# Hardwyn India share price today (Hardwyn India Ltd, NSE: HARDWYN)

> Hardwyn India share price today: ₹8.88 at the NSE close on 4 November 2026, down 20.3% in a year. Hardwyn India (NSE: HARDWYN) is worth ₹607 crore, trades at a P/E of 49.1 and has closed between ₹8.88 and ₹19.43 over the past 52 weeks. > Hardwyn India Ltd's P/E is near the low end of its own history, higher than only 7% of past readings, and its quarterly results are still getting worse. HARDWYN · Trading · data as of 4 November 2026. Page: https://www.sectoralpha.in/stocks/hardwyn-india-ltd

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## Key numbers

- Business trend: Getting worse, from the last 12 quarters
- Price: ₹8.88 (−20.3% in a year)
- P/E: 49.1× (lower than 93% of the last 3.2 years)
- Revenue (Jun 2026): ₹34.6 Cr (−19.4% on a year ago)
- Profit (Jun 2026): ₹2.8 Cr (−22.9% on a year ago)
- Operating margin: 13.0% (−0.2 points on a year ago)
- ROCE: 5%, FY26
- ROIC: 3.1%, against a 12.0% cost of capital: −8.9 points

The main question: yearly earnings per share moved +18.8% while the share price moved −20.3%. ## What is the 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. 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. ## What changed at Hardwyn India this quarter? 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. ## What are Hardwyn India's latest quarterly results? 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

| Measure | April to June 2026 | April to June 2025 | Change |
| --- | --- | --- | --- |
| Revenue | ₹34.6 crore | ₹42.9 crore | −19.4% |
| Profit | ₹2.80 crore | ₹3.63 crore | −22.9% |
| Earnings per share | ₹0.04 | ₹0.05 | −20.0% |
| Operating margin | 13.0% | 13.3% | −0.2 points |

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.)

## What is the Hardwyn India share price history? 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

| When | Close | Change to 4 Nov 2026 |
| --- | --- | --- |
| 1 week ago · 30 Oct 2026 | ₹8.94 | −0.7% |
| 1 month ago · 1 Oct 2026 | ₹9.20 | −3.5% |
| 6 months ago · 8 May 2026 | ₹17.52 | −49.3% |
| 1 year ago · 7 Nov 2025 | ₹11.14 | −20.3% |
| 3 years ago · 3 Nov 2023 | ₹18.74 | −52.6% |
| 5 years ago · 4 Nov 2021 | ₹2.11 | +320.9% |
| Earliest weekly close in our records · 27 Apr 2018 | ₹0.25 | +3,452.0% |
| Highest weekly close since April 2018 · 9 Jun 2023 | ₹25.49 | −65.2% |
| Lowest weekly close since April 2018 · 30 Nov 2018 | ₹0.15 | +5,820.0% |
| 52-week high (weekly close) · 30 Apr 2026 | ₹19.43 | −54.3% |
| 52-week low (weekly close) · 4 Nov 2026 | ₹8.88 | 0.0% |

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.)

## What is the latest news on Hardwyn India? 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). ## What dividend does Hardwyn India pay? 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.)

## What did Hardwyn India management say on the latest results call? 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](https://files.tijoristack.ai/concall/transcript/32856-02-Jun-2026.pdf). (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.)

## What to watch in Hardwyn India's next results? 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. - What to check (from the call)
- 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. - Export revenue contribution and order execution: Monitor FY27 export revenue as percentage of total revenue against 30-40% long-term goal. Track two Middle East orders' execution timing and margin realization. Additional order wins in Africa and South Asia will validate market launch viability. - Digital segment launch and initial traction: Product launch by Diwali with celebrity ambassador to track. Watch revenue ramp in digital locks, digital safes, home automation in 9M FY27 print as proof of adjacency model viability. Margin profile of digital products vs traditional hardware will validate premium positioning thesis. ## Which stock lists is Hardwyn India on? Hardwyn India is on one of our India lists: Penny stocks. [Penny stocks Earnings growth, 12 months (%): -10](https://www.sectoralpha.in/penny-stocks-india)

