How has been the historical performance of Hardwyn India?

Revenue and Profitability Trends

Hardwyn India’s net sales exhibited a positive trend, increasing from ₹164.66 crores in March 2023 to ₹184.60 crores by March 2025. Despite a slight dip in the fiscal year ending March 2024, the overall trajectory reflects resilience in the company’s core operations. The total operating income mirrored this pattern, with no other operating income reported during this period.

Operating profit before depreciation and interest (PBDIT) rose from ₹13.55 crores in March 2023 to ₹18.04 crores in March 2025, indicating enhanced operational efficiency. The operating profit margin, excluding other income, improved from 8.23% in 2023 to 9.77% in 2025, although it saw a minor contraction in the intermediate year. Gross profit margin followed a similar pattern, reaching 9.54% in the latest fiscal year.

Profit before tax increased steadily from ₹13.11 crores in March 2023 to ₹15.85 crores in March 2025. Correspondingly, profit after tax (PAT) rose from ₹9.28 crores to ₹11.23 crores over the same period. The PAT margin showed a modest improvement, standing at 6.08% in March 2025 compared to 5.64% in March 2023.

Cost Structure and Expenses

The company’s expenditure profile reveals a significant portion allocated to the purchase of finished goods, which rose from ₹158.53 crores in 2023 to ₹163.14 crores in 2025. Raw material costs and employee expenses also increased moderately, reflecting business expansion and workforce growth. Notably, other expenses declined slightly over the period, contributing to improved profitability.

Interest expenses remained relatively stable, increasing marginally from ₹0.86 crores in 2023 to ₹1.20 crores in 2025, while depreciation charges rose in line with asset base expansion. The absence of exceptional items and extraordinary expenses underscores consistent operational performance without significant one-off impacts.

Balance Sheet and Financial Position

Hardwyn India’s balance sheet reflects steady growth in shareholder’s funds, which increased from ₹372.56 crores in March 2023 to ₹393.41 crores in March 2025. The company maintained a low level of long-term borrowings, effectively reducing financial risk. Total liabilities rose moderately, consistent with business growth and increased current liabilities, including trade payables and short-term borrowings.

On the asset side, net block values remained stable around ₹349 crores, indicating limited capital expenditure or asset turnover changes. Current assets expanded significantly from ₹71.18 crores in 2023 to ₹114.58 crores in 2025, driven by increases in inventories and sundry debtors, which may reflect higher sales volumes and working capital requirements.

Book value per share adjusted for equity changes showed a decline from ₹10.68 in 2023 to ₹8.05 in 2025, influenced by equity capital increases and reserves fluctuations. The company’s cash and bank balances doubled over the period, signalling improved liquidity management.

Cash Flow and Operational Efficiency

Cash flow from operating activities showed improvement, moving from a negative ₹1 crore in 2023 to a positive ₹1 crore in 2025. Adjustments and working capital changes indicate the company managed its operational cash flows prudently despite increased working capital demands. Cash flow from investing activities was neutral in the latest year, following a ₹5 crore outflow in 2024, while financing activities remained subdued.

Overall, Hardwyn India’s historical performance over the past three years demonstrates consistent revenue growth, improving profitability, and a solid financial position with manageable debt levels. The company’s ability to maintain stable margins and enhance cash flow metrics suggests operational resilience amid evolving market conditions.

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