Hindustan Hardy Ltd

HINDHARD

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Market Cap

₹ 143 Cr

P/E

16.27

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Investment Checklist

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Performance

MARKET LEADER

Valuation

REASONABLE

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

Hindustan Hardy Limited designs and manufactures propeller shafts and associated accessories for automotive, industrial, and agricultural applications.

Founded in 1982, the company has a strategic technical license agreement with GWB for advanced design expertise, supporting its engineering capabilities.

Offering products in markets across the UK, Sri Lanka, and Nepal, Hindustan Hardy maintains international relationships that bolster its export business.

With significant capacity growth, the company is positioned as a crucial supplier to major automotive manufacturers like Mahindra and Ashok Leyland.

Dana Corporation, through its acquisition of GWB, holds a 26% stake, aligning Hindustan Hardy within global automotive supply chains.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Axles / Shafts

Market Cap

143 Cr

Volatility

High Risk

P/E Ratio

16.3

Industry P/E

16.3

PEG Ratio

0.8

P/B Ratio

4.2

52W High

1,350.00

52W Low

601.05

Sales CAGR

20.06%

9.18%

15.81%

10Y

3.46%

Profit CAGR

35.32%

21.41%

190.42%

10Y

31.56%

ROE

TTM

25.77%

21.44%

22.66%

10Y

16.78%

ROCE

TTM

29.33%

27.41%

28.91%

10Y

24.26%

Technicals

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Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SIZEMASTER	172.35	172 Cr	54.20	10.48	0.00	19.35	23.72	11.04
BHARATGEAR	104.90	159 Cr	552.11	1.31	0.00	0.24	8.87	0.07
IPRINGLTD	119.10	151 Cr	—	1.48	0.00	-3.06	4.26	-0.99
HINDHARD	959.00	143 Cr	16.27	4.19	0.29	25.77	29.33	14.74
AAIL	132.10	143 Cr	26.26	2.71	0.45	10.33	14.63	2.12
SAMKRG	126.20	124 Cr	12.24	0.62	0.40	5.06	8.47	3.34
SWANAGRO	63.50	121 Cr	12.10	1.92	0.00	33.27	25.08	0.00

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
Sales	16	17	17	18	17	20	20	25	27	25
Expenses	14	15	15	16	15	17	18	21	23	23
Operating Profit	2.36	1.42	1.71	2.03	1.31	2.84	1.83	3.75	4.19	2.64
OPM %	14.39	8.59	10.15	11.25	7.92	14.26	9.20	14.94	15.66	10.42
Other Income	0.11	0.00	0.15	0.04	0.04	0.18	0.07	0.23	0.31	0.38
Interest	0.07	0.05	0.04	0.08	0.04	0.05	0.00	0.09	0.09	0.07
Depreciation	0.23	0.24	0.26	0.25	0.25	0.27	0.29	0.31	0.35	0.35
Profit Before Tax	2.17	1.12	1.56	1.75	1.06	2.70	1.60	3.58	4.06	2.60
Tax %	25.81	25.89	25.00	27.43	25.47	28.15	23.75	26.54	26.60	25.77
Net Profit	1.61	0.83	1.16	1.27	0.79	1.94	1.22	2.64	2.98	1.94
EPS in Rs	10.75	5.54	7.75	8.45	5.30	12.92	8.17	17.59	19.90	12.93

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
Sales	39	38	47	39	45	63	63	68	81	92
Expenses	36	37	44	38	39	57	57	60	72	79
Operating Profit	3.08	1.45	2.57	0.77	5.14	5.90	5.98	7.52	9.73	13
OPM %	7.83	3.79	5.52	1.97	11.53	9.42	9.48	11.08	11.95	13.76
Other Income	0.30	1.05	0.05	0.29	0.05	0.15	0.59	0.30	0.52	0.79
Interest	0.87	0.49	0.36	0.31	0.19	0.32	0.41	0.24	0.18	0.23
Depreciation	0.89	0.67	0.56	0.62	0.60	0.70	0.90	0.98	1.12	1.22
Profit Before Tax	-0.83	0.92	1.70	0.13	4.41	5.02	5.25	6.60	8.95	12
Tax %	5.97	1.04	77.04	75.76	27.75	26.70	26.95	26.21	26.34	26.47
Net Profit	-0.78	0.91	0.39	0.03	3.18	3.68	3.84	4.87	6.59	8.78
EPS in Rs	-5.23	6.12	2.61	0.21	21.25	24.58	25.60	32.49	43.98	58.59
Dividend Payout %	0.00	0.00	45.98	0.00	9.41	8.14	8.59	7.69	6.37	—

