WEBSITE BSE:590018 NSE: HISARMETAL Inc. Year: 1990 Industry: Steel & Iron Products My Bucket: Add Stock
Last updated: 15:41
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1. Business Overview
Hisar Metal Industries Ltd. operates in the Steel & Iron Products sector in India. The company is primarily engaged in the manufacturing and trading of various steel and iron products. While specific product details are not provided, companies in this industry typically produce items such as steel billets, ingots, bars, rods, sheets, pipes, and wires, catering to diverse industrial and construction needs. The company makes money by selling these manufactured and traded products to its customers, which usually include construction companies, infrastructure developers, manufacturers, and other industrial clients.
2. Key Segments / Revenue Mix
Based on the provided information, Hisar Metal Industries Ltd. operates predominantly within a single overarching segment: "Steel & Iron Products." Without access to financial statements or specific company reports, a detailed breakdown of revenue contribution from different product categories (e.g., long products vs. flat products, specific alloy steels) or customer types is not publicly available.
3. Industry & Positioning
The Indian steel and iron industry is large, capital-intensive, and cyclical, characterized by both large integrated players and numerous smaller, regional, or specialized manufacturers. Demand is closely tied to economic growth, infrastructure development, real estate, and manufacturing activity. Hisar Metal Industries Ltd., while not one of the dominant national players, likely competes as a regional or specialized manufacturer/trader. Its positioning would be against other medium to small-sized steel producers and traders, focusing on specific regional markets, product niches, or customer segments where it can offer competitive pricing, product quality, or service.
4. Competitive Advantage (Moat)
For a company of its likely scale in the highly competitive steel industry, a strong and durable competitive advantage is challenging to establish. Potential moats, if any, could include:
Regional Cost Advantage: Proximity to raw material sources or key customer markets, leading to lower logistics costs.
Niche Product Specialization: Expertise in producing specific types of steel or iron products that require specialized manufacturing processes or cater to a specialized market.
Established Customer Relationships: Long-standing relationships and trust built with a loyal customer base over time, ensuring repeat business.
However, without specific company details, it's inferred that scale and brand are unlikely to be significant moats for a company of this nature compared to industry giants.
5. Growth Drivers
Infrastructure Development: Continued government spending and focus on infrastructure projects (roads, railways, urban development) in India will drive significant demand for steel and iron products.
Real Estate & Construction: Growth in residential, commercial, and industrial construction due to urbanization and economic development will fuel demand.
Manufacturing Sector Growth: Expansion in key end-user industries such as automotive, machinery, and capital goods, which rely heavily on steel as a raw material.
Capacity Utilization & Expansion: Optimized use of existing production capacity and strategic expansion into new product lines or increased volumes.
Government Policies: Supportive policies for domestic manufacturing and steel consumption.
6. Risks
Commodity Price Volatility: Fluctuations in the prices of key raw materials like iron ore, coking coal, and energy can significantly impact profitability.
Cyclicality of Demand: The steel industry is highly cyclical, with demand closely correlated with overall economic conditions, making it vulnerable to economic downturns.
Intense Competition: Competition from larger, integrated domestic players and potentially imported steel products can exert pressure on pricing and market share.
Regulatory & Environmental Compliance: Increasingly stringent environmental regulations and changing trade policies (tariffs, anti-dumping duties) can impose additional costs and operational constraints.
Capital Intensive Nature: High capital expenditure requirements for maintaining and upgrading facilities can strain financial resources, especially during lean periods.
7. Management & Ownership
Hisar Metal Industries Ltd. is typically a promoter-led company, which is common in India's industrial landscape. The promoters, often founding families or groups, hold a significant stake and usually play a direct role in the strategic direction and operational management of the company. Specific details regarding the management team's experience, board structure, or exact ownership breakdown (e.g., promoter holding, institutional investor holding, public float) are not available without access to detailed company filings.
