Fundamental Analysis of HS India Ltd

About the Company - HS India Ltd

H S India Ltd. is a Public Limited Listed company incorporated on 12/09/1989 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L55100MH1989PLC053417 and registration number is 053417. Currently Company is involved in the business activities of Retail sale of alcoholic beverages not consumed on the spot. Company's Total Operating Revenue is Rs. 26.92 Cr. and Equity Capital is Rs. 16.24 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Hotels, Resorts & Restaurants	Unit No. 202, Morya Blue Moon, Mumbai Maharashtra 400053	Contact not found

Management
Name	Position Held
Mr. Ramesh Radheyshyam Bansal	Managing Director & CFO
Mr. Pushpendra Radheshyam Bansal	Managing Director
Mrs. Sangita Pushpendra Bansal	Director
Mr. Mehul Narendrakumar Hingu	Independent Director
Mr. Ghanshyam Parasram Mistry	Independent Director
Mr. Adityabhai Jagdishbhai Joshi	Independent Director

Basic Stock Data of HS India Ltd

Last Updated: April 6, 2026, 7:11 am

Market Cap	28.4 Cr.
Current Price	17.5
Intrinsic Value	₹14.77
High / Low	18.6/8.91
Stock P/E	29.6
Book Value	18.2
Dividend Yield	0.00 %
ROCE	6.31 %
ROE	3.62 %
Face Value	10.0
PEG Ratio	-5.45

HS India Ltd Quarterly Results

Metric	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	2.98	4.16	2.42	4.68	5.61	5.31	5.69	5.84	6.29	6.13	5.77	6.33	6.79
Expenses	2.45	2.90	2.73	3.56	4.23	3.83	4.82	4.83	5.28	5.35	5.43	5.07	5.50
Operating Profit	0.53	1.26	-0.31	1.12	1.38	1.48	0.87	1.01	1.01	0.78	0.34	1.26	1.29
OPM %	17.79%	30.29%	-12.81%	23.93%	24.60%	27.87%	15.29%	17.29%	16.06%	12.72%	5.89%	19.91%	19.00%
Other Income	0.04	0.13	0.03	0.12	0.12	0.23	0.11	0.11	0.17	0.28	0.08	0.28	0.17
Interest	0.43	0.42	0.40	0.51	0.44	0.51	0.48	0.48	0.49	0.49	0.48	0.48	0.44
Depreciation	0.32	0.41	0.27	0.29	0.26	0.28	0.27	0.28	0.28	0.28	0.27	0.29	0.27
Profit before tax	-0.18	0.56	-0.95	0.44	0.80	0.92	0.23	0.36	0.41	0.29	-0.33	0.77	0.75
Tax %	105.56%	114.29%	2.11%	2.27%	-2.50%	17.39%	17.39%	52.78%	9.76%	-3.45%	-6.06%	16.88%	12.00%
Net Profit	0.01	-0.08	-0.93	0.43	0.82	0.76	0.19	0.17	0.37	0.30	-0.36	0.65	0.65
EPS in Rs	0.01	-0.05	-0.57	0.26	0.50	0.47	0.12	0.10	0.23	0.18	-0.22	0.40	0.40

Last Updated: Unknown

HS India Ltd Quarterly Chart

HS India Ltd Profit & Loss

Last Updated: Unknown

Metric	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	18.49	19.43	19.98	20.93	22.26	22.77	26.82	28.94	25.91	10.28	18.01	23.95	24.52
Expenses	13.70	14.94	15.57	14.59	15.54	16.27	21.12	23.28	21.17	8.93	14.35	20.28	21.13
Operating Profit	4.79	4.49	4.41	6.34	6.72	6.50	5.70	5.66	4.74	1.35	3.66	3.67	3.39
OPM %	25.91%	23.11%	22.07%	30.29%	30.19%	28.55%	21.25%	19.56%	18.29%	13.13%	20.32%	15.32%	13.83%
Other Income	0.24	0.21	0.23	0.40	0.55	0.61	0.66	0.61	0.41	0.22	0.51	0.67	0.81
Interest	1.66	1.28	1.15	3.28	3.31	2.91	2.49	2.05	2.20	1.73	1.85	1.94	1.94
Depreciation	1.47	1.52	1.35	2.17	2.51	2.61	2.11	1.72	1.60	1.36	1.11	1.12	1.12
Profit before tax	1.90	1.90	2.14	1.29	1.45	1.59	1.76	2.50	1.35	-1.52	1.21	1.28	1.14
Tax %	24.21%	-26.32%	20.09%	51.94%	23.45%	34.59%	-9.09%	29.60%	6.67%	5.92%	10.74%	19.53%
Net Profit	1.44	2.40	1.71	0.63	1.11	1.05	1.93	1.77	1.26	-1.44	1.08	1.04	0.96
EPS in Rs	0.89	1.48	1.05	0.39	0.68	0.65	1.19	1.09	0.78	-0.89	0.67	0.64	0.59
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%

