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Harrisons Malayalam financials and balance sheet

NSE: HARRMALAYABSE: 500467Industrial ProductsSmall Cap

Last close ₹154.47down ₹8.44 (5.18%)BSE ₹156.75

Share price at the NSE close on 23 Oct 2026. Previous close ₹162.91.

52-week range of traded prices to 23 Oct 2026
₹152.70Low, 23 Oct 2026₹237.90High, 24 Apr 2026
Market cap
₹285 Cr2,059th largest listed
P/E
10.5
P/B
1.6
Dividend yield
Nonein the last 12 months
ROE
16.3%
ROCE
5.4%
Debt to equity
0.60
Volume, NSE
16,52758.6% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Harrisons Malayalam annual reports

Revenue, net profit and borrowings, ₹ crore

  • Revenue
  • Net profit
  • Borrowings
  • Loss
Peak revenue ₹539 Cr, year to Mar 2026A loss in 3 of the 10 years shown

Operating and net margin, per cent

  • Operating margin
  • Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

  1. Revenue539
  2. Materials and goods−197
  3. Employee costs−180
  4. Other expenses−138
  5. Operating profit25
  6. Depreciation−7.0
  7. Other income+24
  8. One-off items0.0
  9. Finance costs−13
  10. Profit before tax29
  11. Tax0.0
  12. Net profit29

What the company owns

  • Plant, investments and other assets₹437 Cr
  • Inventory₹46 Cr
  • Receivables₹15 Cr
  • Cash and bank₹4 Cr

What pays for it: net worth and liabilities

  • Net worth₹179 Cr
  • Other liabilities₹154 Cr
  • Borrowings₹108 Cr
  • Owed to suppliers₹61 Cr

Harrisons Malayalam business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Harrisons Malayalam segment results by quarter

Revenue by segment

₹539 CrTotal
  • Rubber₹293 Cr54.3% of total
  • Tea₹242 Cr45.0% of total
  • Others₹4 Cr0.8% of total

Profit by segment

  • Rubber₹25.6 Cr63.4% of total
  • Others₹14.8 Cr36.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

  • Rubber

    Revenue, ₹ crore
    Profit, ₹ crore

  • Tea

    Revenue, ₹ crore
    Profit, ₹ crore

  • Others

    Revenue, ₹ crore
    Profit, ₹ crore
₹ croreMar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue of all businesses354387451472487488514539
Company revenue, as in its results354387451472487488514539
Revenue173207221273261255296293
Revenue growth–19.3%6.6%23.6%−4.2%−2.4%16.0%−1.0%
Profit−141404938233526
Profit growth––−3.5%22.7%−21.3%−38.7%51.2%−27.6%
Margin−0.9%19.8%18.0%17.8%14.6%9.2%12.0%8.8%
Return on capital–332.9%182.5%129.9%78.1%64.1%50.6%36.8%
Assets–108114132149155186198
Liabilities–969295100119116128
Capital employed–12223749377070
Revenue177177228196223229215242
Revenue33233434
Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Harrisons Malayalam quarterly results

