Harshdeep HorticoShare price, financial results, shareholding and management
- Market cap
- ₹153 cr
- Stock P/E
- 12.2peers 10.0
- Book value
- ₹37.3
- Price to book
- 2.55
- EV / operating profit
- -
- Market cap to sales
- 2.23
- ROCE · FY26
- 29.5%
- ROE · FY26
- 23.4%
- ROE, 3-year average
- 23.3%
- Operating margin · FY26
- 28.7%peers 13.1%
- Sales growth, 3 years
- +22.1%
- Profit growth, 3 years
- +29.1%
- Debt to equity
- 0.07peers 0.29
- Borrowings
- ₹4 cr
- Interest cover
- 49.6×
- Cash from business / op. profit
- 20%
- Debtor days
- 106
- Pledged
- 0.00%
- Promoter holding
- 72.96%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 785
- 52-week high / low
- ₹107 / ₹76
- Dividend yield
- Paid
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Harshdeep Hortico share price chart
Close on 6 Nov 2026 · -2.56% on the day · Vol 4,500
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +3.0%
- 3 months
- +15.6%
- 6 months
- -4.1%
- 1 year
- -2.8%
- Traded a day, 20 days
- ₹0.06 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +22% | +29% |
| 3 years, a year | - | - |
| Latest half, H2 FY26 | +15% | +25% |
About Harshdeep Hortico: business, products and customers
Harshdeep Hortico makes plastic and fibreglass pots and planters, garden furniture, fountains and shade nets, and sells them mostly to nurseries, wholesalers, landscapers and big building projects. Its shares trade on BSE SME.
Harshdeep Hortico makes pots and planters in plastic, roto moulded plastic and fibreglass, from small grower pots that nurseries use to raise plants to large decorative planters for malls, offices and airports. The business was started by Hitesh Chunilal Shah in 2000 as the proprietorship Harshdeep Agro Products, which the company took over in April 2023, and it listed on BSE SME after a ₹19.1 cr share sale at ₹45 a share. It runs three factories at Bhiwandi, Pune and Delhi, with injection, rotational and blow moulding machines, two warehouses and seven showrooms.
Most sales go to businesses: distributors, wholesalers, nurseries and landscapers who name Harshdeep planters for projects of large developers and corporates; the presentation names Adani, Reliance, Tata, Lodha, Infosys and Zepto, and airports at Mumbai, Jaipur, Mangalore and Rajahmundry. The showrooms serve wholesalers rather than shoppers, and the company sells directly to consumers only in furniture and fountains. On big orders the company sometimes sells through a subcontractor who bids for the tender, because it wants full payment upfront.
Read more about the business
Newer lines widen the range: roto moulded fountains launched in March 2026, outdoor furniture, an Eco Series made with rice husk and other natural fibres, and agricultural shade nets from a Pune unit with capacity of 3,50,000 kg a year. Exports were about 2% of FY26 revenue, according to the CFO.
The business model shapes the numbers in two ways. Sales are seasonal: nurseries order low margin grower pots in the monsoon half, while landscaping and festive demand for high margin roto moulded and decorative planters comes in the second half. The company also makes and holds a wide range in stock, so finished goods rose by ₹15.4 cr in FY26 and cash from operations was well below profit; the prospectus states that no listed company in India does the same business.
From the prospectus (January 2024), the FY26 and FY25 annual reports, the May 2026 investor presentation and the May 2026 earnings call.
Read the deeper study ↓In its favour
- Sales have grown fast: 22% a year last year.
- It earns a high return on the money it uses: ROCE 30% in FY26.
- It has little debt for its size: debt to equity 0.07.
- The promoters own a large part of the company: 72.96%.
- It paid a dividend in the past year.
To watch
- H1 FY27 results and the next call the CFO promised after them, to see sales and margins after the raw material and gas shortages (Earnings call, May 2026, p.26 and p.30 to p.31).
- Stock and receivables: finished goods of ₹36.8 cr and receivables of ₹19.9 cr at March 2026 (Annual report FY26, p.80).
