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Latest filing: 2026-08-12 15:51
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Hariyana Ship Breakers Q1 PAT at ₹4.42 Cr Despite Zero Operational Revenue
Hariyana Ship Breakers reported zero revenue from operations for the quarter ended June 30, 2026, as the company currently has no active business operations. Despite this, it posted a consolidated net profit of ₹4.42 crore, a significant turnaround from the ₹9.35 crore loss in the preceding quarter. This profit was primarily driven by ₹2.36 crore in 'Other Income' and a ₹3.08 crore share of profit from associates. The company remains an asset-heavy play with a net worth of ₹147 crore, significantly exceeding its market cap of ₹64 crore.
Confidence: HIGH
What changedThe company has reported a return to profitability after a heavy loss in the March 2026 quarter, though the income is entirely non-operational.
Why it mattersThe company is effectively operating as a holding/investment vehicle with its core ship-breaking business inactive, making associate performance and 'other income' the primary drivers of value.
Consolidated Revenue: ₹0.00Consolidated PAT: ₹4.42 crOther Income (Consolidated): ₹2.36 crShare of Profit from Associates: ₹3.08 crNet Worth: ₹147 crMarket Cap to Net Worth Ratio: 0.43
📅 Short termThe stock may remain range-bound as the profit is non-operational and the core business remains shut.
📈 Long termThe long-term outlook is entirely dependent on the company's ability to deploy its substantial net worth into a productive new business line.
⚠ Risk flags
- Zero operational revenue
- High reliance on associate company performance
- Business continuity risk as core operations are currently halted
Key Highlights
Revenue from operations was ₹0.00 for the quarter ended June 30, 2026
Consolidated Net Profit stood at ₹4.42 crore compared to ₹0.68 crore in the year-ago period
Other Income (Consolidated) contributed ₹2.36 crore to the total income
Share of profit from associates added ₹3.08 crore to the consolidated bottom line
Management confirmed zero active business operations during the quarter while exploring new opportunities
👀 What to Watch
Monitor management's commentary regarding the 'suitable business opportunities' they are exploring to restart operations, as the stock currently trades primarily on its asset value (P/B 0.4) rather than earnings power.
Rs 4.42 Cr PAT reported despite zero operational revenue in Q1 FY27
Hariyana Ship Breakers reported a consolidated net profit of Rs 4.42 Cr for the quarter ended June 30, 2026, a recovery from the Rs 9.35 Cr loss in the preceding quarter. Crucially, the company recorded zero revenue from operations, with total income derived entirely from 'Other Income' (Rs 2.36 Cr) and a share of profit from associates (Rs 3.08 Cr). Management explicitly stated that the company had no active business operations during the quarter and is currently evaluating new opportunities. Despite the lack of core activity, the company maintains a strong net worth of Rs 147 Cr against a market cap of just Rs 64 Cr.
Confidence: HIGH
What changedThe company has officially ceased active business operations as of Q1 FY27, shifting its financial performance entirely to investment income and associate profits.
Why it mattersWith a market cap (Rs 64 Cr) significantly below its net worth (Rs 147 Cr), the company is trading at a deep discount to book value (P/B 0.4), but the lack of a functional core business makes it a speculative play on asset liquidation or business pivot.
Consolidated PAT (Q1 FY27): Rs 4.42 CrRevenue from Operations: Rs 0.00Other Income (Consolidated): Rs 2.36 CrShare of Profit from Associates: Rs 3.08 CrMarket Cap to Net Worth Ratio: 0.44x
📅 Short termThe return to profitability may provide some support to the stock price, but the lack of operational revenue is a significant fundamental concern.
📈 Long termThe long-term outlook is entirely dependent on management's ability to successfully pivot to a new business model or the realization of value from its real estate associates.
⚠ Risk flags
- Zero operational revenue
- Business continuity risk (currently no active operations)
- High reliance on associate company performance
Key Highlights
Consolidated Revenue from Operations was Rs 0.00 for Q1 FY27, down from Rs 2.2 Cr in Dec 2025.
Consolidated Profit After Tax stood at Rs 4.42 Cr, compared to a loss of Rs 9.35 Cr in the sequential quarter (Mar 2026).
Other Income contributed Rs 2.36 Cr to the consolidated total income of Rs 2.36 Cr.
Share of profit from associates (including real estate entities) added Rs 3.08 Cr to the bottom line.
Basic and Diluted EPS improved to Rs 7.16 from a negative Rs 15.17 in the previous quarter.
👀 What to Watch
Investors should monitor management's progress in identifying and commencing new business activities as the core ship-breaking business is currently dormant. The primary value driver is currently the company's stake in associate real estate projects like Goyal Hariyana Realty and Whitefield Projects.
