Electric Equipment · Founded 1984 · www.hindustan-appliances.in · BSE 531918 · · ISIN INE02XD01011
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Business
Hindustan Appliances Ltd. (HINDUSTAN FB) is an Indian company operating in the Electric Equipment sector. Its core business involves the design, manufacturing, marketing, and distribution of a range of consumer electrical appliances for household use. The company primarily generates revenue through the direct sales of its products to consumers across various distribution channels, including retail stores, online platforms, and institutional sales.
Revenue Mix
Specific revenue contributions per segment are not available. However, based on its industry, Hindustan Appliances Ltd. likely operates across several product categories which may include:
White Goods: Refrigerators, washing machines, air conditioners, dishwashers.
Small Appliances: Mixer grinders, toasters, irons, water heaters, vacuum cleaners.
Kitchen Appliances: Microwaves, ovens, cooktops, chimneys.
Industry
Hindustan Appliances operates in the highly competitive Indian consumer durables market. This industry is characterized by significant demand driven by a growing middle class and urbanization, but also faces intense competition from both established domestic players and international brands. Key factors for success include product innovation, competitive pricing, extensive distribution networks, and reliable after-sales service. As a domestic player, Hindustan Appliances likely positions itself by leveraging brand familiarity (implied by "Hindustan"), catering to local preferences, and building a strong distribution footprint within India.
MOAT
Hindustan Appliances Ltd. may possess several potential competitive advantages:
Brand Recognition: As a company with "Hindustan" in its name and operating in India, it might benefit from established brand loyalty and trust among Indian consumers built over time.
Distribution Network: A long-standing presence could mean an extensive and robust distribution and service network across urban and semi-urban India.
Scale & Cost Efficiency: Depending on its market share, the company might achieve economies of scale in manufacturing, procurement, and logistics, leading to cost advantages.
Understanding Local Preferences: A domestic focus allows for deeper insights into Indian consumer needs, enabling tailored product development.
Growth Drivers
Key factors that can drive growth for Hindustan Appliances over the next 3-5 years include:
Rising Disposable Incomes: Increasing affluence among Indian households drives demand for new and upgraded appliances.
Urbanization & Nuclear Families: Growth in urban populations and smaller family units leads to increased household formation and demand for modern appliances.
Premiumization & Smart Appliances: Growing consumer preference for technologically advanced, energy-efficient, and premium segment appliances.
Replacement Demand: A significant base of existing appliances creating opportunities for upgrades and replacements.
Government Initiatives: Policy support for manufacturing (e.g., 'Make in India') and energy efficiency norms can drive innovation and adoption.
Risks
Hindustan Appliances Ltd. faces several risks:
Intense Competition: Fierce rivalry from domestic and international players can lead to pricing pressures and margin erosion.
Input Cost Volatility: Fluctuations in raw material prices (metals, plastics, electronic components) can impact profitability.
Economic Downturns: Reduced consumer discretionary spending during economic slowdowns directly affects appliance sales.
Technological Obsolescence: Rapid advancements in technology require continuous R&D investment to remain competitive.
Supply Chain Disruptions: Global or domestic supply chain issues can impact production and delivery schedules.
Regulatory Changes: New energy efficiency standards, environmental regulations, or import tariffs could increase operational costs.
Management & Ownership
Specific details regarding promoters, management quality, and ownership structure are not provided. Typically, publicly listed Indian companies like Hindustan Appliances Ltd. are either promoter-driven (with a founding family holding a significant stake) or professionally managed, with a mix of institutional and public shareholding. The quality of management would depend on their strategic vision, execution capabilities, and financial prudence.
