Hardcastle & Waud Mfg Co Ltd: Intrinsic Value & Share Price Analysis

Q: What is the current share price and 52-week range of Hardcastle & Waud Mfg Co Ltd?

Hardcastle & Waud Mfg Co Ltd is trading at 642.00 as of 23 April 2026, with a FY2026-2027 high of 899 and low of 602. The stock is currently near its 52-week low. Market cap stands at 43.7 Cr..

Q: Is Hardcastle & Waud Mfg Co Ltd financially healthy?

Key indicators: ROCE of 6.31 % is on the lower side. Dividend yield is 0.00 %.

Q: Is Hardcastle & Waud Mfg Co Ltd profitable and how is the profit trend?

Hardcastle & Waud Mfg Co Ltd reported a net profit of 1 Cr in Mar 2025 on revenue of 6 Cr. Compared to 1 Cr in Mar 2022, the net profit shows an improving trend.

Fair Value

₹243.30Overvalued by 62.10%vs CMP ₹642.00

P/E (14.7) × ROE (2.9%) × BV (₹697.00) × DY (2.00%)

₹492.35Overvalued by 23.31%vs CMP ₹642.00

MoS: -30.4% (Negative)Confidence: 53/100 (Moderate)Models: 2 Under, 1 Fair, 6 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹288.34	23%	Over (-55.1%)
Graham Number	Earnings	₹827.84	17%	Under (+28.9%)
Earnings Power	Earnings	₹180.37	11%	Over (-71.9%)
DCF	Cash Flow	₹1,011.87	11%	Under (+57.6%)
Net Asset Value	Assets	₹696.21	7%	Fair (+8.4%)
EV/EBITDA	Enterprise	₹567.08	9%	Over (-11.7%)
Earnings Yield	Earnings	₹437.00	7%	Over (-31.9%)
ROCE Capital	Returns	₹93.41	7%	Over (-85.5%)
Revenue Multiple	Revenue	₹130.24	6%	Over (-79.7%)
Consensus (9 models)		₹492.35	100%	Overvalued

Key Drivers: ROE 2.9% is below cost of equity. | Wide model spread (₹93–₹1,012) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 18.5%

*Investments are subject to market risks

Analyst Summary

Hardcastle & Waud Mfg Co Ltd operates in the Chemicals - Speciality - Others segment, NSE: HARDCAS | BSE: 509597, current market price is ₹642.00, market cap is 43.7 Cr.. At a glance, stock P/E is 14.7, ROE is 2.91 %, ROCE is 6.31 %, book value is 697, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹492.35, around 23.3% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹6 Cr versus the prior period change of 8.8%, while latest net profit is about ₹1 Cr with a prior-period change of -50.0%. The 52-week range shown on this page is 899/602, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisHardcastle & Waud Manufacturing Company Ltd. is a Public Limited Listed company incorporated on 15/10/1945 and has its registered office in the State of Maharashtra, India. Company's Corporate Identif…

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

Investment Snapshot

Hardcastle & Waud Mfg Co Ltd scores 65/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health62/100 · Moderate

ROCE 6.3% WeakROE 2.9% WeakD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent

Smart Money50/100 · Moderate

Promoter holding at 73.6% Stable

Earnings Quality65/100 · Strong

OPM expanding (49% → 57%) Improving

Quarterly Momentum90/100 · Strong

Revenue (4Q): +67% YoY AcceleratingProfit (4Q): +70% YoY Strong

Industry Rank45/100 · Moderate

P/E 14.7 vs industry 64.9 Cheaper than peersROCE 6.3% vs industry 13.0% Below peersROE 2.9% vs industry 25.4% Below peers3Y sales CAGR: 12% Moderate

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, 4:45 am

Market Cap	43.7 Cr.
Current Price	642
Intrinsic Value	₹492.35
High / Low	899/602
Stock P/E	14.7
Book Value	697
Dividend Yield	0.00 %
ROCE	6.31 %
ROE	2.91 %
Face Value	10.0
PEG Ratio	0.79

