Hardwyn India Ltd Q1 FY27 Results

Hardwyn India's consolidated Q1 FY27 (quarter ended June 30, 2026) revenue came in at ₹34.60 Cr, down 19.4% YoY from ₹42.94 Cr, with consolidated PAT down 22.9% YoY to ₹2.80 Cr (₹3.63 Cr a year ago). EPS was ₹0.06 versus ₹0.07 a year ago, and NPM compressed mildly to 8.09% from 8.45% YoY. Standalone figures show the same direction but a milder revenue fall — ₹30.08 Cr, down 5.9% YoY — while standalone PAT fell 22.3% YoY to ₹2.72 Cr, closely tracking the consolidated profit decline despite the wider revenue divergence. Neither statement carries an exceptional item in the current or comparative periods, so the year-on-year decline is like-for-like rather than a one-off distortion.

The gap between standalone and consolidated revenue trends is the key driver to note: the two subsidiaries, Fiba Hardwyn Locks Private Limited and Slimx Interior Solutions Private Limited, contributed a combined ~₹4.52 Cr to consolidated revenue this quarter versus ~₹11.00 Cr a year ago — a near-halving that explains most of the extra ~13.5 percentage points of revenue decline seen at the consolidated level versus standalone. On margins, cost of purchase of stock-in-trade and material consumed moved roughly in proportion with revenue, so the compression shows up mainly on the operating leverage side rather than a specific cost-line blowout. Sequentially, consolidated revenue was down 39.5% QoQ from ₹57.15 Cr and PAT down 18.9% QoQ from ₹3.46 Cr (Q4 FY26 total comprehensive income basis) — Q4 is typically the heavier billing quarter for this business given year-end project completions, so the QoQ fall reads as seasonal normalisation rather than a fresh deterioration; the YoY comparison is the one that matters here.

The stock went into the print at ₹24.5, up 0.1% over the past month of trading.

No analyst consensus or brokerage preview for this quarter was found in a web search — Hardwyn India is a micro-cap (~₹240 Cr market cap per recent coverage) with no visible Street coverage for Q1 FY27, so vsStreet is unknown rather than a miss. There is no prior management guidance on record in our database, and none was found externally, so vsGuidance is also unknown — management has not issued a formal outlook to be graded against. No press release or management commentary accompanied this filing to corroborate drivers beyond the tabulated figures. Two corporate actions from this quarter are worth tying to the print: the 2:5 bonus issue (19.53 Cr shares allotted July 29, 2026, just before this Aug 14 filing) has not yet been reflected in the reported EPS, which remains on the pre-bonus ~48.84 Cr share base — a bonus-adjusted EPS on the enlarged ~68.37 Cr share base would be closer to ₹0.041; and the Secretarial Auditor's resignation (Aug 6, 2026) is a governance item unrelated to the numbers but disclosed in the same week as this result.