8. Outlook
The outlook for Hisar Metal Industries Ltd. is largely tied to the broader economic performance of India and the dynamics of the domestic steel sector. The company could benefit from strong government impetus on infrastructure, urbanization trends, and a growing manufacturing base, which are all significant drivers for steel demand. However, it faces inherent challenges stemming from the cyclical nature of the industry, intense competition, and volatility in raw material prices. Its ability to navigate these market forces, manage operational efficiencies, and potentially carve out specific niches or regional advantages will be crucial for sustained performance. The company's performance will be a reflection of its execution capabilities within a commodity-driven and capital-intensive environment.
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Market Cap ₹80 Cr.
Stock P/E 25.1
P/B 1.2
Current Price ₹147.5
Book Value ₹ 121.2
Face Value 10
52W High ₹228
Dividend Yield 0.68%
52W Low ₹ 117.7
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 65 | 53 | 61 | 64 | 65 | 57 | 59 | 62 | 60 | 68 |
| Other Income | 0 | 0 | 1 | -0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Total Income | 65 | 53 | 61 | 64 | 65 | 57 | 60 | 62 | 60 | 68 |
| Total Expenditure | 61 | 49 | 58 | 60 | 61 | 54 | 54 | 59 | 56 | 65 |
| Operating Profit | 5 | 4 | 4 | 4 | 4 | 3 | 5 | 3 | 4 | 4 |
| Interest | 1 | 1 | 2 | 2 | 2 | 1 | 4 | 2 | 2 | 1 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 3 | 2 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 2 |
| Provision for Tax | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 2 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 2 | 2 | 1 | 1 | 1 | 1 | 0 | 0 | 1 | 1 |
| Adjusted Earnings Per Share | 3.9 | 2.8 | 2 | 1.6 | 2.1 | 1.5 | 0.7 | 0.8 | 1.6 | 2.5 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 224 | 176 | 161 | 231 | 208 | 178 | 153 | 237 | 276 | 242 | 245 | 249 |
| Other Income | 0 | 0 | 1 | 0 | 1 | 0 | 0 | 2 | 1 | 1 | 1 | 1 |
| Total Income | 224 | 176 | 162 | 231 | 209 | 178 | 153 | 238 | 277 | 242 | 246 | 250 |
| Total Expenditure | 213 | 167 | 151 | 215 | 195 | 166 | 138 | 215 | 254 | 225 | 230 | 234 |
| Operating Profit | 11 | 9 | 10 | 16 | 14 | 13 | 15 | 23 | 23 | 17 | 16 | 16 |
| Interest | 8 | 6 | 5 | 7 | 5 | 5 | 5 | 5 | 6 | 6 | 9 | 9 |
| Depreciation | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 4 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 2 | 1 | 4 | 7 | 7 | 5 | 8 | 16 | 16 | 8 | 4 | 5 |
| Provision for Tax | 1 | 0 | 1 | 2 | 2 | 1 | 2 | 4 | 5 | 2 | 1 | 0 |
