HMT financials and balance sheet

NSE: HMTBSE: 500191Industrial ManufacturingSmall Cap

₹51.66₹2.11 (3.92%)BSE ₹51.30

Share price at the NSE close on 23 Oct 2026. Previous close ₹53.77.

52-week range of traded prices to 23 Oct 2026

₹41.00Low, 27 Jan 2026₹72.95High, 24 Jun 2026

Under NSE's graded surveillance, stage 0, on the list for 23 Oct 2026. The exchange puts a share here when its price has moved unusually, and trading in it carries extra conditions.
Delivery only: shares bought must be paid for in full, with no selling on the same day.

Market cap: ₹6,220 Cr1,039th largest listed
P/E: Lossover the last 12 months
P/B: Net worth zero or below
Dividend yield: Nonein the last 12 months
ROE: Net worth zero or below
Debt to equity: Net worth zero or below
Volume, NSE: 20,998

10 years at a glance

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

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 6 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

The years either side of a change of basis do not compare. From the year to Mar 2019, the company reports a discontinued business.

Results for the year to Mar 2026

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

From revenue to net profit

Revenue143
Materials and goods−90
Employee costs−56
Other expenses−108
Operating profit−112
Depreciation−6.8
Other income+58
One-off items0.0
Finance costs−69
Profit before tax−129
Tax−2.6
Joint ventures0.0
Net profit−132

What the company owns

Cash and bank₹262 Cr
Plant, investments and other assets₹94 Cr
Receivables₹93 Cr
Inventory₹87 Cr

What pays for it: net worth and liabilities

Borrowings₹1,033 Cr
Owed to suppliers₹119 Cr

HMT 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.HMT segment results by quarter

Revenue by segment

₹143 CrTotal

Machine Tools₹70.6 Cr49.4% of total
Projects₹46.4 Cr32.5% of total
Others₹17.0 Cr11.9% of total
Food Processing Machinery₹8.9 Cr6.2% of total

