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HMT Limited (HMT)

₹56.48 +3.07% last close, 16 Oct

📊 NSE: HMT 🏢 Engineering 📢 Latest filing: 25 Sep 2026 📝 Analysis written: 14 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, HMT's revenue was ₹29.0 Cr (+16.0% year on year, -59.4% on the previous quarter), and net profit ₹-29.0 Cr (a bigger loss than a year earlier); the operating margin was -79.3%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹29.0	+16.0%	-59.4%
Operating profit	₹-23.0	loss widened	loss narrowed
Net profit	₹-29.0	loss widened	loss narrowed
EPS (₹)	-0.82	loss widened	loss narrowed
Operating margin	-79.3%	—	—

Full quarterly financials → Results calendar →

HMT exchange data

NSE end-of-day data for Fri, 16 Oct 2026

It closed at a price band (circuit) on 2 sessions in about the last 20.

₹56.48NSE close · +3.07%

Circuit stocks →

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

HMT Issues FY26 Annual Report Corrigendum & C&AG Audit Comments Ahead of AGM

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Sep 2026, 09:16 PM

HMT Limited has released a corrigendum and addendum to its FY 2025-26 Annual Report ahead of its 73rd AGM on September 30, 2026, incorporating comments from the Comptroller and Auditor General of India (C&AG) and fixing typographical errors. For FY26, HMT Group reported revenue from operations of Rs 142.65 crore (up 0.24% YoY) and a net loss of Rs 128.94 crore versus Rs 140.06 crore in FY25. The statutory auditor reports also flagged multiple accounting concerns in subsidiaries, including unprovided liabilities such as Rs 327.30 lakhs for KSEB electricity dues and Rs 290.78 lakhs in unremitted PF dues at the MTK unit.

HMT Group incurred a net loss of Rs 128.94 Crore in FY26 compared to a loss of Rs 140.06 Crore in FY25 on revenue of Rs 142.65 Crore
Standalone total turnover stood at Rs 25.96 Crore with a Profit Before Tax of Rs 18.38 Crore for FY26
KSEB electricity liability of Rs 327.30 lakhs was neither recognized nor provided for at the MTK unit
Unremitted Provident Fund and related trust dues amounted to Rs 290.78 lakhs as of March 31, 2026, at the MTK unit
Liquidated damages of Rs 87.02 lakhs were omitted from provisions, understating liabilities and losses

💡 Track shareholder proceedings at the 73rd AGM on September 30, 2026, and monitor subsequent statutory audit remediations or C&AG review findings.

HMT Closes Trading Window from October 1, 2026 for Q2 and H1 FY27 Results

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 22 Sep 2026, 02:00 PM

HMT Limited has announced the closure of its trading window starting October 1, 2026, pursuant to SEBI Insider Trading Regulations. The window will remain shut until 48 hours after the declaration of the unaudited financial results for the quarter and half-year ended September 30, 2026. The specific board meeting date to approve the results will be intimated later. This is a standard compliance requirement and carries no operational or financial impact.

Trading window closed effective October 1, 2026
Closure will persist until 48 hours post declaration of Q2 and H1 FY27 financial results
Applies to all insiders, designated persons, and their immediate relatives
Board meeting date for approving results to be announced in due course

💡 Track the upcoming intimation regarding the specific board meeting date and subsequent Q2 FY27 earnings release.

HMT Appoints Statutory and Branch Auditors for FY 2026-27 via CAG Mandate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Sep 2026, 06:22 PM

The Comptroller and Auditor General of India (CAG) has appointed auditors for HMT Limited for FY 2026-27. M/s. G R S M & Associates has been re-appointed as the Statutory Auditor for Corporate and Consolidated Accounts without change. M/s. Gautam N Associates has been appointed as Branch Auditor for the Food Processing Machinery Division at Aurangabad and the Turnkey Project at Indore. This is a routine annual administrative appointment standard for central public sector enterprises.

Appointment of statutory and branch auditors for Financial Year 2026-27 by CAG of India
No change in Statutory Auditor: M/s. G R S M & Associates continues for Corporate and Consolidated Accounts
M/s. Gautam N Associates appointed as Branch Auditor for Aurangabad division and Indore turnkey project

💡 Track the upcoming quarterly financial results and audit reports signed off by the auditors to evaluate progress on the company's revival and restructuring plan.

