Hardwyn India Limited, incorporated on October 12, 2017, as Garv Industries Limited, is a prominent player in the architectural hardware and glass fittings industry. Headquartered in New Delhi, India, the company is engaged in the wholesale and retail trade of architectural hardware and glass fittings, kitchen hardware, accessories, and appliances. It also manufactures a wide array of architectural hardware and glass fittings, offering comprehensive solutions for residential and commercial structures.
The company operates under a diverse business model, encompassing multiple product categories such as door hardware, kitchen hardware, glass hardware, and furniture hardware. Its extensive product portfolio includes floor springs, aluminium sections, aluminium sheets, aluminium coils, glass and door hardware, and roofing sheets, positioning Hardwyn India as a one-stop solution provider for construction projects.
Hardwyn India Limited has been classified as a Small Cap company. As of June 05, 2025, its market capitalization stood at ₹718.97 Crore, with varying figures reported, such as ₹695.53 Cr as of May 8, 2025. The company's stock trades on both major Indian exchanges: NSE (Symbol: HARDWYN) and BSE (Scrip Code: 541276), with ISIN INE626Z01029. The stock has experienced significant volatility, trading within a 52-week high of ₹33.92 and a low of ₹10.75.
Hardwyn India's recent financial performance indicates both operational strengths and areas for attention. For Q3 FY2024-25 (ending December 2024), the company reported a net profit of ₹3.99 Crore, marking a -7.42% decline compared to the same period last year. Revenue for December 2024 was ₹46.64 Crore, a decrease from ₹51.74 Crore in September 2024, showing a quarterly decline.
Annually, for the year ended 2024, Hardwyn India Ltd posted a profit of ₹10.24 Crore on a total income of ₹152.85 Crore. The company maintains healthy operational metrics, with an EBITDA of ₹210.26 Million INR and a current EBITDA margin of 10.78%.
Key financial metrics as of recent reporting periods include:
• Revenue: ₹46.39 Crore (Q3 FY25, December 2024)
• Net Profit: ₹3.99 Crore (Q3 FY25, December 2024)
• P/E Ratio: 57.27 (as of June 05, 2025)
• P/B Ratio: 0.53 (as of June 05, 2025)
• EBITDA: ₹210.26 Million INR
• EBITDA Margin: 10.78%
Hardwyn India's operational capacity is supported by its manufacturing activities in architectural hardware and glass fittings. While specific production capacity figures are not detailed, the company's diverse product range and its role as a manufacturer suggest a structured operational setup. The company employed 121 individuals as of May 8, 2025.
The company's product portfolio is broadly classified into door hardware, kitchen hardware, glass hardware, and furniture hardware. Key offerings include floor springs, aluminium sections, aluminium sheets, aluminium coils, glass and door hardware, and roofing sheets. This comprehensive range targets both residential and commercial construction markets, aiming to provide integrated solutions.
Hardwyn India is pursuing growth through strategic partnerships and corporate actions. Notably, the company signed an MOU with The Gyalsung Infra, Bhutan, to supply architectural hardware and glass fittings for their renovation and new construction projects over two years, valued at approximately ₹5 Crore.
The company also executed a bonus share issue, allotting 13,95,52,587 equity shares of ₹1/- each as fully paid bonus shares to existing shareholders on the record date of December 27, 2024, in a 2:5 ratio.
Investment Strengths:
• Debt-Free: The company is almost debt-free, offering financial flexibility and reduced risk.
• Profit Growth: Demonstrated good profit growth of 218% CAGR over the last 5 years.
• Strategic Tie-ups: MOU with The Gyalsung Infra, Bhutan, for significant product supply.
• Bonus Issue: Corporate action to reward shareholders.
Areas of Concern:
• Low Return on Equity: The company has a low return on equity of 3.79% over the last 3 years.
• Promoter Holding Trend: Promoter holding has decreased by -31.1% over the last 3 years.
• Dividend Policy: Hardwyn India does not pay dividends, retaining earnings for growth.
• Stock Volatility: The stock exhibits notable volatility.
Hardwyn India's stock is characterized by volatility, with a reported volatility of 1.90% and a beta coefficient of 1.30. The stock reached an all-time high of ₹40.82 on June 7, 2023, and an all-time low of ₹4.29 on April 12, 2022.
The stock belongs to the industrials sector, specifically the Building Products - Glass sub-sector. Recent performance shows mixed signals: a 10.13% rise week-on-week and a 21.71% rise month-on-month, contrasting with a -30.05% decrease over the last year.
The architectural hardware and glass fittings industry in India is supported by ongoing infrastructure development, urbanization, and a growing construction sector. Hardwyn India's debt-free status, established promoter background, and strategic initiatives provide a foundation for potential future growth, though investors should carefully consider the company's operational challenges and market volatility.
