Stock Performance and Market Context
On 21 Jan 2026, Harshil Agrotech Ltd (Stock ID: 623524) recorded a day change of -6.82%, closing at Rs.0.4, its lowest level in the past year. This decline outpaced the Industrial Manufacturing sector’s fall of -2.14% and underperformed the sector by -4.72%. The stock has been on a losing streak for four consecutive days, resulting in a cumulative return of -16.33% over this period.
The broader market environment has also been challenging. The Sensex opened 385.82 points lower and traded at 81,620.69, down 0.68%. The index is currently below its 50-day moving average, although the 50DMA remains above the 200DMA. Notably, the Sensex has declined by -4.83% over the last three weeks, indicating a cautious market mood.
Harshil Agrotech’s share price is trading below all key moving averages — 5-day, 20-day, 50-day, 100-day, and 200-day — signalling a persistent bearish trend. The stock’s 52-week high was Rs.4.67, highlighting the extent of the recent decline.
Financial Metrics and Fundamental Assessment
The company’s financial indicators continue to reflect pressures. Harshil Agrotech reported operating cash flow for the year at a negative Rs.43.54 crores, underscoring cash utilisation challenges. The latest quarterly profit after tax (PAT) stood at a loss of Rs.2.91 crores, representing a sharp deterioration of -172.6% compared to the average of the previous four quarters.
Return on Capital Employed (ROCE) for the half-year period was recorded at 7.07%, the lowest in recent times, indicating subdued efficiency in capital utilisation. Return on Equity (ROE) remains modest at 7%, which, while low, contributes to an attractive valuation metric with a price-to-book value of 0.3. This valuation suggests the stock is trading at a discount relative to its book value, consistent with its current market challenges.
Despite the negative price performance, the company’s profits have risen by 39.8% over the past year, a factor that contrasts with the stock’s steep decline of -89.16% during the same period. This divergence points to complexities in market perception and valuation.
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Long-Term and Relative Performance
Harshil Agrotech’s long-term performance has been below par. Over the last year, the stock has delivered a return of -89.16%, significantly underperforming the Sensex, which gained 7.60% during the same period. The stock has also lagged behind the BSE500 index over the last three years, one year, and three months, indicating persistent challenges in maintaining market confidence.
The company’s Mojo Score currently stands at 14.0, with a Mojo Grade of Strong Sell, upgraded from a previous Sell rating on 10 Sep 2025. This grading reflects the company’s weak long-term fundamental strength and ongoing financial difficulties.
Market capitalisation grading is at 4, consistent with its micro-cap status within the Industrial Manufacturing sector. Majority shareholding remains with non-institutional investors, which may influence liquidity and trading dynamics.
Sector and Market Dynamics
The Industrial Manufacturing sector has experienced a decline of -2.14% on the day, with Harshil Agrotech’s sharper fall highlighting company-specific pressures. The broader market’s cautious stance, as evidenced by the Sensex’s three-week consecutive fall, adds to the challenging environment for stocks in this space.
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Summary of Key Metrics
To summarise, Harshil Agrotech Ltd’s stock has reached a new 52-week low of Rs.0.4, reflecting a sustained downtrend over recent months. The stock’s performance has been notably weaker than both its sector and the broader market indices. Financially, the company is contending with negative operating cash flows and a significant quarterly PAT decline, alongside modest returns on capital and equity.
While the valuation metrics suggest the stock is trading at a discount relative to book value, the overall fundamental strength remains weak, as indicated by the Mojo Grade of Strong Sell. The company’s shareholding structure and market capitalisation further contextualise its trading dynamics within the micro-cap Industrial Manufacturing segment.
Investors and market participants will continue to monitor the stock’s price action and financial disclosures closely as the company navigates this challenging phase.
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