ltd overvalued?
On its own history, Hardwyn India Ltd looks cheap against its own history: its P/E of 58.5× has been cheaper only 22% of the time in 3 years (long-run median 90.3×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.
Is Hardwyn India Ltd growing?
Yes — Hardwyn India Ltd is growing: latest-quarter revenue +25.2% year on year, profit +84.4%, and the margin +3.5 pp at 10.0%. The earnings engine currently reads: improving — as of 24 July 2026.
How is Hardwyn India Ltd performing?
Hardwyn India Ltd is in a confirmed uptrend, 31 weeks in. Its latest quarter's revenue rose 25.2% and profit rose 84.4% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 2 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Hardwyn India Ltd in?
Improving — EPS growth bottomed 7 quarters ago at −12.0% and has held its recovery at +17.4%, ROCE holding at 5.0%. The read comes from the last 12 quarters of growth (revenue growth +8.3% latest, profit growth +17.5% latest, eps growth +17.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Hardwyn India Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 31 of stage 2), trading −21.9% versus its 200-day average and at 25% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Hardwyn India Ltd beating the market?
Not lately — on a trailing-13-week view Hardwyn India Ltd is currently behind the NIFTY 500 (2 weeks and counting; last ahead the week of 2026-07-03), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 8.2 years the stock moved +4,294% against the NIFTY 500's +147% — ahead of the index over the full window. — as of 24 July 2026.
Will Hardwyn India Ltd's share price go up?
This page publishes no price forecast for Hardwyn India Ltd. What it measures instead: the share price is ₹15.8, the price is in a confirmed uptrend 31 weeks in. Its P/E of 58.5× sits at the 22nd percentile of its own 3-year range. — as of 24 July 2026.
Who owns Hardwyn India Ltd?
Promoters hold 43.8% of Hardwyn India Ltd, foreign institutions 0.2%, domestic institutions null% and the public 55.5% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.
Does Hardwyn India Ltd have too much debt?
No — Hardwyn India Ltd's debt-to-equity is 0.01, and operating profit covers the interest bill 21×. FY26 borrowings were ₹6.0 Cr against equity of ₹406 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.
What is Hardwyn India Ltd's capex?
Hardwyn India Ltd spent ₹9.0 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹3.0 Cr, with ₹0.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.
What is Hardwyn India Ltd's cash flow?
Hardwyn India Ltd generated ₹7.0 Cr of operating cash flow in FY26 and ₹4.0 Cr of free cash flow after ₹3.0 Cr of capital spending. Reported profit that year was ₹13.0 Cr, so operating cash ran behind profit. Cash-flow resolution for India is annual. — as of 24 July 2026.
Is Hardwyn India Ltd's profit real cash?
Not fully — over the last 3 fiscal years, 32% of Hardwyn India Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹7.0 Cr against reported profit of ₹13.0 Cr. The cash then goes mostly into the working-capital cycle. Cash-flow resolution is annual — as of 24 July 2026.
Where is Hardwyn India Ltd in its business cycle?
Hardwyn India Ltd's FY26 operating margin was 11.0%, against a 9-year band of 1.0%–11.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 10.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Hardwyn India Ltd story?
The sharpest disagreement: profits are rising, but only 32% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Hardwyn India Ltd a stock worth studying right now?
This is not investment advice. The machine read: Hardwyn India Ltd's multiple sits at its floor because earnings outran a 8× five-year rally — compression born of growth, not neglect. The quarters are still improving, and the P/E sits at the 22nd percentile of its own 3-year range. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.