Hindware Home Innovation Limited (HINDWAREAP)
₹169.90 -4.13% on 19 Oct, as of 12:25 IST · NSE
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Hindware Home's revenue was ₹625 Cr (+17.7% year on year, -5.7% on the previous quarter), and net profit ₹4.4 Cr (against a loss a year earlier); the operating margin was 8.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹625 | +17.7% | -5.7% |
| Operating profit | ₹50.1 | +2.8% | +13.9% |
| Net profit | ₹4.4 | from loss | from loss |
| EPS (₹) | 0.52 | from loss | from loss |
| Operating margin | 8.0% | — | — |
HINDWAREAP delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 46.65% of the HINDWAREAP shares traded on NSE were taken to delivery, against the stock's own 20-session average of 61.16%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 69.4% · 51.0% · 52.8% · 68.7% · 46.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The NCLT Kolkata Bench sanctioned the Composite Scheme of Arrangement for Hindware Home Innovation Limited (HHIL) on October 14, 2026. Under the approved scheme, HHIL's Consumer Products Business will be demerged into HHIL Limited, while its remaining Building Products Business will be amalgamated into Hindware Limited. Hindware Home Innovation Limited will subsequently be dissolved without winding up. The scheme has an appointed date of April 1, 2025, and becomes effective upon filing certified orders with the Registrar of Companies.
- NCLT Kolkata Bench sanctioned the Composite Scheme of Arrangement vide order dated October 14, 2026
- Appointed date fixed as April 1, 2025 for demerger and subsequent amalgamation
- Consumer Products Business demerges into HHIL Limited; residual business merges into Hindware Limited
- Hindware Home Innovation Limited to stand dissolved without winding up upon filing with the RoC within 30 days
Hindware Home Innovation Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended September 30, 2026. The submission is made pursuant to Regulations 3(5) and 3(6) of SEBI (Prohibition of Insider Trading) Regulations, 2015. The company confirmed that it was required to capture 1 UPSI event during the quarter and successfully recorded it. This is a standard quarterly compliance intimation with zero financial or operational impact.
- Quarter ended September 30, 2026 SDD compliance certificate submitted
- Reported 1 UPSI event required to be captured and recorded during the quarter
- Complied with Regulations 3(5) and 3(6) of SEBI PIT Regulations
- Database confirmed non-tamperable with capability to retain audit trail for 8 years
Hindware Home Innovation's subsidiary, Hindware Limited, has received a demand order under the Kerala Value Added Tax Act, 2003, for ₹1,26,50,769 (~₹1.27 Cr) related to FY 2012-13. The demand arose due to the alleged non-submission of required statutory forms, along with applicable interest and recovery charges of 5% to 7.5%. Given Hindware Home Innovation's TTM revenue of ₹2,605 Cr, the ₹1.27 Cr demand represents less than 0.05% of sales. The company is evaluating legal remedies in consultation with counsel, and full financial impact is yet to be determined.
- VAT demand of Rs. 1,26,50,769 (~Rs. 1.27 Cr) issued against subsidiary Hindware Limited
- Recovery/collection charges of 5% for arrears up to Rs. 5 lakh and 7.5% for arrears exceeding Rs. 5 lakh apply plus interest
- Demand pertains to the historical period of FY 2012-13 due to alleged non-submission of required forms
- Demand order dated 26th September, 2026 was received by the company on 5th October, 2026
Hindware Home Innovation has disclosed that Crisil ESG Ratings and Analytics assigned it an ESG score of 'Crisil ESG 48', categorized as 'Below average' dated September 7, 2026. The rating was assigned independently based on publicly available data without any formal engagement by the company. The update is purely informational and has no direct balance sheet or cash flow impact. Investors should note it merely reflects third-party ESG scoring on public domain disclosures.