## Is Hardwyn India profitable? 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. 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. ## How much revenue does Hardwyn India make, and is it growing? 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. 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). ## How much of every ₹100 of sales does Hardwyn India keep? 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. 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. ## Is Hardwyn India's profit turning into cash? 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. 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. ## Where does Hardwyn India's cash go? 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. 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. ## What is Hardwyn India's P/E ratio, and how does it compare with its own history? 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. 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. ## Is the Hardwyn India business getting better or worse? 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. Why it matters: falling lines mean any ratio below that looks low should be read with that direction in mind. ## How much does Hardwyn India earn on its capital? 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. 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. ## Does Hardwyn India have too much debt? 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. ## What is the Hardwyn India shareholding pattern? 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. 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%. ## How far is Hardwyn India from balance-sheet trouble? 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. ## How does Hardwyn India rank in its industry? 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. ## Which companies is Hardwyn India compared with? Hardwyn India ranks 31 of 63 Trading companies on the 4-Factor Sector Score, with 38.8 out of 100. 1. [Mangalam Global Enterprise Ltd](https://www.sectoralpha.in/stocks/mangalam-global-enterprise-ltd) MGEL · turning · Most evidence points up · 93% evidence 70.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.5/35 · Revenue 44.2% · Profit 8.2% · Operating margin change 0.7 points · 100% evidence Capital efficiency 14.6/25 · ROCE 17% · Operating margin 2.3% · 100% evidence Valuation 15.8/20 · P/E 14.6× · PEG 0.31 · 65% evidence Relative strength 17.2/20 · Lead over its industry 12.9% · Lead over NIFTY 500 25.7% · 1 year 18.7% · 100% evidence · 5 of 12 weeks ahead Exact sum: 22.5 + 14.6 + 15.8 + 17.2 = 70.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 2. [Shankara Buildpro Ltd](https://www.sectoralpha.in/stocks/shankara-buildpro-ltd) BUILDPRO · quiet · Too little evidence to rank firmly · 59% evidence 64.9 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 30.0/43.75 · Revenue 26.3% · Profit 41.9% · Operating margin change -0.2 points · 88% evidence Capital efficiency 21.5/31.25 · ROCE 39% · Operating margin 3.2% · 100% evidence Valuation 13.4/25 · P/E 16× · PEG n/a · 15% evidence Relative strength: no reading this week · its 20 points are shared across the other three Exact sum: 30 + 21.5 + 13.4 = 64.9 (no relative-strength reading this week; its 20 points are shared across the other three) · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 3. [Ivalue Infosolutions Ltd](https://www.sectoralpha.in/stocks/ivalue-infosolutions-ltd) IVALUE · quiet · Evidence leans up · 74% evidence 64.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 20.7/35 · Revenue 5.4% · Profit 22.1% · Operating margin change 5.6 points · 88% evidence Capital efficiency 19.8/25 · ROCE 25.4% · Operating margin 10% · 100% evidence Valuation 15.7/20 · P/E 10× · PEG 0.43 · 65% evidence Relative strength 8.1/20 · Lead over its industry n/a · Lead over NIFTY 500 -18.6% · 1 year -31.1% · 25% evidence · 3 of 12 weeks ahead Exact sum: 20.7 + 19.8 + 15.7 + 8.1 = 64.