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Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500467 | NSE: HARRMALAYA

Harrisons Malayalam Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹90.27Overvalued by 49.29%vs CMP ₹178.00

P/E (13.0) × ROE (9.5%) × BV (₹89.20) × DY (2.00%)

₹141.29Overvalued by 20.62%vs CMP ₹178.00
MoS: -26% (Negative)Confidence: 48/100 (Moderate)Models: 2 Under, 1 Fair, 5 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹91.8825%Over (-48.4%)
Graham NumberEarnings₹165.3918%Fair (-7.1%)
DCFCash Flow₹98.8115%Over (-44.5%)
Net Asset ValueAssets₹89.548%Over (-49.7%)
EV/EBITDAEnterprise₹68.3810%Over (-61.6%)
Earnings YieldEarnings₹136.308%Over (-23.4%)
ROCE CapitalReturns₹321.4910%Under (+80.6%)
Revenue MultipleRevenue₹277.856%Under (+56.1%)
Consensus (8 models)₹141.29100%Overvalued
Key Drivers: Wide model spread (₹68–₹321) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 1.8%

*Investments are subject to market risks

Analyst Summary

Harrisons Malayalam Ltd operates in the Rubber Processing/Rubber Products segment, NSE: HARRMALAYA | BSE: 500467, current market price is ₹178.00, market cap is 328 Cr.. At a glance, stock P/E is 13.0, ROE is 9.54 %, ROCE is 11.0 %, book value is 89.2, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹141.29, around 20.6% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹512 Cr versus the prior period change of 5.3%, while latest net profit is about ₹15 Cr with a prior-period change of 314.3%. This analysis page also carries profit and loss, shareholding pattern, ratio panels data, which improves the depth of the template beyond a thin price-only snapshot. The 52-week range shown on this page is 238/154, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisHarrisons Malayalam Ltd. is a Public Limited Listed company incorporated on 05/01/1978 and has its registered office in the State of Kerala, India. Company's Corporate Identification Number(CIN) is L01119KL1978PLC002947 and registration number is 002947. Currently Company is invo…

This summary is generated from the stock page data available for Harrisons Malayalam Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

52
Harrisons Malayalam Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health50/100 · Moderate
ROCE 11.0% AverageROE 9.5% AverageD/E 0.69 ModerateInterest Coverage 0.0x RiskyProfitable 4/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 54.1% Stable
Earnings Quality50/100 · Moderate
OPM stable around 4% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 5% YoY FlatOPM: -0.5% (down 5.9% YoY) Margin pressure
Industry Rank75/100 · Strong
P/E 13.0 vs industry 30.7 Cheaper than peersROCE 11.0% vs industry 8.2% Above peers3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 328 Cr.
Current Price 178
Intrinsic Value₹141.29
High / Low 238/154
Stock P/E13.0
Book Value 89.2
Dividend Yield0.00 %
ROCE11.0 %
ROE9.54 %
Face Value 10.0
PEG Ratio7.31

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Harrisons Malayalam Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Harrisons Malayalam Ltd 328 Cr. 178 238/15413.0 89.20.00 %11.0 %9.54 % 10.0
Modi Rubber Ltd 287 Cr. 115 168/87.218.3 2760.00 %3.28 %2.89 % 10.0
Indag Rubber Ltd 246 Cr. 93.6 153/84.628.6 87.82.56 %2.93 %2.86 % 2.00
Vikas Ecotech Ltd 200 Cr. 1.13 2.78/0.9562.3 2.220.00 %2.75 %1.37 % 1.00
Elgi Rubber Company Ltd 194 Cr. 38.8 90.5/32.7 33.30.00 %0.47 %12.2 % 1.00
Industry Average528.25 Cr317.7330.71111.340.58%8.24%9.09%6.22

All Competitor Stocks of Harrisons Malayalam Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 128.17132.06117.9295.85121.73129.55140.9897.66137.30142.25136.71116.46134.40
Expenses 120.24122.65115.4496.15120.70120.75140.07101.92129.95128.42130.14108.25135.08
Operating Profit 7.939.412.48-0.301.038.800.91-4.267.3513.836.578.21-0.68
OPM % 6.19%7.13%2.10%-0.31%0.85%6.79%0.65%-4.36%5.35%9.72%4.81%7.05%-0.51%
Other Income 1.771.552.522.221.522.63-5.203.441.712.654.022.7911.75
Interest 3.003.153.123.023.413.363.353.243.323.582.953.462.97
Depreciation 0.941.081.431.171.291.391.921.561.631.702.461.581.68
Profit before tax 5.766.730.45-2.27-2.156.68-9.56-5.624.1111.205.185.966.42
Tax % 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%
Net Profit 5.766.730.44-2.28-2.156.68-9.56-5.614.1111.205.195.966.42
EPS in Rs 3.113.640.24-1.23-1.163.61-5.17-3.032.226.052.813.223.47