- CRISIL assigned an independent rating of 'Crisil ESG 48'
- Rating categorized as 'Below average' as of September 7, 2026
- Hindware clarified that it did not engage CRISIL for this ESG rating
- Score is derived strictly from public domain disclosures
Hindware Home Innovation Limited has submitted voting results and the Scrutinizer's report for its 9th Annual General Meeting held on August 18, 2026. A total of 5,15,39,307 votes were polled, representing 61.62% of total outstanding equity shares (8,36,46,357 shares). All four resolutions—including the adoption of FY26 financial statements, the re-appointment of Mr. Sandip Somany, the appointment of Mr. Shashvat Somany, and commission approval for non-executive directors—were passed with requisite majority (>99.4% approval).
- Total voter turnout stood at 61.62% with 5,15,39,307 shares polled out of 8,36,46,357 eligible shares.
- Adoption of FY26 audited standalone and consolidated financial statements approved with 100% favour.
- Re-appointment of Director Mr. Sandip Somany approved with 99.47% votes in favour.
- Appointment of Mr. Shashvat Somany as Non-Executive Non-Independent Director approved with 100% favour.
- Commission to Non-Executive Directors approved via special resolution with 100% favour.
Hindware Home Innovation Limited conducted its 9th Annual General Meeting on August 18, 2026, via video conferencing. Key agenda items included the adoption of FY26 audited financial statements, the re-appointment of Director Sandip Somany, the appointment of Shashvat Somany as Non-Executive Non-Independent Director, and approval of director commission remuneration. Remote e-voting was conducted between August 15 and August 17, 2026, with final voting results to be disclosed separately within two working days.
- 9th Annual General Meeting held on August 18, 2026, commencing at 12:00 Noon and concluding at 1:05 PM
- Remote e-voting window was open from August 15, 2026 (9:00 AM) to August 17, 2026 (5:00 PM)
- Proposed appointment of Mr. Shashvat Somany as Non-Executive Non-Independent Director
- Approval sought for remuneration via commission to Directors other than MD/WTD
- Final scrutinizer voting results under Regulation 44 to be filed within 2 working days
Hindware Home Innovation (HINDWAREAP) provided a Q1 FY27 update focusing on margin recovery and segment-wise deleveraging. The Bathware segment (EBITDA ~12%) targets a 2-4% margin expansion over 24 months, supported by a 40% premium product mix. The Pipes segment saw 28% YoY volume growth to 10,221 MT, though EBITDA remains low at ~3% with a target of 4-5% for FY27. Consumer Appliances are undergoing a turnaround, targeting ₹500+ Cr revenue in two years with a positive EBITDA swing as legacy costs exit.
- Bathware segment targets mid-teen revenue growth for FY27 with a long-term ROCE target of 16-18%.
- Pipes segment volume grew 28% YoY to 10,221 MT in Q1 FY27, aided by the new 12,500 MT Roorkee plant.
- Consumer Appliances working capital days reduced significantly from 117 to 77 days YoY.
- Brass prices increased 40% YoY, leading to a cumulative ~20% price hike in faucets over the last 12 months.
- Net bank debt in the Pipes segment stands at ₹427 Cr, while Bathware debt reduced to ₹224 Cr from ₹271 Cr YoY.
Hindware Home Innovation reported a significant turnaround in Q1 FY27, posting a consolidated net profit of ₹4.35 Cr against a loss of ₹29.20 Cr in the year-ago quarter. Revenue from operations increased 17.7% YoY to ₹625.25 Cr, primarily driven by the Building Products segment which grew to ₹540.26 Cr. The company also transitioned its Hintastica JV into a 100% subsidiary during the quarter. However, EBITDA margins showed slight compression, with EBITDA falling to ₹53.85 Cr from ₹57.75 Cr YoY.
- Reported a consolidated net profit of ₹4.35 Cr, reversing a loss of ₹29.20 Cr in Q1 FY26.
- Revenue from operations grew 17.7% YoY to ₹625.25 Cr, representing ~25% of TTM revenue.
- Building Products segment revenue increased to ₹540.26 Cr from ₹459.96 Cr in the previous year.
- Acquired 100% ownership of Hintastica Private Limited (HPL) effective June 30, 2026.
- Consumer Appliances segment turned a profit of ₹0.34 Cr vs a loss of ₹5.29 Cr in the preceding quarter.