Outlook
Hindustan Appliances Ltd. operates in a promising, yet challenging, market. The underlying demand for consumer appliances in India is strong, driven by favorable demographic and economic trends. The bull case hinges on the company's ability to capitalize on this growth through continuous product innovation, efficient manufacturing, expansion of its distribution network, and effective brand building. The bear case involves intense competitive pressures leading to margin compression, inability to keep pace with technological advancements, or significant disruptions in the supply chain or economy impacting consumer sentiment. Success for Hindustan Appliances will depend on its agility, strategic investments, and robust execution in a highly dynamic market.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 |
| Adjustments | -0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 |
| Adjusted Earnings Per Share | 0.1 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | -0.1 | -0 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Total Income | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Total Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 1 | 0 |
| Operating Profit | 1 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | -0 | 0 |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
| Adjusted Earnings Per Share | 0.4 | 0.3 | 0.3 | 0.2 | 0.2 | 0.1 | -0.4 | -0.1 | 0.1 | 0.1 | -0.1 | -0.1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 0% | 0% | 0% | 0% |
| Operating Profit CAGR | 0% | 0% | 0% | -100% |
| PAT CAGR | 0% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -28% | 128% | NA% | NA% |
| ROE Average | -0% | 1% | -0% | 1% |
| ROCE Average | -0% | 0% | -0% | 0% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 14 | 14 | 14 | 14 | 15 | 15 | 14 | 14 | 14 | 15 | 15 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 35 | 35 | 35 | 35 | 35 | 35 | 36 | 36 | 36 | 36 | 36 |
| Total Liabilities | 49 | 49 | 49 | 49 | 50 | 50 | 50 | 50 | 50 | 51 | 51 |
| Fixed Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 8 | 8 | 7 | 7 | 7 | 7 | 7 | 7 | 8 | 8 | 8 |
| Total Current Assets | 41 | 41 | 41 | 42 | 42 | 42 | 42 | 43 | 43 | 43 | 43 |
| Total Assets | 49 | 49 | 49 | 49 | 50 | 50 | 50 | 50 | 50 | 51 | 51 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Cash Flow from Operating Activities | -1 | -1 | -1 | -0 | -0 | -0 | -0 | -0 | -1 | -0 | -1 |
| Cash Flow from Investing Activities | -0 | -0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 | 1 |
| Cash Flow from Financing Activities | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Cash Inflow / Outflow | -0 | 0 | -0 | -0 | 0 | 0 | -0 | 0 | -0 | 0 | -0 |
| Closing Cash & Cash Equivalent | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.43 | 0.33 | 0.29 | 0.21 | 0.16 | 0.08 | -0.35 | -0.05 | 0.13 | 0.15 | -0.06 |
| CEPS(Rs) | 0.43 | 0.33 | 0.29 | 0.21 | 0.16 | 0.08 | -0.35 | -0.05 | 0.13 | 0.15 | -0.06 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 13.68 | 14.01 | 14.29 | 14.5 | 14.66 | 14.74 | 14.39 | 14.34 | 14.47 | 14.62 | 14.56 |
| Core EBITDA Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre Tax Margin(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PAT Margin (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Profit Margin (%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| ROA(%) | 0.88 | 0.68 | 0.58 | 0.42 | 0.33 | 0.16 | -0.7 | -0.1 | 0.26 | 0.29 | -0.12 |
| ROE(%) | 3.17 | 2.38 | 2.01 | 1.44 | 1.12 | 0.54 | -2.41 | -0.35 | 0.92 | 1.01 | -0.41 |
| ROCE(%) | 1.28 | 0.98 | 0.79 | 0.57 | 0.45 | 0.21 | -0.71 | -0.1 | 0.26 | 0.29 | -0.22 |
| Receivable days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Payable days | 0 | 0 | -34.41 | -64.65 | -46.52 | -50.27 | -25.97 | -22.14 | -4.55 | -2.3 | -8.45 |
| PER(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 407.79 | 641.35 | 0 |
| Price/Book(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.73 | 6.44 | 5.18 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Core EBITDA(x) | 58.59 | 75.66 | 93.45 | 127.69 | 160.77 | 343.94 | -104.23 | -742.19 | 612.56 | 826.35 | -913.79 |
| Net Sales Growth(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EBIT Growth(%) | -12.23 | -22.69 | -19.25 | -26.89 | -20.53 | -53.12 | -435.43 | 85.83 | 364.73 | 10.98 | -176.47 |
| PAT Growth(%) | -12.15 | -22.56 | -13.65 | -27.31 | -20.86 | -51.76 | -543.42 | 85.76 | 364.73 | 10.98 | -140.38 |
| EPS Growth(%) | -12.14 | -22.55 | -13.66 | -27.31 | -20.86 | -51.76 | -543.36 | 85.74 | 364.4 | 11.04 | -140.4 |
| Debt/Equity(x) | 2.55 | 2.5 | 2.43 | 2.39 | 2.38 | 2.37 | 2.47 | 2.5 | 2.48 | 2.47 | 2.48 |
| Current Ratio(x) | 1.17 | 1.18 | 1.19 | 1.2 | 1.2 | 1.21 | 1.19 | 1.19 | 1.19 | 1.19 | 1.2 |
| Quick Ratio(x) | 1.17 | 1.18 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.28 | 0.29 | 0.29 |
| Interest Cover(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.66 | 0.38 | 0.48 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | — | — | — | — |
| Operating Profit CAGR | — | — | — | -100% |
| PAT CAGR | — | — | — | — |
| Share Price CAGR | -28% | +128% | — | — |
| ROE Average | 0% | +1% | 0% | +1% |
| ROCE Average | 0% | 0% | 0% | 0% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 | 70.82 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 | 29.18 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 | 0.71 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 | 0.29 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
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