Hindustan Tin Works Ltd (530315)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Hindustan Tin's revenue was ₹126 Cr (+5.6% year on year, +30.7% on the previous quarter), and net profit ₹3.8 Cr (+38.2% year on year); the operating margin was 7.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹126 | +5.6% | +30.7% |
| Operating profit | ₹9.2 | +22.9% | +73.0% |
| Net profit | ₹3.8 | +38.2% | +168.6% |
| EPS (₹) | 3.67 | +38.5% | +167.9% |
| Operating margin | 7.3% | — | — |
📢 Recent Corporate Announcements
Hindustan Tin Works Limited has announced that its 68th Annual General Meeting (AGM) will take place on Tuesday, September 29, 2026. The company has fixed Tuesday, September 22, 2026, as the record date to determine shareholder eligibility for the declaration of dividend. The specific dividend amount per share will be subject to approval by shareholders at the AGM.
- 68th Annual General Meeting scheduled for Tuesday, September 29, 2026
- Record date for dividend entitlement fixed as Tuesday, September 22, 2026
- Company operates with a TTM revenue base of ₹427 Cr and market cap of ₹113 Cr
Hindustan Tin Works Ltd (HTWL) reported a strong start to FY27 with Net Profit rising 38% YoY to Rs 3.81 Cr. Revenue from operations grew 5.6% YoY to Rs 126.10 Cr, showing a significant sequential recovery from Rs 96.45 Cr in the previous quarter. While domestic revenue grew 10% YoY to Rs 106.98 Cr, export revenue saw a decline of 13.4% YoY to Rs 19.12 Cr. The company's quarterly PAT of Rs 3.81 Cr is notable as it represents nearly 48% of the total PAT achieved in the entire previous fiscal year (FY26).
- Net Profit for Q1 FY27 increased 38% YoY to Rs 3.81 Cr from Rs 2.76 Cr in Q1 FY26.
- Revenue from operations grew 5.6% YoY to Rs 126.10 Cr compared to Rs 119.37 Cr.
- Domestic segment revenue increased to Rs 106.98 Cr from Rs 97.29 Cr in the year-ago period.
- Basic and Diluted EPS improved to Rs 3.67 from Rs 2.65 YoY.
- Profit Before Tax (PBT) rose 21.7% YoY to Rs 4.91 Cr from Rs 4.03 Cr.
Hindustan Tin Works Ltd (HTWL) reported a strong performance for Q1 FY27, with net profit rising 38% YoY to ₹3.81 Cr compared to ₹2.76 Cr in the previous year. Revenue from operations grew 6.4% YoY to ₹127.01 Cr, primarily driven by domestic manufacturing which saw a 10% increase. EBITDA margins improved to approximately 8.0% from 6.8% YoY, despite a 20% rise in finance costs. The company also announced its AGM for September 29, 2026, and confirmed dividend-related book closure dates.
- Net Profit increased 38% YoY to ₹3.81 Cr from ₹2.76 Cr in Q1 FY26
- Revenue from operations grew 6.4% YoY to ₹127.01 Cr, representing ~30% of TTM revenue
- Domestic revenue increased to ₹106.98 Cr from ₹97.29 Cr YoY
- Export revenue saw a decline of 13.4% YoY, falling to ₹19.12 Cr from ₹22.09 Cr
- Finance costs rose to ₹2.53 Cr from ₹2.10 Cr, reflecting higher debt servicing or working capital needs
Hindustan Tin Works Ltd has scheduled a board meeting on August 13, 2026, to consider and approve the unaudited financial results for the quarter ended June 30, 2026. Additionally, the board will finalize the date for the Annual General Meeting (AGM) and the book closure period. This follows a fiscal year (FY26) where the company reported a PAT of ₹8.0 Cr on revenues of ₹420 Cr. Investors will be monitoring for margin improvements, as the operating profit margin stood at 6.4% in the trailing twelve months.
- Board meeting set for August 13, 2026, to review Q1 FY27 performance
- Agenda includes fixing the date for the Annual General Meeting and book closure
- Company reported a net profit of ₹1.42 Cr in the preceding quarter ended March 2026
- TTM revenue of ₹420 Cr represents a significant scale relative to the ₹104 Cr market capitalization
- Strategic focus remains on the ₹45-50 Cr Sonipat facility expansion for export growth
Financial Performance
Revenue Growth by Segment
Revenue from operations fell 3.11% YoY to INR 406.29 Cr in FY2025. Manufacturing sales fell ~4% in H1 FY2025, while trading sales were discontinued, contributing to a 9% YoY revenue decline in FY2024.
