Hind.Tin Works - Hind.Tin Works

📊 BSE: 530315 🏢 Packaging 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Revenue from operations fell 3.11% YoY to INR 406.29 Cr in FY2025. Manufacturing sales fell ~4% in H1 FY2025, while trading sales were discontinued, contributing to a 9% YoY revenue decline in FY2024.

Geographic Revenue Split

Domestic sales account for ~76.2% of revenue. Exports contributed INR 96.77 Cr (23.8% of total) in FY2025, representing a 4.19% YoY decrease from INR 101.00 Cr in FY2024.

Profitability Margins

Net Profit Margin decreased from 4.06% in FY2024 to 3.02% in FY2025. Operating Profit Margin fell from 7.15% to 5.54% YoY due to lower profit before tax and a shift in product mix.

EBITDA Margin

EBITDA margin (OPBDITA/OI) was 8.4% in FY2024 but moderated to 6.0% in H1 FY2025 due to lower realizations and higher manufacturing costs.

Capital Expenditure

The company is undertaking a sizeable capex of INR 45-50 Cr for a new manufacturing facility in Sonipat, Haryana, expected to be commissioned by the end of FY2025.

Credit Rating & Borrowing

Long-term rating is [ICRA]BBB+ with a Stable outlook (revised from Positive in Dec 2024). Short-term rating is [ICRA]A2. Total rated debt is INR 270.00 Cr.

⚙️ Operational Drivers

Raw Materials

Tinplate is the primary raw material, with costs significantly impacted by global price volatility. Easy Open Ends (EOEs) are also a critical component.

Import Sources

Easy Open Ends (EOEs) are imported from China, subject to antidumping duties and Quality Control Orders (QCO).

Key Suppliers

Not disclosed in available documents, though the company maintains an 'edge in raw material procurement' through established relationships.

Capacity Expansion

Current manufacturing is centered in Murthal, Haryana. Planned expansion includes a new export-focused unit at Sonipat, Haryana, to debottleneck existing capacities.

Raw Material Costs

Raw material costs are exposed to high volatility; margins fluctuate with tin prices, though the company manages to pass on large variations with a lag.

Manufacturing Efficiency

Inventory turnover ratio slightly decreased from 4.50 to 4.38 in FY2025 due to increased average inventory levels.

📈 Strategic Growth

Growth Strategy

Growth is targeted through the commissioning of the INR 45-50 Cr Sonipat facility to boost exports and a strategic shift toward higher-margin products like aerosol cans.

Products & Services

Round and irregular tin cans, Open Top Sanitary (OTS) cans for food, and aerosol cans.

Brand Portfolio

Hindustan Tin.

New Products/Services

Aerosol cans are being ramped up as a higher-margin product line to improve overall profitability.

Market Expansion

Focusing on the export market through the new Sonipat unit and leveraging the government's priority to promote the food processing industry.

Market Share & Ranking

HTWL is among the largest players in the tin can industry in India with a leading position in OTS cans.

🌍 External Factors

Industry Trends

The industry is evolving toward sustainable packaging, with tin cans positioned as a 100% recyclable alternative to hazardous plastic products.

Competitive Landscape

Highly fragmented and competitive, facing pressure from both organized players and alternative packaging materials like plastic and tetra packs.

Competitive Moat

Moat is built on a 60+ year track record, 100% recyclability, and the technical advantage of tin for food safety and longer shelf life compared to flexible packaging.