Hardcastle and Waud Manufacturing Company Limited (509597) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Hardcastle and Waud Manufacturing Company Limited ₹1,012, price ₹842, upside +20.2%, quality 68 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range ₹170.10 – ₹1,305 · fair‑value band ₹759.12 – ₹1,265 · the ₹841.90 price screens below the ₹1,012 fair value. Dashed = 300-day average. As of Sep 27, 2026.
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Hardcastle and Waud Manufacturing Company Limited provides industrial and specialty chemicals primarily in India. The company operates through three segments: Industrial Chemicals, Leasing, and Investing. Hardcastle and Waud Manufacturing Company Limited was incorporated in 1945 and is based in Mumbai, India.
Stock analysis
Hardcastle and Waud Manufacturing Company Limited (509597) currently trades at ₹841.90, while our model-based Fair Value estimate is ₹1,012, implying the stock looks roughly 16.8% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ₹1,668 per share, and 8 of the 14 models we run sit above the ₹841.90 price.
Bear case: the Asset-Based group reads lowest at ₹500.03, and 6 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: ₹759.12 (bear) to ₹1,265 (bull), the price of ₹841.90 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 68/100 (solid quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Hardcastle and Waud Manufacturing Company Limited reported revenue of ₹106M in FY2026 versus ₹41.6M in FY2022, a compound +26.4%/yr. Reported net income was ₹49.3M in FY2026, compounding +40.3%/yr from FY2022.
Key figures
Market cap ₹120M (≈ $1.2M) · P/E ratio 20.5 · P/S ratio 9.54 · EPS (TTM) ₹9.39 · Net margin 46.5% · Return on assets (EBIT) 5.2% · Operating margin 33.0% · Revenue (TTM) ₹36.5M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 33% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at 20%, 509597 screens cheaper than that median.
Fair Value models
Bear ₹759.12Fair Value ₹1,012Bull ₹1,265
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹4.79 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+80.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+39.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.2%
Start year 2021 (pandemic). Over 10 years: +5.7% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.6%
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What shareholders gained per year (last 5 years), in INR (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+65.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+65.1%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.40.5% vs 2.0%, picking up
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.13% → 46%
2026 sits 283% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 701 stocks
Beats the industry median on 6/8 measures
Overall it ranks above its industry peers.
Valuation
Quality Score68 · Top 25%
Fair Value upside+20.2% · Top 25%
Profitability
Return on assets1.8% · Below median
Net margin (TTM)17.6% · Top 25%
Operating margin (TTM)33.0% · Top 25%
Growth and dividend
Revenue growth43.0% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Hardcastle and Waud Manufacturing Company Limited Fair Value". https://www.fairvalue-calculator.com/stock/509597
Frequently asked questions
Is Hardcastle and Waud Manufacturing Company Limited (509597) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ₹1,012 versus a price of ₹841.90, about +20% upside (undervalued).
What is the fair value of 509597?
Our model-based fair value for Hardcastle and Waud Manufacturing Company Limited is ₹1,012 (as of Sep 27, 2026), built from audited fundamentals. The current price: ₹841.90.
What is the quality score of 509597?
Hardcastle and Waud Manufacturing Company Limited has a Quality Score of 68/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Hardcastle and Waud Manufacturing Company Limited (509597)?
Our model-based price target is the fair value of ₹1,012 (as of Sep 27, 2026) from 14 valuation models. Cautious scenario ₹759.12, optimistic scenario ₹1,265. It is a calculation from audited fundamentals, not an analyst target.
What is the Hardcastle and Waud Manufacturing Company Limited stock forecast for 2026?
Our models put fair value at ₹1,012, about +20% upside versus a price of ₹841.90 (undervalued). Cautious scenario ₹759.12, optimistic scenario ₹1,265. The calculation is refreshed regularly with new filings.
What is the revenue of Hardcastle and Waud Manufacturing Company Limited (509597)?