- Family payments: managerial pay rose 38.82% in FY26 against 10.62% for other staff, and the AGM sought approval for director pay of up to 20% of net profit (Annual report FY26, p.8 and p.54).
- Related parties and auditors: FY26 sales of ₹1.29 cr to Exotic Planter, a relative's firm; statutory auditor DGMS & Co. resigned in December 2024 (Annual report FY26, p.84; Annual report FY25, p.4 and p.38).
- Customers take longer to pay than before: 106 days in FY26, against 83 in FY24.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Harshdeep Hortico revenue and profit growth
Half-yearly results · Profit and lossSales have grown fast. Last year profit grew faster than sales, so the company kept more from each rupee of sales.
SME companies report every six months. In the latest half, sales were higher than in the same half a year before. Profit grew faster than sales.
Harshdeep Hortico half-yearly results
SME companies report every six months · ₹ crore
| H1FY24 | H2FY24 | H1FY25 | H2FY25 | H1FY26 | H2FY26 | |
|---|---|---|---|---|---|---|
| Sales | 23 | 25.27 | 24.75 | 31.45 | 32.64 | 36.07 |
| Expenses | 19 | 19.41 | 18.96 | 22.51 | 24.19 | 24.78 |
| Operating profit | 4 | 5.87 | 5.79 | 8.94 | 8.45 | 11.29 |
| OPM | 18.0% | 23.2% | 23.4% | 28.4% | 25.9% | 31.3% |
| Interest | 0 | 0.42 | 0.01 | 0 | 0.11 | 0.23 |
| Depreciation | 1 | 0.78 | 0.85 | 2.70 | 1.46 | 1.94 |
| Profit before tax | 3 | 4.80 | 5.10 | 6.31 | 6.88 | 9.16 |
| Net profit | 2 | 3.60 | 4.22 | 5.47 | 5.70 | 6.82 |
Harshdeep Hortico profit and loss
Full years to March, FY24 to FY26 · ₹ crore, consolidated where reported
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Sales | 48.25 | 56.27 | 68.71 |
| Expenses | 37.64 | 41.46 | 48.97 |
| Operating profit | 10.61 | 14.81 | 19.74 |
| OPM | 22.0% | 26.3% | 28.7% |
| Other income | 0.17 | 0.15 | 0.04 |
| Interest | 0.58 | 0 | 0.33 |
| Depreciation | 1.49 | 3.55 | 3.40 |
| Profit before tax | 8.72 | 11.41 | 16.04 |
| Tax rate | 24.9% | 15.0% | 21.9% |
| Net profit | 6.55 | 9.70 | 12.52 |
| EPS ₹ | 4.07 | 6.03 | 7.78 |
| Dividend payout | 0.0% | 0.0% | 3.0% |
Harshdeep Hortico profitability
Margins and returns on capitalLast year the company kept more from each rupee of sales than the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Operating margin | 22.0% | 26.3% | 28.7% |
| Tax rate | 24.9% | 15.0% | 21.9% |
| ROCE | · | 27.2% | 29.5% |
| ROE | · | 23.1% | 23.4% |
| Dividend payout | 0.0% | 0.0% | 3.0% |
Harshdeep Hortico debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Harshdeep Hortico balance sheet
At each 31 March · ₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Equity capital | 16 | 16 | 16 |
| Reserves | 21 | 31 | 44 |
| Net worth | 37 | 47 | 60 |
| Borrowings | 0 | 0 | 4 |
| Other liabilities | 6 | 9 | 17 |
| Total liabilities | 43 | 56 | 81 |
| Fixed assets | 11 | 12 | 17 |
| Capital work in progress | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 |
| Other assets | 32 | 44 | 64 |
Harshdeep Hortico cash flow
₹ crore
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Cash from operations | -15 | 6 | 4 |
| Cash from investing | -13 | -5 | -8 |
| Cash from financing | 30 | 0 | 4 |
| Net cash flow | 2 | 1 | 0 |
Working capital
Days
| FY24 | FY25 | FY26 | |
|---|---|---|---|
| Debtor days | 83 | 85 | 106 |
| Inventory days | 153 | 283 | 384 |
| Days payable | 50 | 45 | 65 |
| Cash conversion cycle | 187 | 323 | 426 |
| Working capital days | 178 | 203 | 225 |
