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Harrisons Malayalam Limited (HARRMALAYA) Fair Value & Analysis

Consumer Defensive · IN · Market cap ₹3.7B

HM Harrisons Malayalam Limited HARRMALAYA · NSE
Price₹198.81
Fair Value₹120.48
Upside-39.4%
Quality50/100
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Expensive Growth
Thin margins · 5.4% net margin
Low debt · generates free cash flow
Trails peers (5/13)
Narrow moat 41/100
Evidence: High Range ₹94.42 – ₹286.21 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 3 days ago

Share price −9.3% over the past month.

A solid business, but screening 39% overvalued on our models.

What matters now

  • The model range is unusually wide (₹94.42 to ₹286.21). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

₹332.10 ₹104.40 Fair Value ₹120.48 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ₹104.40 – ₹332.10 · fair‑value band ₹94.42 – ₹286.21 · the ₹198.81 price screens above the ₹120.48 fair value. Dashed = 300-day average. As of Aug 13, 2026.

Full chart & analysis →

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Analysis

Harrisons Malayalam Limited (HARRMALAYA) currently trades at ₹198.81, while our model-based Fair Value estimate is ₹120.48, implying the stock looks roughly 39.4% overvalued today. The Quality Score stands at 50/100 (solid quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Harrisons Malayalam Limited generated revenue of ₹5.4B at a net margin of 5.4%. Revenue grew 7.6% year over year. It earns a return on equity of 17.5%. Net debt stands at ₹1.1B. Fundamentals as of Aug 13, 2026

Our scenario range runs from ₹94.42 (bear case) to ₹286.21 (bull case); at ₹198.81, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 16% below its 52-week high and 29% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 97% fair-value upside, at -39%, HARRMALAYA screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF ₹3.33 ₹18.16 ₹38.10 80
Residual Income ₹100.46 ₹131.73 ₹366.89 76
Rev-Margin DCF ₹33.63 ₹78.33 ₹127.83 74
All 24 models by family
DCF Models
FCF DCF ₹2.68 ₹19.21 ₹42.73 38
Owner Earnings ₹120.87 ₹193.83 ₹297.63 31
5Y Revenue Exit ₹33.63 ₹78.89 ₹136.56 39
5Y EBITDA Exit ₹54.13 ₹116.44 ₹188.47 41
5Y P/E Exit ₹119.49 ₹236.13 ₹357.04 38
10Y Revenue Exit ₹18.96 ₹56.73 ₹106.93 36
10Y EBITDA Exit ₹34.14 ₹81.93 ₹144.91 37
10Y P/E Exit ₹74.54 ₹162.25 ₹268.23 35
Earnings-Based
Graham-Dodd ₹107.34 ₹299.73 ₹394.08 54
Lynch FV ₹60.33 ₹86.19 ₹112.04 50
PEG = 1.0 ₹60.33 ₹86.19 ₹112.04 46
EPV ₹28.02 ₹37.49 ₹45.66 59
Multiples
P/E Multiple ₹248.61 ₹331.48 ₹414.35 63
P/S Multiple ₹201.26 ₹268.34 ₹335.43 58
P/B Multiple ₹201.26 ₹268.34 ₹335.43 55
EV/EBIT ₹91.90 ₹133.18 ₹174.47 53
EV/EBITDA ₹99.52 ₹143.33 ₹187.15 54
EV/Revenue ₹56.45 ₹94.33 ₹132.21 43
Asset-Based
NCAV (Graham) ₹48.39 ₹64.85 ₹96.79 50
Growth DCF
Growth DCF ₹3.33 ₹18.16 ₹38.10 80
Rev-Margin DCF ₹33.63 ₹78.33 ₹127.83 74
Economic Profit
Residual Income ₹100.46 ₹131.73 ₹366.89 76
ROIC Compounder ₹28.02 ₹37.49 ₹45.66 72
Growth Earnings
Growth-Adj P/E ₹198.26 ₹283.23 ₹368.20 68

Widest divergence: Growth Earnings (₹283.23) versus Growth DCF (₹18.16). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) ₹5.4B
Revenue growth (YoY) +7.6%
Net margin 5.4%
Return on equity 17.5%
Free cash flow ₹60.8M FY2026
P/E ratio 12.6
More key figures
Operating margin 4.6%
EPS (TTM) ₹15.78
EPS growth (YoY) +76.5%
Net debt ₹1.1B FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 50/100

Of which business quality 46 · Market factors (momentum, volatility) 53

Profitability 55
Margins and returns on capital today
Quality Growth 36
Are margins and returns improving?
Cashflow 13
Earnings quality: real cash, not paper profit
Fin. Strength 33
Balance sheet, leverage, solvency risk
Investment 86
Disciplined investing over empire-building
Low Volatility 77
Calm price path (market factor)
Momentum 45
Price trend over the last 3–12 months (market factor)
52W Momentum 39
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Harrisons Malayalam Limited plants and sells tea and rubber in India and internationally. The company operates in three segments: Tea, Rubber, and Others. It offers tea products, custom blended tea, latex, pale latext crepe, and crumb rubber products.