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 4. [Maxgrow India Ltd](https://www.sectoralpha.in/stocks/maxgrow-india-ltd) Too little evidence to rank firmly · 53% evidence 64.2 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 23.9/35 · Revenue 100% · Profit 100% · Operating margin change 0.8 points · 62% evidence Capital efficiency 16.4/25 · ROCE 23.5% · Operating margin 2.7% · 95% evidence Valuation 11.5/20 · P/E 1.2× · PEG n/a · 15% evidence Relative strength 12.4/20 · Lead over its industry n/a · Lead over NIFTY 500 136% · 1 year n/a · 25% evidence Exact sum: 23.9 + 16.4 + 11.5 + 12.4 = 64.2 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 5. [Nupur Recyclers Ltd](https://www.sectoralpha.in/stocks/nupur-recyclers-ltd) NRL · leader · Evidence leans up · 78% evidence 63.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.0/35 · Revenue 40.6% · Profit 29.8% · Operating margin change 3.6 points · 83% evidence Capital efficiency 15.3/25 · ROCE 15.1% · Operating margin 11.6% · 76% evidence Valuation 7.6/20 · P/E 64.4× · PEG n/a · 50% evidence Relative strength 19.9/20 · Lead over its industry 86.1% · Lead over NIFTY 500 100.5% · 1 year 134.9% · 100% evidence · 12 of 12 weeks ahead Exact sum: 21 + 15.3 + 7.6 + 19.9 = 63.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 6. [Arisinfra Solutions Ltd](https://www.sectoralpha.in/stocks/arisinfra-solutions-ltd) ARIS · breaking out · Too little evidence to rank firmly · 56% evidence 61.6 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 26.5/35 · Revenue 45.3% · Profit 100% · Operating margin change 2 points · 83% evidence Capital efficiency 13.5/25 · ROCE 15.6% · Operating margin 11% · 76% evidence Valuation 10.7/20 · P/E 17.2× · PEG n/a · 15% evidence Relative strength 10.9/20 · Lead over its industry n/a · Lead over NIFTY 500 16.6% · 1 year -14.9% · 25% evidence · 11 of 12 weeks ahead Exact sum: 26.5 + 13.5 + 10.7 + 10.9 = 61.6 · What this means: Some evidence is missing, so the score is pulled toward the middle on purpose. 7. [Bhatia Communications & Retail (India) Ltd](https://www.sectoralpha.in/stocks/bhatia-communications-retail-indialtd) Evidence leans up · 68% evidence 60.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.7/35 · Revenue 49% · Profit 45.5% · Operating margin change 0.3 points · 83% evidence Capital efficiency 18.4/25 · ROCE 21.3% · Operating margin 5.3% · 95% evidence Valuation 9.2/20 · P/E 22.8× · PEG n/a · 50% evidence Relative strength 11.5/20 · Lead over its industry n/a · Lead over NIFTY 500 30.1% · 1 year n/a · 25% evidence Exact sum: 21.7 + 18.4 + 9.2 + 11.5 = 60.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 8. [DC Infotech & Communication Ltd](https://www.sectoralpha.in/stocks/dc-infotech-communication-ltd) DCI · breaking out · Evidence leans up · 81% evidence 60.3 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 19.3/35 · Revenue 29.1% · Profit 41.9% · Operating margin change 0.4 points · 88% evidence Capital efficiency 16.5/25 · ROCE 23% · Operating margin 4.8% · 100% evidence Valuation 13.4/20 · P/E 24.6× · PEG 0.82 · 100% evidence Relative strength 11.1/20 · Lead over its industry n/a · Lead over NIFTY 500 20.1% · 1 year n/a · 25% evidence · 6 of 6 weeks ahead Exact sum: 19.3 + 16.5 + 13.4 + 11.1 = 60.3 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 9. [SG Mart Ltd](https://www.sectoralpha.in/stocks/sg-mart-ltd) SGMART · leader · Evidence leans up · 93% evidence 60.1 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 22.3/35 · Revenue 9.7% · Profit 26.7% · Operating margin change 3 points · 100% evidence Capital efficiency 11.6/25 · ROCE 10.2% · Operating margin 