Hardcastle & Waud Mfg Co Ltd

₹ 726 -1.06%

26 Apr - close price

About

Incorporated in 1945, Hardcastle & Waud manufacturing Company's business activity currently consists of Industrial Chemicals, Investments and Leasing

Key Points

Business Overview:^[1]
Hardcastle & Waud Manufacturing Company manufactures powder paints used in powder coatings (mainly for consumer durables like washing machines) varnishes and synthetic resins.
The company was appointed by WD-40-Company US to exclusively market its products in India. It signed a joint venture agreement with Soudal Belgium to manufacture various types of adhesives sealants and roofing compounds.

Website BSE

Market Cap ₹ 49.4 Cr.
Current Price ₹ 726
High / Low ₹ 911 / 0.00
Stock P/E 19.1
Book Value ₹ 655
Dividend Yield 0.00 %
ROCE 7.00 %
ROE 5.98 %
Face Value ₹ 10.0

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Pros

Company is almost debt free.
Stock is trading at 1.11 times its book value
Company's working capital requirements have reduced from 314 days to 127 days

Cons

Though the company is reporting repeated profits, it is not paying out dividend
Tax rate seems low
Company has a low return on equity of 4.05% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Miscellaneous Industry: Miscellaneous

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	1.11	0.89	1.55	0.82	0.91	0.65	1.07	1.08	1.11	1.15	1.36	1.61	1.29
	0.82	0.38	0.44	0.56	0.55	0.36	0.41	0.51	0.87	0.54	0.68	0.52	0.42
Operating Profit	0.29	0.51	1.11	0.26	0.36	0.29	0.66	0.57	0.24	0.61	0.68	1.09	0.87
OPM %	26.13%	57.30%	71.61%	31.71%	39.56%	44.62%	61.68%	52.78%	21.62%	53.04%	50.00%	67.70%	67.44%
	0.01	0.07	0.02	0.04	0.07	0.05	0.04	0.05	0.05	0.11	0.11	0.11	0.11
Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.13	0.15	0.15	0.14	0.15	0.15	0.16	0.16	0.17	0.17	0.17	0.16	0.16
Profit before tax	0.17	0.43	0.98	0.16	0.28	0.19	0.54	0.46	0.12	0.55	0.62	1.04	0.82
Tax %	5.88%	30.23%	29.59%	56.25%	25.00%	-21.05%	25.93%	19.57%	25.00%	-5.45%	-11.29%	25.96%	32.93%
	0.16	0.30	0.69	0.06	0.22	0.23	0.41	0.37	0.09	0.58	0.69	0.77	0.55
EPS in Rs	2.35	4.42	10.15	0.88	3.24	3.38	6.03	5.45	1.32	8.54	10.15	11.33	8.09
Raw PDF

Profit & Loss

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	2.74	2.53	3.14	5.47	8.19	4.21	2.89	3.52	3.19	4.16	3.91	5.41
	5.26	3.62	3.62	3.48	2.95	2.64	2.53	2.05	2.29	1.92	2.15	2.15
Operating Profit	-2.52	-1.09	-0.48	1.99	5.24	1.57	0.36	1.47	0.90	2.24	1.76	3.26
OPM %	-91.97%	-43.08%	-15.29%	36.38%	63.98%	37.29%	12.46%	41.76%	28.21%	53.85%	45.01%	60.26%
	1.49	0.95	1.93	0.00	0.16	0.13	0.20	0.17	0.14	0.20	0.19	0.43
Interest	0.14	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Depreciation	0.26	0.28	0.32	0.33	0.36	0.39	0.38	0.40	0.47	0.59	0.65	0.67
Profit before tax	-1.43	-0.46	1.13	1.66	5.04	1.31	0.18	1.24	0.57	1.85	1.30	3.02
Tax %	-1.40%	54.35%	-15.93%	689.76%	19.84%	16.03%	38.89%	26.61%	98.25%	31.35%	16.15%	14.57%
	-1.45	-0.21	1.30	-9.79	4.04	1.09	0.12	0.90	0.01	1.27	1.10	2.58
EPS in Rs	-21.34	-3.09	19.13	-144.08	59.46	16.04	1.77	13.25	0.15	18.69	16.19	37.97
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Compounded Sales Growth
10 Years:	8%
5 Years:	13%
3 Years:	19%
TTM:	38%

