Interest and depreciation leave Hindware with Rs 4.37 cr Q1 profit
The consolidated quarter was filed after market close; management also flagged input-cost, pricing and plant-ramp pressures.
Filed 12 Aug 2026, 18:07 IST · after market close · HINDWAREAP (HINDWAREAP)
Key takeaways
- Consolidated operating profit of Rs 50.12 cr was reduced to PBT of Rs 6.48 cr after interest of Rs 17.40 cr and depreciation of Rs 29.94 cr.
- Other income of Rs 3.70 cr was a sizeable part of PBT, while the 32.87% tax rate left net profit at Rs 4.37 cr.
- Management said Consumer Appliances is targeting revenue above Rs 500 cr within two years, as the Roorkee plant remains in its ramp-up phase.
Q1FY27 profit conversion remained weak
Hindware Home Innovation reported consolidated operating profit of Rs 50.12 cr, but interest of Rs 17.40 cr and depreciation of Rs 29.94 cr left only Rs 6.48 cr of profit before tax. Other income of Rs 3.70 cr was a sizeable component of that pre-tax profit. Net profit was Rs 4.37 cr, with EPS at Rs 0.52.
Input costs and competition pressured the businesses
Management said Bathware faced industry pressure and rising input costs in Q1FY27. It also attributed pressure in Pipes and Fittings to currency and PVC resin volatility, the Roorkee ramp-up, aggressive competition and pricing pressure. The company said CPVC products formed about 32% of the pipes business value mix, reflecting seasonal softness in plumbing demand.
Roorkee ramp-up sits alongside the growth plan
Management said the recently commissioned Roorkee plant is still in its capacity ramp-up phase. The company said its Consumer Appliances business is aiming to exceed Rs 500 cr in revenue within two years and reach Rs 700-750 cr by FY31. Management also said the Pipes business is focusing on cross-business initiatives to improve resource use, technology adoption and productivity.
The filing came after market close
The results were filed after market close, so there is no immediate price reaction to assess here. The quarter's reported performance is therefore the main reference point until trading resumes.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹625 cr |
| Other income | ₹4 cr |
| Expenses | ₹575 cr |
| Operating profit | ₹50 cr |
| Operating margin (%) | 8.02% |
| Interest | ₹17 cr |
| Depreciation | ₹30 cr |
| Profit before tax | ₹6 cr |
| Tax | ₹2 cr |
| Net profit | ₹4 cr |
| EPS (₹) | ₹0.52 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- CPVC products represented about 32% of the pipes business value mix in Q1 FY27, reflecting seasonal softness in plumbing demand.
Guidance & outlook
- Consumer Appliances aims to exceed ₹500 crore in revenue within two years.
- Consumer Appliances is targeting ₹700–750 crore revenue by FY31.
Expansion
- The recently commissioned Roorkee plant is in its capacity ramp-up phase.
New initiatives
- The pipes business is focusing on cross-business initiatives to optimise resources, use technology and improve productivity.
Competition
- The pipes business reported aggressive competition and pricing pressure in Q1 FY27.
Problems & risks
- Bathware faced industry headwinds and rising input costs in Q1 FY27.
- Pipes and fittings were affected by currency and PVC resin price volatility, Roorkee ramp-up, competition and pricing pressure.
What to watch
- Whether operating margin holds above 8.02% as Roorkee moves through its ramp-up phase.
- Whether CPVC's share of the pipes business value mix moves from about 32% as seasonal plumbing demand changes.
- Progress towards management's stated Consumer Appliances revenue milestone of above Rs 500 cr within two years.