Hindustan Hardy Limited (HINDHARD.BO) 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

-105.7%

-₹47.49

vs ₹839.95 price

Levered DCF

₹44.88

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 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	12.1×	15.18×	13.01×	9.29×	9.72×	7.15×	354.76×	42.15×
P/B	2.7×	3.39×	2.72×	1.92×	2.39×	1.98×	1.32×	1.9×
P/S	0.93×	1.23×	0.93×	0.57×	0.58×	0.51×	0.3×	0.37×
EV / EBITDA	8.05×	10.16×	8.1×	5.67×	6.74×	4.94×	13.93×	8.16×
Gross margin	29.3%	29.1%	45.8%	40.5%	40.7%	45.4%	43.7%	41.5%
Operating margin	9.7%	10.6%	29.0%	7.6%	7.6%	28.2%	0.5%	1.6%
Net margin	7.7%	8.1%	7.2%	6.1%	5.9%	7.1%	0.1%	0.9%
Current ratio	1.79×	1.71×	1.81×	1.8×	1.59×	1.33×	1.12×	1.1×
Debt / equity	0.25×	0.26×	0.18×	0.21×	0.43×	0.31×	0.43×	0.58×
Interest coverage	30.28×	48.21×	81.32×	11.48×	15.02×	67.59×	0.58×	2.05×
Dividend yield	0.4%	0.4%	0.5%	0.8%	0.8%	0.0%	1.9%	0.0%
Payout ratio	5.0%	5.7%	6.8%	7.8%	8.1%	0.0%	679.6%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.3%	22.3%	20.9%	20.7%	24.6%	27.7%	0.4%	4.5%
Return on invested capital	16.4%	16.9%	47.7%	13.4%	14.3%	58.8%	0.4%	1.2%
Return on assets	12.9%	11.6%	11.3%	10.6%	10.9%	10.5%	0.1%	1.5%
Free cash flow yield	-0.8%	-3.9%	3.0%	11.1%	-4.3%	3.3%	22.9%	-4.2%
Earnings yield	8.3%	6.6%	7.7%	10.8%	10.3%	14.0%	0.3%	2.4%
Enterprise value	₹1.1B	₹1B	₹633.3M	₹372.3M	₹407.3M	₹256.8M	₹146.9M	₹214.1M
Net debt / EBITDA	0.37×	0.4×	0×	0.24×	0.81×	0.56×	3.34×	1.88×
Cash conversion cycle (days)	61	80	101	99	90	89	58	64