Geographic Revenue Split
Domestic sales account for ~76.2% of revenue. Exports contributed INR 96.77 Cr (23.8% of total) in FY2025, representing a 4.19% YoY decrease from INR 101.00 Cr in FY2024.
Profitability Margins
Net Profit Margin decreased from 4.06% in FY2024 to 3.02% in FY2025. Operating Profit Margin fell from 7.15% to 5.54% YoY due to lower profit before tax and a shift in product mix.
EBITDA Margin
EBITDA margin (OPBDITA/OI) was 8.4% in FY2024 but moderated to 6.0% in H1 FY2025 due to lower realizations and higher manufacturing costs.
Capital Expenditure
The company is undertaking a sizeable capex of INR 45-50 Cr for a new manufacturing facility in Sonipat, Haryana, expected to be commissioned by the end of FY2025.
Credit Rating & Borrowing
Long-term rating is [ICRA]BBB+ with a Stable outlook (revised from Positive in Dec 2024). Short-term rating is [ICRA]A2. Total rated debt is INR 270.00 Cr.
Operational Drivers
Raw Materials
Tinplate is the primary raw material, with costs significantly impacted by global price volatility. Easy Open Ends (EOEs) are also a critical component.
Import Sources
Easy Open Ends (EOEs) are imported from China, subject to antidumping duties and Quality Control Orders (QCO).
Key Suppliers
Not disclosed in available documents, though the company maintains an 'edge in raw material procurement' through established relationships.
Capacity Expansion
Current manufacturing is centered in Murthal, Haryana. Planned expansion includes a new export-focused unit at Sonipat, Haryana, to debottleneck existing capacities.
Raw Material Costs
Raw material costs are exposed to high volatility; margins fluctuate with tin prices, though the company manages to pass on large variations with a lag.
Manufacturing Efficiency
Inventory turnover ratio slightly decreased from 4.50 to 4.38 in FY2025 due to increased average inventory levels.
Strategic Growth
Growth Strategy
Growth is targeted through the commissioning of the INR 45-50 Cr Sonipat facility to boost exports and a strategic shift toward higher-margin products like aerosol cans.
Products & Services
Round and irregular tin cans, Open Top Sanitary (OTS) cans for food, and aerosol cans.
Brand Portfolio
Hindustan Tin.
New Products/Services
Aerosol cans are being ramped up as a higher-margin product line to improve overall profitability.
Market Expansion
Focusing on the export market through the new Sonipat unit and leveraging the government's priority to promote the food processing industry.
Market Share & Ranking
HTWL is among the largest players in the tin can industry in India with a leading position in OTS cans.
External Factors
Industry Trends
The industry is evolving toward sustainable packaging, with tin cans positioned as a 100% recyclable alternative to hazardous plastic products.
Competitive Landscape
Highly fragmented and competitive, facing pressure from both organized players and alternative packaging materials like plastic and tetra packs.
Competitive Moat
Moat is built on a 60+ year track record, 100% recyclability, and the technical advantage of tin for food safety and longer shelf life compared to flexible packaging.
Macro Economic Sensitivity
Sensitive to global trade uncertainties, including the cessation of the US USAID program and US-China trade tensions affecting global demand.
Consumer Behavior
Shifting consumer preference toward sustainable and contamination-free packaging supports long-term demand for tin cans.
Geopolitical Risks
Antidumping duties on EOEs from China and global trade wars present significant threats to input costs and export competitiveness.
Regulatory & Governance
Industry Regulations
Operations are governed by BIS (Bureau of Indian Standards) for tinplate and Quality Control Orders (QCO) from the Ministry of Steel.
Environmental Compliance
Maintains 100% recyclability of waste; tin cans are promoted as an eco-friendly alternative to composite plastic/polymers.
Legal Contingencies
No material penalties or strictures were imposed by any statutory authority for non-compliance during the last three years.
Risk Analysis
Key Uncertainties
Volatility in raw material (tinplate) prices and foreign exchange rates are the primary business risks, impacting margins with a lag.
Geographic Concentration Risk
Manufacturing is concentrated in Haryana (Murthal and Sonipat), while revenue is diversified across India and export markets (~24%).
Third Party Dependencies
Dependence on Chinese imports for Easy Open Ends (EOEs) remains a supply chain vulnerability.
Technology Obsolescence Risk
Low risk in core product, but the company is proactively digitalizing its supply chain to maintain competitive efficiency.
Credit & Counterparty Risk
Receivables greater than six months (primarily from the discontinued trading division) remain a concern, with INR 4.3 Cr provided for in 9M FY2024.