4.6% · 100% evidence Valuation 7.9/20 · P/E 71.1× · PEG 1.81 · 65% evidence Relative strength 18.3/20 · Lead over its industry 47.1% · Lead over NIFTY 500 60.5% · 1 year 146.8% · 100% evidence · 12 of 12 weeks ahead Exact sum: 22.3 + 11.6 + 7.9 + 18.3 = 60.1 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 10. [Tembo Global Industries Ltd](https://www.sectoralpha.in/stocks/tembo-global-industries-ltd) TEMBO · losing its lead · Evidence leans up · 71% evidence 59.4 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 21.6/35 · Revenue 34% · Profit 55.7% · Operating margin change 5 points · 83% evidence Capital efficiency 19.6/25 · ROCE 22.8% · Operating margin 16% · 76% evidence Valuation 11.2/20 · P/E 9.3× · PEG n/a · 15% evidence Relative strength 7.0/20 · Lead over its industry -19.2% · Lead over NIFTY 500 -8.7% · 1 year -20.8% · 100% evidence · 3 of 12 weeks ahead Exact sum: 21.6 + 19.6 + 11.2 + 7 = 59.4 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 11. [Rashi Peripherals Ltd](https://www.sectoralpha.in/stocks/rashi-peripherals-ltd) RPTECH · losing its lead · Evidence leans up · 78% evidence 59.3 out of 100 Growth Capital Valuation Relative
12. [Sudarshan Pharma Industries Ltd](https://www.sectoralpha.in/stocks/sudarshan-pharma-industries-ltd) SUDARSHAN · turning · Evidence leans up · 85% evidence 58.7 out of 100 Growth Capital Valuation Relative
13. [Singer India Ltd](https://www.sectoralpha.in/stocks/singer-india-ltd) SINGERIND · Evidence leans up · 61% evidence 57.9 out of 100 Growth Capital Valuation Relative
14. [Euro Pratik Sales Ltd](https://www.sectoralpha.in/stocks/euro-pratik-sales-ltd) EUROPRATIK · quiet · Evidence leans up · 64% evidence 57.5 out of 100 Growth Capital Valuation Relative
15. [Pramara Promotions Ltd](https://www.sectoralpha.in/stocks/pramara-promotions-ltd) PRAMARA · Too little evidence to rank firmly · 52% evidence 54.6 out of 100 Growth Capital Valuation Relative
16. [State Trading Corporation of India Ltd](https://www.sectoralpha.in/stocks/state-trading-corporation-of-india-ltd) STCINDIA · quiet · Too little evidence to rank firmly · 57% evidence 53.4 out of 100 Growth Capital Valuation Relative
17. [Patel Retail Ltd](https://www.sectoralpha.in/stocks/patel-retail-ltd) PATELRMART · turning · Evidence leans up · 64% evidence 53.2 out of 100 Growth Capital Valuation Relative
18. [Yogi Ltd](https://www.sectoralpha.in/stocks/yogi-ltd) YOGI · quiet · Evidence leans up · 64% evidence 51.2 out of 100 Growth Capital Valuation Relative
19. [Transchem Ltd](https://www.sectoralpha.in/stocks/transchem-ltd) TRANSCHEM · Too little evidence to rank firmly · 52% evidence 51.0 out of 100 Growth Capital Valuation Relative
20. [Prostarm Info Systems Ltd](https://www.sectoralpha.in/stocks/prostarm-info-systems-ltd) PROSTARM · breaking out · Evidence leans up · 64% evidence 50.8 out of 100 Growth Capital Valuation Relative
21. [Dhunseri Ventures Ltd](https://www.sectoralpha.in/stocks/dhunseri-ventures-ltd) DVL · breaking out · Evidence leans up · 78% evidence 50.6 out of 100 Growth Capital Valuation Relative
22. Bizotic Commercial Ltd losing its lead · Evidence leans up · 63% evidence 50.4 out of 100 Growth Capital Valuation Relative
23. BMW Ventures Ltd BMW · Too little evidence to rank firmly · 51% evidence 50.2 out of 100 Growth Capital Valuation Relative
24. [Cropster Agro Ltd](https://www.sectoralpha.in/stocks/cropster-agro-ltd) quiet · Evidence leans down · 65% evidence 49.1 out of 100 Growth Capital Valuation Relative
25. [MMTC Ltd](https://www.sectoralpha.in/stocks/mmtc-ltd) MMTC · quiet · Evidence leans down · 92% evidence 47.2 out of 100 Growth Capital Valuation Relative
26. [Shiv Aum Steels Ltd](https://www.sectoralpha.in/stocks/shiv-aum-steels-ltd) SHIVAUM · breaking out · Evidence leans down · 63% evidence 46.8 out of 100 Growth Capital Valuation Relative
