Hardwyn India

  • Market Cap: Micro Cap
  • Industry: Furniture, Home Furnishing
  • ISIN: INE626Z01029
  • NSEID: HARDWYN
  • BSEID: 541276
INR
16.00
-0.1 (-0.62%)
BSENSE

Feb 02

BSE+NSE Vol: 4.85 lacs

  • Price Points
  • Score
  • Mojo Parameters
  • Total Return
  • News and Corporate Actions
  • Key factors
  • Shareholding
  • Financials
  • CompanyCV
stock-summaryPrice Point
High/Low

1Day

52 Week

Valuation
Technical
Day's Volume

CASH

4.85 lacs (60.75%) Volume

Shareholding (Dec 2025)

FII

0.64%

Held by 3 FIIs

DII

0.46%

Held by 1 DIIs

Promoter

43.77%

What is the bonus history of the Hardwyn India?

06-Jun-2025

Hardwyn India has a strong bonus history, with the most recent issue being a 2:5 ratio announced on December 27, 2024. Prior bonuses include a 1:3 ratio on June 5, 2023, and a 1:2 ratio on July 25, 2022, reflecting the company's commitment to rewarding shareholders.

Hardwyn India has a notable bonus history. The most recent bonus issue was a 2:5 ratio announced with an ex-date of December 27, 2024. Prior to that, the company issued a bonus in a 1:3 ratio on June 5, 2023, and before that, a 1:2 ratio on July 25, 2022. This pattern indicates a commitment to rewarding shareholders through bonus shares over the past few years.

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Has Hardwyn India declared dividend?

06-Jun-2025

No Dividend History Available

Who are the peers of the Hardwyn India?

16-Jul-2025

Hardwyn India's peers include Sheela Foam, Responsive Industries, Stanley Lifestyle, BirlaNu Ltd, Tirupati Foam, Shashwat Furnishings, Magenta Life, Milestone Furnishings, and Safe Enterprises. In terms of management risk, growth, and capital structure, Hardwyn India shows average performance, with a 1-year return of -36.72%, better than Magenta Life but worse than Shashwat Furnishings, which has the highest return at 49.88%.

Peers: The peers of Hardwyn India are Sheela Foam, Responsive Ind, Stanley Lifesty., BirlaNu Ltd, Tirupati Foam, Shashwat Furnis., Magenta Life, Milestone Furn., and Safe Enterprises.<BR><BR>Quality Snapshot: Excellent management risk is observed at Rexpro Enter., while Average management risk is found at Sheela Foam, Responsive Ind, Stanley Lifesty., BirlaNu Ltd, and Hardwyn India. Below Average management risk is noted at Tirupati Foam, Shashwat Furnis., and Magenta Life. In terms of growth, Excellent growth is seen at Responsive Ind, while Below Average growth is present at Sheela Foam, Stanley Lifesty., BirlaNu Ltd, Hardwyn India, Tirupati Foam, and Magenta Life. Average growth is reported for Shashwat Furnis., and the rest have Below Average growth. For capital structure, Excellent capital structure is noted at Hardwyn India, Good capital structure is found at Sheela Foam, Responsive Ind, Stanley Lifesty., and Shashwat Furnis., while Average capital structure is observed at BirlaNu Ltd, and Below Average capital structure is present at Tirupati Foam, Magenta Life, and the rest.<BR><BR>Return Snapshot: Shashwat Furnis. has the highest 1-year return at 49.88%, while Magenta Life has the lowest at -63.48%. Hardwyn India's 1-year return is -36.72%, which is better than Magenta Life but worse than Shashwat Furnis. Additionally, several peers, including Tirupati Foam, Stanley Lifesty., and Magenta Life, have negative six-month returns.

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Who are in the management team of Hardwyn India?