Harshdeep Hortico peers and competitors
Listed SME companies in the same industryBy sales, Harshdeep Hortico is number 24 of the 37 listed SME companies in agricultural food & other products.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Farm Peace | 88 | 11.7 | 90.5 | 7.5 | 13.8% | 0.26 |
| Stanbik Agro | 35 | 8.0 | 85.9 | 4.4 | 5.6% | 0.00 |
| Bharatrohan Airborne Innovations | 208 | 20.8 | 85 | 10 | 17.0% | 0.05 |
| Dhanwel Hybrid Seeds | 37 | 6.0 | 74.6 | 6.1 | 12.4% | 0.39 |
| Unisem Agritech | 53 | 10.0 | 70.1 | 5.3 | 14.9% | 0.51 |
| Harshdeep Hortico | 153 | 12.2 | 68.7 | 12.5 | 28.7% | 0.07 |
| Prospect Consumer Products | 22 | 9.1 | 57.5 | 2.5 | 11.0% | 0.38 |
| NFP Sampoorna Foods | 25 | 5.6 | 51.1 | 4.5 | 18.1% | 1.73 |
| Sawaliya Food Products | 188 | 23.5 | 41.3 | 8 | 29.4% | 0.31 |
| Dhanlaxmi Crop Science | 42 | - | 38.1 | -0.5 | 2.7% | 0.23 |
| Neopolitan Pizza And Foods | 12 | 61.2 | 29.5 | 0.2 | 1.7% | 0.02 |
| Median of the 10 others | 40 | 10 | 63.8 | 4.9 | 13.1% | 0.29 |
Harshdeep Hortico shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little. The number of shareholders is about the same.
Harshdeep Hortico shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Mar 24 | Sep 24 | Mar 25 | Sep 25 | Mar 26 | Sep 26 | |
|---|---|---|---|---|---|---|
| Promoters | 72.46% | 72.89% | 72.77% | 72.82% | 72.96% | 72.96% |
| Foreign investors (FIIs) | 1.94% | 0.00% | 0.00% | 0.00% | - | - |
| Indian institutions (DIIs) | 4.59% | 0.00% | 0.00% | 0.00% | - | - |
| Number of shareholders | 656 | 768 | 731 | 700 | 770 | 785 |
Harshdeep Hortico study: the business from its own documents
Read from 5 of the company's own documentsHarshdeep Hortico key facts from the filings
Each figure with the document it comes from
- Factories
- 3
- At Bhiwandi, Pune and Delhi; Bhiwandi is the largest at about 1 lakh sq ft, and Delhi was added in FY26.Earnings call, May 2026, p.5 and p.8; Investor presentation, May 2026, p.4
- Moulding machines
- 39
- 29 injection moulding and 9 roto moulding machines plus one blow extrusion machine, with three shade net machines.Investor presentation, May 2026, p.5; our arithmetic
- Revenue against expectation
- ₹69 cr
- FY26 revenue against ₹85 cr the company had expected; the CFO cited an LPG cut of about two months, raw material prices and deferred projects.Earnings call, May 2026, p.8 to p.9
- Finished goods in stock
- ₹36.8 cr
- At March 2026, up from ₹21.5 cr; the auditor named inventory valuation a key audit matter.Annual report FY26, p.60 and p.80
- Money owed by buyers
- ₹19.9 cr
- Trade receivables at March 2026, up from ₹13.2 cr, after a first provision of ₹0.25 cr for doubtful debts.Annual report FY26, p.72 and p.80
Show 5 more facts
- Cash from operations
- ₹3.6 cr
- In FY26, against profit after tax of ₹12.5 cr, as stock rose by ₹14.7 cr and receivables by ₹7.0 cr.Annual report FY26, p.73 to p.74
- Raw material and prices
- 20% to 25%
- Wholesale price rise the company made after raw material prices rose about 60%; the CFO said about 10% of its facility was affected by gas and material shortages.Earnings call, May 2026, p.10, p.14 and p.17
- Airport orders in hand
- ₹1.5 cr
- Three orders for Lucknow, Mumbai and Visakhapatnam airports at the time of the May 2026 call.Earnings call, May 2026, p.6
- Shade nets
- 3,50,000 kg
- Yearly capacity of the new Pune shade net line; the CFO put shade nets at about 3% of FY26 revenue.Investor presentation, May 2026, p.24; Earnings call, May 2026, p.15