HS India Ltd Profit & Loss Yearly Chart

HS India Ltd Growth

Compounded Sales Growth
10 Years:	3%
5 Years:	1%
3 Years:	14%
TTM:	3%

Compounded Profit Growth
10 Years:	8%
5 Years:	2%
3 Years:	9%
TTM:	-19%

Stock Price CAGR
10 Years:	11%
5 Years:	20%
3 Years:	8%
1 Year:	-30%

Return on Equity
10 Years:	4%
5 Years:	2%
3 Years:	4%
Last Year:	5%

Last Updated: Unknown

HS India Ltd Balance Sheet

Last Updated: Unknown

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24	16.24
Reserves	3.74	6.14	7.84	7.65	8.74	9.76	11.72	13.49	12.23	10.84	11.98	13.07	13.36
Borrowings	9.33	7.14	4.70	28.20	25.50	23.33	19.94	15.83	16.31	19.77	23.62	20.92	19.27
Other Liabilities	7.37	6.65	6.36	6.03	5.99	5.46	5.06	4.21	2.82	2.29	1.98	1.84	2.58
Total Liabilities	36.68	36.17	35.14	58.12	56.47	54.79	52.96	49.77	47.60	49.14	53.82	52.07	51.45
Fixed Assets	24.52	23.42	22.19	24.19	22.14	19.73	17.74	16.02	14.51	13.14	12.30	11.54	11.11
CWIP	0.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.12	0.22
Investments	3.51	3.51	3.51	6.66	5.84	5.84	5.84	5.84	2.69	2.69	2.69	2.69	2.69
Other Assets	8.61	9.24	9.44	27.27	28.49	29.22	29.38	27.91	30.40	33.31	38.83	37.72	37.43
Total Assets	36.68	36.17	35.14	58.12	56.47	54.79	52.96	49.77	47.60	49.14	53.82	52.07	51.45

HS India Ltd Reserves and Borrowings Chart

HS India Ltd Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	1.76	8.64	6.47	8.05	6.27	4.64	2.67	0.49	3.64	2.98	3.07	2.00
Cash from Investing Activity +	-0.12	-23.82	0.18	-0.20	-0.08	0.00	-0.08	0.00	-0.26	-0.48	-0.24	-0.71
Cash from Financing Activity +	-1.40	17.52	-6.31	-6.47	-6.66	-6.24	-1.85	2.02	1.81	-4.65	-3.63	-4.24
Net Cash Flow	0.24	2.34	0.34	1.39	-0.46	-1.60	0.74	2.51	5.19	-2.15	-0.80	-2.95
Free Cash Flow	1.64	3.42	6.01	7.85	6.14	4.64	2.59	0.49	3.38	2.50	2.82	1.29
CFO/OP	56%	147%	104%	137%	124%	96%	75%	41%	107%	106%	96%	53%

HS India Ltd Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	10.41	9.77	20.99	23.08	30.48	29.89	34.80	79.53	52.49	40.23	33.09	32.00
Inventory Days	58.25	73.34	79.01	98.00	41.09	51.14	50.76	83.94	69.11	79.47	62.01	68.16
Days Payable	81.85	76.75	88.10	137.00	113.00	77.76	109.58	134.81	79.81	64.68	55.73	37.38
Cash Conversion Cycle	-13.18	6.35	11.90	-15.92	-41.43	3.27	-24.02	28.66	41.78	55.02	39.37	62.78
Working Capital Days	-103.40	-54.76	-49.36	259.52	209.85	213.15	311.33	834.39	469.17	345.65	321.07	339.37
ROCE %	11.29%	11.30%	9.44%	9.02%	8.66%	9.74%	7.86%	0.46%	6.20%	6.31%	6.90%	7.04%

HS India Ltd Financial Efficiency Indicators Chart

No data available for the Shareholding

No data available for the Shareholding Pattern chart.