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

Stock P/E Current Price Intrinsic Value

View Share Price Target for Hardcastle & Waud Mfg Co Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Hardcastle & Waud Mfg Co Ltd	43.7 Cr.	642	899/602	14.7	697	0.00 %	6.31 %	2.91 %	10.0
Haryana Leather Chemicals Ltd	26.8 Cr.	54.6	88.8/50.2	13.1	89.6	1.83 %	8.02 %	5.45 %	10.0
Rossari Biotech Ltd	2,239 Cr.	404	768/373	16.3	226	0.12 %	15.8 %	12.2 %	2.00
Aarti Surfactants Ltd	297 Cr.	351	653/316	16.6	280	0.28 %	8.50 %	5.14 %	10.0
Chembond Chemicals Ltd	164 Cr.	122	490/105	12.0	121	1.43 %	11.5 %	10.5 %	5.00
Industry Average	12,530.04 Cr	712.49		64.87	182.87	0.55%	12.98%	25.40%	6.41

All Competitor Stocks of Hardcastle & Waud Mfg Co Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	1.08	1.11	1.15	1.36	1.61	1.29	1.59	1.13	1.39	1.77	1.94	2.38	2.93
Expenses	0.51	0.87	0.54	0.68	0.52	0.42	0.47	0.58	0.44	1.32	0.83	1.57	0.98
Operating Profit	0.57	0.24	0.61	0.68	1.09	0.87	1.12	0.55	0.95	0.45	1.11	0.81	1.95
OPM %	52.78%	21.62%	53.04%	50.00%	67.70%	67.44%	70.44%	48.67%	68.35%	25.42%	57.22%	34.03%	66.55%
Other Income	0.05	0.05	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.12	0.12	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	0.16	0.17	0.17	0.17	0.16	0.16	0.17	0.18	0.19	0.19	0.19	0.20	0.20
Profit before tax	0.46	0.12	0.55	0.62	1.04	0.82	1.06	0.48	0.87	0.37	1.04	0.73	1.88
Tax %	19.57%	25.00%	-5.45%	-11.29%	25.96%	32.93%	-6.60%	214.58%	29.89%	75.68%	25.96%	2.74%	25.00%
Net Profit	0.37	0.09	0.58	0.69	0.77	0.55	1.14	-0.55	0.61	0.09	0.77	0.70	1.41
EPS in Rs	5.45	1.32	8.54	10.15	11.33	8.09	16.78	-8.09	8.98	1.32	11.33	10.30	20.75

Last Updated: March 3, 2026, 9:20 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 7:00 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2.53	3.14	5.47	8.19	4.21	2.89	3.52	3.19	4.16	3.91	5.43	5.91	9.02
Expenses	3.62	3.62	3.48	2.95	2.64	2.53	2.05	2.29	1.92	2.15	2.16	2.77	4.70
Operating Profit	-1.09	-0.48	1.99	5.24	1.57	0.36	1.47	0.90	2.24	1.76	3.27	3.14	4.32
OPM %	-43.08%	-15.29%	36.38%	63.98%	37.29%	12.46%	41.76%	28.21%	53.85%	45.01%	60.22%	53.13%	47.89%
Other Income	0.95	1.93	0.00	0.16	0.13	0.20	0.17	0.14	0.20	0.19	0.42	0.37	0.48
Interest	0.04	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	0.28	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	-0.46	1.13	1.66	5.04	1.31	0.18	1.24	0.57	1.85	1.30	3.02	2.79	4.02
Tax %	-54.35%	-15.93%	689.76%	19.84%	16.03%	38.89%	26.61%	98.25%	31.35%	16.15%	14.57%	53.41%
Net Profit	-0.21	1.30	-9.79	4.04	1.09	0.12	0.90	0.01	1.27	1.10	2.58	1.29	2.97
EPS in Rs	-3.09	19.13	-144.08	59.46	16.04	1.77	13.25	0.15	18.69	16.19	37.97	18.98	43.70
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%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	719.05%	-853.08%	141.27%	-73.02%	-88.99%	650.00%	-98.89%	12600.00%	-13.39%	134.55%	-50.00%
Change in YoY Net Profit Growth (%)	0.00%	-1572.12%	994.34%	-214.29%	-15.97%	738.99%	-748.89%	12698.89%	-12613.39%	147.93%	-184.55%

Hardcastle & Waud Mfg Co Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

No data available for the compounded sales growth chart.

