Hindware Home Innovation Ltd(HINDWAREAP)

NSE: HINDWAREAPBSE: 542905

₹ 165+1.79%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 1,380 crWebsite: www.shilgroup.comUpdated: 24 Oct 2026

About

Hindware Home Innovation Ltd runs two businesses. Building Products covers bathware, faucets, premium tiles and plastic pipes and fittings. Consumer Products covers kitchen appliances and water heaters. Established in 1960, the company introduced India's first vitreous china sanitaryware, and it reported FY26 revenue from operations of Rs 2,510.28 crore. The company says it is among the top five brands in key categories, and a proposed demerger would split it into two listed companies.^[1][2]

Business segments

Building Products contributed ₹2,193.4 crore (87.3% of segment revenue) with EBIT of ₹117 crore (5.3% margin) in FY26. Its share of group revenue rose 15.3 percentage points over FY2020-FY2026.^[3]
Consumer Appliances contributed ₹318.07 crore (12.7% of segment revenue) with EBIT of negative ₹1.27 crore (-0.4% margin) in FY26.^[3]
Within Building Products in FY26, Bathware generated ₹1,520 crore (+10% YoY). Pipes (Truflo) generated ₹673 crore, down from ₹786 crore in FY25.^[4]
Bathware sales grew ~14% YoY to ₹387 crore in Q1 FY27 from ₹341 crore in Q1 FY26. Bathware EBITDA was ₹46 crore.^[5]
Consumer appliances revenue was ~₹83 crore in Q1 FY27, up 16% YoY. HPL is now wholly owned.^[5]

Products and brands

Bathware brands are Queo (luxury lifestyle), Hindware Italian Collection (aspirational premium) and Hindware (core). Tiles are sold under Hindware Italian Collection (FY26).^[1]
Premium products were ~40% of the Bathware mix in Q1 FY27 and carry a 2-3% higher gross margin.^[5]
The pipes portfolio covers over 2,500 SKUs as of FY26, including CPVC, PVC, foam core, DWC and PPR. CPVC was ~32% of pipes value mix in Q1 FY27.^[1][6][5]
In-house manufacturing of PTMT faucets began in FY26, with a portfolio of 215 SKUs.^[1]
Consumer Products exited loss-making categories in FY26 to focus on kitchen appliances and water heaters. It launched an AI-enabled chimney range of 24 new SKUs.^[1]

Manufacturing capacity and utilisation

Sanitaryware capacity is up to 2.1 Mn pieces per annum at Bibinagar, Telangana and 1.75 Mn pieces at Bahadurgarh, Haryana (FY26).^[1]
The faucet plant at Kaharani, Rajasthan has capacity of up to 3.7 Mn pieces per annum (FY26).^[1]
Pipes and fittings capacity is 78,500+ TPA across green-certified plants at Sangareddy, Telangana and Roorkee, Uttarakhand (FY26).^[1]
Utilisation was ~90% at the sanitaryware plants and ~85% at the faucet plant in Q1 FY27, compared with ~82% and 89% in FY26.^[5][4]
In Q1 FY27, ~50% of faucets and ~70% of sanitaryware were made in-house.^[5]

Key operating numbers

Pipes sales volume was 10,221 MT in Q1 FY27, up ~28% YoY, compared with 10,188 MT in Q1 FY26.^[5][6]
Pipes EBITDA margin was only ~3% in Q1 FY27, amid resin volatility, the Roorkee ramp-up and pricing pressure.^[5]
PVC resin prices rose from approximately ₹68/kg to ₹114/kg by March 2026, causing a negative PBT of ₹10 crore for Pipes in Q4 FY26.^[4]
Bathware working capital days fell to 87 in Q1 FY27 from 95 in Q1 FY26. Bathware net bank debt fell from ₹271 crore to ₹224 crore over the same period.^[5]
Faucet prices were raised by ~20% over the 12 months to Q1 FY27.^[5]

Customers and distribution

The bathware network has over 500 brand stores, over 500 distributors and more than 35,000 active retail touchpoints (FY26). The company cited 640+ brand stores in Q1 FY27.^[1][5]
Institutional and project sales were about 25% of bathware turnover in FY26 and ~25% in Q1 FY27. Tier 2/3 markets were ~70% of bathware in Q1 FY27.^[1][5]
The pipes business has 320+ distributors and more than 30,000 dealer touchpoints (FY26). It added 22 distributors in Q1 FY27.^[1][5]

Expansion and capex

The Roorkee pipes plant (12,500 TPA) began commercial production on 30 January 2026, taking pipes capacity to 78,500 TPA. Management says the major capex phase is complete.^[1]
Management expects Roorkee utilisation to need another 2-3 quarters to improve (as of Q1 FY27).^[5]
FY27 capex plan: Bathware ~₹50 crore, with no capacity expansion beyond debottlenecking, and Pipes ~₹15 crore.^[5]
The Queo super-premium brand targets ₹180-200 crore in revenue within 5 years (as of Q1 FY27).^[5]

Recent developments

Under the proposed demerger, Hindware Limited would hold Bathware and Pipes and HHIL Limited would hold Consumer Products, with both to be listed. The appointed date is 1 April 2025.^[1]
Shareholders and creditors approved the scheme on 7 March 2026. NCLT sanction is pending, and listing is to be initiated after the NCLT order (as of Q1 FY27).^[1][5]
The credit rating was downgraded to CARE BBB+ (RWD) long term from CARE A-, and to A2 short term (FY26 annual report).^[1]
JV Hintastica sold its manufacturing assets for Rs 115 crore, and the proceeds were used to repay debt (FY26).^[1]
The retail business was discontinued, and sale or liquidation of its assets is continuing (FY26).^[1]
As of 31 March 2026, the company had six subsidiaries (including three step-down subsidiaries) and one joint venture.^[1]

Market Cap

₹1,380 Cr

High / Low

₹390 / 157

Stock P/E

-216.2

Price / Book

1.8

Book Value

₹88

EPS

₹-4.7

No. of Shares

8.36 Cr

ROCE

4.8%

ROE

-5.2%

OPM

4.5%

Debt / Equity

0.96

Sales

₹2,510 Cr

Net Profit

₹-39 Cr

Promoter holding

52.7%

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Hindware Home Innovation Ltd(HINDWAREAP)

About

Business segments

Products and brands

Manufacturing capacity and utilisation

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

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