16-Jul-2025

As of March 2022, the management team of Hardwyn India includes Rubaljeet Singh Sayal (Managing Director & CFO), Swaran Jeet Singh Sayal (Chairman & Executive Director), Shikha Chawla and Kulmeet Lamba Chawla (Independent Directors), Tanya Sayal (Executive Director), and Kanchan Sharma (Company Secretary & Compliance Officer). Each member contributes to the company's governance and operations.

As of March 2022, the management team of Hardwyn India consists of the following individuals:<BR><BR>1. Rubaljeet Singh Sayal - Managing Director & CFO<BR>2. Swaran Jeet Singh Sayal - Chairman & Executive Director<BR>3. Shikha Chawla - Independent Director<BR>4. Tanya Sayal - Executive Director<BR>5. Kulmeet Lamba Chawla - Independent Director<BR>6. Kanchan Sharma - Company Secretary & Compliance Officer<BR><BR>Each member plays a significant role in the governance and operational management of the company.

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What does Hardwyn India do?

17-Jul-2025

Hardwyn India Ltd, a micro-cap company in the furniture and home furnishing industry, reported net sales of 456 Cr and a net profit of 19 Cr for the quarter ending March 2025. The company, originally incorporated as Garv Industries Limited in 2017, has a market cap of INR 697 Cr.

Overview: <BR>Hardwyn India Ltd operates in the furniture and home furnishing industry and is categorized as a micro-cap company.<BR><BR>History: <BR>Hardwyn India Limited was originally incorporated as Garv Industries Limited on October 12, 2017. The latest quarterly results reported net sales and net profit for the period ending March 2025.<BR><BR>Financial Snapshot: <BR>Net Sales: 456 Cr (Quarterly Results - Mar 2025) <BR>Net Profit: 19 Cr (Quarterly Results - Mar 2025) <BR>Market Cap: INR 697 Cr (Micro Cap)<BR><BR>Key Metrics: <BR>P/E: 61.00 <BR>Industry P/E: 9 <BR>Dividend Yield: 0.00% <BR>Debt-Equity: 0.02 <BR>Return on Equity: 2.85% <BR>Price to Book: 1.74 <BR><BR>Contact Details: <BR>Address: B-502 5th Flr Statesman House 147, Barakhamba Road New Delhi Delhi: 110001 <BR>Tel: 91-11-2362 9277 <BR>Email: info@garvindustries.com <BR>Website: http://www.hardwyn.com

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Who are the top shareholders of the Hardwyn India?

17-Jul-2025

The top shareholders of Hardwyn India are Rubaljeet Singh Sayal with 23.7%, Ginni Chadha with 19.15%, and individual investors holding 52.52%. There are no pledged promoter holdings or mutual funds invested in the company, and three foreign institutional investors hold a total of 0.91%.

The top shareholders of Hardwyn India include Rubaljeet Singh Sayal, who holds the highest promoter stake at 23.7%. The highest public shareholder is Ginni Chadha, with a holding of 19.15%. Additionally, individual investors collectively own 52.52% of the company. There are also three foreign institutional investors (FIIs) who hold a total of 0.91%. Notably, there are no pledged promoter holdings and no mutual funds currently invested in the company.

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How big is Hardwyn India?

24-Jul-2025

As of 24th July, Hardwyn India Ltd has a market capitalization of 720.00 Cr, with Net Sales of 184.61 Cr and a Net Profit of 11.23 Cr over the latest four quarters. The company has Shareholder's Funds of 382.48 Cr and Total Assets of 445.34 Cr.

As of 24th July, Hardwyn India Ltd has a market capitalization of 720.00 Cr, categorizing it as a Micro Cap company.<BR><BR>In the latest four quarters, Hardwyn India reported Net Sales of 184.61 Cr and a Net Profit of 11.23 Cr.<BR><BR>For the latest annual period, the company has Shareholder's Funds amounting to 382.48 Cr and Total Assets of 445.34 Cr.

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Are Hardwyn India latest results good or bad?

