Hindustan Composites Ltd

HINDCOMPOS

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Market Cap

₹ 615 Cr

P/E

15.80

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Performance

STEADY PERFORMER

Valuation

REASONABLE

Growth

STABLE

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

LOW RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Hindustan Composites Limited is a prominent manufacturer of fibre-based composite materials, specializing in friction materials and sealing products for various vehicles and industries.

The company has a longstanding history, dating back to its previous identity as Hindustan Ferrodo Limited, and is now an associate of AM & FM, UK.

Hindustan Composites is positioned strongly in the OEM and replacement markets, particularly with state transport companies being major customers for its replacement products.

It has strategically set up a new facility for sealing and textile products at Jalna, which will come online soon, enhancing its manufacturing capabilities.

Furthermore, the company has made a pivotal shift towards sustainability by completely eliminating asbestos-based products by 2024, marking a significant environmental milestone.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Friction Materials

Market Cap

615 Cr

Volatility

High Risk

P/E Ratio

15.8

Industry P/E

15.8

PEG Ratio

0.9

P/B Ratio

0.5

52W High

597.00

52W Low

402.15

Sales CAGR

9.20%

11.80%

12.79%

10Y

7.60%

Profit CAGR

1.71%

17.45%

23.80%

10Y

6.00%

ROE

TTM

3.42%

3.23%

2.94%

10Y

2.90%

ROCE

TTM

4.77%

3.84%

3.43%

10Y

3.22%

Technicals

Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ZFSTEERING	790.75	714 Cr	67.42	1.51	0.00	2.24	3.97	0.98
KINETICENG	284.50	676 Cr	156.91	6.22	0.00	3.96	5.53	1.54
HINDCOMPOS	417.70	615 Cr	15.80	0.54	0.48	3.42	4.77	2.37
MENONBE	106.55	595 Cr	21.82	3.74	1.88	17.16	19.06	11.17
MAXVOLT	473.80	517 Cr	51.06	7.53	0.00	22.40	22.83	11.91
MUNJALSHOW	122.30	492 Cr	18.97	0.74	3.66	3.88	5.20	3.07
CLN	449.90	477 Cr	36.90	5.04	0.00	16.35	12.84	6.33

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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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
Sales	76	72	72	79	77	77	82	89	87	89
Expenses	61	58	61	66	64	64	66	73	73	78
Operating Profit	15	14	11	12	14	13	16	16	14	11
OPM %	19.17	18.82	15.37	15.60	17.55	16.78	19.72	18.21	15.80	11.89
Other Income	0.06	0.64	0.01	0.22	0.05	0.17	0.02	-3.94	0.00	0.00
Interest	0.04	0.04	0.01	0.00	0.03	0.02	0.02	0.01	0.09	0.08
Depreciation	2.22	2.32	2.53	2.46	2.51	2.60	2.63	2.59	2.90	2.92
Profit Before Tax	12	12	8.49	10	11	10	14	9.69	11	7.53
Tax %	18.44	15.62	23.91	20.46	21.54	11.19	18.80	37.36	30.73	29.88
Net Profit	10	9.94	6.46	7.97	8.67	9.29	11	6.07	7.46	5.28
EPS in Rs	6.80	6.73	4.37	5.40	5.87	6.29	7.43	4.11	5.05	3.58

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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
Sales	182	203	197	178	185	233	283	298	325	335
Expenses	127	162	172	159	157	200	242	246	266	276
Operating Profit	54	41	25	20	28	33	41	51	59	59
OPM %	29.87	20.15	12.73	10.98	14.99	14.18	14.36	17.23	18.09	17.62
Other Income	-0.57	-1.92	0.72	-1.07	4.92	0.38	0.85	0.93	-3.70	NaN
Interest	0.20	0.31	0.22	0.22	0.20	0.08	0.13	0.09	0.08	0.14
Depreciation	7.71	8.64	8.75	9.50	8.87	8.56	8.73	9.53	10	11
Profit Before Tax	30	26	17	8.75	24	25	33	43	45	44
Tax %	23.46	11.26	-4.57	-19.65	16.16	12.59	15.72	19.22	21.72	23.95
Net Profit	23	23	18	10	20	22	27	34	35	34
EPS in Rs	—	—	11.88	7.08	13.36	14.63	18.60	23.30	23.70	20.17
Dividend Payout %	3.18	3.21	16.84	28.21	14.98	13.67	10.75	8.58	8.44	—

Consolidated Balance Sheet (in ₹ Crores)

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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	4.92	4.92	7.38	7.38	7.38	7.38	7.38	7.38	7.38	7.38
Reserves	627	683	725	746	754	810	910	913	979	1,077
Borrowings	4.41	3.57	3.95	2.68	5.21	0.42	0.30	1.01	0.12	0.03
Other Liabilities	63	85	89	90	85	105	85	78	94	112
Total Liabilities	699	776	825	847	851	922	1,002	1,000	1,081	1,196
Fixed Assets	120	124	122	125	122	116	113	111	138	134
CWIP	0.00	0.42	0.12	0.00	0.16	0.16	0.00	0.29	0.00	4.29
Investments	470	536	605	608	616	687	796	807	872	962
Other Assets	109	116	98	113	113	119	93	82	71	96
Total Assets	699	776	825	847	851	922	1,002	1,000	1,081	1,196

Consolidated Cash Flows (in ₹ Crores)

View Standalone

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	6.21	9.67	50	3.43	2.56	9.18	22	16	40	30
Cash from Investing Activity	-3.84	-7.72	-52	-1.66	4.72	0.18	-13	-21	-35	-18
Cash from Financing Activity	-1.35	-1.14	-0.93	-2.51	-1.47	-8.59	-3.07	-2.38	-3.94	-3.12
Net Cash Flow	1.02	0.80	-2.26	-0.74	5.82	0.77	6.64	-7.69	1.47	8.83