Hindware Home Innovation Limited (HHIL) has released its FY 2025-26 Annual Report, reporting a consolidated revenue of ₹2,510 crore and an EBITDA of ₹233 crore (9.3% margin). The company is advancing a major corporate restructuring to demerge its Consumer Products business and merge the remaining entity into Hindware Limited, a move already approved by shareholders in March 2026. The Bathware segment remains the primary driver, contributing 60% of total revenue at ₹1,520 crore. The 9th Annual General Meeting (AGM) is scheduled for August 18, 2026, to discuss these results and the path forward.
- Consolidated revenue for FY 2025-26 stood at ₹2,510 crore, with EBITDA expanding 25% to ₹233 crore.
- Bathware segment revenue grew 10% to ₹1,520 crore, with operating margins improving by 150 bps to 10.3%.
- Pipes and Fittings segment recorded revenue of ₹673 crore, navigating PVC resin price volatility.
- The company maintains a total pipe manufacturing capacity of 78,500+ tonnes per annum across Telangana and Uttarakhand.
- Corporate restructuring scheme received requisite approval from shareholders and creditors on March 7, 2026, and awaits NCLT sanction.
Hindware Home Innovation Limited (HHIL) has released its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26. The company reported a standalone turnover of ₹302.99 cr, with kitchen appliances dominating the mix at 84.73%. A significant structural change noted is the discontinuation of the retail business during the year. Supply chain localization improved, with domestic sourcing rising to 36% from 20% YoY, and MSME sourcing reaching 61%.
- Standalone turnover for FY26 reported at ₹302.99 cr, with kitchen appliances contributing 84.73% of revenue.
- Sourcing from MSMEs and small producers increased to 61% of total inputs, up from 54% in FY25.
- Domestic sourcing within India rose significantly to 36% from 20% in the previous financial year.
- The company discontinued its retail business segment during the reported financial year.
- Handled 12,634 consumer complaints during the year, with only 10 pending resolution at year-end.
Hindware Home Innovation Limited (HHIL) has issued its FY 2025-26 Annual Report and scheduled its 9th AGM for August 18, 2026. The company reported consolidated revenue of ₹2,510 crore for FY26, with EBITDA growing 25% to ₹233 crore (9.3% margin). A major corporate restructuring is underway to demerge the Consumer Products business and merge the remaining entity into Hindware Limited, which received shareholder approval in March 2026. The company continues to face margin pressure in its Pipes segment due to PVC resin volatility, despite 10% growth in its core Bathware division.
- Consolidated revenue for FY 2025-26 reached ₹2,510 crore with an EBITDA of ₹233 crore.
- Bathware segment revenue grew 10% to ₹1,520 crore, representing 60% of total company turnover.
- Pipes and Fittings segment recorded revenue of ₹673 crore with an operating EBITDA of ₹41 crore.
- Shareholders approved a 1:1 share swap restructuring scheme on March 7, 2026, pending final NCLT sanction.
- Total pipe manufacturing capacity stands at 78,500+ Tonnes per annum across Telangana and Uttarakhand.
Hindware Home Innovation Limited has filed its Structured Digital Database (SDD) compliance certificate for the quarter ended June 30, 2026. The company confirmed that it captured 1 specific event involving Unpublished Price Sensitive Information (UPSI) during this period. The database is maintained internally, is non-tamperable, and includes an audit trail capable of preserving records for 8 years. This is a mandatory procedural filing under SEBI (Prohibition of Insider Trading) Regulations.
- Captured 1 event of Unpublished Price Sensitive Information (UPSI) during the quarter ended June 30, 2026
- Maintains a non-tamperable internal database with an audit trail for 8 years
- Certified compliance with Regulations 3(5) and 3(6) of SEBI (PIT) Regulations, 2015
- Confirmed that control exists regarding who can access the Structured Digital Database
Hindware Home Innovation Limited has scheduled a one-on-one in-person meeting with Valentis Advisors Pvt. Ltd for July 9, 2026. This interaction occurs as the company navigates a challenging financial period, reporting a TTM loss of ₹39 Cr on a revenue base of ₹2511 Cr. The company is currently focusing on operationalizing its Roorkee plant and shifting its product mix toward high-margin kitchen appliances to improve its 7.9% OPM. This meeting is a standard regulatory disclosure for institutional engagement.