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	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50
Reserves	6.82	5.85	6.66	7.15	6.95	10	13	17	22	28
Borrowings	6.01	5.22	4.04	5.00	3.60	3.60	6.46	3.84	4.09	7.66
Other Liabilities	15	11	12	13	11	15	12	14	16	20
Total Liabilities	29	23	25	26	23	30	34	36	43	57
Fixed Assets	5.99	3.75	3.97	4.29	4.79	4.63	6.69	6.85	6.66	11
CWIP	0.29	0.68	0.26	0.44	0.38	0.65	0.18	0.16	3.68	3.05
Investments	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	23	19	20	22	18	25	27	29	33	42
Total Assets	29	23	25	26	23	30	34	36	43	57

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2011	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.72	0.37	3.59	1.67	0.76	5.02	6.39	1.64
Cash from Investing Activity	-1.07	-1.05	-1.73	-0.91	-2.25	-0.97	-4.34	-5.30
Cash from Financing Activity	-0.86	0.61	-1.85	-0.15	2.33	-3.32	-0.23	3.19
Net Cash Flow	-0.21	-0.07	0.00	0.61	0.84	0.73	1.82	-0.48

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	66.16%	66.16%	66.16%	66.16%	66.16%	66.16%	66.16%	66.16%	66.16%	66.16%	66.16%	66.16%
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	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Public	33.84%	33.84%	33.84%	33.84%	33.84%	33.84%	33.84%	33.84%	33.84%	33.84%	33.84%	33.84%
Total Shareholders	3,162	3,168	3,167	3,250	3,364	3,611	3,756	3,756	4,126	4,176	4,304	4,514

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 08, 2023	Anand omprakash agrawal	Bulk	Buy	561.00	0.42 Cr	7,500	0.50
Nov 08, 2023	Icm finance private limited	Bulk	Sell	561.00	0.76 Cr	13,514	0.90
Oct 18, 2023	Icm finance private limited	Bulk	Buy	588.50	0.59 Cr	10,000	0.66

Projection

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Reports

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Overall

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Financial Statements

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AI Mode

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
Sales	16	17	17	18	17	20	20	25	27	25
Expenses	14	15	15	16	15	17	18	21	23	23
Operating Profit	2.36	1.42	1.71	2.03	1.31	2.84	1.83	3.75	4.19	2.64
OPM %	14.39	8.59	10.15	11.25	7.92	14.26	9.20	14.94	15.66	10.42
Other Income	0.11	0.00	0.15	0.04	0.04	0.18	0.07	0.23	0.31	0.38
Interest	0.07	0.05	0.04	0.08	0.04	0.05	0.00	0.09	0.09	0.07
Depreciation	0.23	0.24	0.26	0.25	0.25	0.27	0.29	0.31	0.35	0.35
Profit Before Tax	2.17	1.12	1.56	1.75	1.06	2.70	1.60	3.58	4.06	2.60
Tax %	25.81	25.89	25.00	27.43	25.47	28.15	23.75	26.54	26.60	25.77
Net Profit	1.61	0.83	1.16	1.27	0.79	1.94	1.22	2.64	2.98	1.94
EPS in Rs	10.75	5.54	7.75	8.45	5.30	12.92	8.17	17.59	19.90	12.93