14-Aug-2025

Hardwyn India's latest results show strong profitability growth, with a 35.3% increase in Profit Before Tax and a 29.3% rise in Profit After Tax. However, a 7.0% decline in net sales raises concerns about future performance, making the overall results a mixed bag.

Hardwyn India's latest results present a mixed picture. On the positive side, the company has shown significant growth in profitability, with a Profit Before Tax (PBT) of Rs 5.10 crore, up 35.3% from the previous average, and a Profit After Tax (PAT) of Rs 3.63 crore, reflecting a 29.3% increase. This indicates a strong improvement in the company's ability to generate profits.<BR><BR>However, the company faced challenges in terms of net sales, which declined by 7.0% to Rs 42.94 crore compared to the previous four quarters. This drop in sales could pose risks to the overall financial outlook, despite the positive trends in profitability.<BR><BR>In summary, while Hardwyn India has improved its profit margins significantly, the decline in sales is a concerning factor that could impact future performance. Therefore, the results can be viewed as good in terms of profitability but concerning regarding sales performance.

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Is Hardwyn India overvalued or undervalued?

10-Nov-2025

As of November 7, 2025, Hardwyn India is considered very expensive and overvalued with a PE ratio of 57.01, significantly higher than its peers like Hindalco and National Aluminium, despite a recent short-term stock performance boost, while its year-to-date return shows a decline of 13.82%.

As of 7 November 2025, Hardwyn India has moved from a grade of expensive to very expensive, indicating a significant deterioration in its valuation outlook. The company is considered overvalued based on its current metrics, with a PE ratio of 57.01, an EV to EBITDA ratio of 36.59, and a PEG ratio of 5.52. These figures suggest that the stock is trading at a premium compared to its earnings growth potential.<BR><BR>In comparison to its peers, Hardwyn India stands out unfavorably; for instance, Hindalco Industries has a PE ratio of 10.26 and National Aluminium boasts a PE of 7.52, both categorized as attractive. The stark contrast in valuation ratios highlights the overvaluation of Hardwyn India relative to its industry. Additionally, while Hardwyn's stock has performed well in the short term, with a 1-month return of 18.83% compared to a 1.57% return for the Sensex, its year-to-date performance shows a decline of 13.82%, further emphasizing the concerns surrounding its current valuation.

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When is the next results date for Hardwyn India?

18-Nov-2025

The next results date for Hardwyn India is 19 November 2025.

The next results date for Hardwyn India is scheduled for 19 November 2025.

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How has been the historical performance of Hardwyn India?

20-Nov-2025

Hardwyn India has shown steady growth in net sales and profit over the past three years, with net sales increasing from 164.66 Cr in Mar'23 to 184.60 Cr in Mar'25, and profit after tax rising from 9.28 Cr to 11.23 Cr. The company also improved its operating profit and cash flow during this period, indicating enhanced operational efficiency.

Answer:<BR>The historical performance of Hardwyn India shows a steady growth in net sales and profit over the past three years.<BR><BR>Breakdown:<BR>Hardwyn India's net sales increased from 164.66 Cr in Mar'23 to 184.60 Cr in Mar'25, with a slight dip in Mar'24 to 152.85 Cr. Total operating income followed a similar trend, reaching 184.60 Cr in Mar'25. The company's total expenditure, excluding depreciation, rose from 151.11 Cr in Mar'23 to 166.56 Cr in Mar'25, reflecting increased costs in raw materials and employee expenses. Operating profit (PBDIT) improved from 14.26 Cr in Mar'23 to 18.81 Cr in Mar'25, indicating better operational efficiency despite rising costs. Profit before tax also saw an upward trend, increasing from 13.11 Cr in Mar'23 to 15.85 Cr in Mar'25, while profit after tax rose from 9.28 Cr to 11.23 Cr in the same period. The company's total assets grew from 418.06 Cr in Mar'23 to 464.81 Cr in Mar'25, with total liabilities increasing correspondingly from 418.06 Cr to 464.81 Cr. Cash flow from operating activities showed a positive shift, moving from a negative 1.00 Cr in Mar'23 to 1.00 Cr in Mar'25, while closing cash and cash equivalents improved from 1.00 Cr to 2.00 Cr. Overall, Hardwyn India demonstrates a positive growth trajectory in both revenue and profitability over the analyzed period.