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	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.97%	74.98%	74.97%	74.98%	74.97%
FIIs	0.00%	0.00%	0.00%	0.04%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIIs	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Public	25.01%	25.01%	25.01%	24.97%	24.98%	25.01%	25.01%	25.01%	25.01%	25.01%	25.01%	25.01%
Total Shareholders	14,861	14,695	14,975	15,329	15,483	15,406	15,573	16,173	15,378	15,341	15,207	15,154

Projection

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

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
Sales	76	72	72	79	77	77	82	89	87	89
Expenses	61	58	61	66	64	64	66	73	73	78
Operating Profit	15	14	11	12	14	13	16	16	14	11
OPM %	19.17	18.82	15.37	15.60	17.55	16.78	19.72	18.21	15.80	11.89
Other Income	0.06	0.64	0.01	0.22	0.05	0.17	0.02	-3.94	0.00	0.00
Interest	0.04	0.04	0.01	0.00	0.03	0.02	0.02	0.01	0.09	0.08
Depreciation	2.22	2.32	2.53	2.46	2.51	2.60	2.63	2.59	2.90	2.92
Profit Before Tax	12	12	8.49	10	11	10	14	9.69	11	7.53
Tax %	18.44	15.62	23.91	20.46	21.54	11.19	18.80	37.36	30.73	29.88
Net Profit	10	9.94	6.46	7.97	8.67	9.29	11	6.07	7.46	5.28
EPS in Rs	6.80	6.73	4.37	5.40	5.87	6.29	7.43	4.11	5.05	3.58

Consolidated Profit Loss (in ₹ Crores)

View Standalone

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
Sales	182	203	197	178	185	233	283	298	325	335
Expenses	127	162	172	159	157	200	242	246	266	276
Operating Profit	54	41	25	20	28	33	41	51	59	59
OPM %	29.87	20.15	12.73	10.98	14.99	14.18	14.36	17.23	18.09	17.62
Other Income	-0.57	-1.92	0.72	-1.07	4.92	0.38	0.85	0.93	-3.70	NaN
Interest	0.20	0.31	0.22	0.22	0.20	0.08	0.13	0.09	0.08	0.14
Depreciation	7.71	8.64	8.75	9.50	8.87	8.56	8.73	9.53	10	11
Profit Before Tax	30	26	17	8.75	24	25	33	43	45	44
Tax %	23.46	11.26	-4.57	-19.65	16.16	12.59	15.72	19.22	21.72	23.95
Net Profit	23	23	18	10	20	22	27	34	35	34
EPS in Rs	—	—	11.88	7.08	13.36	14.63	18.60	23.30	23.70	20.17
Dividend Payout %	3.18	3.21	16.84	28.21	14.98	13.67	10.75	8.58	8.44	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

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	4.92	4.92	7.38	7.38	7.38	7.38	7.38	7.38	7.38	7.38
Reserves	627	683	725	746	754	810	910	913	979	1,077
Borrowings	4.41	3.57	3.95	2.68	5.21	0.42	0.30	1.01	0.12	0.03
Other Liabilities	63	85	89	90	85	105	85	78	94	112
Total Liabilities	699	776	825	847	851	922	1,002	1,000	1,081	1,196
Fixed Assets	120	124	122	125	122	116	113	111	138	134
CWIP	0.00	0.42	0.12	0.00	0.16	0.16	0.00	0.29	0.00	4.29
Investments	470	536	605	608	616	687	796	807	872	962
Other Assets	109	116	98	113	113	119	93	82	71	96
Total Assets	699	776	825	847	851	922	1,002	1,000	1,081	1,196

Consolidated Cash Flows (in ₹ Crores)

View Standalone

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	6.21	9.67	50	3.43	2.56	9.18	22	16	40	30
Cash from Investing Activity	-3.84	-7.72	-52	-1.66	4.72	0.18	-13	-21	-35	-18
Cash from Financing Activity	-1.35	-1.14	-0.93	-2.51	-1.47	-8.59	-3.07	-2.38	-3.94	-3.12
Net Cash Flow	1.02	0.80	-2.26	-0.74	5.82	0.77	6.64	-7.69	1.47	8.83

Overview

Detailed Summary

Hindustan Composites Limited is a prominent manufacturer of fibre-based composite materials, specializing in friction materials and sealing products for various vehicles and industries.

The company has a longstanding history, dating back to its previous identity as Hindustan Ferrodo Limited, and is now an associate of AM & FM, UK.

Hindustan Composites is positioned strongly in the OEM and replacement markets, particularly with state transport companies being major customers for its replacement products.

It has strategically set up a new facility for sealing and textile products at Jalna, which will come online soon, enhancing its manufacturing capabilities.

Furthermore, the company has made a pivotal shift towards sustainability by completely eliminating asbestos-based products by 2024, marking a significant environmental milestone.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Friction Materials

Market Cap

615 Cr

Volatility

High Risk

P/E Ratio

15.8

Industry P/E

15.8

PEG Ratio

0.9

P/B Ratio

0.5

52W High

597.00

52W Low

402.15

Sales CAGR

9.20%

11.80%

12.79%

10Y

7.60%

Profit CAGR

1.71%

17.45%

23.80%

10Y

6.00%

ROE

TTM

3.42%

3.23%

2.94%

10Y

2.90%

ROCE

TTM

4.77%

3.84%

3.43%

10Y

3.22%