Hindware Home Innovation Limited (HINDWAREAP.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

+103.1%

₹334.63

vs ₹164.75 price

Levered DCF

₹73.42

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	-36.88×	-23.11×	112.4×	42.91×	13.01×	35.78×	20.26×	20.35×
P/B	1.99×	2.03×	4.84×	4.26×	4.76×	5.68×	1.71×	4.34×
P/S	0.58×	0.63×	1.06×	0.87×	1.1×	1.07×	0.29×	0.68×
EV / EBITDA	11.57×	15.84×	14.24×	12.09×	9.35×	13.08×	7.78×	10.49×
Gross margin	20.7%	19.0%	19.7%	43.8%	18.7%	31.4%	32.4%	33.5%
Operating margin	3.2%	25.4%	5.3%	5.1%	5.9%	5.8%	4.3%	6.2%
Net margin	-1.6%	-2.7%	0.9%	2.0%	8.9%	3.1%	1.4%	3.3%
Current ratio	0.97×	1.09×	1×	1.08×	0.88×	1.42×	1.31×	1.29×
Debt / equity	1.16×	1.14×	1.75×	1.66×	0.71×	0.73×	1.49×	1.18×
Interest coverage	1.14×	7.2×	1.52×	1.88×	6.55×	3.41×	2.07×	3.58×
Dividend yield	0.0%	0.2%	0.1%	0.0%	0.2%	0.1%	1.1%	0.0%
Payout ratio	0.0%	-4.3%	14.9%	0.0%	2.8%	2.0%	22.2%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-5.4%	-8.8%	4.3%	9.9%	38.3%	16.6%	8.4%	21.3%
Return on invested capital	4.3%	33.4%	6.2%	5.5%	11.6%	9.7%	6.7%	12.2%
Return on assets	-1.6%	-2.7%	1.1%	2.5%	9.4%	5.3%	2.3%	5.6%
Free cash flow yield	4.4%	-0.6%	2.0%	1.0%	7.4%	11.0%	1.7%	3.5%
Earnings yield	-2.7%	-4.3%	0.9%	2.3%	8.1%	2.9%	4.9%	4.9%
Enterprise value	₹22.9B	₹24.4B	₹39.1B	₹34B	₹28.5B	₹21.1B	₹8.8B	₹13.9B
Net debt / EBITDA	4.16×	5.6×	3.7×	3.37×	1.14×	1.46×	3.62×	2.11×
Cash conversion cycle (days)	94	108	106	137	150	127	152	138