27. [Blue Pearl Agriventures Ltd](https://www.sectoralpha.in/stocks/blue-pearl-agriventures-ltd) BPAGRI · Too little evidence to rank firmly · 51% evidence 43.8 out of 100 Growth Capital Valuation Relative
28. [Lloyds Enterprises Ltd](https://www.sectoralpha.in/stocks/lloyds-enterprises-ltd) LLOYDSENT · quiet · Evidence leans down · 71% evidence 43.1 out of 100 Growth Capital Valuation Relative
29. [Hexa Tradex Ltd](https://www.sectoralpha.in/stocks/hexa-tradex-ltd) HEXATRADEX · breaking out · Evidence leans down · 64% evidence 39.9 out of 100 Growth Capital Valuation Relative
30. [Shanti Overseas (India) Ltd](https://www.sectoralpha.in/stocks/shanti-overseas-indialtd) SHANTI · Evidence leans down · 61% evidence 39.3 out of 100 Growth Capital Valuation Relative
31. Hardwyn India Ltd this page HARDWYN · basing · Evidence leans down · 86% evidence 38.8 out of 100 Growth Capital Valuation Relative How the score adds up Growth & earnings 13.0/35 · Revenue 2.6% · Profit -8.5% · Operating margin change -0.2 points · 88% evidence Capital efficiency 11.6/25 · ROCE 4.8% · Operating margin 13% · 100% evidence Valuation 12.9/20 · P/E 49.3× · PEG n/a · 50% evidence Relative strength 1.3/20 · Lead over its industry -36.4% · Lead over NIFTY 500 -28.3% · 1 year -15.2% · 100% evidence · 0 of 12 weeks ahead Exact sum: 13 + 11.6 + 12.9 + 1.3 = 38.8 · What this means: The evidence is balanced: no factor stands out, so another reported quarter is needed before the picture is clearer. 32. [Riddhi Siddhi Gluco Biols Ltd](https://www.sectoralpha.in/stocks/riddhi-siddhi-gluco-biols-ltd) turning · Evidence leans down · 83% evidence 38.8 out of 100 Growth Capital Valuation Relative
33. [Adani Enterprises Ltd](https://www.sectoralpha.in/stocks/adani-enterprises-ltd) ADANIENT · quiet · Evidence leans down · 93% evidence 38.1 out of 100 Growth Capital Valuation Relative
34. [PTC India Ltd](https://www.sectoralpha.in/stocks/ptc-india-ltd) PTC · quiet · Evidence leans down · 78% evidence 37.4 out of 100 Growth Capital Valuation Relative
35. [Le Merite Exports Ltd](https://www.sectoralpha.in/stocks/le-merite-exports-ltd) LEMERITE · Too little evidence to rank firmly · 59% evidence 36.8 out of 100 Growth Capital Valuation Relative
36. [Fabtech Technologies Ltd](https://www.sectoralpha.in/stocks/fabtech-technologies-ltd) FABTECH · quiet · Evidence leans down · 68% evidence 36.7 out of 100 Growth Capital Valuation Relative
37. [Uniphos Enterprises Ltd](https://www.sectoralpha.in/stocks/uniphos-enterprises-ltd) UNIENTER · turning · Too little evidence to rank firmly · 59% evidence 35.7 out of 100 Growth Capital Valuation Relative
38. Manbro Industries Ltd Too little evidence to rank firmly · 57% evidence 35.3 out of 100 Growth Capital Valuation Relative
39. Shah Foods Ltd quiet · Too little evidence to rank firmly · 53% evidence 35.3 out of 100 Growth Capital Valuation Relative
40. [BN Agrochem Ltd](https://www.sectoralpha.in/stocks/bn-agrochem-ltd) BNAGROCHEM · quiet · Most evidence points down · 64% evidence 34.1 out of 100 Growth Capital Valuation Relative
41. [Neueon Corporation Ltd](https://www.sectoralpha.in/stocks/neueon-corporation-ltd) NEUEON · quiet · Too little evidence to rank firmly · 56% evidence 33.3 out of 100 Growth Capital Valuation Relative
42. [Kothari Industrial Corporation Ltd](https://www.sectoralpha.in/stocks/kothari-industrial-corporation-ltd) KOTIC · quiet · Too little evidence to rank firmly · 53% evidence 32.9 out of 100 Growth Capital Valuation Relative
43. [Oswal Agro Mills Ltd](https://www.sectoralpha.in/stocks/oswal-agro-mills-ltd) OSWALAGRO · Too little evidence to rank firmly · 52% evidence 28.6 out of 100 Growth Capital Valuation Relative