No data available for the No. of Shareholders chart.

This stock is not held by any mutual fund.

HS India Ltd ROCE Trend

HS India Ltd EPS Trend

HS India Ltd Key Financial Ratios

Month	Mar 23	Mar 22	Mar 21	Mar 20	Mar 19
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	0.66	0.69	-0.78	0.76	1.08
Diluted EPS (Rs.)	0.66	0.69	-0.78	0.76	1.08
Cash EPS (Rs.)	1.33	1.35	-0.04	1.76	2.15
Book Value[Excl.RevalReserv]/Share (Rs.)	18.05	17.38	16.68	17.53	18.31
Book Value[Incl.RevalReserv]/Share (Rs.)	18.05	17.38	16.68	17.53	18.31
Revenue From Operations / Share (Rs.)	14.75	11.09	6.33	15.96	17.82
PBDIT / Share (Rs.)	2.67	2.57	0.96	3.17	3.86
PBIT / Share (Rs.)	1.98	1.89	0.12	2.19	2.80
PBT / Share (Rs.)	0.78	0.74	-0.94	0.83	1.54
Net Profit / Share (Rs.)	0.63	0.66	-0.88	0.77	1.09
PBDIT Margin (%)	18.12	23.15	15.25	19.85	21.67
PBIT Margin (%)	13.45	17.01	1.98	13.69	15.73
PBT Margin (%)	5.35	6.73	-14.85	5.21	8.66
Net Profit Margin (%)	4.32	6.01	-13.97	4.86	6.11
Return on Networth / Equity (%)	3.53	3.83	-5.30	4.43	5.94
Return on Capital Employeed (%)	6.85	6.09	0.44	8.10	10.71
Return On Assets (%)	1.98	2.01	-2.92	2.65	3.55
Long Term Debt / Equity (X)	0.60	0.77	0.69	0.52	0.38
Total Debt / Equity (X)	0.71	0.83	0.69	0.52	0.38
Asset Turnover Ratio (%)	0.45	0.34	0.21	0.53	0.56
Current Ratio (X)	7.35	10.75	11.45	7.81	3.75
Quick Ratio (X)	7.18	10.55	11.22	7.65	3.65
Interest Coverage Ratio (X)	2.24	2.25	0.90	2.34	3.06
Interest Coverage Ratio (Post Tax) (X)	1.53	1.59	0.16	1.57	1.86
Enterprise Value (Cr.)	28.09	31.23	19.85	19.12	21.34
EV / Net Operating Revenue (X)	1.17	1.73	1.93	0.73	0.73
EV / EBITDA (X)	6.47	7.49	12.66	3.71	3.40
MarketCap / Net Operating Revenue (X)	0.69	0.66	0.71	0.31	0.45
Price / BV (X)	0.56	0.42	0.27	0.28	0.44
Price / Net Operating Revenue (X)	0.69	0.66	0.71	0.31	0.45
EarningsYield	0.06	0.09	-0.19	0.15	0.13

HS India Ltd Profitability Ratios (%)

HS India Ltd Liquidity Ratios

HS India Ltd Liquidity Ratios (%)

HS India Ltd Interest Coverage Ratios (%)

HS India Ltd Valuation Ratios

Fair Value

₹15.91Fairly Valued by 9.09%vs CMP ₹17.50

P/E (29.6) × ROE (3.6%) × BV (₹18.20) × DY (2.00%)

₹14.77Overvalued by 15.60%vs CMP ₹17.50

MoS: -18.5% (Negative)Confidence: 50/100 (Moderate)Models: 1 Under, 1 Fair, 5 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹15.05	30%	Over (-14%)
Graham Number	Earnings	₹15.54	22%	Over (-11.2%)
Net Asset Value	Assets	₹18.24	10%	Fair (+4.2%)
EV/EBITDA	Enterprise	₹11.74	12%	Over (-32.9%)
Earnings Yield	Earnings	₹5.90	10%	Over (-66.3%)
ROCE Capital	Returns	₹26.88	10%	Under (+53.6%)
Revenue Multiple	Revenue	₹7.38	7%	Over (-57.8%)
Consensus (7 models)		₹14.77	100%	Overvalued

Key Drivers: ROE 3.6% is below cost of equity. | Wide model spread (₹6–₹27) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -5.4%

*Investments are subject to market risks