HMT 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.

HMT Ltd trades at ₹63.3, in a confirmed uptrend and 23 weeks into that stage. That is +6.3% against its own 200-day average. It sits at 77% of a 52-week range of ₹42 to ₹70. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (1 week and counting).

Today the stock is in a confirmed uptrend — week 23 of stage 2, confirmed. At ₹63.3 it trades +6.3% versus its 200-day average and sits at 77% of its 52-week range (₹42–₹70).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +33% while the NIFTY 500 moved +264% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (1 week and counting; last ahead the week of 2026-09-04) — 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.

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.

HMT Ltd trades at 11.8× P/E, at the pricey end of its own range (90th percentile). Its long-run median P/E is 9.0×, measured across 1.9 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 11.8× is at the pricey end of its own range (90th percentile), against a long-run median of 9.0× measured over 1.9 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

Stage: No read 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).

HMT Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 12 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The return-on-capital curve is not shown — net worth is negative, so a return on capital is not a meaningful number in any basis. This is a distressed balance sheet, and the stage is read from the growth curves alone.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

49.9/100 — rank 2 of 4 in Auto - Tractors · 71% evidence confidence

HMT Ltd scores 49.9 out of 100 against the 4 companies it is compared with in Auto - Tractors, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 19.9 + 0 + 10 + 20 = 49.9. 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.

HMT Ltd reported ₹29.0 Cr of revenue in the Jun 26 quarter, +16.0% year on year. That is the 2nd straight quarter of year-on-year growth. Over 10 years it has compounded at −4.6% a year. The last full year, FY26, came in at ₹143 Cr. The last four reported quarters add to ₹147 Cr.

FY26 revenue came in at ₹143 Cr (+0.7% on the year), capping 10 years at −4.6% compound. The latest quarter (Jun 26) printed ₹29.0 Cr, +16.0% year on year — the 2nd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +6.9% growth against the decade's −4.6% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +8.1% over the last 4 quarters against −0.7%/yr over the last 8 — 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.

HMT Ltd's operating margin is −81.0% in the Jun 26 quarter, +5.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −283.0% to −4.6%. The current quarter sits inside that band.

The latest quarter's operating margin is −81.0%, +5.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged −283.0%–−4.6%.

Why the margin moved: operating margin went +4.6 pp year on year while gross margin went −16.1 pp — the gain 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.

HMT Ltd posted a net loss of ₹29.0 Cr in the Jun 26 quarter. The full FY26 year was a loss of ₹132 Cr. That loss is 100.0% of the quarter's revenue. The same quarter a year earlier lost ₹28.0 Cr. 11 of the last 12 reported quarters were loss-making.

Jun 26 profit was ₹−29.0 Cr, null year on year. On the full year, FY26 printed ₹−132 Cr (null).

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 −36% of HMT Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹44.0 Cr of operating cash against ₹−132 Cr of profit. After ₹1.0 Cr of capital spending, ₹43.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY26: operating cash of ₹44.0 Cr against reported profit of ₹−132 Cr, leaving free cash of ₹43.0 Cr after ₹1.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −36% 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 −36%: the cash cycle tightened 526 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

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).

HMT Ltd's cash conversion cycle runs 106 days in FY26, down from 632 days in FY21. Capital spending ran ₹6.0 Cr over the last 3 years. At FY26 sales of ₹143 Cr each day of that cycle holds about ₹0.4 Cr, so roughly ₹42.0 Cr sits inside the business at any moment.

FY26: debtors at 239 days, inventory at 351 days — roughly 11.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 106 days, tighter than FY21's 632.

The full loop: cash goes out to suppliers and production on day 0; stock waits 351 days to sell; customers pay about 239 days after that; and suppliers themselves are paid at 483 days — netting out to the 106-day cycle.

In money terms: at FY26 sales of ₹143 Cr, each day of the cycle holds about ₹0.4 Cr — so the 106-day loop keeps roughly ₹42.0 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹6.0 Cr over the last 3 fiscal years against ₹22.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹2.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

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.

HMT Ltd earns a ROCE of 2% in FY25. That is up from a trough of −52% in FY17. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −92.3% net margin on 0.27× asset turns.

FY25 ROCE is 2%, recovered from a FY17 trough of −52% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): −92.3% net margin × 0.27× asset turns × −0.26× balance-sheet leverage ≈ 6.5% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

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.

HMT Ltd's net worth is negative — it owes more than it owns — so a debt-to-equity ratio is not meaningful here. On the annual view that ratio went from −0.80 in FY21 to −0.56 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.

Dec 25: total debt of ₹1,029 Cr against shareholder equity of ₹−1,966 Cr — a debt-to-equity of −0.52. On the annual view, debt-to-equity went from −0.80 (FY21) to −0.56 (FY25). 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.

No holder of HMT Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: +0.0 points over 8 quarters to 93.7%.

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.

HMT 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.

Frequently asked questions