Recent Price Movement and Market Context
On 8 December 2025, Harrisons Malayalam's share price touched Rs.162.55, the lowest level recorded in the past year. This movement comes after the stock declined by 3.32% over the last two trading sessions. Despite this, the stock marginally outperformed its sector by 0.28% on the day of the new low.
The broader market, represented by the Sensex, opened flat but later declined by 373.11 points, or 0.54%, closing at 85,251.73. The Sensex remains close to its 52-week high of 86,159.02, trading just 1.06% below that peak. Notably, the Sensex is positioned above its 50-day moving average, which itself is above the 200-day moving average, indicating a generally bullish trend in the wider market.
In contrast, Harrisons Malayalam is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical positioning highlights the stock's relative weakness compared to the overall market and its sector peers.
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Performance Overview Over the Past Year
Harrisons Malayalam's stock has recorded a return of -37.90% over the last 12 months, significantly underperforming the Sensex, which posted a positive return of 4.34% during the same period. The stock's 52-week high was Rs.340.25, indicating a substantial decline from that peak to the current low.
Over longer periods, the stock has also lagged behind the BSE500 index across the last three years, one year, and three months, reflecting persistent challenges in maintaining market value relative to broader benchmarks.
Financial Metrics and Profitability
Recent quarterly results show a profit before tax (PBT) of Rs.-5.33 crore, representing a fall of 239.4% compared to the previous four-quarter average. Operating cash flow for the year stands at Rs.23.35 crore, the lowest recorded in recent periods. The operating profit to interest ratio for the quarter is at -0.23 times, indicating limited capacity to cover interest expenses from operating profits.
The company’s debt to EBITDA ratio is 4.74 times, signalling a relatively high level of leverage compared to earnings before interest, taxes, depreciation, and amortisation. This ratio suggests a constrained ability to service debt obligations comfortably.
Valuation and Capital Efficiency
Harrisons Malayalam's return on capital employed (ROCE) is 7.4%, which can be considered moderate within the industrial products sector. The enterprise value to capital employed ratio stands at 1.5, indicating a fair valuation relative to the capital invested in the business.
Compared to its peers, the stock is trading at a discount to average historical valuations, which may reflect market caution given recent financial performance and leverage metrics.
Profit Growth Amidst Price Decline
Interestingly, while the stock price has declined by nearly 38% over the past year, the company’s profits have shown a rise of 799.1% during the same period. This divergence between profit growth and share price movement suggests complexities in market perception and valuation dynamics.
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Shareholding and Sector Placement
The majority ownership of Harrisons Malayalam remains with its promoters, maintaining a concentrated shareholding structure. The company operates within the industrial products sector, which has experienced varied performance trends amid broader economic conditions.
Despite the recent price decline, the stock’s valuation metrics and capital efficiency ratios provide a nuanced picture of the company’s financial standing relative to its sector peers.
Summary of Key Challenges
The stock’s fall to a 52-week low is underpinned by several factors, including a high debt to EBITDA ratio, limited interest coverage from operating profits, and a negative profit before tax in recent quarters. These elements contribute to a cautious market stance despite profit growth over the past year.
Additionally, the stock’s position below all major moving averages contrasts with the broader market’s generally bullish technical indicators, highlighting its relative underperformance.
Market and Sector Comparison
While the Sensex trades near its 52-week high and maintains a positive trajectory above key moving averages, Harrisons Malayalam’s stock price trajectory reflects sector-specific and company-specific pressures. The industrial products sector has shown mixed results, with this stock’s performance notably lagging behind the benchmark indices.
Conclusion
Harrisons Malayalam’s stock reaching Rs.162.55 marks a significant milestone in its price movement over the past year. The combination of financial metrics, leverage considerations, and technical positioning provides a comprehensive view of the factors influencing this decline. Investors and market participants may continue to monitor these indicators as part of their broader analysis of the industrial products sector.
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