Hawkins Cookers Ltd

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.

Hawkins Cookers Ltd trades at ₹8,400, in a confirmed uptrend and 9 weeks into that stage. That is +3.9% against its own 200-day average. It sits at 65% of a 52-week range of ₹7,161 to ₹9,079. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 3 straight weeks.

Today the stock is in a confirmed uptrend — week 9 of stage 2, confirmed. At ₹8,400 it trades +3.9% versus its 200-day average and sits at 65% of its 52-week range (₹7,161–₹9,079).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +227% while the NIFTY 500 moved +267% — behind the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 3 straight weeks — 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.

Story check

Hawkins Cookers Ltd's story is not scored yet against the markers our research file set on 19 July 2026. Where it sits in its own cycle: COMPRESSED. Our fortnightly research layers last read it on 19 July 2026.

Our read, 19 July 2026. A debt-free quality compounder using a new Uttar Pradesh factory and tier-2/3 push to extend its earnings runway, currently priced fairly at mid-cycle multiples with limited near-term re-rating potential.

From the numbers. The trailing PE of about 36x sits in the 69th percentile of a ten-year range spanning roughly 28x to 48x. The normalized PE is slightly higher at about 38x — indicating that current margins are slightly above mid-cycle…

From the price. Price stage 2, week 9 — above its 200-day line, relative strength falling.

From the research. A debt-free quality compounder using a new Uttar Pradesh factory and tier-2/3 push to extend its earnings runway, currently priced fairly at mid-cycle multiples with limited near-term re-rating potential.

🚨 Where they disagree. The trailing PE of about 36x sits in the 69th percentile of a ten-year range spanning roughly 28x to 48x. The normalized PE is slightly higher at about 38x — indicating that current margins are slightly above mid-cycle, so the stock is not cheap on a through-cycle basis. Earnings have been the driver of price since the 2021 peak multiple compressed; the business is a structural low-cyclicality compounder with margins ranging historically from 8% to 19%, currently sitting near the 68th percentile of its OPM history. No value-trap signal — earnings are rising, not depressed, and the one-off ledger shows fourteen consecutive clean quarters.

What is proven. A debt-free quality compounder using a new Uttar Pradesh factory and tier-2/3 push to extend its earnings runway, currently priced fairly at mid-cycle multiples with limited near-term re-rating potential.

What is not proven yet. Two consecutive quarters of OPM falling below 13% without a matching surge in revenue growth above 18%, indicating that the tier-2/3 push is failing to generate pricing power and the stock-in-trade mix shift is permanently eroding manufacturing margins.

🚨 What would change our mind. Two consecutive quarters of OPM falling below 13% without a matching surge in revenue growth above 18%, indicating that the tier-2/3 push is failing to generate pricing power and the stock-in-trade mix shift is permanently eroding manufacturing margins.

Layer 1 read, 19 July 2026 — KEEP. Pristine quality compounder, but fairly priced and late in its move — no fresh inflection to buy. Hawkins is genuinely high-quality — effectively debt-free (borrowings 29 cr vs reserves 440 cr) with ROCE still 41% at its multi-year low, and real distribution catalysts (tier-2/3 push drove Q4 +19.3%, plus a new UP plant). But the numbers say the easy money is behind it: PE 36.6 sits at the 64th percentile (fairly priced, not compressed), the price is in a declining Weinstein Stage 4, and TTM earnings have plateaued (~114->132 cr) — the 'trough' label is just the ROCE denominator scaling, not an operating turn. With no concalls at all (web-fallback), conviction is capped at P2 and it ranks to the bottom of KEEP.

What would change Layer 1’s mind. Consuming the Timeline's own falsification inverted: if OPM breaks decisively ABOVE 16% for 2 quarters WITH revenue growth sustained above 18% (tier-2/3 push generating real pricing power + UP plant driving a volume step-change), the plateaued engine would become a genuine inflection and this would re-rate up from bottom-of-KEEP; conversely OPM below 13% for 2 quarters confirms mix-erosion.

