Hindustan Appliances Ltd (531918)
Latest quarterly results (Q4 FY26)
In its latest reported quarter, Q4 FY26, Hindustan Appliances' revenue was ₹0.0 Cr, and net profit ₹-0.1 Cr (against a profit a year earlier).
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹0.0 | — | — |
| Operating profit | ₹-0.3 | loss widened | loss widened |
| Net profit | ₹-0.1 | to loss | — |
| EPS (₹) | -0.14 | to loss | — |
📢 Recent Corporate Announcements
CTL Trusteeship Limited disclosed an encumbrance/pledge creation on 65,82,000 equity shares of Hindustan Appliances Limited, representing 65.65% of the company's total voting capital, effective October 8, 2026. The pledge was created in favor of CTL Trusteeship acting as Debenture Trustee and Put Option Security Trustee on behalf of identified investors. Given the promoter group holds 70.82% equity in the company, this encumbrance represents a massive majority (over 92%) of total promoter holdings being pledged. This signals substantial debt or financing commitments secured against the company's equity.
- Pledge created over 65,82,000 equity shares, amounting to 65.65% of total voting capital
- Pledge executed on October 8, 2026 in favor of CTL Trusteeship Limited
- CTL Trusteeship is acting as Debenture Trustee and Put Option Security Trustee for identified investors
- Total diluted equity capital stands at 1,00,26,000 shares (Rs 10,02,60,000)
Hindustan Appliances Limited continues to report zero operational revenue for the quarter ended June 30, 2026. The company recorded a net loss of Rs 0.03 crore, a decline from the Rs 0.04 crore profit reported in the same quarter of the previous year. Total income of Rs 0.58 crore was derived entirely from non-operational sources (Other Income). Both subsidiaries, Kshanika Trading Limited and Jogindra Exports Limited, also reported zero revenue and zero profit for the period.
- Revenue from operations remained at Rs 0.00 for the quarter ended June 30, 2026
- Net loss of Rs 0.03 crore recorded against a profit of Rs 0.04 crore in the year-ago period
- Total income of Rs 0.58 crore generated entirely from non-operational 'Other Income'
- Total expenses for the quarter stood at Rs 0.61 crore, exceeding total income
- Subsidiaries Kshanika Trading and Jogindra Exports reported Rs Nil revenue and profit
Hindustan Appliances Limited reported a net profit of ₹0.38 Cr for the quarter ended June 30, 2026, a turnaround from a loss of ₹0.14 Cr in the preceding quarter. The company continues to report zero revenue from operations, with its entire total income of ₹0.51 Cr derived from 'Other Income' (likely interest or investments). Both subsidiaries, Kshanika Trading and Jogindra Exports, reported nil revenue and profit, indicating continued operational inactivity. The company remains highly leveraged with a Debt-to-Equity ratio of 2.48.
- Net Profit of ₹0.38 Cr reported for Q1 FY27 against a loss of ₹0.14 Cr in Q4 FY26.
- Operational Revenue remains at ₹0.00 Cr, consistent with the previous several quarters.
- Total Income of ₹0.51 Cr was entirely generated from non-operational sources.
- Total Expenses were limited to ₹0.13 Cr, primarily driven by employee benefit costs.
- Subsidiaries Kshanika Trading and Jogindra Exports contributed ₹0 to the consolidated top and bottom line.
Hindustan Appliances Ltd has scheduled a board meeting for August 13, 2026, to review and approve its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. The company currently reports zero operational revenue and is functioning primarily as a holding entity for subsidiaries with assets totaling ₹41.69 crore. The trading window for insiders remains closed until August 15, 2026. Investors should monitor these results for any signs of operational activation in its subsidiaries, Kshanika Trading and Jogindra Exports.
- Board meeting scheduled for August 13, 2026, to approve Q1 FY27 results.
- Trading window for directors and designated employees closed from July 1, 2026, to August 15, 2026.