Profit by segment

Projects₹1.2 Cr6.3% of total
Others₹17.9 Cr91.1% of total
Food Processing Machinery₹0.5 Cr2.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Machine Tools
Revenue, ₹ crore
217
176
166
153
142
100
111
71
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−9
−21
−54
−62
−67
−88
−102
−80
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Projects
Revenue, ₹ crore
57
67
20
11
14
18
15
46
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
22
8
7
1
5
7
12
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
3
4
5
6
8
12
15
17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
10
17
24
−5
13
16
19
18
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Food Processing Machinery
Revenue, ₹ crore
11
9
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	294	270	209	176	208	165	152	143
Company revenue, as in its results	263	260	204	176	204	163	142	143
Revenue	217	176	166	153	142	100	111	71
Revenue growth	–	−18.9%	−5.7%	−8.2%	−6.7%	−29.9%	11.1%	−36.3%
Profit	−9	−21	−54	−62	−67	−88	−102	−80
Margin	−4.0%	−12.0%	−32.5%	−40.4%	−47.0%	−88.7%	−92.0%	−113.2%
Assets	–	430	429	389	367	313	264	231
Liabilities	–	475	568	597	619	564	577	603
Capital employed	–	−46	−139	−208	−252	−251	−313	−372
Revenue	57	67	20	11	14	18	15	46
Revenue growth	–	17.7%	−70.5%	−45.0%	29.7%	24.3%	−12.7%	202.5%
Profit	22	8	7	1	5	7	12	1
Profit growth	–	−64.6%	−11.7%	−83.2%	338.3%	40.9%	66.9%	−89.5%
Margin	38.4%	11.5%	34.5%	10.5%	35.6%	40.4%	77.2%	2.7%
Return on capital	–	16.0%	18.2%	3.1%	13.4%	18.5%	29.6%	3.1%
Assets	–	83	60	55	58	56	59	99
Liabilities	–	35	23	18	21	17	19	58
Capital employed	–	48	38	37	38	38	40	40
Revenue	3	4	5	6	8	12	15	17
Revenue growth	–	24.2%	10.7%	26.6%	39.8%	47.3%	25.1%	14.8%
Profit	10	17	24	−5	13	16	19	18
Profit growth	–	64.3%	38.7%	–	–	22.4%	18.1%	−5.6%
Margin	311.8%	412.7%	517.1%	−94.3%	163.4%	135.7%	128.0%	105.3%
Return on capital	–	–	19.8%	−4.4%	10.2%	30.2%	65.3%	66.1%
Assets	–	130	215	223	311	226	206	208
Liabilities	–	289	97	99	182	173	177	181
Capital employed	–	−159	119	124	129	53	29	27
Revenue	–	–	–	–	–	–	11	9
Revenue growth	–	–	–	–	–	–	–	−21.3%
Profit	–	–	–	–	–	–	1	1
Profit growth	–	–	–	–	–	–	–	−23.9%
Margin	–	–	–	–	–	–	5.9%	5.7%
Return on capital	–	–	–	–	–	–	11.2%	7.3%
Assets	–	–	–	–	–	–	20	15
Liabilities	–	–	–	–	–	–	14	8
Capital employed	–	–	–	–	–	–	6	7
Revenue	16	22	19	7	44	36	–	–
Revenue growth	–	34.6%	−14.1%	−63.9%	538.6%	−17.2%	–	–
Profit	0	−4	0	−5	1	0	–	–
Profit growth	–	–	–	–	–	−69.0%	–	–
Margin	2.0%	−18.3%	−1.8%	−68.6%	1.9%	0.7%	–	–
Return on capital	–	–	–	–	31.7%	5.2%	–	–
Assets	–	11	11	29	32	24	–	–
Liabilities	–	13	12	32	29	19	–	–
Capital employed	–	−2	−1	−3	3	5	–	–
	–	–	–	–	0	0	–	–
Profit	–	–	–	–	0	0	–	–
Assets	–	–	–	–	−72	−16	–	–
Liabilities	–	–	–	–	4,149	1,582	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.HMT quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 14 Jul	Mar 2022Filed 24 Jun	Mar 2023Filed 21 Jul	Mar 2024Filed 17 Aug	Mar 2025Filed 24 Jul	Mar 2026Filed 28 Jul
Revenue from operations	215	202	263	260	204	176	204	163	142	143
	364	299	275	299	274	283	298	274	268	255
Materials and goods bought	99	81	90	123	116	102	142	98	79	90
Employee costs	–	–	124	119	98	95	85	76	62	56
Other expenses	–	–	61	57	60	86	71	100	126	108
Operating profit before depreciation	−149	−96	−12	−39	−70	−107	−94	−111	−125	−112
Operating margin	−69.0%	−47.5%	−4.6%	−14.8%	−34.3%	−61.2%	−46.1%	−67.7%	−88.1%	−78.4%
Materials, % of revenue	–	–	34.2%	47.2%	56.8%	58.2%	69.5%	60.1%	55.5%	63.2%
Employee costs, % of revenue	–	–	47.1%	45.9%	48.0%	54.0%	41.9%	46.4%	43.8%	39.6%
Other expenses, % of revenue	–	–	23.4%	21.8%	29.4%	49.0%	34.7%	61.3%	88.8%	75.7%
Depreciation and amortisation	11	10	9	10	10	10	9	8	7	7
Operating profit after depreciation	−159	−106	−21	−48	−80	−117	−103	−119	−133	−119
Other income	42	48	45	48	56	47	55	54	62	58
Finance costs	56	60	67	65	84	74	69	68	70	69
Profit before one-off items and tax	−173	−118	−44	−66	−108	−145	−118	−133	−140	−129
One-off items	5	0	9	0	0	0	1	0	0	0
Profit before tax	−168	−118	−35	−66	−108	−145	−117	−133	−140	−129
	−18	0	1	1	4	0	8	−3	3	3
Current tax	–	–	1	1	4	0	8	−3	3	3
Deferred tax	–	–	0	0	0	0	0	0	0	0
Share of profit of joint ventures and associates	–	–	0	–	–	–	0	0	0	0
Profit from discontinued businesses	–	–	191	223	3	678	2	2,681	–	–
	−544	−151	155	156	−110	533	−123	2,551	−143	−132
Belonging to the company's shareholders	−544	−151	155	156	−110	532	−123	2,551	−143	−132
Belonging to outside owners of subsidiaries	–	–	1	0	0	1	0	0	0	0
Other comprehensive income	–	–	−12	−9	0	1	0	0	−3	3
Total comprehensive income	–	–	144	147	−110	534	−123	2,551	−146	−129
Net margin	−252.6%	−74.7%	–	–	−53.8%	–	−60.3%	–	−100.5%	−92.2%
Net margin without joint ventures and associates	–	–	–	–	–	–	−60.3%	–	−100.5%	−92.2%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Net margin is left blank for the years to Mar 2019, Mar 2020, Mar 2022 and Mar 2024: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 5 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 14 Jul	Mar 2022Filed 24 Jun	Mar 2023Filed 21 Jul	Mar 2024Filed 17 Aug	Mar 2025Filed 24 Jul	Mar 2026Filed 28 Jul
	−4,751	−4,604	−4,714	−4,180	−4,303	−1,752	−1,898	−2,027
	−4,751	−4,604	−4,714	−4,180	−4,303	−1,752	−1,898	−2,027
Share capital	356	356	356	356	356	356	356	356
Reserves	−5,107	−4,959	−5,069	−4,536	−4,659	−2,108	−2,254	−2,382
Belonging to outside owners of subsidiaries	0	0	0	0	–	–	–	0
	250	146	54	3,716	3,727	1,029	1,029	1,033
Repayable after a year	231	122	18	0	0	0	0	0
Repayable within a year	19	24	36	3,716	3,727	1,029	1,029	1,033
	5,132	5,132	5,327	4,784	4,959	2,321	2,288	2,433
Trade payables	100	114	103	88	82	95	86	119
Other financial liabilities	4,337	4,513	4,697	444	506	568	631	696
Other liabilities	602	419	441	489	605	597	519	562
Provisions	67	61	51	47	31	30	23	22
Tax owed	7	1	–	0	9	1	0	0
	338	199	70	37	40	35	136	130
Other financial liabilities	51	26	8	0	0	0	100	100
Other liabilities	–	0	2	1	1	1	–	–
Provisions	55	51	41	35	39	34	36	30
Deferred tax	0	0	0	0	0	0	0	0
	718	728	683	641	696	604	526	536
Held for sale or for a demerger	3	3	3	3	3	3	3	3
	77	74	82	130	74	52	47	40
Plant in use, after depreciation	56	51	46	41	42	39	30	20
Plant being built	6	7	6	7	4	3	2	2
Intangible assets	0	13	11	10	0	0	0	0
Intangible assets being developed	9	0	0	0	0	0	–	0
Property held to earn rent	3	3	2	2	2	2	6	10
Investments	0	0	0	0	0	0	0	0
Other financial assets	2	0	17	66	22	4	5	8
Other assets	–	0	0	4	4	4	4	–
	638	651	598	508	619	549	475	492
Inventories	168	189	172	143	118	116	97	87
Trade receivables	166	151	169	155	186	134	124	93
Cash and cash equivalents	238	209	191	17	96	33	5	46
Other bank balances	0	0	0	119	155	215	201	216
Other financial assets	6	4	7	5	4	4	4	5
Tax paid in advance	–	0	0	10	16	7	9	9
Other assets	60	98	60	59	46	40	35	36
Net debt	12	−62	−137	3,581	3,477	782	823	771

