HINDWAREAP
Hindware Home Innovation share price & financials
- Price
- ₹227.3
- Market cap
- ₹1.5k Cr
- Sector
- Consumer Durables
- Calls analysed
- 6
Hindware Home In Q4 FY26
What went well
- FY26 Consolidated EBITDA grew 27% YoY to ₹233 crores, with margins expanding to 9% from 7% in FY25.
- Bathware Business FY26 revenue grew 10% YoY to INR1,520 crores, with EBITDA up 30% to INR157 crores and margins at 10.3%.
- Q4 FY26 Consolidated PBT (before exceptional item) increased to ₹15 crores from ₹2 crores in Q4 FY25.
What to watch
- FY26 Consolidated Revenue slightly declined to ₹2,510 crores from ₹2,523 crores in FY25.
- Hindware Home Innovation Limited reported negative EBITDA of INR7 crores in Q4 FY26 and negative INR12 crores for FY26.
What Hindware Home Innovation Limited does
Hindware Home Innovation Limited manufactures and sells sanitaryware, faucets, wellness products and premium tiles under the Hindware brand, plastic pipes and fittings under the Truflo by Hindware brand, and kitchen appliances (chimneys, hobs, cooktops) and water heaters under its Consumer Products business. It earns primarily through the Bathware segment (sanitaryware and faucets sold across retail, institutional/project and modern trade channels), followed by Plastic Pipes & Fittings and Consumer Products. Water heaters are sold through a 50:50 joint venture with Groupe Atlantic, a French heating-appliances group. The Bathware business is carried out through subsidiary Hindware Limited, and the company has approved a scheme to demerge into separate listed entities (HHIL Limited and Hindware Limited).
Segments
- Bathware
- Plastic Pipes & Fittings
- Consumer Products (Home Innovation)
- Sanitaryware plant - Bahadurgarh, Haryana
- Up to 1.75 million pieces per annum
- Sanitaryware plant - Bibinagar, Telangana
- Up to 2.1 million pieces per annum
- Faucets plant - Kaharani, Rajasthan
- Up to 3.7 million pieces per annum
- Pipes plant - Sangareddy, Telangana
- 66,000+ MTPA capacity
- Pipes plant - Roorkee, Uttarakhand
- 12,500 MTPA capacity, commenced commercial production Jan 30, 2026
- Bathware distribution network
- 500+ distributors, 35,000+ retailers/dealers and ~600 brand galleries
Guidance record · Q4 FY26
what the last two calls moved 19 tracked 1 delivered 6 missed 12 open- Bathware Revenue Run-rate missed said Q1 FY26 Promised: Reach INR 400 crores quarterly run rate by quarter 3 and quarter 4 this year (FY26). Q4 FY26: Q4 revenue was INR 397 cr, again falling short of the INR 400 cr target. The promise has been missed.
- Net Debt Reduction at risk said Q4 FY25 Promised: Reduce debt by a level of somewhere around Rs. 200 crore to Rs. 250 crore in the next two years. Q4 FY26: Consolidated net debt stands at INR 708 cr. While Bathware debt reduced, overall debt remains high. A new, separate 2-year reduction target was issued, but progress on the original promise is not on track after one year.
- Kitchen Appliances CAGR on track said Q3 FY26 Promised: Expect a CAGR of 15% to 20% over the coming 2 to 3 years in this business. Q4 FY26: Management reiterated a 15-20% growth target for the Consumer Appliances segment for FY27, keeping this multi-year promise on track.
All 19 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 17.7%, net profit up 115.0% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 630 | 594 | 699 | 531 | 676 +7% | 640 +8% | 663 −5% | 625 +18% |
| EBITDA | 30 | 29 | 41 | 49 | 56 +90% | 48 +64% | 44 +8% | 50 +3% |
| Net profit | -16 | -18 | -31 | -29 | 5 +132% | 4 +120% | -19 +39% | 4 +115% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −46.8% 1Y
1Y: ₹335.25 on 10 Sept 2025 → ₹178.4. High ₹380.85 (21 Oct 2025), low ₹172.94 (24 Mar 2026).