₹ croreMar 2017Mar 2018Mar 2019Filed 7 JunMar 2020Filed 27 JunMar 2021Filed 11 JunMar 2022Filed 9 JunMar 2023Filed 27 MayMar 2024Filed 14 JunMar 2025Filed 10 JunMar 2026Filed 29 May
Revenue from operations367383354387451472487488514539
–371366364396440460478490514
Materials and goods bought11711511594136159142152188197
Employee costs–152152165161166178188182180
Other expenses–1049910599115140138121138
Operating profit before depreciation–13−1223553127102425
Operating margin–3.3%−3.4%6.0%12.3%6.7%5.6%2.1%4.6%4.6%
Materials, % of revenue–30.0%32.5%24.4%30.0%33.8%29.2%31.0%36.5%36.6%
Employee costs, % of revenue–39.8%43.0%42.6%35.7%35.1%36.6%38.5%35.4%33.3%
Other expenses, % of revenue–27.0%27.9%27.0%22.0%24.4%28.7%28.3%23.5%25.5%
Depreciation and amortisation–444444677
Operating profit after depreciation–8−161951272351618
Other income596637791224
Finance costs14131416141112131313
Profit before one-off items and tax−104−24940231801529
One-off items5000000−800
Profit before tax−54−249402318−71529
Tax0000000000
Net profit−54−249402318−71529
Other comprehensive income––−1−9−400−5−5−5
Total comprehensive income––−250362318−121024
Net margin−1.4%1.2%−6.8%2.4%9.0%4.9%3.6%−1.5%2.9%5.4%
Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ croreMar 2019Filed 7 JunMar 2020Filed 27 JunMar 2021Filed 11 JunMar 2022Filed 9 JunMar 2023Filed 27 MayMar 2024Filed 14 JunMar 2025Filed 10 JunMar 2026Filed 29 May
7979115138156144154179
Share capital1818181818181818
Reserves606097120138125136160
10510580869294100108
176206185178179218206213
108109979410091103110
Liabilities going with businesses held for sale10101010101010–
373403407420445463472502
294306315327361374388405
7896909284878397
Net debt1031017882909298103
Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ croreMar 2021Filed 11 JunMar 2022Filed 9 JunMar 2023Filed 27 MayMar 2024Filed 14 JunMar 2025Filed 10 JunMar 2026Filed 29 May
41.137.532.533.023.425.4
41.638.732.534.023.726.1
−14.45.23.019.8−6.6−8.0
Receivables−7.82.41.5−8.15.1−2.0
Inventories5.70.0−2.90.8−1.4−7.3
Payables−20.61.02.822.9−9.91.3
Other working capital8.31.81.64.2−0.40.0
Tax paid−0.5−1.20.0−1.0−0.4−0.8
Capital spending10.917.027.922.217.021.4
Free cash flow30.320.54.610.86.34.0
−10.7−14.1−27.4−21.8−16.1−18.3
−31.9−21.5−7.0−11.0−7.8−4.3
Dividends paid0.00.00.00.00.00.0
Shares bought back0.00.00.00.00.00.0
Shares issued0.00.00.00.00.00.0
Net change in cash−1.42.0−1.90.2−0.52.7
Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Per share

Consolidated, ₹ per share, years to March.Harrisons Malayalam dividend history

₹ per shareMar 2017Mar 2018Mar 2019Filed 7 JunMar 2020Filed 27 JunMar 2021Filed 11 JunMar 2022Filed 9 JunMar 2023Filed 27 MayMar 2024Filed 14 JunMar 2025Filed 10 JunMar 2026Filed 29 May
Earnings per share–₹2.41−₹13.06₹5.02₹21.90₹12.51₹9.63−₹3.96₹8.07₹15.79
Diluted earnings per share–₹2.41−₹13.06₹5.02₹21.90₹12.51₹9.63−₹3.96₹8.07₹15.79
Book value per share––₹42.56₹42.75₹62.32₹74.77₹84.62₹77.97₹83.52₹96.79
Shareholder yield––––0.0%0.0%0.0%0.0%0.0%0.0%
Market cap at the year end (₹ crore)15413513198257244198304377318
Earnings per share is left blank for the year to Mar 2017: the earnings per share is stated as 0 while the period's profit or loss comes to at least half a paisa a share, so the 0 stands in for a figure the filing does not give.

