Hardwyn India Limited (HARDWYN.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-86.7%

₹1.17

vs ₹8.86 price

Levered DCF

-₹2.77

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	53.22×	36.26×	61.48×	18.13×	18×	40.64×	624.49×	2,040×
P/B	1.73×	1.06×	1.65×	0.57×	4.07×	5.23×	6×	6.05×
P/S	3.52×	2.25×	4.12×	1.28×	0.74×	1.08×	5.41×	1.48×
EV / EBITDA	32.51×	22.63×	37.6×	15.27×	12.95×	28.39×	132.07×	284.24×
Gross margin	11.3%	14.2%	15.5%	12.7%	11.3%	6.7%	5.9%	2.0%
Operating margin	9.7%	8.8%	10.0%	8.1%	5.9%	3.5%	4.0%	0.5%
Net margin	6.6%	6.1%	6.7%	5.6%	4.0%	2.7%	0.9%	0.1%
Current ratio	2.13×	1.73×	1.65×	1.74×	1.35×	1.43×	5.04×	2.48×
Debt / equity	0.02×	0.03×	0.02×	0.01×	0.43×	0.41×	0×	0.58×
Interest coverage	17.6×	13.57×	13.03×	15.41×	10.29×	9.64×	1.43×	1.19×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	3.3%	2.9%	2.7%	2.5%	22.2%	12.9%	1.0%	0.3%
Return on invested capital	3.2%	2.8%	2.7%	2.5%	16.5%	8.7%	3.3%	1.0%
Return on assets	2.8%	2.4%	2.3%	2.2%	6.0%	3.9%	0.8%	0.2%
Free cash flow yield	0.5%	0.2%	-0.5%	-0.7%	-1.4%	-6.0%	10.0%	-14.6%
Earnings yield	1.9%	2.7%	1.6%	4.4%	5.5%	2.5%	0.2%	0.0%
Enterprise value	₹7.1B	₹4.3B	₹6.4B	₹2.1B	₹689.3M	₹672.5M	₹624.5M	₹682.7M
Net debt / EBITDA	0.2×	0.51×	0.54×	0.31×	1.22×	2.04×	0.05×	24.68×
Cash conversion cycle (days)	114	124	95	65	42	58	214	139