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Is Hardwyn India technically bullish or bearish?

02-Dec-2025

As of December 1, 2025, the technical trend is mildly bullish, supported by positive short-term indicators like the MACD and RSI, but mixed signals from Bollinger Bands and KST suggest a cautious approach.

As of 1 December 2025, the technical trend has changed from bullish to mildly bullish. The current technical stance is mildly bullish, with key indicators supporting this view. The MACD is bullish on the weekly chart and mildly bullish on the monthly chart, while the RSI shows a bullish signal on the monthly timeframe. Daily moving averages are bullish, indicating positive momentum in the short term. However, the Bollinger Bands are mildly bullish on the weekly chart but bearish on the monthly, suggesting some caution. The KST is bullish on the weekly but bearish on the monthly, and there are no clear trends in the Dow Theory or OBV across both timeframes. Overall, while there are positive signals, the mixed indicators suggest a cautious approach.

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Should I buy, sell or hold Hardwyn India Ltd?

02-Feb-2026

Why is Hardwyn India Ltd falling/rising?

03-Feb-2026

As of 02-Feb, Hardwyn India Ltd's stock price is at 16.00, reflecting a decline of 0.62%. The stock has underperformed against the sector and benchmark, with significant declines over the past month and year-to-date, despite some positive indicators in delivery volume.

As of 02-Feb, Hardwyn India Ltd's stock price is falling, currently at 16.00, which reflects a decrease of 0.1 or 0.62%. The stock has underperformed compared to the sector, which has gained by 2.91%. Over the past week, the stock has declined by 1.54%, while the benchmark Sensex has increased by 0.16%. In the last month, the stock has dropped by 10.61%, contrasting with a smaller decline of 4.78% in the Sensex. Year-to-date, Hardwyn India Ltd is down 5.55%, compared to a 4.17% drop in the benchmark.<BR><BR>Despite some positive indicators, such as a rise in delivery volume by 24.7% against the 5-day average, the stock's performance remains weak. It is currently higher than its 5-day, 100-day, and 200-day moving averages, but lower than its 20-day and 50-day moving averages, indicating mixed momentum. Overall, the combination of underperformance relative to the sector and the benchmark, along with significant declines over various periods, contributes to the stock's falling price.

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iScoreScore
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Strong Sell
Sell
Hold
Buy
Strong Buy

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Dashboard

1

Poor long term growth as Net Sales has grown by an annual rate of 5.90% and Operating profit at 10.80% over the last 5 years

 
2

Flat results in Sep 25

3

With ROE of 2.9, it has a Very Expensive valuation with a 2 Price to Book Value

stock-summaryMojo Parameters

Mojo Parameters

Loading Valuation Snapshot...

Stock DNA

stock-summary
Industry

Furniture, Home Furnishing

stock-summary
Market cap

INR 757 Cr (Micro Cap)

stock-summary
P/E

57.00

stock-summary
Industry P/E

11

stock-summary
Dividend Yield

0.00%

stock-summary
Debt Equity

0.02

stock-summary
Return on Equity

2.85%

stock-summary
Price to Book

2.00

Revenue and Profits:
Net Sales:
51 Cr
(Quarterly Results - Sep 2025)
Net Profit:
4 Cr
stock-summaryTotal Returns
Total Returns (Price + Dividend) stock-summary
Dividend Yield (0%)
TimePeriod
Price Return
Dividend Return
Total Return
3 Months
8.4%
0%
8.4%
6 Months
15.03%
0%
15.03%
1 Year
-2.38%
0%
-2.38%
2 Years
-48.48%
0%
-48.48%
3 Years
6.53%
0%
6.53%
4 Years
523.75%
0%
523.75%
5 Years
602.85%
0%
602.85%

Hardwyn India for the last several years.