The test written in advance. Two consecutive quarters of OPM falling below 13% without a matching surge in revenue growth above 18%, indicating that the tier-2/3 push is failing to generate pricing power and the stock-in-trade mix shift is permanently eroding manufacturing margins. — the thesis as written as stated by the next result.

The test written in advance. Raw Material Inflation — Raw Material Inflation Quarterly GPM falling below 48% for two consecutive quarters alongside a sequential OPM decline below 13%. by the next result.

The test written in advance. Stock-in-Trade Mix Shift Margin Drag — Stock-in-Trade Mix Shift Margin Drag by the next result.

🚨 What the surface reading misses. The surface reading is: PE at the 67th percentile suggests the stock is moderately expensive within its own history. The research reads it further: The normalized PE is 38.1x at the 75th percentile. Surface and normalized readings are close, confirming fair pricing rather than compressed entry. Earnings are the dominant driver since 2021 — the earnings curve has an R-squared of 0.97, meaning price has tracked fundamentals faithfully.

Lever 14 · A bigger market to sell into — BUILDING. Active distribution push into smaller cities drove Q4 FY26 revenue to 19.3% year-on-year growth, the strongest quarterly print in recent history. What proves it keeps working: Tier-2/3 Geographic Expansion. It stops working if Rural and semi-urban discretionary consumption contracts materially, or competitor pricing from unorganised players makes the brand premium untenable in these markets.

Lever 7 · Consolidation — BUILDING. The company's fourth manufacturing facility, commissioned in mid-2025, removes the supply ceiling that had constrained volume growth. What proves it keeps working: New Uttar Pradesh Plant Capacity Unlock. It stops working if Capacity utilisation at the new plant ramps slower than expected due to logistical or distribution gaps in North India, leaving capex unproductive for more than two additional quarters.

Sources: our stock research file (19 July 2026) · quarterly results through Jun 26. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Hawkins Cookers Ltd reported ₹318 Cr of revenue in the Jun 26 quarter, +33.1% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 9.9% a year. The last full year, FY26, came in at ₹1,253 Cr. The last four reported quarters add to ₹1,331 Cr.

Why this happened. Hawkins has systematically penetrated markets beyond its traditional urban strongholds for four consecutive quarters. This requires a higher share of traded goods to fill out the portfolio quickly, which trims gross margins marginally but unlocks a much larger volume base. The decision to commission the Uttar Pradesh plant directly supports this expansion by addressing supply constraints in the North India heartland.

FY26 revenue came in at ₹1,253 Cr (+12.3% on the year), capping 10 years at 9.9% compound. The latest quarter (Jun 26) printed ₹318 Cr, +33.1% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +18.7% growth against the decade's 9.9% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +18.0% over the last 4 quarters against +12.6%/yr over the last 8 — accelerating; TTM profit +18.3% vs +9.2%/yr — accelerating.

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.

Hawkins Cookers Ltd's operating margin is 13.0% in the Jun 26 quarter, −2.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 13.0%, −2.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 11.0%–15.0%.

🚨 Why the margin moved: operating margin went −1.2 pp year on year while gross margin went −0.8 pp — the loss came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Hawkins Cookers Ltd earned ₹30.0 Cr of net profit in the Jun 26 quarter, +15.4% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹131 Cr. The 10-year compound rate is 12.6%. That is 9.4% of the quarter's revenue. The same quarter a year earlier earned ₹26.0 Cr.

Jun 26 profit was ₹30.0 Cr, +15.4% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹131 Cr (+13.9%), and the 10-year compound rate is 12.6%.

Why profit moved: revenue contributed +33.1% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +22.3% vs revenue +18.7%. 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.

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 102% of Hawkins Cookers Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹88.0 Cr of operating cash against ₹131 Cr of profit. After ₹40.0 Cr of capital spending, ₹48.0 Cr was left as free cash.