- One-on-one in-person meeting scheduled with Valentis Advisors Pvt. Ltd on July 9, 2026
- Company reported a TTM revenue of ₹2511 Cr with a net loss of ₹39 Cr
- Promoter holding remains steady at 52.74% as of March 2026
- Operating Profit Margin (OPM) stands at 7.9% for the trailing twelve months
- Market capitalization is currently ₹2046 Cr with a Price-to-Book ratio of 9.1
Hindware Home Innovation Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The company's Registrar and Transfer Agent (RTA), Maheshwari Datamatics Pvt. Ltd., confirmed that no equity shares were dematerialized during the quarter from April 1, 2026, to June 30, 2026. This is a standard administrative filing required by SEBI to track the conversion of physical shares into electronic form.
- Zero (0) dematerialization requests were confirmed during the quarter ended June 30, 2026
- Reporting period spans from April 1, 2026, to June 30, 2026
- The Registrar and Transfer Agent (RTA) issued the confirmation letter on July 2, 2026
Hindware Home Innovation Limited has completed the acquisition of the remaining stake in Hintastica Private Limited (HPL) for Rs 2.79 crore. The company acquired 5,48,787 equity shares from its joint venture partner, Atlantic Société Française de Développement Thermique, on June 30, 2026. Consequently, HPL has transitioned from a joint venture to a 100% wholly-owned subsidiary, and all previous JV agreements have been terminated. This move allows Hindware to independently control and expand its water heater business under the 'hindware' brand.
- Acquisition of 5,48,787 equity shares completed on June 30, 2026
- Total purchase consideration of INR 2,78,83,867.47 (approx. Rs 2.79 Cr)
- HPL transitions from a Joint Venture to a 100% wholly-owned subsidiary
- Acquisition value represents approximately 1.25% of the company's net worth of Rs 224 Cr
- Termination of all existing joint venture and ancillary agreements with Atlantic
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY25 was INR 2,526.84 Cr, a decline of 9.76% from INR 2,800.03 Cr in FY24. In Q2 FY26, revenue grew 7.3% YoY to INR 676 Cr. Segmental mix for Q2 FY26: Bathware (59% of revenue, grew 10.1% YoY), Plastic Pipes & Fittings (29%), and Consumer Products (12%).
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a widespread national marketing and distribution network across India.
Profitability Margins
Consolidated PBT margin was 2% in Q2 FY26 (INR 14 Cr) compared to -2% in Q2 FY25 (INR -15 Cr). Standalone PAT for FY25 was a loss of INR 39.60 Cr compared to a loss of INR 35.99 Cr in FY24.
EBITDA Margin
Consolidated EBITDA margin improved to 9% in Q2 FY26 (INR 60 Cr) from 6% in Q2 FY25 (INR 40 Cr). The company targets a 1-2% EBITDA margin expansion in FY27 over FY26 levels through product rationalization and operating leverage.
Capital Expenditure
The company incurred significant debt for the INR 403 Cr acquisition of the BPD manufacturing division from AGI Greenpac Ltd. Current focus is on the upcoming Roorkee plant for Pipes and Fittings, expected to commence operations within 1-2 months of Q2 FY26.
Credit Rating & Borrowing
CARE Ratings monitors the company with a focus on improving net adjusted debt to PBILDT to below 3x. Total debt stood at INR 1,205 Cr as of March 31, 2024, including INR 403 Cr in term debt for acquisitions.
Operational Drivers
Raw Materials
Key materials include PVC/CPVC resins for pipes (representing a significant portion of the 29% pipe segment revenue), ceramic raw materials, and glass for bathware and kitchen appliances.
Import Sources
Not specifically disclosed, but the company is monitoring anti-dumping duties on certain imports which suggests international sourcing for specific components or materials.
Key Suppliers
AGI Greenpac Ltd (supplied the BPD manufacturing division via acquisition). Other specific suppliers are not named.