HMT Schedules 72nd AGM for Sept 30, 2026; Book Closure from Sept 24 to Sept 30

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 11:52 PM

HMT Limited has announced its 72nd Annual General Meeting (AGM) to be held on Wednesday, September 30, 2026, at 02:00 PM IST via Video Conferencing. In connection with the AGM, the Register of Members and Share Transfer Books will be closed from September 24, 2026, to September 30, 2026 (both days inclusive). The exchange brief also notes a record/cut-off date of September 23, 2026, for voting eligibility. This filing is strictly administrative and routine in nature.

72nd Annual General Meeting scheduled for September 30, 2026, at 02:00 PM IST
Share transfer books and member registers closed from September 24, 2026, to September 30, 2026
Record date for meeting participation set as September 23, 2026

💡 Track the upcoming AGM proceedings and annual report disclosures for updates on the government restructuring plan and asset monetisation.

HMT Convenes 73rd AGM on Sep 30, 2026; Proposes Appointment of New C&MD and Directors

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 08 Sep 2026, 11:42 PM

HMT Limited has issued notice for its 73rd Annual General Meeting scheduled for September 30, 2026, to be held via video conferencing. The agenda includes standard ordinary business alongside key leadership confirmations per Ministry of Heavy Industries orders, including the appointment of Shri N. Ramesh Kumar as Chairman & Managing Director. Voting eligibility is set to a cut-off date of September 23, 2026, with remote e-voting running from September 27 to September 29, 2026. The filing also encloses the FY2025-26 Annual Report, showing continued legacy liabilities including Rs 3,686.00 lakhs in defaulted 3.5% preference shares.

73rd Annual General Meeting scheduled for September 30, 2026, at 02:00 P.M. IST via VC/OAVM
Cut-off date for e-voting entitlement fixed as September 23, 2026
Remote e-voting window active from September 27, 2026 (9:00 AM) to September 29, 2026 (5:00 PM)
Proposed regularisation of Shri N. Ramesh Kumar as C&MD following Ministry order dated March 24, 2026
Notes disclose Rs 3,686.00 lakhs of unredeemed, defaulted 3.5% Preference Share Capital

💡 Track voting outcomes and disclosures from the AGM on September 30, 2026, particularly any commentary on the progress of asset sales or liability restructuring.

HMT Announces Book Closure from Sep 24 to Sep 30, 2026 for 72nd AGM

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 08 Sep 2026, 08:06 PM

HMT Limited has notified exchanges of its upcoming 72nd Annual General Meeting (AGM) scheduled for September 30, 2026, at 02:00 PM IST via Video Conferencing. In connection with the AGM, the Register of Members and Share Transfer Books will remain closed from September 24, 2026, to September 30, 2026 (both days inclusive). This is a purely statutory and procedural filing under Regulation 42 of the SEBI LODR Regulations. No operational or financial decisions were disclosed.

72nd Annual General Meeting scheduled for September 30, 2026 at 02:00 PM IST
AGM to be held virtually through Video Conferencing (VC) / Other Audio-Visual Means (OAVM)
Book closure period set from September 24, 2026 to September 30, 2026 (both days inclusive)
Filing submitted under Regulation 42 of SEBI (LODR) Regulations, 2015

💡 Shareholders seeking voting rights should ensure shareholdings are updated before the book closure date; watch for the full AGM notice and annual report for management commentary on restructuring.

BSE and NSE Fine HMT ₹7.59 Lakh Each for Board and Committee Non-Compliance in Q1

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 26 Aug 2026, 03:53 PM

BSE and NSE have each levied a fine of ₹7,58,740 (inclusive of GST) on HMT Limited for non-compliance with SEBI LODR Regulations 17(1), 18(1), and 19(1)/19(2) during the quarter ended June 30, 2026. The violation pertained to inadequate Independent Director representation on the Board, Audit Committee, and Nomination & Remuneration Committee. The company stated that as a Central PSU, director appointments are governed by the Government of India, and it is applying for a waiver under the exchange SOP circular. Subsequently, two Independent Directors were appointed effective August 17, 2026.

BSE and NSE imposed a fine of ₹7,58,740 each (inclusive of GST) for SEBI LODR non-compliance in Q1 FY27
Non-compliance pertained to Regulations 17(1), 18(1), and 19(1)/19(2) regarding Board and Committee compositions
Two Independent Directors (Shri Dharmender Varada and Smt. Seema Mishra) appointed w.e.f. August 17, 2026
Company is applying for a fine waiver under the stock exchanges' SOP Circular

💡 Track the outcome of the waiver application with the exchanges and verify that board composition meets full regulatory compliance in upcoming quarters.