44. [Susan Electricals India Ltd](https://www.sectoralpha.in/stocks/susan-electricals-india-ltd) quiet · Too little evidence to rank firmly · 36% evidence 61.2 out of 100 Growth Capital Valuation Relative
45. [Magnus Steel & Infra Ltd](https://www.sectoralpha.in/stocks/magnus-steel-infra-ltd) Too little evidence to rank firmly · 40% evidence 61.1 out of 100 Growth Capital Valuation Relative
46. [Vision Infra Equipment Solutions Ltd](https://www.sectoralpha.in/stocks/vision-infra-equipment-solutions-ltd) VIESL · breaking out · Too little evidence to rank firmly · 47% evidence 58.4 out of 100 Growth Capital Valuation Relative
47. [Q-Line Biotech Ltd](https://www.sectoralpha.in/stocks/q-line-biotech-ltd) QLINE · losing its lead · Too little evidence to rank firmly · 21% evidence 57.8 out of 100 Growth Capital Valuation Relative
48. Aayush Art and Bullion Ltd breaking out · Too little evidence to rank firmly · 48% evidence 57.7 out of 100 Growth Capital Valuation Relative
49. [HP Telecom India Ltd](https://www.sectoralpha.in/stocks/hp-telecom-india-ltd) HPTL · Too little evidence to rank firmly · 32% evidence 57.1 out of 100 Growth Capital Valuation Relative
50. [SK Minerals & Additives Ltd](https://www.sectoralpha.in/stocks/sk-minerals-additives-ltd) quiet · Too little evidence to rank firmly · 43% evidence 55.9 out of 100 Growth Capital Valuation Relative
51. [Aptus Pharma Ltd](https://www.sectoralpha.in/stocks/aptus-pharma-ltd) Too little evidence to rank firmly · 41% evidence 55.6 out of 100 Growth Capital Valuation Relative
52. [Mardia Samyoung Capillary Tubes Company Ltd](https://www.sectoralpha.in/stocks/mardia-samyoung-capillary-tubes-company-ltd) MSCTC · Too little evidence to rank firmly · 26% evidence 55.3 out of 100 Growth Capital Valuation Relative
53. [Proventus Agrocom Ltd](https://www.sectoralpha.in/stocks/proventus-agrocom-ltd) PROV · breaking out · Too little evidence to rank firmly · 39% evidence 54.1 out of 100 Growth Capital Valuation Relative
54. [Pervasive Commodities Ltd](https://www.sectoralpha.in/stocks/pervasive-commodities-ltd) breaking out · Too little evidence to rank firmly · 48% evidence 51.8 out of 100 Growth Capital Valuation Relative
55. [Monika Alcobev Ltd](https://www.sectoralpha.in/stocks/monika-alcobev-ltd) MONIKA · Too little evidence to rank firmly · 27% evidence 49.9 out of 100 Growth Capital Valuation Relative
56. [Onix Solar Energy Ltd](https://www.sectoralpha.in/stocks/onix-solar-energy-ltd) ONIXSOLAR · quiet · Too little evidence to rank firmly · 47% evidence 45.8 out of 100 Growth Capital Valuation Relative
57. Arvaya Healthcare Ltd ARVAYA · quiet · Too little evidence to rank firmly · 46% evidence 45.4 out of 100 Growth Capital Valuation Relative
58. [A-1 Ltd](https://www.sectoralpha.in/stocks/a-1-ltd) A1L · Too little evidence to rank firmly · 33% evidence 45.3 out of 100 Growth Capital Valuation Relative
59. [Satani Bearings Ltd](https://www.sectoralpha.in/stocks/satani-bearings-ltd) breaking out · Too little evidence to rank firmly · 42% evidence 42.9 out of 100 Growth Capital Valuation Relative
60. [Keto Motors Ltd](https://www.sectoralpha.in/stocks/keto-motors-ltd) quiet · Too little evidence to rank firmly · 42% evidence 40.9 out of 100 Growth Capital Valuation Relative
61. [Aerpace Industries Ltd](https://www.sectoralpha.in/stocks/aerpace-industries-ltd) breaking out · Too little evidence to rank firmly · 36% evidence 37.9 out of 100 Growth Capital Valuation Relative
62. [Prabhatam Infra Venture Ltd](https://www.sectoralpha.in/stocks/prabhatam-infra-venture-ltd) PRABHATAM · Too little evidence to rank firmly · 22% evidence 36.8 out of 100 Growth Capital Valuation Relative
63. [RRP Semiconductor Ltd](https://www.sectoralpha.in/stocks/rrp-semiconductor-ltd) RRP · Too little evidence to rank firmly · 42% evidence 33.9 out of 100 Growth Capital Valuation Relative