Compounded Profit Growth
10 Years:	30%
5 Years:	85%
3 Years:	537%
TTM:	137%

Stock Price CAGR
10 Years:	9%
5 Years:	20%
3 Years:	59%
1 Year:	78%

Return on Equity
10 Years:	1%
5 Years:	3%
3 Years:	4%
Last Year:	6%

Balance Sheet

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Equity Capital	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68	0.68
Reserves	43.86	43.66	44.88	35.07	34.95	36.09	36.13	34.42	34.23	39.54	41.08	43.80
	2.11	0.00	0.00	0.00	0.00	0.00	0.25	0.05	0.00	0.00	0.00	0.00
	0.51	2.77	2.39	3.65	2.48	2.42	2.48	2.50	2.55	3.31	1.54	1.44
Total Liabilities	47.16	47.11	47.95	39.40	38.11	39.19	39.54	37.65	37.46	43.53	43.30	45.92
	7.11	6.89	7.44	7.14	9.53	9.41	10.38	11.12	19.31	19.71	20.22	19.66
CWIP	0.13	0.63	0.00	0.00	0.19	0.02	0.00	0.27	0.24	0.10	0.03	0.47
Investments	7.65	6.99	24.55	25.31	19.71	20.41	19.91	16.05	13.04	13.68	19.59	23.06
	32.27	32.60	15.96	6.95	8.68	9.35	9.25	10.21	4.87	10.04	3.46	2.73
Total Assets	47.16	47.11	47.95	39.40	38.11	39.19	39.54	37.65	37.46	43.53	43.30	45.92

Cash Flows

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	-0.67	-2.23	17.25	0.58	-1.65	-0.60	0.65	0.16	1.35	3.21	-2.96	3.08
	-1.38	0.13	-17.10	-0.75	1.55	0.53	-0.89	-0.25	-1.25	-3.11	3.07	-1.55
	1.95	0.05	0.00	0.00	0.00	0.00	0.25	-0.20	-0.05	0.00	0.00	0.00
Net Cash Flow	-0.10	-2.05	0.15	-0.18	-0.10	-0.07	0.01	-0.29	0.05	0.10	0.11	1.54

Ratios

Figures in Rs. Crores

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	2,444.43	2,520.38	49.98	28.03	15.60	29.48	45.47	26.96	73.23	21.94	10.27	0.00
Inventory Days	0.00	0.00	1.88	0.00	0.00	2.64	9.86	131.81	0.00	0.00	0.00	0.00
Days Payable			20.70			0.00	9.86	40.56
Cash Conversion Cycle	2,444.43	2,520.38	31.17	28.03	15.60	32.12	45.47	118.21	73.23	21.94	10.27	0.00
Working Capital Days	2,489.73	2,246.26	-211.56	-123.45	-82.45	-156.06	-260.17	-157.61	136.16	617.69	196.97	126.84
ROCE %	-3.71%	-0.92%	3.09%	4.08%	14.12%	3.62%	0.49%	3.43%	1.63%	4.87%	3.15%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	73.47%	73.47%	73.47%	73.47%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%
	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%
	26.45%	26.45%	26.45%	26.45%	26.30%	26.30%	26.30%	26.31%	26.31%	26.31%	26.31%	26.31%
No. of Shareholders	1,249	1,230	1,254	1,288	1,303	1,324	1,264	1,271	1,294	1,323	1,374	1,430

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	73.47%	73.47%	73.47%	73.47%	73.47%	73.47%	73.61%	73.61%
	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%
	26.45%	26.45%	26.45%	26.45%	26.45%	26.45%	26.31%	26.31%
No. of Shareholders	1,302	1,317	1,292	1,273	1,239	1,288	1,271	1,430

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Hardcastle & Waud Mfg Co Ltd

Hardcastle & Waud Mfg Co Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

Documents

Announcements

Annual reports