HMT Appoints Two Independent Directors for a 3-Year Term w.e.f. August 17, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Aug 2026, 09:54 PM

HMT Limited has appointed Shri Dharmender Varada and Smt. Seema Mishra as Non-Executive Independent Directors on its Board, effective August 17, 2026. The appointments were made pursuant to directives from the Ministry of Heavy Industries for a tenure of three years or until further orders. Dharmender Varada brings experience in finance and real estate, while Seema Mishra has expertise in MSME, handloom, and CSR initiatives. This is a routine board reconstitution to meet corporate governance requirements for the PSU.

Shri Dharmender Varada and Smt. Seema Mishra appointed as Independent Directors effective August 17, 2026.
Tenure set for 3 years from the date of the Government Order or until further orders.
Both appointees have confirmed no directorships in other listed companies and no inter-se relationship with existing directors.

💡 Monitor upcoming Board meetings and announcements regarding the company's financial restructuring and operational status.

HMT Appoints Dharmender Varada & Seema Mishra as Independent Directors for 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 17 Aug 2026, 09:22 PM

HMT Limited has appointed Shri Dharmender Varada and Smt. Seema Mishra as Non-Executive Independent Directors, effective August 17, 2026. The appointments were made pursuant to a Ministry of Heavy Industries order dated August 14, 2026, for a tenure of 3 years. Both appointees hold no directorships in other listed entities and report no inter-se relationship with the current board. The reconstitution is standard regulatory compliance for the government-controlled engineering firm.

Appointed Shri Dharmender Varada and Smt. Seema Mishra as Independent Directors effective August 17, 2026
Appointment tenure is established for a period of 3 years or until further government orders
Appointments follow the Ministry of Heavy Industries order received on August 14, 2026
Both directors report 0 directorships in other listed companies and NIL inter-se director relationships

💡 Track upcoming quarterly operational performance and execution progress under HMT's ongoing revival and financial restructuring plan.

HMT Appoints 2 Non-Official Independent Directors for a 3-Year Term

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 14 Aug 2026, 08:28 PM

HMT Limited announced that the Ministry of Heavy Industries, Government of India, has approved the appointment of two Non-Official Independent Directors to its Board. Shri Dharmender Varada and Smt. Seema Mishra have been appointed for a tenure of three years from the date of notification or until further orders. The appointments assist the company in fulfilling statutory board composition requirements under SEBI LODR and the Companies Act, 2013. This administrative PSU governance update has no direct impact on the company's financials or operations.

Ministry of Heavy Industries approved appointments via order dated 14 August, 2026
Appointed Shri Dharmender Varada and Smt. Seema Mishra as Non-Official Independent Directors
Tenure fixed at 3 years from the date of notification or until further orders

💡 Track future statutory filings for detailed director profiles and formal effective dates of appointment.

HMT Q1 Cons Net Loss at ₹29.21 Cr; Total Income at ₹42.30 Cr

🔴 NEGATIVE ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 05:35 PM

HMT Limited reported a consolidated net loss of ₹29.21 crore for Q1 ended June 30, 2026, compared to a net loss of ₹37.45 crore in Q4 FY26. Consolidated total income was ₹42.30 crore, up 13.5% YoY from ₹37.28 crore in Q1 FY26, but down sequentially from ₹85.76 crore. Standalone operations recorded a net profit of ₹11.81 crore, which was primarily driven by other income of ₹14.13 crore against revenue from operations of only ₹5.23 crore. Notes to the accounts highlighted that the group's net worth remains completely eroded, with going concern assumptions reliant on Government of India support and asset realisations.

Consolidated net loss stood at ₹29.21 crore for Q1 compared to a loss of ₹37.45 crore in Q4 FY26
Consolidated total income reached ₹42.30 crore, improving from ₹37.28 crore in the year-ago quarter
Standalone net profit of ₹11.81 crore was supported by other income of ₹14.13 crore against operational revenue of ₹5.23 crore
The company stated that the group's net worth is completely eroded, relying on sovereign support to remain a going concern

💡 Monitor Government of India restructuring support, asset monetization timelines, and filling of independent director vacancies for audit committee quorum.

HMT Limited Publishes Audited FY26 Financial Results in Newspapers

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 29 Jul 2026, 04:29 PM

HMT Limited has formally published its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The results were approved by the Board on July 27, 2026, and appeared in national and regional newspapers on July 29, 2026. This filing is a procedural requirement following the earnings announcement. The company's financial context remains challenging, with a TTM revenue of ₹128.26 Cr and a net loss of ₹97.75 Cr for FY26.