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.

₹ crore	Mar 2022Filed 24 Jun	Mar 2023Filed 21 Jul	Mar 2024Filed 17 Aug	Mar 2025Filed 24 Jul	Mar 2026Filed 28 Jul
	−50	103	−847	−46	44
	−46	108	0	−96	47
	−6	146	−3,458	37	116
Receivables	−48	19	55	12	15
Inventories	28	29	0	18	9
Payables	33	109	6	11	80
Other working capital	−18	−12	−3,519	−3	12
Tax paid	−5	−5	−847	−4	−3
Interest paid	0	0	0	70	0
Capital spending	5	6	4	2	1
Free cash flow	−55	97	−851	−49	43
	45	−28	−44	30	0
Plant and property sold	0	1	0	0	1
Interest received	8	13	15	16	0
Dividends received	0	0	0	0	15
	−7	4	828	−7	−3
Borrowings raised	0	0	0	0	4
Borrowings repaid	−3	10	−4	0	0
Interest paid	−4	−7	−6	−7	−7
Dividends paid	0	0	0	0	0
Shares bought back	0	0	0	0	0
Shares issued	0	0	0	0	0
Net change in cash	−13	79	−63	−24	41

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, Mar 2020 and Mar 2021.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 14 Jul	Mar 2022Filed 24 Jun	Mar 2023Filed 21 Jul	Mar 2024Filed 17 Aug	Mar 2025Filed 24 Jul	Mar 2026Filed 28 Jul
Earnings per share	−₹4.52	−₹1.26	₹4.35	₹4.38	−₹3.09	₹14.97	−₹3.46	₹71.73	−₹4.02	−₹3.70
Diluted earnings per share	−₹4.52	−₹1.26	₹4.35	₹4.38	−₹3.09	₹14.97	−₹3.46	₹71.73	−₹4.02	−₹3.70
Book value per share	–	–	−₹133.60	−₹129.46	−₹132.56	−₹117.55	−₹121.01	−₹49.27	−₹53.37	−₹56.99
Shareholder yield	–	–	–	–	–	0.0%	0.0%	0.0%	0.0%	0.0%
Market cap at the year end (₹ crore)	4,576	3,371	2,288	1,005	3,697	3,113	2,926	5,208	5,742	6,884

