Hardwyn India share price today

Hardwyn India Ltd's share price was ₹8.88 at the close on 4 November 2026. It has been falling for 11 weeks. That is 25.8% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹9 and ₹19, and at that close it was at the low of that range.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Hardwyn India Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 18 weeks running.

Over the last 8.5 years the share price moved +3,452% while the NIFTY 500 moved +132%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 3 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

One change stood out: revenue fell in the June 2026 quarter.

1. Revenue fell in the June 2026 quarter

   Revenue was ₹35 crore, -19.4% on a year earlier (₹43 crore), after 2 quarters of growth.

For April to June 2026 (the quarter ended 30 June 2026), Hardwyn India reported revenue of ₹34.6 crore, down 19.4% from ₹42.9 crore a year earlier, and a profit of ₹2.80 crore, down 22.9% from ₹3.63 crore.

Hardwyn India results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

The newest call in our records is from 2 June 2026, about January to March 2026; a call about these results is not in our records yet.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Hardwyn India closed at ₹8.88 on 4 November 2026, down 20.3% from ₹11.14 a year earlier (7 November 2025) and up 320.9% over five years. Its highest weekly close since April 2018 was ₹25.49 on 9 June 2023.

Hardwyn India share price: then and now

Weekly closing prices, adjusted for splits and bonuses so every price is on today’s share count. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

408 weekly closes from 27 April 2018 to 4 November 2026.

4 Nov 2026: Hardwyn India closed at ₹8.88, down 0.7% on the week and down 3.5% on the month. 28 Jul 2026: Bonus issue: 2 new shares for every 5 held (ex-date).

Earlier

• Results for April to June 2026: Revenue down 19.4% and profit down 22.9% on a year earlier.
• 2 Jun 2026: Hardwyn India held its results call for January to March 2026. Management guided: FY27-FY28 revenue: ₹350-400 crore.
• 27 Dec 2024: Bonus issue: 2 new shares for every 5 held (ex-date).

Hardwyn India has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

No. Hardwyn India Ltd paid out 0% of its profit as dividends in each of its last 9 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for January to March 2026, held on 2 June 2026, Hardwyn India's management guided: FY27-FY28 revenue: ₹350-400 crore.

“Looking ahead, we have set an ambitious yet achievable target of reaching 1,000 crores revenue in FY32, implying a 30-35% CAGR growth”Rubaljit Singh Sayal, Managing Director, on the call for January to March 2026

What management guided

• FY32 revenue: ₹1,000 crore with 30-35% yearly growth from FY26 base.
• Operating margin: 23-24% medium-term (next 2-3 years)
• Net profit margin: 13-15% medium-term (next 2-3 years)
• Manufacturing revenue mix: 70% manufacturing / 30% trading within 3-4 years.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for January to March 2026, 2 June 2026. The April to June 2026 results are out since, so this part may be out of date until we update it.

When Hardwyn India reports July to September 2026, these are the 3 checks that show whether the story is still on course. First: Dealer network expansion pace: Track FY27 dealer count vs FY26 4,000-5,000 baseline against management's 2-3 year doubling goal. Quarterly visibility on new dealer additions will validate execution capability supporting 30-35% yearly growth narrative. Tier 2 and Tier 3 penetration rate will indicate geographic strategy progress.

Hardwyn India is on one of our India lists: Penny stocks.

Hardwyn India Ltd earned ₹2.8 Cr of net profit in the Jun 2026 quarter, −22.9% on the same quarter a year earlier. Full-year FY26 profit was ₹13.0 Cr. That is 8.1% of the quarter's revenue. The same quarter a year earlier earned ₹3.6 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

For the full year, FY26 profit was ₹13.0 Cr (+18.2% on the year before).

Why profit moved: revenue changed −19.4% on a year earlier and the margin moved −0.2 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +3.5% and revenue +2.4%. Profit and revenue are moving at about the same pace.

Hardwyn India Ltd reported ₹34.6 Cr of revenue in the Jun 2026 quarter, −19.4% on the same quarter a year earlier. Over 8 years it has grown 35.1% a year on average. The last full year, FY26, came in at ₹200 Cr. The last four reported quarters add to ₹192 Cr.

Revenue is everything the company billed its customers in the period.

FY26 revenue was ₹200 Cr, +8.7% on the year before.

Recent pace: the last four quarters grew +2.4% on average, against 35.1% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +2.6%, against +10.5% a year over the last 8 quarters (rolling over); profit over the last 12 months grew −8.5%, against +8.7% a year (rolling over).

Hardwyn India Ltd's operating margin was 13.0% in the Jun 2026 quarter, 0.2 percentage points lower than the same quarter a year ago. Its latest full-year margin is the highest it has ever reported. Across 9 years it has been between 1.0% and 11.0%. The latest quarter is above every full year in that period.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −0.2 percentage points on the year while gross margin changed +1.4 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

As noted under valuation: when margins are at a record, every ratio built on profit looks better than usual, so a low multiple can mislead.