- Company currently reports ₹0 Cr in TTM operational revenue, relying on interest income.
- Total assets in subsidiaries Kshanika Trading and Jogindra Exports stand at ₹4,169.05 Lakhs.
- Debt-to-equity ratio remains high at 2.48 based on latest financial context.
Hindustan Appliances Ltd conducted its 42nd Annual General Meeting (AGM) on July 30, 2026, with 44 members in attendance. The meeting focused on the adoption of audited financial statements for FY26 and the appointment of directors, including the re-appointment of Mr. Kalpesh Rameshchandra Shah. The company remains in a precarious financial position, reporting zero operational revenue for FY26 and maintaining a high debt-to-equity ratio of 2.48. Voting results for the proposed resolutions are expected to be released within two working days.
- 42nd Annual General Meeting held on July 30, 2026, at the Mumbai registered office.
- 44 members were present at the meeting to consider three key resolutions.
- Adoption of Standalone and Consolidated Audited Financial Statements for the year ended March 31, 2026.
- Proposed appointment of Mrs. Julie Mehul Shah (DIN: 03500721) as a Director.
- Remote e-voting was conducted between July 27 and July 29, 2026, prior to the meeting.
Hindustan Appliances Limited has scheduled its 42nd Annual General Meeting (AGM) for July 30, 2026, to adopt the FY 2025-26 financial statements. The company's annual report reveals a stagnant operational profile, with the net block of Property, Plant, and Equipment remaining unchanged at a minimal ₹2.72 lakhs. Notably, its 100% subsidiaries, Jogindra Exports Ltd and Kshanika Trading Ltd, reported zero revenue from operations for the period. Shareholders will also vote on the appointment of Julie Mehul Shah as a Director.
- 42nd Annual General Meeting scheduled for July 30, 2026, at the Mumbai registered office.
- Net Block of Property, Plant and Equipment stands at a very low ₹2.72 lakhs as of March 31, 2026.
- Subsidiary Jogindra Exports Ltd reported ₹0.00 revenue despite having total assets of ₹3,804.52 lakhs.
- Remote e-voting period is set from July 27, 2026 (9:00 AM) to July 29, 2026 (5:00 PM).
- Appointment of Julie Mehul Shah as Director is proposed following her initial appointment as Additional Director on August 7, 2025.
Hindustan Appliances has scheduled its 42nd Annual General Meeting (AGM) for July 30, 2026, to adopt the FY2025-26 financial statements. The company's two 100% owned subsidiaries, Jogindra Exports and Kshanika Trading, reported zero revenue for the period despite Jogindra Exports holding assets worth ₹3,804.52 lakhs. Standalone fixed assets remain minimal with a net block of ₹2.72 lakhs. A significant note reveals pending litigation with a lessor, resulting in the company treating its premises as short-term leases.
- 42nd Annual General Meeting scheduled for July 30, 2026, at the Mumbai registered office.
- Subsidiary Jogindra Exports Ltd reported ₹0.00 revenue against total assets of ₹3,804.52 lakhs.
- Subsidiary Kshanika Trading Ltd reported a net loss of ₹0.65 lakhs for the period.
- Remote e-voting period is set from July 27, 2026, to July 29, 2026.
- Standalone Net Block of Property, Plant, and Equipment remained stagnant at ₹2.72 lakhs as of the last reported balance sheet date.
Financial Performance
Revenue Growth by Segment
Revenue from operations was INR 0 in both FY 2024-2025 and FY 2023-2024. Total income, derived entirely from 'Other Income' (primarily interest), grew by 13.11% from INR 55.14 Lakhs to INR 62.37 Lakhs.
Geographic Revenue Split
100% of operations and income are based in India, with the registered office located in Mumbai, Maharashtra.
Profitability Margins
Net Profit for the year was INR 14.66 Lakhs, representing a 10.98% increase from INR 13.21 Lakhs in the previous year. Traditional margins are not applicable as operational revenue is zero.