| Profit After Tax | 1 | 0 | 3 | 5 | 5 | 4 | 5 | 12 | 11 | 6 | 3 | 2 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 1 | 0 | 3 | 5 | 5 | 4 | 5 | 12 | 11 | 6 | 3 | 2 |
| Adjusted Earnings Per Share | 2.5 | 0.7 | 4.9 | 9.2 | 9.9 | 7.2 | 10 | 22.3 | 20.3 | 12 | 5.9 | 5.6 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 1% | 1% | 7% | 1% |
| Operating Profit CAGR | -6% | -11% | 4% | 4% |
| PAT CAGR | -50% | -37% | -6% | 12% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -28% | 2% | 5% | 24% |
| ROE Average | 5% | 13% | 18% | 17% |
| ROCE Average | 9% | 13% | 15% | 14% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 13 | 13 | 15 | 19 | 24 | 27 | 32 | 44 | 54 | 60 | 63 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 8 | 9 | 11 | 11 | 18 | 21 | 20 | 19 | 18 | 20 | 21 |
| Other Non-Current Liabilities | 2 | 2 | 3 | 3 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| Total Current Liabilities | 71 | 56 | 58 | 72 | 70 | 49 | 81 | 70 | 69 | 86 | 78 |
| Total Liabilities | 94 | 80 | 87 | 106 | 115 | 100 | 136 | 137 | 145 | 170 | 166 |
| Fixed Assets | 15 | 20 | 20 | 22 | 24 | 22 | 21 | 19 | 19 | 25 | 29 |
| Other Non-Current Assets | 7 | 3 | 2 | 2 | 1 | 1 | 2 | 2 | 9 | 6 | 6 |
| Total Current Assets | 72 | 57 | 65 | 83 | 90 | 77 | 113 | 115 | 118 | 139 | 130 |
| Total Assets | 94 | 80 | 87 | 106 | 115 | 100 | 136 | 137 | 145 | 170 | 166 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 4 | 4 | 4 | 5 | 5 | 6 | 3 | 3 | 4 | 5 | 4 |
| Cash Flow from Operating Activities | -6 | 20 | 7 | 9 | 12 | 4 | 9 | 6 | 15 | 10 | 13 |
| Cash Flow from Investing Activities | -5 | -1 | -6 | -3 | -3 | -1 | -2 | 1 | -8 | -5 | -6 |
| Cash Flow from Financing Activities | 11 | -19 | 1 | -7 | -8 | -6 | -7 | -6 | -7 | -5 | -8 |
| Net Cash Inflow / Outflow | 0 | -0 | 2 | -0 | 1 | -3 | 0 | 1 | 1 | -0 | -0 |
| Closing Cash & Cash Equivalent | 4 | 4 | 5 | 5 | 6 | 3 | 3 | 4 | 5 | 4 | 4 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 2.46 | 0.72 | 4.88 | 9.19 | 9.86 | 7.24 | 10.01 | 22.33 | 20.28 | 11.97 | 5.88 |
| CEPS(Rs) | 5.25 | 3.87 | 8.25 | 12.61 | 13.73 | 11.52 | 13.99 | 26.27 | 24.3 | 16.19 | 10.94 |
| DPS(Rs) | 1 | 0.67 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Book NAV/Share(Rs) | 24.36 | 24.27 | 27.95 | 35.94 | 44.6 | 50.84 | 59.85 | 81.18 | 100.46 | 111.44 | 116.32 |
| Core EBITDA Margin(%) | 4.39 | 4.3 | 5.41 | 6.61 | 6.16 | 6.88 | 9.53 | 9.06 | 8.14 | 6.68 | 6.1 |
| EBIT Margin(%) | 3.89 | 3.52 | 4.68 | 5.95 | 5.74 | 5.73 | 8.32 | 8.95 | 7.64 | 6.11 | 5.28 |
| Pre Tax Margin(%) | 0.82 | 0.36 | 2.13 | 3.08 | 3.37 | 2.82 | 5.07 | 6.86 | 5.64 | 3.46 | 1.75 |
| PAT Margin (%) | 0.53 | 0.2 | 1.46 | 2.1 | 2.57 | 2.2 | 3.54 | 5.1 | 3.97 | 2.68 | 1.3 |