Board of Directors approved FY26 audited results on July 27, 2026
Newspaper advertisements published on July 29, 2026, in English, Kannada, and Hindi
FY26 annual revenue reported at ₹128.26 Cr compared to ₹142.94 Cr in FY25
Net loss for FY26 stood at ₹97.75 Cr, showing a slight improvement from the ₹143.31 Cr loss in FY25
Promoter (Government of India) holding remains high at 93.69%

💡 Investors should focus on the company's 'Revival and Financial Restructuring Plan' and the progress of closing loss-making subsidiaries rather than this routine administrative filing.

HMT FY26 Consolidated Loss at ₹131.54 Cr; Finance Costs Consume 48% of Revenue

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 29 Jul 2026, 02:16 PM

HMT Limited reported a consolidated net loss of ₹131.54 Cr for FY26, a marginal improvement from the ₹143.06 Cr loss in FY25. Consolidated revenue remained stagnant at ₹142.65 Cr, while the company continues to struggle with high finance costs of ₹68.75 Cr. The consolidated net worth remains deeply negative with 'Other Equity' at -₹2,382.27 Cr. A significant corporate development was the formal striking off of the subsidiary HMT Watches Ltd by the ROC on March 2, 2026.

Consolidated FY26 revenue stood at ₹142.65 Cr, showing near-zero growth compared to ₹142.31 Cr in FY25.
Consolidated net loss for the year was ₹131.54 Cr, despite a standalone profit of ₹16.69 Cr which was primarily driven by Other Income.
Finance costs remained a major burden at ₹68.75 Cr, representing 48.2% of the total consolidated revenue.
Consolidated Other Equity is reported at -₹2,382.27 Cr, indicating severe and persistent capital erosion.
HMT Watches Ltd was officially struck off by the Register of Companies on March 2, 2026, as part of the restructuring plan.

💡 Investors should monitor the progress of the 'Revival and Financial Restructuring Plan' and the impact of the 'modified opinion' issued by statutory auditors. The company's survival remains heavily dependent on government support and the successful divestment of non-core assets.

₹16.69 Cr FY26 Standalone Profit; Core Revenue Stagnant at ₹25.96 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 27 Jul 2026, 07:26 PM

HMT Limited reported a standalone net profit of ₹16.69 Cr for FY26, compared to ₹16.10 Cr in FY25. However, the core business remains extremely weak with Revenue from Operations at just ₹25.96 Cr, while 'Other Income' (primarily interest) of ₹57.91 Cr drove the bottom line. The company's auditors have issued a modified opinion, highlighting significant concerns regarding inventory valuation, fixed asset reconciliation, and a legal dispute involving the Karnataka Forest Department over land occupation.

FY26 Standalone Revenue from Operations remained flat at ₹25.96 Cr vs ₹26.17 Cr in FY25.
Other Income of ₹57.91 Cr accounted for 69% of total income, including ₹35.55 Cr in interest income.
Auditors issued a modified opinion citing inability to verify inventory quantities and lack of supporting documentation for margin money of ₹111.23 lakhs.
The company is facing a legal challenge from the Karnataka Forest Department regarding alleged illegal occupation of forest land at Peenya.
Q4 FY26 (three months ended March) resulted in a standalone loss of ₹3.36 Cr.

💡 Investors should focus on the progress of the 'Revival and Financial Restructuring Plan' and the resolution of auditor qualifications regarding asset verification. The stock remains a high-risk play on government-led restructuring rather than operational growth.

HMT Limited Submits Quarterly Compliance Certificate for June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 14 Jul 2026, 06:01 PM

HMT Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that share dematerialization and rematerialization requests for the quarter ended June 30, 2026, were processed and reported to the exchanges. This is a standard administrative requirement for all listed companies and does not impact the company's financial performance. Given HMT's TTM revenue of ₹97 Cr and ongoing losses, this filing is purely procedural.

Compliance certificate submitted for the quarter ended June 30, 2026
Certificate issued by Registrar and Share Transfer Agent (RTA) KFin Technologies Limited on July 14, 2026
Confirms adherence to SEBI Regulation 74(5) regarding security dematerialization
Promoter holding remains high at 93.69% as per latest available context

💡 No action is required for this routine filing; investors should focus on the company's 'Revival and Financial Restructuring Plan' and upcoming quarterly results.

View All HMT Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue for three subsidiaries reached INR 61.25 Cr for the half-year ended September 30, 2025. Standalone total income from continuing operations was INR 13.35 Cr for the same period, representing a significant decline from historical levels such as the INR 45.4 Cr reported in FY16, which itself was a 24.5% drop from FY15 revenue of INR 60.2 Cr.

Geographic Revenue Split

Not disclosed in available documents, though the company operates through HMT (International) Ltd for global markets.