Last Updated: January 1, 2026, 12:16 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 382325284365382352385449470485486512529
Expenses 359342320352369364362394438457476488506
Operating Profit 24-17-361313-1224553127102323
OPM % 6%-5%-13%4%3%-3%6%12%7%6%2%5%4%
Other Income 34101096637711222
Interest 15141414131416141112131312
Depreciation 6765444444678
Profit before tax 5-35-4644-249402318-71525
Tax % 14%0%0%0%0%0%0%0%0%0%0%0%
Net Profit 4-35-4644-249402318-71525
EPS in Rs 2.38-19.06-24.692.212.41-13.025.0121.8512.489.61-3.958.0513.63
Dividend Payout % 42%0%0%0%0%0%0%0%0%10%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-975.00%-31.43%108.70%0.00%-700.00%137.50%344.44%-42.50%-21.74%-138.89%314.29%
Change in YoY Net Profit Growth (%)0.00%943.57%140.12%-108.70%-700.00%837.50%206.94%-386.94%20.76%-117.15%453.17%

Harrisons Malayalam Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:5%
5 Years:6%
3 Years:3%
TTM:9%
Compounded Profit Growth
10 Years:9%
5 Years:9%
3 Years:-10%
TTM:965%
Stock Price CAGR
10 Years:17%
5 Years:17%
3 Years:9%
1 Year:-13%
Return on Equity
10 Years:2%
5 Years:14%
3 Years:7%
Last Year:10%

Last Updated: September 5, 2025, 5:45 am

Balance Sheet

Last Updated: December 4, 2025, 1:20 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 18181818181818181818181818
Reserves 3032682238485606097120138125136147
Borrowings 110113112959612111499899598103114
Other Liabilities 110114148163181173211192193194221215224
Total Liabilities 541513501361381373403407420445463472502
Fixed Assets 429428424277277280285285286291298296295
CWIP 2218111013223658728898
Investments 0000000000000
Other Assets 109837676938310610098979388110
Total Assets 541513501361381373403407420445463472502

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 2610132120-7334138313323
Cash from Investing Activity + -5-444-7-6-9-11-14-27-22-16
Cash from Financing Activity + -20-14-15-31-1211-23-32-21-6-11-8
Net Cash Flow 1-82-61-11-12-20-1
Free Cash Flow 196172018-11323936182620
CFO/OP 113%-61%-38%167%159%57%142%75%123%119%326%101%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-86.00-130.00-148.00-82.00-83.00-133.00-90.00-44.00-58.00-68.00-88.00-80.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 1414981410813119149
Inventory Days 90881037889941579480978975
Days Payable 6273130101121108186117118118160123
Cash Conversion Cycle 4229-18-15-18-4-22-10-27-12-57-38
Working Capital Days -31-70-137-109-105-119-116-86-77-80-106-95
ROCE %5%-5%-9%5%8%-5%13%27%14%12%5%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 54.12%54.12%54.12%54.12%54.12%54.12%54.12%54.12%54.12%54.12%54.12%54.12%
FIIs 0.11%0.11%0.09%0.10%0.11%0.01%0.10%0.14%0.16%0.00%0.00%0.00%
DIIs 0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%0.05%
Public 45.73%45.73%45.75%45.72%45.72%45.83%45.73%45.70%45.67%45.83%45.83%45.82%
No. of Shareholders 28,77728,56427,59227,52825,92025,28624,15922,74722,79822,84922,51722,369