| Cash Profit Margin (%) | 1.13 | 1.06 | 2.47 | 2.88 | 3.57 | 3.5 | 4.94 | 6 | 4.75 | 3.62 | 2.41 |
| ROA(%) | 1.47 | 0.45 | 3.16 | 5.15 | 4.83 | 3.64 | 4.57 | 8.84 | 7.78 | 4.11 | 1.9 |
| ROE(%) | 10.46 | 2.95 | 18.7 | 28.77 | 24.49 | 15.18 | 18.09 | 31.67 | 22.33 | 11.3 | 5.17 |
| ROCE(%) | 13.07 | 8.97 | 11.22 | 17.24 | 13.97 | 11.51 | 13.74 | 20.87 | 18.25 | 11.19 | 9.44 |
| Receivable days | 55.78 | 65.19 | 58.94 | 52.44 | 69.11 | 70.73 | 83.43 | 67.44 | 62.63 | 74.36 | 78.3 |
| Inventory Days | 34.18 | 40.08 | 44.68 | 44.1 | 65.52 | 83.58 | 124.96 | 93.27 | 74.59 | 91.99 | 97.39 |
| Payable days | 20.93 | 9.64 | 5.61 | 16.81 | 42.15 | 35.14 | 65.23 | 56.69 | 29.92 | 34.86 | 41.96 |
| PER(x) | 6.48 | 23.27 | 10.03 | 7.29 | 4.29 | 5.52 | 11.28 | 5.5 | 6.17 | 14.46 | 35.13 |
| Price/Book(x) | 0.65 | 0.69 | 1.75 | 1.86 | 0.95 | 0.79 | 1.89 | 1.51 | 1.25 | 1.55 | 1.78 |
| Dividend Yield(%) | 4.18 | 3.99 | 2.04 | 1.49 | 2.36 | 2.5 | 0.89 | 0.81 | 0.8 | 0.58 | 0.48 |
| EV/Net Sales(x) | 0.34 | 0.36 | 0.53 | 0.41 | 0.38 | 0.46 | 0.78 | 0.54 | 0.48 | 0.7 | 0.73 |
| EV/Core EBITDA(x) | 6.66 | 7.34 | 8.32 | 6 | 5.66 | 6.5 | 8.07 | 5.44 | 5.64 | 9.97 | 11.37 |
| Net Sales Growth(%) | 5.88 | -21.34 | -8.39 | 43.16 | -10.06 | -14.31 | -14.08 | 54.83 | 16.67 | -12.51 | 1.38 |
| EBIT Growth(%) | 20.67 | -28.81 | 21.52 | 66.64 | -15.26 | -14.5 | 24.68 | 66.7 | -0.39 | -30.12 | -12.26 |
| PAT Growth(%) | 7.7 | -70.83 | 580.56 | 88.2 | 7.28 | -26.57 | 38.26 | 123.02 | -9.17 | -40.96 | -50.86 |
| EPS Growth(%) | 7.7 | -70.83 | 580.59 | 88.2 | 7.28 | -26.57 | 38.26 | 123.02 | -9.17 | -40.96 | -50.86 |
| Debt/Equity(x) | 5.36 | 4.43 | 4.25 | 3.33 | 2.6 | 2.29 | 1.93 | 1.47 | 1.26 | 1.34 | 1.12 |
| Current Ratio(x) | 1.02 | 1.03 | 1.12 | 1.15 | 1.29 | 1.56 | 1.39 | 1.64 | 1.71 | 1.61 | 1.68 |
| Quick Ratio(x) | 0.72 | 0.64 | 0.73 | 0.67 | 0.72 | 0.71 | 0.62 | 0.81 | 0.91 | 0.83 | 0.86 |
| Interest Cover(x) | 1.27 | 1.11 | 1.83 | 2.07 | 2.42 | 1.97 | 2.57 | 4.27 | 3.81 | 2.31 | 1.49 |
| Total Debt/Mcap(x) | 8.19 | 6.44 | 2.42 | 1.78 | 2.74 | 2.91 | 1.02 | 0.97 | 1.01 | 0.86 | 0.63 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 61.02 | 61.02 | 61.21 | 61.21 | 61.21 | 61.21 | 61.21 | 61.21 | 61.21 | 61.2 |
| FII | 0.24 | 0.36 | 0.25 | 0.24 | 0.24 | 0.24 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0.24 | 0 | 0 | 0 |
| Public | 38.74 | 38.62 | 38.53 | 38.55 | 38.55 | 38.55 | 38.55 | 38.79 | 38.79 | 38.8 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 | 0.33 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 | 0.21 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 | 0.54 |
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