Over the last 3 years, 32% of Hardwyn India Ltd's reported profit came in as cash from its operations, a gap worth watching. In FY26 it brought in ₹7.0 Cr of operating cash against ₹13.0 Cr of profit. After ₹3.0 Cr of spending on assets, ₹4.0 Cr was left over as free cash.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why 32% of profit came in as cash: the cash cycle got 57 days longer between FY21 and FY26, so more of each rupee of profit waits in the business before it arrives. When less than 70% of profit comes in as cash, it is the thing to watch on this page.

What to look at next: less of the profit turns into cash than it should, and the cash cycle is 57 days longer. The next section looks at where the cash is stuck.

Hardwyn India Ltd's cash cycle, the days between paying suppliers and getting paid by customers, was 115 days in FY26, up from 58 days in FY21. It spent ₹9.0 Cr on assets over the last 3 years. Customers take 84 days to pay, and stock sits for 112 days on average.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

At FY26 sales of ₹200 Cr, each day of that cycle ties up about ₹0.5 Cr, so roughly ₹63.0 Cr is tied up in the business at any time.

FY26: customers took 84 days to pay and stock sat for 112 days, about 3.7 months of sales sitting as stock, for a full cycle of 115 days, longer than FY21's 58.

The full loop: cash goes out to suppliers and production on day 0. Stock sits for 112 days. Customers pay about 84 days after that. Suppliers are paid at 81 days. Together that makes the 115-day cycle.

Spending on assets: ₹9.0 Cr over the last 3 years, against ₹5.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: cash is getting stuck in the daily cycle, so watch the cycle more than the profit.

Hardwyn India Ltd's P/E is 49.1×, near the low end of its own history: it has been lower only 7% of the time. Its usual P/E (the middle reading) is 85.7×, over 3.2 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Keep one thing in mind: margins are the best this company has ever reported. A multiple that looks low against its own past can mislead when profit is at a record. If margins fall back, today's multiple is higher than it looks.

Why the multiple is where it is: over the past year earnings per share moved +18.8% while the price moved −20.3%. Earnings did better than the price, which pulled the multiple down within its own range.

Where the price move came from: over 3 years the price moved −22.0% a year; about +8.7% a year came from earnings growth and about −30.7 percentage points from the multiple (the market paying less). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is low against its own past, so the earnings trend underneath matters more than the multiple.

Hardwyn India Ltd's business is getting worse. Profit and EPS growth are shrinking: profit growth is −8.5% in the latest quarter, against +95.8% at its best in 12 quarters, with ROCE steady at 4.6%. This is based on 11 quarters of 4 measures.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Hardwyn India Ltd earned a ROCE of 5% in FY26. That is up from a low of 2% in FY19. Its return on capital used (ROIC) is 8.9 percentage points below its cost of capital, so growth here does not yet pay for the capital it uses.

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

It comes from a 6.5% net margin and 0.43× asset turnover (sales divided by assets).

Why the return is what it is (FY26): a 6.5% net margin × 0.43× asset turnover × 1.15× leverage (assets divided by equity) ≈ 3.2% on equity. The margin does its share; borrowing plays a small part, so this return is earned, not borrowed.

The key test, return on capital used minus the cost of capital: 3.1% − 12.0% = −8.9 percentage points. The 12.0% is a standard assumption for the cost of capital in India, not an estimate for this company. Read the sign and size of the gap, not the decimals. Negative: growth at these returns loses value until returns improve.

Hardwyn India Ltd has total debt of ₹6.0 Cr against shareholder equity of ₹412 Cr as of Jun 2026, so its debt is 0.01× its equity, which is very little. Year by year, that ratio went from 0.47 in FY22 to 0.01 in FY26. So the returns on this page come from the business, not from borrowed money.

Debt-to-equity shows how much of the business is paid for with borrowed money. Lower is safer, and the direction matters as much as the level.

No group of Hardwyn India Ltd's owners changed its stake by a full percentage point over the last two years. Foreign institutions moved +0.0 points over the same period, to 0.1%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Promoters: +0.0 points over 8 quarters, to 43.8%; Foreign institutions: +0.0 points over 8 quarters, to 0.1%.

For Hardwyn India Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

38.8 out of 100, rank 31 of 63 in Trading, with 86% of the evidence available.

Hardwyn India Ltd scores 38.8 out of 100 against the 63 companies it is compared with in Trading, ranking 31. The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer.

The four parts add up to the total exactly: 13 + 11.6 + 12.9 + 1.3 = 38.8. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Hardwyn India ranks 31 of 63 Trading companies on the 4-Factor Sector Score, with 38.8 out of 100.