Hardcastle and Waud Manufacturing Company Limited reported trailing-twelve-month revenue of about ₹36.5M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Hardcastle and Waud Manufacturing Company Limited (509597)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hardcastle and Waud Manufacturing Company Limited it is ₹1,012 per share (as of Sep 27, 2026), against a price of ₹841.90. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Hardcastle and Waud Manufacturing Company Limited stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 509597 trades below its calculated fair value: price ₹841.90, fair value ₹1,012, a gap of about +20% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 509597?
No. The price is what the market pays today (₹841.90); the fair value is what the company's own numbers justify (₹1,012). For Hardcastle and Waud Manufacturing Company Limited the two are ₹170.28 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hardcastle and Waud Manufacturing Company Limited worth?
The market values Hardcastle and Waud Manufacturing Company Limited at about ₹120M (market capitalisation, as of Sep 27, 2026). Per share that is ₹841.90; our models calculate a fair value of ₹1,012 per share.
What do the bullish and bearish scenarios say about 509597?
Our models span a range for Hardcastle and Waud Manufacturing Company Limited: cautious scenario ₹759.12, base ₹1,012, optimistic ₹1,265 per share (as of Sep 27, 2026, price ₹841.90). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 509597?
Hardcastle and Waud Manufacturing Company Limited trades at a price-to-earnings ratio of 20.5 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ₹1,012 is built from several models across several years.
How far is 509597 from its 52-week high?
Hardcastle and Waud Manufacturing Company Limited trades at ₹841.90, about 14% below its 52-week high of ₹974.95 and 33% above the low of ₹634.50 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of ₹1,012 is for.
Which stocks are comparable to Hardcastle and Waud Manufacturing Company Limited?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Air Products and Chemicals, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Hardcastle and Waud Manufacturing Company Limited stock attractive at the current price?
The data as of Sep 27, 2026: price ₹841.90, calculated fair value ₹1,012 (+20%), Quality Score 68/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 509597 calculated?
We run Hardcastle and Waud Manufacturing Company Limited through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹1,012, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Hardcastle and Waud Manufacturing Company Limited currently trades 17 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Hardcastle and Waud Manufacturing Company Limited (509597)?
The closing price on Oct 1, 2026 was ₹841.90. Our model-based fair value is ₹1,012, about +20% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hardcastle and Waud Manufacturing Company Limited right now?
Solid quality (68/100) at a price below fair value, the discount is the argument here, not the business quality. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Hardcastle and Waud Manufacturing Company Limited
How large is the market capitalisation of Hardcastle and Waud Manufacturing Company Limited (509597)?
The market capitalisation of Hardcastle and Waud Manufacturing Company Limited is ₹120M (≈ $1.2M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Hardcastle and Waud Manufacturing Company Limited (509597)?
The price-to-sales ratio of Hardcastle and Waud Manufacturing Company Limited is 9.54 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Hardcastle and Waud Manufacturing Company Limited (509597)?
Earnings per share at Hardcastle and Waud Manufacturing Company Limited are ₹9.39 (price ÷ EPS = P/E 20.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Hardcastle and Waud Manufacturing Company Limited (509597)?
The net margin of Hardcastle and Waud Manufacturing Company Limited is 46.5% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of Hardcastle and Waud Manufacturing Company Limited (509597)?
On an EBIT basis the return on assets of Hardcastle and Waud Manufacturing Company Limited is 5.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Hardcastle and Waud Manufacturing Company Limited (509597)?
The operating margin of Hardcastle and Waud Manufacturing Company Limited is 33.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hardcastle and Waud Manufacturing Company Limited (509597)?
Revenue at Hardcastle and Waud Manufacturing Company Limited is growing +43.0% versus a year earlier (3y avg +39.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Hardcastle and Waud Manufacturing Company Limited (509597)?
Earnings per share at Hardcastle and Waud Manufacturing Company Limited are growing −42.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hardcastle and Waud Manufacturing Company Limited (509597) generate?
The free cash flow of Hardcastle and Waud Manufacturing Company Limited is −₹38.6M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hardcastle and Waud Manufacturing Company Limited (509597) carry?
The net debt of Hardcastle and Waud Manufacturing Company Limited is ₹41.0K (fiscal year 2020). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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