HMT LTD. Q4 FY26 Results

This filing is HMT Limited's audited results for the quarter and year ended 31 March 2026 (Q4/FY26), approved by the board on 27 July 2026 — not the Q1 FY27 print our records were expecting; the company's Q1 FY27 trading window has only just been closed, so that quarter is still to come. On a consolidated basis (primary per our convention, since HMT Machine Tools Ltd's losses swamp the parent), Q4 FY26 revenue was ₹71.44 Cr, up 79.6% YoY (₹39.78 Cr) and up 243% QoQ (₹20.83 Cr) — a typical year-end billing spike for this capital-goods/machine-tools business, not a seasonal read investors should extrapolate. Consolidated PAT was a loss of ₹37.45 Cr, nominally 4.8% wider than the ₹35.75 Cr loss a year ago. That reported comparison is misleading: Q4 FY25 included a ₹26.36 Cr exceptional gain that isn't repeated this quarter. Stripping it out, the year-ago adjusted loss was ₹62.11 Cr — so the adjusted YoY improvement is roughly +40%, i.e., underlying losses narrowed materially even though the headline print looks flat-to-worse. Segment data shows Machine Tools remains the core drag (FY26 segment loss ₹79.89 Cr) while Projects and the Others/Watch-Assembly segment were segment-profitable for the quarter.

Standalone (parent-only) tells a different story: FY26 standalone PAT was a positive ₹16.69 Cr, driven almost entirely by ₹57.91 Cr of "other income" (interest/treasury income off the company's large cash, bank deposits and loan book) against standalone operating revenue of just ₹25.96 Cr for the full year — the core standalone business is near break-even, and the quarter itself (Q4) was a small standalone loss of ₹3.36 Cr. This >3% divergence between standalone profit and consolidated loss is the basis-selection call: consolidated PAT is what should anchor any headline, since it reflects the whole group including the loss-making machine-tools operations.

The stock went into the print at ₹60.5, down 12.9% over the past month of trading.

For context: revenue is at a 6-quarter high.

We found no analyst coverage or street consensus for HMT this quarter (a web search for Q4/FY26 previews returned none) — unsurprising for a distressed, negative-net-worth PSU with no institutional following — so vsStreet is unknown. There is likewise no formal management guidance on record from HMT to grade this against; management's own framing in the filing is limited to a going-concern assertion: the Group's net worth is "completely eroded" (consolidated equity of ₹-2,026.67 Cr vs ₹-1,897.90 Cr a year ago), but accounts are prepared on a going-concern basis "considering the realisable value of non-current assets held for sale, support from Government of India and other business plans," with no adjustment to carrying values. Both statutory audit reports carry qualified opinions — recurring items include unreconciled GST input tax credit, inventory valuation without adequate NRV assessment, no Ind AS 109 expected-credit-loss model applied, and no external balance confirmations obtained; results were also filed after the 30 May statutory deadline, drawing a ₹1.71 lakh fine each from BSE and NSE.