Ratios

Consolidated, years to March.Harrisons Malayalam PE ratio and valuation

RatioMar 2018Mar 2019Filed 7 JunMar 2020Filed 27 JunMar 2021Filed 11 JunMar 2022Filed 9 JunMar 2023Filed 27 MayMar 2024Filed 14 JunMar 2025Filed 10 JunMar 2026Filed 29 May
Revenue growth4.5%−7.7%9.5%16.5%4.5%3.2%0.3%5.3%4.9%
Operating profit growth–––136.9%−43.3%−13.1%−61.7%124.9%5.9%
Net profit growth–––336.4%−42.9%−23.1%––95.7%
Earnings per share growth–––336.3%−42.9%−23.0%––95.7%
–−30.7%11.8%41.7%18.3%12.1%−4.9%10.0%17.5%
––42.4 pts29.9 pts−23.4 pts−6.2 pts−16.9 pts14.9 pts7.5 pts
From the net margin––41.4 pts32.3 pts−18.9 pts−4.6 pts−17.0 pts14.3 pts8.6 pts
From asset turnover––0.6 pts5.1 pts0.6 pts−0.2 pts0.2 pts0.2 pts0.1 pts
From borrowing––0.4 pts−7.5 pts−5.1 pts−1.3 pts−0.1 pts0.4 pts−1.3 pts
Return on capital employed–−8.9%10.4%26.3%12.1%9.2%2.0%6.4%6.3%
Cash conversion–––101.7%162.6%182.9%–156.9%87.1%
Interest cover0.7–1.23.82.41.90.41.21.4
Debt to equity–1.341.330.690.620.590.650.650.60
Receivable days–1081310914910
Inventory days–94157948097897585
Payable days–108186117118118160123114
Cash conversion cycle, days–−4−22−10−27−12−58−39−19
Working capital days–−65−63−50−39−39−58−55−52
Asset turnover–0.951.001.111.141.131.081.101.11
Assets per rupee of net worth–4.754.934.183.272.943.033.142.93
Sales per rupee of plant–1.271.361.591.651.681.641.751.84
Capital spending to depreciation–––2.654.036.393.852.323.08
Plant being built, % of plant in use–3.6%4.4%7.7%12.5%19.9%24.2%29.9%35.7%
Interest cover is left blank for the year to Mar 2019: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year
6.0%
Cash from operations against operating profit
102.0%
Measure10 years5 years3 years
Revenue growth, yearly rate–3.6%3.5%
Profit growth, yearly rate–−6.3%17.9%
Return on equity, average–10.6%7.5%
Return on capital employed, average–7.2%4.9%
Operating margin, average4.6%4.7%3.8%
Net margin, average2.0%3.1%2.3%
Asset turnover, average–1.111.09
Cash conversion cycle, days, average–−31−39
Interest cover, average–1.51.0
Debt to equity, average–0.620.63

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore5 years3 yearsLatest year
Cash from operations1528225
Cash from investing−98−56−18
Cash from financing−52−23−4
Capital spending1066121
Dividends paid000
Shares bought back000
Shares issued for cash000
Borrowings raised15510727
Borrowings repaid1439219

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

CheckMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9–––877476
Altman Z-scorePublished threshold 1.81–1.031.232.132.061.901.712.092.11
Beneish M-scorePublished threshold −1.78–––−1.43−2.63−2.58−2.34−2.67−2.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets–––2.47−0.082.92−4.061.634.53
Cash from operations to profit, 3 yearsPublished threshold 0.7 times–––––1.373.073.502.23
Receivables growth less revenue growthOur threshold 0 percentage points––−25.6077.95−20.07−19.2662.30−33.499.50
Inventory growth less cost-of-goods growthOur threshold 0 percentage points––55.37−57.47−17.4819.20−8.96−19.9814.09
Other current assets growth less revenue growthOur threshold 5 per cent of revenue––1.92−1.340.41−1.41−0.50−0.030.33
Assets under construction, years of additionsOur threshold 2 years of additions––1.305.906.836.435.7823.7715.33
Effective tax ratePublished threshold 17.16 per cent0.00–0.000.000.000.00–0.000.00
Tax charged less tax paid, % of profitOur threshold 10 percentage points––––−5.000.00–−2.53−2.68
A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

DateAgencyBorrowing ratedRatingOutlookAmount, ₹ Cr
17 Feb 2026CARE Ratings Limited (opens in a new tab)Fund-based - LT-Cash CreditCARE BBBReview, Re-affirmStable39.50
17 Feb 2026CARE Ratings Limited (opens in a new tab)Fund-based - LT-Term LoanCARE BBBReview, Re-affirmStable67.72
17 Feb 2026CARE Ratings Limited (opens in a new tab)Fund-based - ST-Bill Discounting/ Bills PurchasingCARE A3+Review, Re-affirm5
17 Feb 2026CARE Ratings Limited (opens in a new tab)Non-fund-based - ST-Bank GuaranteeCARE A3+Review, Re-affirm4.26
The latest rating on each borrowing. The agency's name opens its reasoning for the rating.