Full company description

Harrisons Malayalam Limited plants and sells tea and rubber in India and internationally. The company operates in three segments: Tea, Rubber, and Others. It offers tea products, custom blended tea, latex, pale latext crepe, and crumb rubber products. In addition, the company cultivates minor crops such as pineapple, cardamom, pepper, and other spices; and produces horticultural crops, including areca nut, banana, cardamom, cocoa, coffee, coconut, pepper, and vanilla, as well as of organic tea and spices. Harrisons Malayalam Limited was incorporated in 1978 and is based in Kochi, India.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Harrisons Malayalam Limited reported revenue of ₹5.4B in FY2026 versus ₹4.5B in FY2022, a compound +4.7%/yr. Reported net income was ₹291M in FY2026, compounding +6.0%/yr from FY2022.

Growth Quality 54/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2026)
₹5.4B
Latest YoY
+4.9%
Avg. growth/yr (3Y) 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.
+3.5%
Avg. growth/yr (5Y) 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.
+5.1%
Avg. growth/yr (20Y) 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.
+6.6%
Revenue +4.7%/yr
FY22 ₹4.5B
FY23 ₹4.9B
FY24 ₹4.6B
FY25 ₹5.1B
FY26 ₹5.4B
Net income +6.0%/yr
FY22 ₹231M
FY23 ₹178M
FY24 −₹73.0M
FY25 ₹149M
FY26 ₹291M
Character of growth · EPS growth decomposed (2013-2024) +22.2 % p.a.
Revenue per share +2.8 pp

of which total revenue +2.8 pp · buybacks/dilution +0.0 pp

EBIT margin +1.9 pp
Tax rate +0.0 pp
Residual (interest, one-offs) +17.5 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

HARRMALAYA screens 39% overvalued. Compare with Muyuan Foods Group →

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Cite: Fair Value Calculator (2026). "Harrisons Malayalam Limited Fair Value". https://www.fairvalue-calculator.com/stock/HARRMALAYA

Peer Group

Farm Products · 298 stocks

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.

Quality Score 50 · Below median
Fair Value upside −39% · Below median
Return on equity (TTM) 18% · Top 25%
Return on assets 2% · Below median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 5% · Below median
Revenue growth 8% · Above median
Debt / equity 0.35× · Higher than median

Valuation Multiples vs Farm Products median · lower = cheaper

P/E (TTM) 12.6× · Cheaper than median
P/B 2.05× · Pricier than 75% of peers
P/S (TTM) 0.68× · Pricier than median
P/FCF 0.6× · Cheaper than median
EV/EBITDA 17.1× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 28
FUTURE 38 · sector 21
PAST 70 · sector 18
HEALTH 82 · sector 94
DIVIDEND 0 · sector 48

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
Muyuan Foods Group 002714 ¥40.15 ¥47.42 +18%
PT Charoen Pokphand Indonesia Tbk, CPIN 3,150 IDR 6,818 IDR +116%
Charoen Pokphand Foods Public Company CPF 21.90 THB 43.24 THB +97%
PT Triputra Agro Persada Tbk TAPG 1,805 IDR 3,087 IDR +71%
PT FAP Agri Tbk FAPA 7,350 IDR 6,420 IDR -13%
PT Japfa Comfeed Indonesia Tbk JPFA 2,260 IDR 6,974 IDR +209%
PT Jhonlin Agro Raya Tbk JARR 1,890 IDR 610.80 IDR -68%
PT Nusantara Sawit Sejahtera Tbk NSSS 860.00 IDR 402.24 IDR -53%
PT Sinar Mas Agro Resources and Technology Tbk SMAR 5,625 IDR 16,227 IDR +188%
PT Dharma Satya Nusantara Tbk DSNG 1,320 IDR 2,696 IDR +104%

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Frequently asked questions

Is Harrisons Malayalam Limited (HARRMALAYA) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ₹120.48 versus a price of ₹198.81, about −39% (overvalued).
What is the fair value of HARRMALAYA?
Our model-based fair value for Harrisons Malayalam Limited is ₹120.48 (as of Aug 13, 2026), built from audited fundamentals. The current price is ₹198.81.
What is the quality score of HARRMALAYA?
Harrisons Malayalam Limited has a Quality Score of 50/100. 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 revenue of Harrisons Malayalam Limited (HARRMALAYA)?
Harrisons Malayalam Limited reported trailing-twelve-month revenue of about ₹5.4B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of HARRMALAYA?
The net profit margin of Harrisons Malayalam Limited is about 5.4%, meaning it keeps roughly 5.4% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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