Risk Adjusted Returns v/s stock-summary
Returns Beta
Icon
Beta has not been calculated since enough price history is not available
stock-summaryNews & Corporate Actions

Announcements stock-summary

Clarification On Spurt In Volume

15-Jan-2026 | Source : BSE

With reference to the Bombay Stock Exchange email dated: 07.01.2026 seeking clarification regarding any information or announcement that may have a bearing on the price or volume behavior of the Companys scrip. In this regard we would like to inform you that as on date there is no pending information or announcement required to be disclosed to the stock exchanges in terms of the Materiality Policy framed by the Company under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 (Listing Regulations).

Clarification sought from Hardwyn India Ltd

07-Jan-2026 | Source : BSE

The Exchange has sought clarification from Hardwyn India Ltd on January 7 2026 with reference to Movement in Volume

The reply is awaited.

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018

07-Jan-2026 | Source : BSE

This is to inform you that the details of securities dematerialized/rematerialized during the quarter ended 31st December 2025 as required under Regulation 74(5) of SEBI (Depositories and Participants) Regulations 2018 have been received from Registrar and Share Transfer Agent and furnished to all Stock Exchanges where the shares of the Company are listed.

Corporate Actions stock-summary

stock-summary
BOARD MEETING

No Upcoming Board Meetings

stock-summary
DIVIDEND

No Dividend history available

stock-summary
SPLITS

Hardwyn India Ltd has announced 1:10 stock split, ex-date: 05 Jun 23

stock-summary
BONUS

Hardwyn India Ltd has announced 2:5 bonus issue, ex-date: 27 Dec 24

stock-summary
RIGHTS

No Rights history available

stock-summaryKey Factors

Quality key factors stock-summary

Factor
Value
Sales Growth (5y)
5.90%
EBIT Growth (5y)
10.80%
EBIT to Interest (avg)
16.59
Debt to EBITDA (avg)
0.47
Net Debt to Equity (avg)
0.02
Sales to Capital Employed (avg)
0.42
Tax Ratio
29.29%
Dividend Payout Ratio
0
Pledged Shares
0
Institutional Holding
1.10%
ROCE (avg)
3.84%
ROE (avg)
2.85%

Valuation key factors

Factor
Value
P/E Ratio
57
Industry P/E
11
Price to Book Value
1.99
EV to EBIT
39.31
EV to EBITDA
36.14
EV to Capital Employed
1.97
EV to Sales
4.25
PEG Ratio
5.47
Dividend Yield
NA
ROCE (Latest)
4.06%
ROE (Latest)
2.85%

Technicals key factors

Indicator
Weekly
Monthly
MACD
Mildly Bearish
Mildly Bullish
RSI
No Signal
No Signal
Bollinger Bands
Sideways
Mildly Bearish
Moving Averages
Mildly Bullish (Daily)
KST
Mildly Bearish
Bearish
Dow Theory
Mildly Bearish
Mildly Bearish
OBV
Mildly Bearish
No Trend
stock-summary Technical Indicator Scale: Bearish, Mildly Bearish, Sideways, Mildly Bullish, Bullish  Turned 
stock-summaryShareholding
Shareholding Snapshot : Dec 2025stock-summary
Shareholding Compare (%holding) stock-summary
Majority shareholders

Non Institution

Pledged Promoter Holdings

None

Mutual Funds

Held by 0 Schemes

FIIs

Held by 3 FIIs (0.64%)

Promoter with highest holding

Rubaljeet Singh Sayal (23.7%)

Highest Public shareholder

Ginni Chadha (19.15%)

Individual Investors Holdings

51.76%

stock-summaryFinancial
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Quarterly Results Snapshot (Consolidated) - Sep'25 - QoQstock-summary