EBITDA Margin
EBITDA is effectively equivalent to Profit Before Tax at INR 14.66 Lakhs (up 10.98% YoY) because no interest or depreciation was reported in the consolidated P&L summary. Core profitability is driven by interest income rather than operations.
Capital Expenditure
Not explicitly disclosed. Investing activities show a net cash inflow of INR 62.37 Lakhs from interest received, with no significant outflows for asset acquisition reported in the cash flow summary.
Credit Rating & Borrowing
Credit rating not disclosed. Borrowings increased by INR 16.66 Lakhs during FY 2024-2025, compared to a decrease of INR 2.34 Lakhs in FY 2023-2024.
Operational Drivers
Raw Materials
Not disclosed as the company reported zero revenue from operations and zero cost of materials consumed.
Capacity Expansion
Not disclosed. The company is currently non-operational in its core appliance segment.
Raw Material Costs
Raw material costs were INR 0 in FY 2024-2025. Project expenses, which may include procurement for specific contracts, decreased by 42.5% from INR 24.87 Lakhs to INR 14.30 Lakhs.
Manufacturing Efficiency
Not applicable as there is no active manufacturing reported.
Strategic Growth
Growth Strategy
The company operates through subsidiaries Kshanika Trading Limited and Jogindra Exports Limited. Growth depends on activating these entities, which currently report zero revenue but hold total assets of INR 4,169.05 Lakhs.
Products & Services
Appliances (implied by name), though currently reporting zero operational revenue. The company also engages in trading and export activities through subsidiaries.
Brand Portfolio
Hindustan Appliances
Market Share & Ranking
Not disclosed; the company is currently non-operational in its primary sector.
Strategic Alliances
The company has one joint operation company and one joint venture company incorporated in India, though their specific contributions are not detailed.
External Factors
Industry Trends
The Indian consumer appliances industry is growing, but the company is currently positioned as a holding/investment entity with non-performing operational subsidiaries.
Competitive Landscape
Competes with major Indian appliance manufacturers, though currently inactive in the market.
Competitive Moat
No clear operational moat exists given the zero revenue status. The company's primary advantage is its asset base in subsidiaries (INR 4,169.05 Lakhs).
Macro Economic Sensitivity
Highly sensitive to interest rate cycles in India, as 100% of its current income is derived from interest and other non-operational sources.
Consumer Behavior
Shifts toward energy-efficient and smart appliances are industry-wide trends that the company is not currently capturing.
Geopolitical Risks
Minimal current impact due to lack of active operations, but future export activities would be sensitive to trade barriers.
Regulatory & Governance
Industry Regulations
Subject to the Companies Act, 2013 and Indian Accounting Standards (Ind AS). Compliance with Bureau of Energy Efficiency (BEE) norms would be required for future appliance manufacturing.
Taxation Policy Impact
The company reported zero tax expense for FY 2024-2025 despite a profit of INR 14.66 Lakhs, likely due to the utilization of brought-forward losses or specific exemptions.
Legal Contingencies
The company has disclosed the impact of pending litigations as of 31 March 2025 on its financial position, though specific case values were not quantified in the available documents.
Risk Analysis
Key Uncertainties
The most significant risk is the 'Going Concern' status if operational revenue is not established, as the company currently relies on interest income to cover its INR 34.04 Lakhs employee benefit expenses.
Geographic Concentration Risk
100% concentration in India.
Third Party Dependencies
High dependency on the performance of its two subsidiaries, Kshanika Trading Limited and Jogindra Exports Limited.
Technology Obsolescence Risk
High risk if the company attempts to enter the appliance market with outdated technology after a period of inactivity.
Credit & Counterparty Risk
The company has significant 'Current Assets - Loans' which generated INR 62.37 Lakhs in interest; any default by these counterparties would eliminate the company's sole income source.