Ratios

Consolidated, years to March.HMT PE ratio and valuation

Ratio	Mar 2018	Mar 2019Filed 5 Jun	Mar 2020Filed 31 Jul	Mar 2021Filed 14 Jul	Mar 2022Filed 24 Jun	Mar 2023Filed 21 Jul	Mar 2024Filed 17 Aug	Mar 2025Filed 24 Jul	Mar 2026Filed 28 Jul
Revenue growth	−6.0%	–	−0.9%	−21.7%	−13.8%	16.0%	−19.8%	−12.9%	0.2%
Net profit growth	–	–	0.3%	–	–	–	–	–	–
Earnings per share growth	–	–	0.7%	–	–	–	–	–	–
	–	−3.3%	−3.3%	2.4%	−12.0%	2.9%	−84.3%	7.8%	6.7%
	–	–	−0.1 pts	5.7 pts	−14.3 pts	14.9 pts	−87.1 pts	92.1 pts	−1.1 pts
From the net margin	–	–	–	–	–	–	–	–	−0.6 pts
From asset turnover	–	–	–	–	–	–	–	–	0.5 pts
From borrowing	–	–	–	–	–	–	–	–	−1.0 pts
Cash conversion	–	–	–	–	−9.5%	–	−33.2%	–	–
Receivable days	–	231	211	302	323	333	299	318	239
Inventory days	–	684	562	542	511	304	432	447	351
Payable days	–	407	338	324	312	211	355	396	483
Cash conversion cycle, days	–	509	435	521	521	425	376	369	106
Working capital days	–	−6,546	−6,542	−8,744	−1,444	−1,546	−2,211	−2,537	−2,991
Asset turnover	–	0.37	0.36	0.29	0.27	0.30	0.25	0.25	0.27
Assets per rupee of net worth	–	−0.15	−0.15	−0.15	−0.15	−0.16	−0.21	−0.31	−0.27
Sales per rupee of plant	–	4.70	5.11	4.44	4.24	4.84	4.23	4.70	7.00
Capital spending to depreciation	–	–	–	–	0.48	0.62	0.46	0.30	0.07
Plant being built, % of plant in use	–	10.1%	12.9%	12.6%	16.5%	9.8%	8.6%	6.9%	10.3%

Interest cover is left blank for the years to Mar 2017, Mar 2018, Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Debt to equity is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth is below zero, so there is no shareholders' money to set the borrowings against. Return on capital employed is left blank for the years to Mar 2019, Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: net worth and borrowings together come to nought or less, so there is no money employed to set the operating profit against. Revenue growth is left blank for the year to Mar 2019: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024 and Mar 2025: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. 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: −24.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	–	−6.9%	−11.2%
Return on equity, average	–	−15.8%	−23.2%
Operating margin, average	−51.2%	−68.3%	−78.1%
Net margin, average	–	–	−96.4%
Asset turnover, average	–	0.27	0.26
Cash conversion cycle, days, average	–	360	284

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.

₹ crore	5 years	3 years	Latest year
Cash from operations	−797	−849	44
Cash from investing	3	−14	0
Cash from financing	814	817	−3
Capital spending	17	7	1
Dividends paid	0	0	0
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	4	4	4
Borrowings repaid	18	4	0

Accounting checks

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

Check	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	4	5	5	4	4
Altman Z-scorePublished threshold 1.81	−16.88	−16.54	−18.40	−17.88	−16.68	−8.10	−9.89	−10.20
Beneish M-scorePublished threshold −1.78	–	–	–	−2.89	−3.84	2.61	−3.38	−4.09
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	81.36	−29.63	529.57	−22.43	−33.06
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	−0.27	−0.35	−0.37
Receivables growth less revenue growthOur threshold 0 percentage points	–	−8.41	33.45	6.05	3.52	−8.09	5.52	−25.06
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−24.46	−3.26	−5.15	−56.18	29.20	2.82	−24.51
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	14.24	−17.71	4.22	−4.31	−8.36	−1.80	0.95
Assets under construction, years of additionsOur threshold 2 years of additions	–	1.42	1.23	1.29	0.41	0.68	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.