Sep'25
Jun'25
Change(%)
Net Sales
50.69
42.94
18.05%
Operating Profit (PBDIT) excl Other Income
6.78
5.68
19.37%
Interest
0.20
0.17
17.65%
Exceptional Items
0.00
0.00
Consolidate Net Profit
4.35
3.63
19.83%
Operating Profit Margin (Excl OI)
13.38%
13.23%
0.15%
Values in Rs Cr.
Direction Arrows
Net Sales

QoQ Growth in quarter ended Sep 2025 is 18.05% vs -5.92% in Jun 2025

Direction Arrows
Consolidated Net Profit

QoQ Growth in quarter ended Sep 2025 is 19.83% vs 95.16% in Jun 2025

Half Yearly Results Snapshot (Consolidated) - Sep'25stock-summary

Sep'25
Sep'24
Change(%)
Net Sales
93.63
92.57
1.15%
Operating Profit (PBDIT) excl Other Income
12.46
8.66
43.88%
Interest
0.37
0.33
12.12%
Exceptional Items
0.00
0.00
Consolidate Net Profit
7.99
5.38
48.51%
Operating Profit Margin (Excl OI)
13.31%
9.36%
3.95%
Values in Rs Cr.
Direction Arrows
Net Sales

Growth in half year ended Sep 2025 is 1.15% vs 34.55% in Sep 2024

Direction Arrows
Consolidated Net Profit

Growth in half year ended Sep 2025 is 48.51% vs 107.72% in Sep 2024

Nine Monthly Results Snapshot (Standalone) - Dec'24stock-summary

Dec'24
Dec'23
Change(%)
Net Sales
105.26
98.56
6.80%
Operating Profit (PBDIT) excl Other Income
14.46
9.88
46.36%
Interest
0.89
0.87
2.30%
Exceptional Items
0.00
0.00
Standalone Net Profit
9.02
6.46
39.63%
Operating Profit Margin (Excl OI)
13.74%
10.02%
3.72%
Values in Rs Cr.
Direction Arrows
Net Sales

YoY Growth in nine months ended Dec 2024 is 6.80% vs 3.54% in Dec 2023

Direction Arrows
Standalone Net Profit

YoY Growth in nine months ended Dec 2024 is 39.63% vs 21.66% in Dec 2023

Annual Results Snapshot (Consolidated) - Mar'25stock-summary

Mar'25
Mar'24
Change(%)
Net Sales
184.60
152.85
20.77%
Operating Profit (PBDIT) excl Other Income
18.04
16.48
9.47%
Interest
1.20
1.17
2.56%
Exceptional Items
0.00
0.00
Consolidate Net Profit
11.23
10.24
9.67%
Operating Profit Margin (Excl OI)
9.77%
10.78%
-1.01%
Values in Rs Cr.
Direction Arrows
Net Sales

YoY Growth in year ended Mar 2025 is 20.77% vs -7.17% in Mar 2024

Direction Arrows
Consolidated Net Profit

YoY Growth in year ended Mar 2025 is 9.67% vs 10.34% in Mar 2024

stock-summaryCompany CV
About Hardwyn India Ltd stock-summary
stock-summary
Hardwyn India Ltd
Micro Cap
Furniture, Home Furnishing
Hardwyn India Limited was originally incorporated with the name of Garv Industries Limited as a Limited Company on October 12, 2017 . The Promoter, Mr. Rishu Agarwal was involved in trading of aluminum products in Delhi from 1996 through his H.U.F till 2008. Another Promoter, Mrs. Daya Bansal managed a proprietorship firm known as "Indian Sales Corporation" which engaged in the business of fabrics trading from April, 2011 to March, 2013.
Company Coordinates stock-summary
Company Details
B-502 5thFlr StatesmanHouse147, Barakhamba Road New Delhi Delhi : 110001
stock-summary
Tel: 91-11-2362 9277
stock-summary
info@garvindustries.com
Registrar Details