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
Sales	39	38	47	39	45	63	63	68	81	92
Expenses	36	37	44	38	39	57	57	60	72	79
Operating Profit	3.08	1.45	2.57	0.77	5.14	5.90	5.98	7.52	9.73	13
OPM %	7.83	3.79	5.52	1.97	11.53	9.42	9.48	11.08	11.95	13.76
Other Income	0.30	1.05	0.05	0.29	0.05	0.15	0.59	0.30	0.52	0.79
Interest	0.87	0.49	0.36	0.31	0.19	0.32	0.41	0.24	0.18	0.23
Depreciation	0.89	0.67	0.56	0.62	0.60	0.70	0.90	0.98	1.12	1.22
Profit Before Tax	-0.83	0.92	1.70	0.13	4.41	5.02	5.25	6.60	8.95	12
Tax %	5.97	1.04	77.04	75.76	27.75	26.70	26.95	26.21	26.34	26.47
Net Profit	-0.78	0.91	0.39	0.03	3.18	3.68	3.84	4.87	6.59	8.78
EPS in Rs	-5.23	6.12	2.61	0.21	21.25	24.58	25.60	32.49	43.98	58.59
Dividend Payout %	0.00	0.00	45.98	0.00	9.41	8.14	8.59	7.69	6.37	—

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	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50	1.50
Reserves	6.82	5.85	6.66	7.15	6.95	10	13	17	22	28
Borrowings	6.01	5.22	4.04	5.00	3.60	3.60	6.46	3.84	4.09	7.66
Other Liabilities	15	11	12	13	11	15	12	14	16	20
Total Liabilities	29	23	25	26	23	30	34	36	43	57
Fixed Assets	5.99	3.75	3.97	4.29	4.79	4.63	6.69	6.85	6.66	11
CWIP	0.29	0.68	0.26	0.44	0.38	0.65	0.18	0.16	3.68	3.05
Investments	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Assets	23	19	20	22	18	25	27	29	33	42
Total Assets	29	23	25	26	23	30	34	36	43	57

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2011	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	1.72	0.37	3.59	1.67	0.76	5.02	6.39	1.64
Cash from Investing Activity	-1.07	-1.05	-1.73	-0.91	-2.25	-0.97	-4.34	-5.30
Cash from Financing Activity	-0.86	0.61	-1.85	-0.15	2.33	-3.32	-0.23	3.19
Net Cash Flow	-0.21	-0.07	0.00	0.61	0.84	0.73	1.82	-0.48

Overview

Detailed Summary

Hindustan Hardy Limited designs and manufactures propeller shafts and associated accessories for automotive, industrial, and agricultural applications.

Founded in 1982, the company has a strategic technical license agreement with GWB for advanced design expertise, supporting its engineering capabilities.

Offering products in markets across the UK, Sri Lanka, and Nepal, Hindustan Hardy maintains international relationships that bolster its export business.

With significant capacity growth, the company is positioned as a crucial supplier to major automotive manufacturers like Mahindra and Ashok Leyland.

Dana Corporation, through its acquisition of GWB, holds a 26% stake, aligning Hindustan Hardy within global automotive supply chains.

Sector

Auto Ancillaries

Industry

Auto Ancillaries - Axles / Shafts

Market Cap

143 Cr

Volatility

High Risk

P/E Ratio

16.3

Industry P/E

16.3

PEG Ratio

0.8

P/B Ratio

4.2

52W High

1,350.00

52W Low

601.05

Sales CAGR

20.06%

9.18%

15.81%

10Y

3.46%

Profit CAGR

35.32%

21.41%

190.42%

10Y

31.56%

ROE

TTM

25.77%

21.44%

22.66%

10Y

16.78%

ROCE

TTM

29.33%

27.41%

28.91%

10Y

24.26%

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
SIZEMASTER	172.35	172 Cr	54.20	10.48	0.00	19.35	23.72	11.04
BHARATGEAR	104.90	159 Cr	552.11	1.31	0.00	0.24	8.87	0.07
IPRINGLTD	119.10	151 Cr	—	1.48	0.00	-3.06	4.26	-0.99
HINDHARD	959.00	143 Cr	16.27	4.19	0.29	25.77	29.33	14.74
AAIL	132.10	143 Cr	26.26	2.71	0.45	10.33	14.63	2.12
SAMKRG	126.20	124 Cr	12.24	0.62	0.40	5.06	8.47	3.34
SWANAGRO	63.50	121 Cr	12.10	1.92	0.00	33.27	25.08	0.00