Hardcastle & Waud Mfg Co Ltd

HARDCAS

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Market Cap

₹ 47 Cr

P/E

21.67

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

HIGH MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Hardcastle & Waud Manufacturing Company Limited is primarily involved in industrial chemicals, investments, and leasing.

The company has a historical collaboration with Oxyplast, Belgium, for producing special epoxide resins for coil coating.

Hardcastle & Waud entered a joint venture with Soudal, Belgium, for manufacturing adhesives, sealants, and roofing compounds.

Their business includes diversification into pre-colour coated steel coil production as of March 1995.

The company went through a significant restructuring event with the demerger of its Sarigam Unit in 1999.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

47 Cr

Volatility

Low Risk

P/E Ratio

21.7

Industry P/E

30.0

PEG Ratio

55.0

P/B Ratio

1.0

52W High

959.80

52W Low

600.00

Sales CAGR

8.84%

12.28%

10.84%

10Y

-0.43%

Profit CAGR

-50.00%

0.39%

7.38%

10Y

—

ROE

TTM

4.59%

3.77%

3.02%

10Y

0.67%

ROCE

TTM

6.34%

5.26%

4.51%

10Y

4.83%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SRESTHA	0.33	54 Cr	—	0.33	0.00	-36.47	-29.46	-26.49
PUNCTRD	—	51 Cr	4.93	1.61	0.00	32.58	41.74	29.82
MASKINVEST	165.00	50 Cr	—	0.56	0.00	-0.03	-0.03	-0.03
HARDCAS	692.90	47 Cr	21.67	0.99	0.00	4.59	6.34	4.31
BSELINFRA	5.16	45 Cr	—	0.09	0.00	-3.23	-3.79	-1.59
SRGINFOTEC	2.07	44 Cr	—	3.46	0.00	-6.89	-5.56	-9.54
WESTLEIRES	132.50	40 Cr	—	2.07	0.08	-0.42	-0.42	-0.41

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Revenue	1.15	1.36	1.61	1.29	1.59	1.13	1.39	1.77	1.94	2.38
Expenses	0.54	0.68	0.52	0.43	0.47	0.58	0.44	1.33	0.83	1.57
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financing Profit	0.61	0.68	1.09	0.86	1.12	0.55	0.95	0.44	1.11	0.81
Financing Margin %	53.04	50.00	67.70	66.67	70.44	48.67	68.35	24.86	57.22	34.03
Other Income	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.12	0.12
Depreciation	0.17	0.17	0.16	0.16	0.17	0.18	0.19	0.19	0.19	0.20
Profit Before Tax	0.55	0.62	1.04	0.81	1.07	0.48	0.87	0.37	1.04	0.73
Tax %	-5.45	-11.29	25.96	33.33	-7.48	214.58	29.89	75.68	25.96	4.11
Net Profit	0.58	0.69	0.77	0.55	1.14	-0.55	0.61	0.09	0.77	0.70
EPS in Rs	8.48	10.10	11.31	8.05	16.81	-8.15	9.03	1.26	11.34	10.37
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	8.22	4.21	2.89	3.52	3.19	4.16	3.91	5.41	5.89	6.23
Expenses	2.98	2.64	2.52	2.04	2.29	1.93	2.15	2.16	2.83	3.18
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financing Profit	5.24	1.57	0.36	1.48	0.90	2.23	1.76	3.26	3.06	3.05
Financing Margin %	63.74	37.24	12.64	41.93	28.23	53.64	45.11	60.16	52.01	48.96
Other Income	0.16	0.13	0.20	0.17	0.14	0.20	0.19	0.43	0.44	0.45
Depreciation	0.36	0.39	0.38	0.40	0.47	0.59	0.65	0.67	0.72	0.75
Profit Before Tax	5.04	1.30	0.19	1.24	0.56	1.85	1.31	3.02	2.78	2.76
Tax %	503.10	614.96	277.61	368.84	101.67	321.11	623.90	685.71	186.04	66.67
Net Profit	4.04	1.09	0.12	0.90	0.01	1.27	1.10	2.58	1.29	0.92
EPS in Rs	59.57	16.25	1.76	13.27	0.13	18.71	16.12	37.94	18.95	32.00
Dividend Payout %	—	—	—	—	—	—	—	—	—	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68
Reserves	35	35	36	36	34	34	40	41	44	45
Borrowings	0.00	0.00	0.00	0.25	0.05	0.00	0.00	0.00	0.00	0.00
Other Liabilities	3.66	2.48	2.42	2.48	2.50	2.56	3.32	1.54	1.44	3.14
Total Liabilities	39	38	39	40	38	37	44	43	46	49
Fixed Assets	7.14	2.68	2.68	3.77	3.60	4.21	4.86	5.63	5.33	6.45
CWIP	0.00	0.19	0.02	0.00	0.27	0.24	0.10	0.03	0.47	0.22
Investments	0.00	20	20	20	15	13	10	11	21	24
Other Assets	32	16	16	16	19	20	28	27	19	18
Total Assets	39	38	39	40	38	37	44	43	46	49