Profitability Margins

Standalone operating profit margin increased to 75.39% in FY25 from 36.46% in FY24, primarily due to a reduction in sales volume and cost rationalization. Net profit margin stood at 61.53% in FY25, down from 50.98% in FY24, impacted by the reversal of income tax provisions in the previous year.

EBITDA Margin

Not explicitly disclosed as EBITDA, but the company reported a consolidated net loss of INR 80.20 Cr for its three subsidiaries for H1 FY26. Standalone cash loss was INR 132.3 Cr in 9MFY17, showing a history of deep operational deficits.

Capital Expenditure

Historical capital expenditure included a GOI-approved revival plan of INR 1,083.48 Cr in 2013. Recent cash flow statements for H1 FY26 show minimal purchase of property, plant, and equipment (INR 0.01 Cr), reflecting a focus on divestment rather than expansion.

Credit Rating & Borrowing

Ratings were withdrawn by CARE in October 2017 following the settlement of bank debt. Previously, the company held a 'CARE B-' rating. Borrowings as of September 30, 2025, stood at INR 1,028.59 Cr, with finance costs for the half-year at INR 2.60 Cr, a 92% reduction from INR 33.06 Cr in the previous year's period.

⚙️ Operational Drivers

Raw Materials

Steel, electronic components for CNC systems, and castings (specific % of total cost not disclosed).

Capacity Expansion

No expansion planned; the company is currently in a phase of contraction and closure. Three subsidiaries (Watches, Chinar Watches, and Bearings) and the Tractor division have been closed to mitigate losses.

Raw Material Costs

Not disclosed as a specific percentage of revenue, but overall personnel costs are being managed through a reduction in workforce to 618 total employees as of March 2025.

Manufacturing Efficiency

Capacity utilization is not specified, but the company is rationalizing surplus manpower and implementing austerity measures to lower the break-even point.

📈 Strategic Growth

Expected Growth Rate

Growth Strategy

The company is not pursuing a growth strategy but rather a 'Revival and Financial Restructuring Plan' focused on closing loss-making subsidiaries (Watches, Bearings) and divisions (Tractors) to discharge liabilities. Future viability depends on the realisable value of non-current assets held for sale and continued funding from the Government of India.

Products & Services

Machine tools, printing machinery, metal forming presses, die casting plastic processing machinery, and CNC systems.

Brand Portfolio

HMT

New Products/Services

Not disclosed; focus is on existing machine tool contracts and international trade via HMT (International) Ltd.

Market Expansion

No expansion; the company is consolidating operations to Bengaluru and specific subsidiary locations.

Market Share & Ranking

Not disclosed; significantly diminished following the exit from the tractor and consumer watch markets.

Strategic Alliances

Maintains a Joint Venture with total assets of INR 0.39 Cr, which reported a marginal loss of INR 0.0071 Cr in H1 FY26.

🌍 External Factors

Industry Trends

The machine tools industry is shifting toward high-precision CNC systems; however, HMT's positioning is weakened by its negative net worth of INR 1,966.34 Cr, which limits its ability to invest in new technology shifts.

Competitive Landscape

Faces competition from private sector machine tool manufacturers and importers, though specific competitors are not named.

Competitive Moat

The primary moat is 'Sovereign Support' from the Government of India. This is sustainable only as long as the GOI continues to provide interest-free loans and grants to discharge liabilities, as the company's net worth is completely eroded.

Macro Economic Sensitivity

Highly sensitive to government policy and fiscal support, as the GOI provided INR 718.7 Cr in 2016 specifically to settle tractor division liabilities.

Consumer Behavior

Shift away from mechanical watches and older tractor models led to the total closure of those divisions.

Geopolitical Risks

Exposure via HMT (International) Ltd, though specific trade barrier impacts are not quantified.

⚖️ Regulatory & Governance

Industry Regulations

Subject to Department of Heavy Industry (DHI) guidelines and CCEA (Cabinet Committee on Economic Affairs) approvals for the closure of units and financial restructuring.

Taxation Policy Impact

The company benefited from a reversal of income tax provisions in FY24, which significantly impacted net profit margins.

Legal Contingencies

The company was fined INR 0.06 Cr (INR 6,08,880) by both BSE and NSE for non-compliance with SEBI regulations regarding the composition of the Board and Audit Committee. It is also dealing with the write-off of INR 11.97 Cr in bad debts related to inter-subsidiary loans.

⚠️ Risk Analysis

Key Uncertainties

The complete erosion of net worth (Negative INR 1,966.34 Cr) creates a material uncertainty regarding the 'Going Concern' status, which is currently mitigated only by government support.