Shareholding Pattern Chart

No. of Shareholders

Harrisons Malayalam Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 8.07-3.969.6312.5121.90
Diluted EPS (Rs.) 8.07-3.969.6312.5121.90
Cash EPS (Rs.) 12.04-0.8311.9914.8024.13
Book Value[Excl.RevalReserv]/Share (Rs.) 83.5277.9784.6274.7762.32
Book Value[Incl.RevalReserv]/Share (Rs.) 83.5277.9784.6274.7762.32
Revenue From Operations / Share (Rs.) 278.48264.50263.77255.51244.45
PBDIT / Share (Rs.) 19.1410.4018.6220.8631.50
PBIT / Share (Rs.) 15.167.2716.2618.5729.27
PBT / Share (Rs.) 8.07-3.969.6312.5121.90
Net Profit / Share (Rs.) 8.07-3.969.6312.5121.90
NP After MI And SOA / Share (Rs.) 8.07-3.969.6312.5121.90
PBDIT Margin (%) 6.873.937.058.1612.88
PBIT Margin (%) 5.442.746.167.2611.97
PBT Margin (%) 2.89-1.493.644.898.96
Net Profit Margin (%) 2.89-1.493.644.898.96
NP After MI And SOA Margin (%) 2.89-1.493.644.898.96
Return on Networth / Equity (%) 9.65-5.0711.3716.7335.15
Return on Capital Employeed (%) 10.895.7111.6914.8025.48
Return On Assets (%) 3.15-1.573.995.509.93
Long Term Debt / Equity (X) 0.340.270.290.330.38
Total Debt / Equity (X) 0.640.650.590.620.69
Asset Turnover Ratio (%) 1.101.081.131.141.11
Current Ratio (X) 0.390.380.440.490.46
Quick Ratio (X) 0.210.220.240.300.29
Inventory Turnover Ratio (X) 13.642.792.993.372.78
Interest Coverage Ratio (X) 2.701.462.813.444.28
Interest Coverage Ratio (Post Tax) (X) 2.141.022.453.073.97
Enterprise Value (Cr.) 473.40396.83288.68325.51334.29
EV / Net Operating Revenue (X) 0.920.810.590.690.74
EV / EBITDA (X) 13.4020.688.408.465.75
MarketCap / Net Operating Revenue (X) 0.730.620.400.510.56
Price / BV (X) 2.442.121.271.772.23
Price / Net Operating Revenue (X) 0.730.620.400.510.56
EarningsYield 0.03-0.020.080.090.15

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Harrisons Malayalam Ltd. is a Public Limited Listed company incorporated on 05/01/1978 and has its registered office in the State of Kerala, India. Company's Corporate Identification Number(CIN) is L01119KL1978PLC002947 and registration number is 002947. Currently Company is involved in the business activities of Growing of potatoes and other tubers such as sweet potatoes, cassava, yams. Company's Total Operating Revenue is Rs. 513.91 Cr. and Equity Capital is Rs. 18.45 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Rubber Processing/Rubber Products24/1624, Bristow Road, Cochin Kerala 682003Contact not found
Management
NamePosition Held
Mr. Santosh KumarWhole Time Director
Mr. Cherian M GeorgeWhole Time Director
Mr. Kaushik RoyDirector
Mr. C VinayaraghavanDirector
Mr. Noshir Naval FramjeeDirector
Mr. P RajagopalanDirector
Mr. Rajat BhargavaDirector
Ms. Rusha MitraDirector

FAQ

What is the intrinsic value of Harrisons Malayalam Ltd and is it undervalued?

As of 20 April 2026, Harrisons Malayalam Ltd's intrinsic value is ₹141.29, which is 20.62% lower than the current market price of ₹178.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (9.54 %), book value (₹89.2), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Harrisons Malayalam Ltd?

Harrisons Malayalam Ltd is trading at ₹178.00 as of 20 April 2026, with a FY2026-2027 high of ₹238 and low of ₹154. The stock is currently in the middle of its 52-week range. Market cap stands at ₹328 Cr..

How does Harrisons Malayalam Ltd's P/E ratio compare to its industry?

Harrisons Malayalam Ltd has a P/E ratio of 13.0, which is below the industry average of 30.71. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Harrisons Malayalam Ltd financially healthy?

Key indicators for Harrisons Malayalam Ltd: ROCE of 11.0 % is moderate. Dividend yield is 0.00 %.

Is Harrisons Malayalam Ltd profitable and how is the profit trend?

Harrisons Malayalam Ltd reported a net profit of ₹15 Cr in Mar 2025 on revenue of ₹512 Cr. Compared to ₹23 Cr in Mar 2022, the net profit shows a declining trend.

Does Harrisons Malayalam Ltd pay dividends?

Harrisons Malayalam Ltd has a dividend yield of 0.00 % at the current price of ₹178.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Harrisons Malayalam Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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