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	0.58	-1.65	-0.60	0.65	0.16	1.35	3.21	-2.96	3.08	0.69
Cash from Investing Activity	-0.75	1.55	0.53	-0.89	-0.25	-1.25	-3.11	3.07	-1.55	-2.40
Cash from Financing Activity	-0.00	0.00	0.00	0.25	-0.20	-0.05	0.00	0.00	0.00	0.00
Net Cash Flow	-0.18	-0.10	-0.07	0.01	-0.29	0.05	0.10	0.11	1.54	-1.71

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%
Public	26.30%	26.30%	26.30%	26.30%	26.30%	26.30%	26.30%	26.30%	26.30%	26.30%	26.30%	26.30%
Total Shareholders	1,264	1,271	1,294	1,323	1,374	1,430	1,420	1,523	1,534	1,527	1,517	1,492

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 26, 2025	Jeevdani business ventures li...	Insider - Promoter Group	Acquisition	710.00	1.56 Cr	22,002	3.23
Jun 26, 2025	Achal jatia	Insider - Promoter	Disposal	710.00	1.56 Cr	22,000	3.23
Jun 25, 2025	Achal jatia	Bulk	Sell	710.00	1.56 Cr	22,000	3.23
Jun 25, 2025	Shri ambika trading company p...	Bulk	Buy	710.00	1.56 Cr	22,002	3.23
Jul 07, 2023	Shri ambika trading company p...	Insider - Promoter Group	Acquisition	—	—	2,26,053	33.2
Jul 07, 2023	Hawcoplast investments & trad...	Insider - Promoter Group	Disposal	—	—	1,23,001	18.1
Jul 07, 2023	Concept highland business pri...	Insider - Promoter Group	Disposal	—	—	1	—
Jul 07, 2023	Saubhagya impex private limited	Insider - Promoter Group	Disposal	—	—	1,03,051	15.17
Dec 21, 2022	Guttikonda vara lakshmi	Bulk	Buy	509.84	0.34 Cr	6,740	0.99

Projection

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Presentations

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Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

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Bullish

Overall

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Bullish

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SRESTHA	0.33	54 Cr	—	0.33	0.00	-36.47	-29.46	-26.49
PUNCTRD	—	51 Cr	4.93	1.61	0.00	32.58	41.74	29.82
MASKINVEST	165.00	50 Cr	—	0.56	0.00	-0.03	-0.03	-0.03
HARDCAS	692.90	47 Cr	21.67	0.99	0.00	4.59	6.34	4.31
BSELINFRA	5.16	45 Cr	—	0.09	0.00	-3.23	-3.79	-1.59
SRGINFOTEC	2.07	44 Cr	—	3.46	0.00	-6.89	-5.56	-9.54
WESTLEIRES	132.50	40 Cr	—	2.07	0.08	-0.42	-0.42	-0.41

Overview

Detailed Summary

Hardcastle & Waud Manufacturing Company Limited is primarily involved in industrial chemicals, investments, and leasing.

The company has a historical collaboration with Oxyplast, Belgium, for producing special epoxide resins for coil coating.

Hardcastle & Waud entered a joint venture with Soudal, Belgium, for manufacturing adhesives, sealants, and roofing compounds.

Their business includes diversification into pre-colour coated steel coil production as of March 1995.

The company went through a significant restructuring event with the demerger of its Sarigam Unit in 1999.

Sector

Finance

Industry

Finance - Investment / Others

Market Cap

47 Cr

Volatility

Low Risk

P/E Ratio

21.7

Industry P/E

30.0

PEG Ratio

55.0

P/B Ratio

1.0

52W High

959.80

52W Low

600.00

Sales CAGR

8.84%

12.28%

10.84%

10Y

-0.43%

Profit CAGR

-50.00%

0.39%

7.38%

10Y

—

ROE

TTM

4.59%

3.77%

3.02%

10Y

0.67%

ROCE

TTM

6.34%

5.26%

4.51%

10Y

4.83%