- First dividend
- ₹0.25
- Per share recommended for FY26, subject to approval at the September 2026 AGM.Annual report FY26, p.7 and p.31
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
On the May 2026 call the CFO said the current plants can handle more than ₹100 cr of sales and that growth of 25% to 30% a year is realistic if geopolitical conditions return to normal, while saying a number for FY27 was hard to state. The CFO said April and May 2026 business was level with the year before, that customers were holding back orders, and that the company would not pass the whole raw material rise on to customers.
| What management said | When | What happened |
|---|---|---|
| FY26 revenue of about ₹85 cr | Expected before the May 2026 call | FY26 revenue of ₹68.7 cr |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Harshdeep earns a wide margin making planters in its own plants and selling them in bulk to the garden and landscaping trade.
Its weak spots are raw material and fuel costs it cannot fully pass on, a lot of money tied up in stock and dues, and pay and dealings that benefit the founder family.
AverageCan it set its own prices?Partly. The company calls itself the premium player, but it raised prices less than its costs rose, and it gives large volume discounts.
AverageHow strong is it against rivals?It is an organised, tax compliant supplier with a wide range in a trade full of small unorganised makers, but basic pots are easy to copy.
AverageWho are its customers?Many distributors, wholesalers, nurseries and landscapers, with big corporate projects at the end, and no single dominant buyer disclosed.
WatchDoes it need a lot of money?Not for machines, but stock and buyers' dues soak up most of the profit.
AverageCan it keep finding new work?It keeps adding products and distributors and has room in its plants, but there is no real order book and project buyers were holding back.
WatchDo good and bad years swing a lot?Yes. Profit leans on the second half, and fuel and plastic prices can cut output and margins quickly.
Who runs Harshdeep Hortico?
Promoters, directors and officers; tap a name for the background
HCHitesh Chunilal ShahPromoter, Chairman and Managing Director · holds 71.83%
Founder of the business in 2000 as Harshdeep Agro Products, with over 20 years in the industry; completed Class 12 from the Maharashtra state board in 1992 and looks after overall management. Other ventures named in the prospectus are the partnership firm Emdee Roto and Hitesh C Shah HUF. Paid ₹1.75 cr in FY26 against ₹1.57 cr in FY25, plus rent of ₹0.55 cr, and the company gave Hitesh Shah a deposit of ₹0.23 cr. The 2026 AGM notice proposed pay of ₹1.80 cr a year including perquisites, with commission on net profits, for FY27 and FY28. Holding rose to 71.83% at March 2026 from 71.45%.
Prospectus, p.108 and p.118; Earnings call, May 2026, p.3; Annual report FY26, p.9, p.78 and p.84HHHarshit Hitesh ShahExecutive Director and Chief Financial Officer
MBA from SVKM's Narsee Monjee Institute of Management Studies (2021); CFO since 3 August 2023, handling finance, accounts, legal and secretarial work. The prospectus names Harshit Shah as a son of the promoter. Paid ₹0.47 cr in FY26 against ₹0.12 cr in FY25; the 2026 AGM notice proposed redesignation from Whole-Time Director to Executive Director from 18 August 2026 with pay of up to ₹0.60 cr a year.