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read. The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section. Related companies: [Trading](https://www.sectoralpha.in/sectors/trading), all 63 compared on one page. ## Which companies are close to Hardwyn India in size? Hardwyn India is the 36th largest of 59 Trading companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Yogi, Proventus Agrocom and Neueon Corporation. Just below it: HP Telecom India, Uniphos Enterprises and State Trading Corporation of India. ### Trading companies close in size

1. [Yogi Ltd](https://www.sectoralpha.in/stocks/yogi-ltd) ₹688 crore
2. [Proventus Agrocom Ltd](https://www.sectoralpha.in/stocks/proventus-agrocom-ltd) ₹670 crore
3. [Neueon Corporation Ltd](https://www.sectoralpha.in/stocks/neueon-corporation-ltd) ₹615 crore
4. Hardwyn India Ltd ₹610 crore
5. [HP Telecom India Ltd](https://www.sectoralpha.in/stocks/hp-telecom-india-ltd) ₹595 crore
6. [Uniphos Enterprises Ltd](https://www.sectoralpha.in/stocks/uniphos-enterprises-ltd) ₹594 crore
7. [State Trading Corporation of India Ltd](https://www.sectoralpha.in/stocks/state-trading-corporation-of-india-ltd) ₹592 crore

[All 59 Trading companies, largest first](https://www.sectoralpha.in/sectors/trading#all-companies)

