Harshdeep Hortico Ltd

BSE: 544105

₹ 86.11-4.86%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 139 crWebsite: harshdeepindia.comUpdated: 24 Oct 2026

About

Harshdeep Hortico Ltd designs, makes and supplies pots and planters, including roto-moulded, grower, decorative, FRP and Eco series lines. It also makes roto-moulded outdoor furniture, fountains and shade nets. In FY26 it reported revenue of 68.71 crore. It sells to customers across 27+ Indian states and exports to markets including the US, Canada and the Netherlands.^[1][2][3][4]

Revenue mix by product line

The company reports no separate segments: the FY26 annual report says there are no reportable segments.^[1]
Grower Series made up 42-43% of revenue in FY26.^[2]
Roto Moulded Series made up 30.66% of revenue in FY26.^[2]
Decorative Series made up ~14% of revenue in FY26.^[2]
Shade nets (AgriShield) made up ~3% of revenue in FY26, their first year.^[2]
Sales were 75% B2B and 25% B2C in FY26.^[2]

Products and brands

Planters include indoor, outdoor, illuminated, decorative, roto-moulded, fibre reinforced plastic (FRP) and Eco series lines. Accessories include garden hose pipes and water cans.^[1]
The 'Eco Series' planters are made from a blend of sustainable materials, including rice husk and natural fibres.^[1]
Shade nets include agro shade nets, construction safety nets, anti-hail nets and nursery shade nets.^[1]
The company has recently entered roto-moulded outdoor furniture, including illuminated garden furniture.^[1]
Roto-moulded fountains were launched in March 2026. The company says it is the first in India to make them.^[2]
The company had 500+ unique product designs as of H1 FY26.^[4]

Manufacturing operations

The company had 3 manufacturing facilities as of H1 FY26. The third factory was added in Delhi in FY26.^[4][2]
In H1 FY26, 12,000 sq ft was added to the Pune facility, taking its operational area to over 50,000 sq ft. The addition is for shade nets, with an annual capacity of 3,50,000 kgs.^[4]
Management says the current facilities could generate over INR 100 cr of revenue at peak utilisation (Q4 FY26 call).^[2]
Solar panels installed at the Pune factory are expected to save about INR 10-15 lakhs a month on electricity (Q4 FY26 call).^[2]
The company uses robotics in production, as of H1 FY26.^[4]
The company had 172 permanent employees as of March 31, 2026.^[1]

Key operating numbers

Grower Series volumes grew 10-15% year on year in FY26.^[2]
LPG supply to the rotational moulding operations was cut off for about two months in FY26, affecting about 10% of capacity.^[2]

Customers and distribution

The company had 13 major distributors in FY26. Four were added that year, in NCR, Hisar, Aurangabad and Kolhapur.^[2]
As of H1 FY26, it sold across 27+ states, with 7 showrooms and 2 warehouses.^[4]
Named clients include Adani, Reliance, Tata, Lodha, Infosys and Zepto. Projects include the Mangalore, Jaipur, Rajahmundry and Mumbai airports (as of H1 FY26).^[4]
Exports were ~2% of revenue in FY26, with new sales to the US and Canada through the Eco Series.^[2]
Export markets listed in H1 FY26 include the UK, Canada, the Netherlands, UAE, USA, Nepal, Taiwan, Saudi Arabia, Oman, Tanzania, New Zealand and Kuwait.^[4]

Expansion plans

Shade net capacity is being expanded with new machinery. Shade net growth of 10-20% from the FY26 base is expected in FY27.^[2]
Showrooms are planned in Lucknow and Ludhiana by FY27.^[2]
An e-commerce website is planned by FY27 to sell fountains and garden furniture directly to consumers. Planters will remain B2B.^[2]
A warehouse was added in Pune for shade nets in FY26.^[2]

Recent developments

FY26 revenue of about 68.7 cr fell short of the company's 85 cr guidance. Management cited the LPG disruption and a jump in raw material prices.^[2]
The company took on borrowings for the first time in FY26, with a debt-equity ratio of 0.07.^[1]
The company changed its object clause in its constitution to enter the manufacture and trade of shade nets (FY25).^[5]
The company was incorporated as Harshdeep Hortico Limited on December 30, 2022.^[1]

Market Cap

₹139 Cr

High / Low

₹107 / 76

Stock P/E

12.4

Price / Book

2.6

Book Value

₹37

EPS

₹7.8

No. of Shares

1.61 Cr

ROCE

29.4%

ROE

23.3%

OPM

23.8%

Debt / Equity

0.06

Sales

₹69 Cr

Net Profit

₹13 Cr

Promoter holding

73.0%

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