How the price took the results
close before → close after
- Q4 FY26
- −1.2%
- 20 May
- Q3 FY26
- +4.0%
- 13 Feb
- Q2 FY26
- −5.1%
- 12 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 4.4% a year over 3 years, FY23 to FY26. Operating margin narrowed to 7.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.9k Cr | ₹2.8k Cr | ₹2.5k Cr | ₹2.5k Cr |
| Operating profit | ₹247 Cr | ₹262 Cr | ₹143 Cr | ₹198 Cr |
| Operating margin | 8.6% | 9.4% | 5.7% | 7.9% |
| Interest | ₹78 Cr | ₹93 Cr | ₹89 Cr | ₹70 Cr |
| Depreciation | ₹100 Cr | ₹120 Cr | ₹123 Cr | ₹117 Cr |
| Net profit | ₹58 Cr | ₹28 Cr | ₹-68 Cr | ₹-39 Cr |
| Net margin | 2.0% | 1.0% | -2.7% | -1.6% |
| Cash from operations | ₹221 Cr | ₹241 Cr | ₹192 Cr | ₹258 Cr |
| Free cash flow | ₹26 Cr | ₹59 Cr | ₹-6 Cr | ₹133 Cr |
| ROCE | 15.0% | 10.0% | 4.0% | 7.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹14 Cr | ₹17 Cr | ₹17 Cr |
| Reserves | ₹315 Cr | ₹512 Cr | ₹561 Cr | ₹583 Cr | ₹737 Cr | ₹720 Cr |
| Borrowings | ₹242 Cr | ₹374 Cr | ₹958 Cr | ₹1.0k Cr | ₹910 Cr | ₹856 Cr |
| Other liabilities | ₹466 Cr | ₹1.2k Cr | ₹769 Cr | ₹776 Cr | ₹868 Cr | ₹859 Cr |
| Total liabilities | ₹1.0k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.5k Cr |
| Fixed assets | ₹157 Cr | ₹743 Cr | ₹912 Cr | ₹918 Cr | ₹863 Cr | ₹999 Cr |
| Capital work in progress | ₹11 Cr | ₹58 Cr | ₹36 Cr | ₹55 Cr | ₹238 Cr | ₹94 Cr |
| Investments | ₹26 Cr | ₹114 Cr | ₹88 Cr | ₹104 Cr | ₹66 Cr | ₹39 Cr |
| Other assets | ₹845 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.3k Cr |
| Total assets | ₹1.0k Cr | ₹2.1k Cr | ₹2.3k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −3.03 pp while FIIs added +1.55 pp. The shareholder count shrank 11% to 38,910.
- Promoters
- 52.7%
- FIIs
- 5.1%
- DIIs
- 3.7%
- Public
- 38.4%
Since Jun 2025
- DIIs −3.03 pp
- FIIs +1.55 pp
- Public +1.47 pp
How it drifted, 12 quarters
Over this window the public went from 32.4% to 38.4% — +6.0 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 51.3%, FIIs 7.2%, DIIs 9.2%, Public 32.4%.Dec '23: Promoters 51.3%, FIIs 7.6%, DIIs 9.8%, Public 31.3%.Mar '24: Promoters 51.3%, FIIs 7.5%, DIIs 7.3%, Public 33.9%.Jun '24: Promoters 51.3%, FIIs 6.0%, DIIs 7.1%, Public 35.5%.Sep '24: Promoters 51.3%, FIIs 5.7%, DIIs 6.9%, Public 36.1%.Dec '24: Promoters 52.5%, FIIs 3.5%, DIIs 7.6%, Public 36.4%.Mar '25: Promoters 52.7%, FIIs 3.6%, DIIs 7.1%, Public 36.5%.Jun '25: Promoters 52.7%, FIIs 3.6%, DIIs 6.8%, Public 36.9%.Sep '25: Promoters 52.7%, FIIs 3.2%, DIIs 6.3%, Public 37.7%.Dec '25: Promoters 52.7%, FIIs 3.1%, DIIs 5.8%, Public 38.4%.Mar '26: Promoters 52.7%, FIIs 3.4%, DIIs 5.8%, Public 38.1%.Jun '26: Promoters 52.7%, FIIs 5.1%, DIIs 3.7%, Public 38.4%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Al Mehwar Commercial Investments L.L.C. - (Noosa) Sovereign +2.09 pp 4.41% held
- Abakkus Growth Fund-Open Ended AIF newly disclosed 1.00% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Hindware Home Innovation Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Somany Impresa Limited | 43.31% | unchanged |
| Sandip Somany | 8.75% | unchanged |
| Al Mehwar Commercial Investments L.L.C. - (Noosa) Sovereign | 4.41% | +2.09 pp |
| Manav Gupta | 2.11% | unchanged |
| Abakkus Growth Fund-2 AIF | 1.46% | unchanged |
| Ganesh Srinivasan | 1.42% | unchanged |
| Abakkus Growth Fund-Open Ended AIF | 1.00% | newly disclosed |
| Sumita Somany | 0.23% | unchanged |
| Divya Somany | 0.21% | unchanged |
| Sandip Somany HUF | 0.14% | unchanged |
| Shashvat Somany | 0.11% | unchanged |
| AGI Retail Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse Hindware Home Innovation Limited
Guides on how to read this kind of business and the numbers that matter.