Balance Sheet

Last Updated: December 10, 2025, 4:27 am

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	Sep 2025
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	0.68
Reserves	43.66	44.88	35.07	34.95	36.09	36.13	34.42	34.23	39.54	41.08	43.80	44.84	46.71
Borrowings	0.00	0.00	0.00	0.00	0.00	0.25	0.05	0.00	0.00	0.00	0.00	0.00	0.00
Other Liabilities	2.77	2.39	3.65	2.48	2.42	2.48	2.50	2.55	3.31	1.55	1.44	3.15	2.99
Total Liabilities	47.11	47.95	39.40	38.11	39.19	39.54	37.65	37.46	43.53	43.31	45.92	48.67	50.38
Fixed Assets	6.89	7.44	7.14	9.53	9.41	10.38	11.12	19.31	19.71	20.22	19.65	20.52	20.48
CWIP	0.63	0.00	0.00	0.19	0.02	0.00	0.27	0.24	0.10	0.03	0.47	0.22	0.23
Investments	6.99	24.55	25.31	19.71	20.41	19.91	16.05	13.04	13.68	19.59	23.06	26.45	27.83
Other Assets	32.60	15.96	6.95	8.68	9.35	9.25	10.21	4.87	10.04	3.47	2.74	1.48	1.84
Total Assets	47.11	47.95	39.40	38.11	39.19	39.54	37.65	37.46	43.53	43.31	45.92	48.67	50.38

Reserves and Borrowings Chart

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 +	-2.23	17.25	0.58	-1.65	-0.60	0.65	0.16	1.35	3.21	-2.96	3.08	0.69
Cash from Investing Activity +	0.13	-17.10	-0.75	1.55	0.53	-0.89	-0.25	-1.25	-3.11	3.07	-1.55	-2.40
Cash from Financing Activity +	0.05	0.00	0.00	0.00	0.00	0.25	-0.20	-0.05	0.00	0.00	0.00	0.00
Net Cash Flow	-2.05	0.15	-0.18	-0.10	-0.07	0.01	-0.29	0.05	0.10	0.11	1.54	-1.71
Free Cash Flow	-2.78	16.95	0.54	-2.55	-0.71	-0.66	-0.44	0.50	2.38	-4.03	2.53	-0.70
CFO/OP	194%	-3,617%	40%	-31%	-20%	139%	10%	152%	164%	-147%	107%	45%

Free 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
Free Cash Flow	-1.09	-0.48	1.99	5.24	1.57	0.11	1.42	0.90	2.24	1.76	3.27	3.14

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

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	2,520.38	49.98	28.03	15.60	29.48	45.47	26.96	73.23	21.94	10.27	0.00	37.80
Inventory Days	0.00	1.88	0.00	0.00	2.64	9.86	131.81	0.00	0.00	0.00	0.00	0.00
Days Payable		20.70			0.00	9.86	40.56
Cash Conversion Cycle	2,520.38	31.17	28.03	15.60	32.12	45.47	118.21	73.23	21.94	10.27	0.00	37.80
Working Capital Days	2,246.26	-211.56	-123.45	-82.45	-156.06	-291.75	-162.80	136.16	617.69	205.37	-8.10	104.11
ROCE %	-0.92%	3.09%	4.08%	14.12%	3.62%	0.49%	3.43%	1.63%	4.87%	3.15%	7.00%	6.20%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%	73.61%
DIIs	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%
Public	26.31%	26.31%	26.31%	26.31%	26.31%	26.30%	26.29%	26.31%	26.30%	26.30%	26.31%	26.31%
No. of Shareholders	1,271	1,294	1,323	1,374	1,430	1,420	1,523	1,534	1,527	1,517	1,492	1,487