Prospectus, p.108 and p.120; Annual report FY26, p.8, p.33 and p.84DHDipti Hitesh ShahNon-Executive Director
Named in the prospectus as the promoter's spouse, with about a year in administration at the time of the offer. Received rent of ₹0.12 cr from the company in FY26; the 2026 AGM notice proposed a salary of ₹0.12 cr a year.
Prospectus, p.108 and p.120; Annual report FY26, p.10 and p.84MHMegh Hitesh ShahNon-Executive Director
Aged 21, completed senior secondary school in 2023 and is pursuing Chartered Accountancy; the AGM notice states Megh Shah is the son of Hitesh and Dipti Shah.
Annual report FY26, p.20PgPromoter groupPromoters
The promoter group held 72.96% in the latest shareholding pattern, almost all of it with Hitesh Chunilal Shah.
Shareholding pattern, September 2026; Annual report FY26, p.78SGShreya GandhiCompany Secretary and Compliance Officer
Appointed on 20 October 2023.
Annual report FY26, p.33DHDhruva Hemandra ParekhIndependent Director
About 17 years in the horticulture business at the time of the offer, with a Diploma in Interior Design and Decoration (2001).
Prospectus, p.108; Annual report FY26, p.4AMArjun Manish BhanushaliIndependent Director
Member of the Institute of Chartered Accountants of India, with about two years in derivatives trading, portfolio management and financial management at the time of the offer.
Prospectus, p.108; Annual report FY26, p.4SKShankar Keshava VailayaFormer Independent Director
Joined the board in February 2025 and resigned after the FY26 year end; the annual report gives the resignation date as both June and July 2026.
Annual report FY26, p.4, p.31, p.33 and p.54Harshdeep Hortico latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- H2 FY26: sales ₹36.1 cr (+15%), net profit ₹6.8 cr (+25%) on H2 FY25.
- Shareholding, 30 Sept 2026: promoters unchanged at 72.96%.
Harshdeep Hortico announcements
4 on record, latest first; each opens the filing on the exchange
- Insider Trading / SASTPlease find Attached the Closure of Trading WindowPDF ↗
- Insider Trading / SASTThe Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Counter Cyclical IPDF ↗
- AGM/EGMDeclaration of Voting Result along with Scrutinizer Report of Annual General Meeting of the companyPDF ↗
- AGM/EGMPlease find attached Proceedings of 4th Annual General Meeting of CompanyPDF ↗
Harshdeep Hortico annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Harshdeep Hortico share split, bonus and dividends
From the corporate actions the company announces on the exchange
- DividendFinal Dividend - Rs. - 0.2500ex-date 10 Sept 2026
Checks we ran on Harshdeep Hortico's data · 8
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,60,94,060 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- ✓Earnings per share moves in line with profit across the years shown.
- ✓Revenue and profit are reported for every year shown, FY24 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Harshdeep Hortico
What does Harshdeep Hortico do?
Harshdeep Hortico makes plastic and fibreglass pots and planters, garden furniture, fountains and shade nets, and sells them mostly to nurseries, wholesalers, landscapers and big building projects. Its shares trade on BSE SME.
What is the share price of Harshdeep Hortico?
₹95 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Harshdeep Hortico?
₹153 cr at the close on 6 Nov 2026, on 1,60,94,060 shares.
What is the P/E of Harshdeep Hortico?
12.2 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Harshdeep Hortico's revenue and profit?
Revenue ₹69 cr and profit after tax ₹13 cr in FY26.
Who are the promoters of Harshdeep Hortico?
Hitesh Chunilal Shah, Promoter group; promoters held 72.96% at 30 Sept 2026.
What is Harshdeep Hortico's website?
harshdeepindia.com
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Built from 2 annual reports, 1 offer document, 1 earnings call transcript, 1 investor presentation, 4 exchange announcements, 6 shareholding patterns and 3 years of reported results. Every figure carries its source; where the documents are silent, the page says so.