💰 Financial Performance

Revenue Growth by Segment

Standalone turnover grew 4.47% YoY to INR 141.56 Cr from INR 135.50 Cr. Consolidated turnover reached INR 184.60 Cr. The company operates in a single segment, making segment-wise growth identical to overall growth.

Profitability Margins

Standalone Net Profit Margin is 7.59% for the full year. For the half-year ended September 30, 2025, consolidated profit after tax grew 49.86% to INR 7.98 Cr from INR 5.32 Cr YoY.

EBITDA Margin

Not explicitly disclosed, but standalone profit after tax grew 10.23% YoY to INR 10.74 Cr.

Capital Expenditure

Property, Plant and Equipment (Standalone) was valued at INR 393.41 Cr as of September 30, 2025, compared to INR 398.68 Cr as of March 31, 2025.

⚙️ Operational Drivers

📈 Strategic Growth

Expected Growth Rate

4.47%

Growth Strategy

The company plans to achieve growth through business diversification and leveraging the projected status of the Indian economy as the fastest-growing emerging market. Strategy includes expanding the interior solutions division via Slimx Interior Solutions (85% stake) and the locks division via Fiba Hardwyn Locks.

Products & Services

Hardware products, locks, and interior solutions.

Brand Portfolio

Hardwyn, Fiba Hardwyn, Slimx.

New Products/Services

Expansion into interior solutions through Slimx Interior Solutions Private Limited and specialized locks through Fiba Hardwyn Locks Private Limited.

Market Expansion

Targeting growth within the Indian market, specifically focusing on easing investment conditions and foreign direct investment (FDI) inflows expected in 2024.

Strategic Alliances

Acquired a 33% stake in Fiba Hardwyn Locks Private Limited via a share swap agreement and an 85% stake in Slimx Interior Solutions Private Limited.

🌍 External Factors

Industry Trends

The industry is shifting toward easing investment conditions and increased FDI. The company is positioning itself by diversifying its product portfolio to capture demand in the growing hardware and interior solutions sectors.

Competitive Moat

Moat is built on determination, teamwork, and a diversified product range (locks and interior solutions). Sustainability is driven by alignment with India's macroeconomic growth and infrastructure development.

Macro Economic Sensitivity

Highly sensitive to Indian GDP growth and FDI inflows; the company expects the Indian economy to be the fastest-growing emerging market in the near future.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act, 2013 and Indian Accounting Standards (Ind AS). The company noted 'certain irregularities' in quarterly reports filed under SEBI (LODR) Regulations.

Taxation Policy Impact

Current tax liabilities (Net) were INR 4.74 Cr as of September 30, 2025.

⚠️ Risk Analysis

Key Uncertainties

Low equity base (internal weakness) and economic/policy vibrations (external threats) could impact margins and growth by up to 10-15% based on historical profit sensitivity.

Geographic Concentration Risk

Operations are primarily concentrated in India, with the registered office in New Delhi.

Credit & Counterparty Risk

Standalone trade payables stood at INR 22.64 Cr as of September 30, 2025, reflecting significant counterparty credit exposure.