### Companies close in size in other industries

1. [Influx Healthtech Ltd](https://www.sectoralpha.in/stocks/influx-healthtech-ltd) ₹612 crore · Pharma - Formulators
2. [Coffee Day Enterprises Ltd](https://www.sectoralpha.in/stocks/coffee-day-enterprises-ltd) ₹611 crore · Quick Service Restaurant - QSR
3. Hardwyn India Ltd ₹610 crore
4. [Apsis Aerocom Ltd](https://www.sectoralpha.in/stocks/apsis-aerocom-ltd) ₹609 crore · Engineering - Heavy - General
5. [Sical Logistics Ltd](https://www.sectoralpha.in/stocks/sical-logistics-ltd) ₹609 crore · Logistics

## What else do people ask about Hardwyn India? ### What is Hardwyn India's share price today? Hardwyn India Ltd's share price is ₹8.88, −20.3% over the past year. The whole company is worth ₹607 Cr on the market. It is at its lowest price of the past 52 weeks (range ₹9 to ₹19), 25.8% below its 200-day average. The price has been falling for 11 weeks (as of 4 November 2026). ### What were Hardwyn India's latest quarterly results? Hardwyn India Ltd reported revenue of ₹34.6 Cr and net profit of ₹2.8 Cr for the Jun 2026 quarter. Revenue fell 19.4% and profit fell 22.9% compared with a year earlier. Earnings per share were ₹0.04. The operating margin was 13.0%, 0.2 percentage points lower than a year earlier (as of 4 November 2026). ### What is Hardwyn India's market cap? Hardwyn India Ltd's market capitalisation is ₹607 Cr at a share price of ₹8.88. Market cap is the share price times the number of shares, so it changes whenever the price moves (as of 4 November 2026). ### How is Hardwyn India performing? Hardwyn India Ltd's share price has been falling for 11 weeks. In its latest quarter, revenue fell 19.4% and profit fell 22.9% compared with a year earlier. Over the past 13 weeks it has done worse than the NIFTY 500, for 18 weeks running (as of 4 November 2026). ### Will Hardwyn India's share price go up? This page does not forecast Hardwyn India Ltd's share price. What it shows instead: the share price is ₹8.88, and it has been falling for 11 weeks. Its P/E of 49.1× is higher than 7% of its own last 3 years (as of 4 November 2026). ### Who owns Hardwyn India? Promoters own 43.8% of Hardwyn India Ltd, foreign institutions 0.1%, domestic institutions, and the public 55.6% (latest quarter). No group of owners changed its stake by a full point over the last two years (as of 4 November 2026). ### Does Hardwyn India have too much debt? No, Hardwyn India Ltd has little debt: its debt is 0.01× its equity, and its operating profit is 21 times its interest bill. FY26 borrowings were ₹6.0 Cr against equity of ₹406 Cr. So the returns on this page come from the business, not borrowed money (as of 4 November 2026). ### Where is Hardwyn India in its business cycle? Hardwyn India Ltd's FY26 operating margin was 11.0%, against a 9-year range of 1.0% to 11.0%: the top of its range, a record year. When profit is at a record, every ratio looks better than usual, and the story depends on margins staying high. The latest quarter was 13.0%. Comparing margins with a company's own long history is a good way to see where it is in its cycle (as of 4 November 2026). ### What could break the Hardwyn India story? The main question: yearly earnings per share moved +18.8% while the share price moved −20.3%. On price, this page treats a rise as over when the share price closes below its 200-day average on two Fridays in a row (as of 4 November 2026). ### Is Hardwyn India a stock worth studying right now? What the numbers show: Hardwyn India Ltd's P/E is near the low end of its own history, higher than only 7% of past readings, and its quarterly results are still getting worse. The main open question: whether the price catches up with earnings that have already grown. Every number on this page is worked out by code from the published figures, with no forecasts and no price opinions (as of 4 November 2026). ### Is there a Hardwyn India share price forecast for 2026? What management itself guided: FY27-FY28 revenue: ₹350-400 crore. ## Lists

- Penny stocks: https://www.sectoralpha.in/penny-stocks-india

This is research, not advice. We’re not SEBI-registered.