Shareholding Pattern Chart

No. of Shareholders

Hardcastle & Waud Mfg Co Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE / ROE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	18.94	37.94	16.13	18.72	0.14
Diluted EPS (Rs.)	18.94	37.94	16.13	18.72	0.14
Cash EPS (Rs.)	29.58	47.84	25.64	27.38	7.11
Book Value[Excl.RevalReserv]/Share (Rs.)	669.95	654.53	614.63	591.86	513.71
Book Value[Incl.RevalReserv]/Share (Rs.)	669.95	654.53	614.63	591.86	513.71
Revenue From Operations / Share (Rs.)	86.67	79.65	57.52	61.23	46.96
PBDIT / Share (Rs.)	51.59	54.32	28.72	35.84	15.28
PBIT / Share (Rs.)	40.95	44.42	19.21	27.18	8.30
PBT / Share (Rs.)	40.95	44.42	19.21	27.18	8.29
Net Profit / Share (Rs.)	18.94	37.94	16.13	18.72	0.13
PBDIT Margin (%)	59.52	68.19	49.92	58.53	32.53
PBIT Margin (%)	47.24	55.76	33.38	44.39	17.67
PBT Margin (%)	47.24	55.76	33.38	44.39	17.65
Net Profit Margin (%)	21.85	47.63	28.03	30.56	0.28
Return on Networth / Equity (%)	2.82	5.79	2.62	3.16	0.02
Return on Capital Employeed (%)	5.88	6.67	3.06	4.49	1.61
Return On Assets (%)	2.64	5.61	2.53	2.92	0.02
Asset Turnover Ratio (%)	0.12	0.12	0.09	0.10	0.08
Current Ratio (X)	2.41	6.35	16.02	5.25	1.58
Quick Ratio (X)	2.41	6.35	16.02	5.25	1.58
Interest Coverage Ratio (X)	0.00	0.00	0.00	0.00	1648.99
Interest Coverage Ratio (Post Tax) (X)	0.00	0.00	0.00	0.00	15.67
Enterprise Value (Cr.)	43.90	40.14	22.68	17.35	11.72
EV / Net Operating Revenue (X)	7.45	7.42	5.80	4.17	3.67
EV / EBITDA (X)	12.52	10.87	11.62	7.13	11.29
MarketCap / Net Operating Revenue (X)	7.50	7.78	5.92	4.25	3.72
Price / BV (X)	0.97	0.94	0.55	0.43	0.34
Price / Net Operating Revenue (X)	7.50	7.78	5.92	4.25	3.72
EarningsYield	0.02	0.06	0.04	0.07	0.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Hardcastle & Waud Manufacturing Company Ltd. is a Public Limited Listed company incorporated on 15/10/1945 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L99999MH1945PLC004581 and registration number is 004581. Currently Company is involved in the business activities of Renting and leasing of other machinery, equipment and tangible goods. Company's Total Operating Revenue is Rs. 5.89 Cr. and Equity Capital is Rs. 0.68 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Chemicals - Speciality - Others	Mall Office, 2nd Floor, Metro Junction Mall of West Pioneer Properties (India) Pvt Ltd, N Thane Maharashtra 421306	Contact not found

Management
Name	Position Held
Mr. Banwari Lal Jatia	Managing Director
Mr. Piyushkumar Mehta	Non Executive Director
Mr. Sunil Kantilal Trivedi	Independent Director
Ms. Pranjali Mangal Bhandari	Independent Director
Mr. Vimal Chand Kothari	Independent Director
Mr. Manekchand Panda	Independent Director

FAQ

What is the intrinsic value of Hardcastle & Waud Mfg Co Ltd and is it undervalued?

As of 23 April 2026, Hardcastle & Waud Mfg Co Ltd's intrinsic value is ₹492.35, which is 23.31% lower than the current market price of ₹642.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (2.91 %), book value (₹697), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Hardcastle & Waud Mfg Co Ltd?

Hardcastle & Waud Mfg Co Ltd is trading at ₹642.00 as of 23 April 2026, with a FY2026-2027 high of ₹899 and low of ₹602. The stock is currently near its 52-week low. Market cap stands at ₹43.7 Cr..

How does Hardcastle & Waud Mfg Co Ltd's P/E ratio compare to its industry?

Hardcastle & Waud Mfg Co Ltd has a P/E ratio of 14.7, which is below the industry average of 64.87. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Hardcastle & Waud Mfg Co Ltd financially healthy?

Key indicators for Hardcastle & Waud Mfg Co Ltd: ROCE of 6.31 % is on the lower side compared to the industry average of 12.98%; ROE of 2.91 % is below ideal levels (industry average: 25.40%). Dividend yield is 0.00 %.

Is Hardcastle & Waud Mfg Co Ltd profitable and how is the profit trend?

Hardcastle & Waud Mfg Co Ltd reported a net profit of ₹1 Cr in Mar 2025 on revenue of ₹6 Cr. Compared to ₹1 Cr in Mar 2022, the net profit shows an improving trend.

Does Hardcastle & Waud Mfg Co Ltd pay dividends?

Hardcastle & Waud Mfg Co Ltd has a dividend yield of 0.00 % at the current price of ₹642.00. The company is currently not paying meaningful dividends.