Capacity Expansion
Pipes and Fittings segment currently operates at 65% capacity utilization. Expansion is focused on the Roorkee plant (CoD in 1-2 months) to strengthen the pipes segment and improve overall profitability.
Raw Material Costs
In the pipe segment, prices are currently operating at 6% below last year's levels due to market conditions. The company uses incentive schemes and margin trade-offs to maintain volumes during low demand periods.
Manufacturing Efficiency
Current pipe capacity utilization is 65%. The company is phasing out low-margin products (fans, coolers) to focus on high-margin categories like kitchen chimneys and water heaters to improve blended efficiency.
Logistics & Distribution
The company utilizes a widespread marketing and distribution network to weather industry downtrends and maintain market presence among leading players.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by a 15-20% target in institutional bathware sales supported by a healthy order book, a 15% volume growth target in the pipe segment for H2 FY26, and the operationalization of the Roorkee plant. Strategic rationalization involves exiting loss-making categories (fans/coolers) to focus on high-growth kitchen appliances and water heaters.
Products & Services
Sanitaryware, faucets, plastic pipes, fittings, kitchen chimneys, water heaters, fans, and coolers.
Brand Portfolio
Hindware, Hindware Home Innovation.
New Products/Services
Focusing on high-demand categories like kitchen appliances and water heaters; specific new launch revenue contributions are not quantified but are expected to drive profitability in coming quarters.
Market Expansion
Expansion into the institutional B2B segment for bathware and increasing capacity in Northern India via the Roorkee plant.
Market Share & Ranking
Hindware is recognized as a leading player in sanitaryware, faucets, and kitchen appliances with a long track record.
Strategic Alliances
Joint venture performance resulted in a loss of INR 17.89 Cr in FY25 compared to a loss of INR 9.12 Cr in FY24.
External Factors
Industry Trends
The industry is currently in a subdued demand cycle with muted sentiment in mid/entry categories due to lower household savings. Future outlook depends on recovery in the real estate sector and the implementation of anti-dumping duties on imports.
Competitive Landscape
Competitors are achieving approximately 15% EBITDA margins, while Hindware is currently at 9% (Q2 FY26), aiming to close the gap through portfolio rationalization and scale.
Competitive Moat
Moat is built on the 40+ year 'Hindware' brand legacy, an extensive distribution network, and a diversified product portfolio across bathware and pipes. Sustainability is supported by experienced management and a broad-based professional board.
Macro Economic Sensitivity
High sensitivity to macroeconomic slowdowns, geopolitical tensions, and inflation spikes which dampen consumer demand for building and consumer products.
Consumer Behavior
Shift toward high-demand premium categories like kitchen chimneys and water heaters, while demand for entry-level products remains muted due to inflation.
Geopolitical Risks
Exposure to global market disturbances and geopolitical tensions that can lead to inflation spikes and interest-rate hikes.
Regulatory & Governance
Industry Regulations
Operations are subject to domestic and international economic conditions, government regulations, and tax regimes. The company is currently anticipating the implementation of anti-dumping duties which may allow for price increases in the pipe segment.
Taxation Policy Impact
Consolidated tax expense for FY25 was a credit of INR 6.51 Cr due to losses, compared to an expense of INR 19.99 Cr in FY24.
Legal Contingencies
Statutory auditors reported no instances of fraud or qualifications in the financial statements for FY25. Secretarial audit for FY25 also contained no adverse remarks.
Risk Analysis
Key Uncertainties
Difficulty in securing funds at favorable rates (Credit Profile Risk) and exposure to macroeconomic slowdowns (Market Risk) could impact operations by 10-15% if demand fails to recover.
Geographic Concentration Risk
Not disclosed, but the company operates across India with a widespread network.
Third Party Dependencies
Reliance on external consulting firms for evaluating internal financial controls and external suppliers for raw materials like PVC resins.
Technology Obsolescence Risk
The company uses SAP ERP for data integrity and management information to mitigate operational risks and ensure efficient information exchange across locations.
Credit & Counterparty Risk
The company is focused on optimizing receivables to mitigate credit risk and ensure liquidity for operations.
