Hardcastle & Waud Mfg Co Ltd

Hardcast.& Waud Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Hardcastle & Waud Mfg Co Ltd

₹ 781 -0.79%
27 May - close price
hawcoindia.in BSE: 509597
About

Incorporated in 1945, Hardcastle & Waud's business activity currently consists of Industrial Chemicals, Investments and Leasing.[1]

Key Points

Business Overview:[1][2]
HWMCL is in the business of Trading of Industrial Chemicals, Investments and Leasing. It produces powder paints for coatings (used in consumer durables), along with varnishes and synthetic resins. It is the exclusive India marketer for WD-40 products and has a joint venture with Soudal Belgium to manufacture adhesives, sealants, and roofing compounds.

Website BSE
  • Market Cap ₹ 53.1 Cr.
  • Current Price ₹ 781
  • High / Low ₹ 1,048 / 602
  • Stock P/E 10.8
  • Book Value ₹ 746
  • Dividend Yield 0.00 %
  • ROCE 11.2 %
  • ROE 10.2 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Stock is trading at 1.05 times its book value

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 6.47% over last 3 years.
  • Contingent liabilities of Rs.25.4 Cr.
  • Working capital days have increased from 32.9 days to 137 days

* 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

Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals

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Quarterly Results

Figures in Rs. Crores

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
1.11 1.15 1.36 1.61 1.29 1.59 1.13 1.39 1.77 1.94 2.38 2.93 3.36
0.87 0.54 0.68 0.52 0.42 0.47 0.58 0.44 1.32 0.83 1.57 0.98 1.55
Operating Profit 0.24 0.61 0.68 1.09 0.87 1.12 0.55 0.95 0.45 1.11 0.81 1.95 1.81
OPM % 21.62% 53.04% 50.00% 67.70% 67.44% 70.44% 48.67% 68.35% 25.42% 57.22% 34.03% 66.55% 53.87%
0.05 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.11 0.12 0.12 0.13 0.13
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 0.17 0.17 0.17 0.16 0.16 0.17 0.18 0.19 0.19 0.19 0.20 0.20 0.20
Profit before tax 0.12 0.55 0.62 1.04 0.82 1.06 0.48 0.87 0.37 1.04 0.73 1.88 1.74
Tax % 25.00% -5.45% -11.29% 25.96% 32.93% -6.60% 214.58% 29.89% 75.68% 25.96% 2.74% 25.00% -17.24%
0.09 0.58 0.69 0.77 0.55 1.14 -0.55 0.61 0.09 0.77 0.70 1.41 2.05
EPS in Rs 1.32 8.54 10.15 11.33 8.09 16.78 -8.09 8.98 1.32 11.33 10.30 20.75 30.17
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
3.14 5.47 8.19 4.21 2.89 3.52 3.19 4.16 3.91 5.43 5.91 10.61
3.62 3.48 2.95 2.64 2.53 2.05 2.29 1.92 2.15 2.16 2.77 4.91
Operating Profit -0.48 1.99 5.24 1.57 0.36 1.47 0.90 2.24 1.76 3.27 3.14 5.70
OPM % -15.29% 36.38% 63.98% 37.29% 12.46% 41.76% 28.21% 53.85% 45.01% 60.22% 53.13% 53.72%
1.93 0.00 0.16 0.13 0.20 0.17 0.14 0.20 0.19 0.42 0.37 0.49
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
Depreciation 0.32 0.33 0.36 0.39 0.38 0.40 0.47 0.59 0.65 0.67 0.72 0.78
Profit before tax 1.13 1.66 5.04 1.31 0.18 1.24 0.57 1.85 1.30 3.02 2.79 5.41
Tax % -15.93% 689.76% 19.84% 16.03% 38.89% 26.61% 98.25% 31.35% 16.15% 14.57% 53.41% 8.69%
1.30 -9.79 4.04 1.09 0.12 0.90 0.01 1.27 1.10 2.58 1.29 4.93
EPS in Rs 19.13 -144.08 59.46 16.04 1.77 13.25 0.15 18.69 16.19 37.97 18.98 72.55
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: 7%
5 Years: 27%
3 Years: 39%
TTM: 80%
Compounded Profit Growth
10 Years: 10%
5 Years: 246%
3 Years: 65%
TTM: 276%
Stock Price CAGR
10 Years: 10%
5 Years: 26%
3 Years: 27%
1 Year: 11%
Return on Equity
10 Years: 4%
5 Years: 5%
3 Years: 6%
Last Year: 10%

Balance Sheet

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
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 44.88 35.07 34.95 36.09 36.13 34.42 34.23 39.54 41.08 43.80 44.84 50.03
0.00 0.00 0.00 0.00 0.25 0.05 0.00 0.00 0.00 0.00 0.00 0.00
2.39 3.65 2.48 2.42 2.48 2.50 2.55 3.31 1.55 1.44 3.15 3.24
Total Liabilities 47.95 39.40 38.11 39.19 39.54 37.65 37.46 43.53 43.31 45.92 48.67 53.95
7.44 7.14 9.53 9.41 10.38 11.12 19.31 19.71 20.22 19.65 20.52 20.24
CWIP 0.00 0.00 0.19 0.02 0.00 0.27 0.24 0.10 0.03 0.47 0.22 0.26
Investments 24.55 25.31 19.71 20.41 19.91 16.05 13.04 13.68 19.59 23.06 26.45 27.22
15.96 6.95 8.68 9.35 9.25 10.21 4.87 10.04 3.47 2.74 1.48 6.23
Total Assets 47.95 39.40 38.11 39.19 39.54 37.65 37.46 43.53 43.31 45.92 48.67 53.95

Cash Flows

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
17.25 0.58 -1.65 -0.60 0.65 0.16 1.35 3.21 -2.96 3.08 0.69 -3.86
-17.10 -0.75 1.55 0.53 -0.89 -0.25 -1.25 -3.11 3.07 -1.55 -2.40 4.54
0.00 0.00 0.00 0.00 0.25 -0.20 -0.05 0.00 0.00 0.00 0.00 0.00
Net Cash Flow 0.15 -0.18 -0.10 -0.07 0.01 -0.29 0.05 0.10 0.11 1.54 -1.71 0.68
Free Cash Flow 16.95 0.54 -2.55 -0.71 -0.66 -0.44 0.50 2.38 -4.03 2.53 -0.70 -3.34
CFO/OP -3,617% 40% -31% -20% 139% 10% 152% 164% -147% 107% 45% -63%

Ratios

Figures in Rs. Crores

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 49.98 28.03 15.60 29.48 45.47 26.96 73.23 21.94 10.27 0.00 37.67 9.98
Inventory Days 1.88 0.00 0.00 2.64 9.86 131.81 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable 20.70 0.00 9.86 40.56
Cash Conversion Cycle 31.17 28.03 15.60 32.12 45.47 118.21 73.23 21.94 10.27 0.00 37.67 9.98
Working Capital Days -211.56 -123.45 -82.45 -156.06 -291.75 -162.80 136.16 617.69 205.37 -8.07 -30.26 136.92
ROCE % 3.09% 4.08% 14.12% 3.62% 0.49% 3.43% 1.63% 4.87% 3.15% 7.00% 6.31% 11.24%

Insights

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Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
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Number of Permanent Employees
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Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
73.61% 73.61% 73.61% 73.61% 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%
26.31% 26.31% 26.31% 26.31% 26.30% 26.29% 26.31% 26.30% 26.30% 26.31% 26.31% 26.30%
No. of Shareholders 1,2941,3231,3741,4301,4201,5231,5341,5271,5171,4921,4871,494

* 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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