FY26: operating cash of ₹88.0 Cr against reported profit of ₹131 Cr, leaving free cash of ₹48.0 Cr after ₹40.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 102% 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 102%: the cash cycle stretched 34 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 3.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

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).

Hawkins Cookers Ltd's cash conversion cycle runs 74 days in FY26, up from 40 days in FY21. Capital spending ran ₹98.0 Cr over the last 3 years. At FY26 sales of ₹1,253 Cr each day of that cycle holds about ₹3.4 Cr, so roughly ₹254 Cr sits inside the business at any moment.

FY26: debtors at 17 days, inventory at 114 days — roughly 3.8 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 74 days, looser than FY21's 40.

The full loop: cash goes out to suppliers and production on day 0; stock waits 114 days to sell; customers pay about 17 days after that; and suppliers themselves are paid at 57 days — netting out to the 74-day cycle.

In money terms: at FY26 sales of ₹1,253 Cr, each day of the cycle holds about ₹3.4 Cr — so the 74-day loop keeps roughly ₹254 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹98.0 Cr over the last 3 fiscal years against ₹33.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹12.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

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.

Hawkins Cookers Ltd earns a ROCE of 41% in FY26. Return on invested capital clears the cost of that capital by +32.8 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.5% net margin on 1.82× asset turns.

FY26 ROCE is 41%.

Why the return is what it is — the wiring (FY26): 10.5% net margin × 1.82× asset turns × 1.55× balance-sheet leverage ≈ 29.6% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 44.8% − 12.0% = a +32.8 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. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

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.

Hawkins Cookers Ltd carries total debt of ₹29.0 Cr against shareholder equity of ₹445 Cr as of Mar 26, a debt-to-equity of 0.07 — effectively unlevered. On the annual view that ratio went from 0.20 in FY22 to 0.07 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Mar 26: total debt of ₹29.0 Cr against shareholder equity of ₹445 Cr — a debt-to-equity of 0.07. On the annual view, debt-to-equity went from 0.20 (FY22) to 0.07 (FY26). The returns on this page are earned, not borrowed.

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.

Foreign institutions added 2.5 points of Hawkins Cookers Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 2.7% of the company. Domestic institutions moved −1.0 points over the same window, to 16.0%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +2.5 points over 8 quarters to 2.7%; Domestic institutions: −1.0 points over 8 quarters to 16.0%; Promoters: +0.0 points over 8 quarters to 56.0%.

Why the register moved: foreign institutions drove it (+2.5 points), absorbed on the other side by domestic institutions (−1.0 points) — steady accumulation by institutions reading the same numbers this page reads.

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.

Hawkins Cookers 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.

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.

Hawkins Cookers Ltd trades at 32.8× P/E, mid-range by its own standards (40th percentile). Its long-run median P/E is 34.2×, measured across 10.5 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 32.8× is mid-range by its own standards (40th percentile), against a long-run median of 34.2× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +14.4% against a −6.6% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +6.3%/yr price move, ~+8.2%/yr came from earnings growth and ~−1.9 pp from the multiple (compressing); over 10y, of the +10.8%/yr price move, ~+10.9%/yr came from earnings growth and ~−0.1 pp from the multiple (roughly flat). 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 unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 20 July 2026 price, Hawkins Cookers Ltd was paying for profit growth of about 20.5% a year. Profit itself has compounded 12.6% a year over the past 10 years. Today the market pays 32.8× P/E, the 40th percentile of its own 11-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is above what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 20 July 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Mixed 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).

Hawkins Cookers Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 41.0% — the per-curve reads carry the story. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

4-Factor Sector Score

58.8/100 — rank 1 of 6 in Domestic Appliances · 94% evidence confidence

Hawkins Cookers Ltd scores 58.8 out of 100 against the 6 companies it is compared with in Domestic Appliances, ranking 1. Price leads the evidence: RS versus the benchmark is 6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

The four contributions add to the total exactly: 14.4 + 19.4 + 8.6 + 16.4 = 58.8. 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.

Frequently asked questions