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10 Yrs X-Ray 
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Analyst Note 
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About
Harrisons Malayalam Ltd (HARRMALAYA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500467 NSE: HARRMALAYA Rubber Products | Small Cap | Harrisons Malayalam Share Price
₹170.20 2.05 (1.22%)
As on 13-Oct'26 16:59
Harrisons Malayalam Ltd (HARRMALAYA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 500467 NSE: HARRMALAYA Rubber Products | Small Cap | Harrisons Malayalam Share Price
₹170.20 2.05 (1.22%)
As on 13-Oct'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹310 Cr.
Current Price
₹170.2
52-Week Low / High
₹156 / 236
TTM EPS
₹14.7
TTM Sales
₹548 Cr.
Book Value per Share
₹98.9
P/E Ratio
11.45
Higher than its 5-year historical median
Industry PE
22.2
Price to Book (P/B)
1.70
Lower than its 5-year historical median
Price to Sales (P/S)
0.57
Lower than its 5-year historical median
EV/EBITDA
8.88
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
17.51%
Outperforms industry median
Return on Capital Employed (ROCE)
15.47%
Outperforms industry median
Return on Assets (ROA)
5.97%
Operating Profit Margin
4.6%
Net Profit Margin
5.4%
Gross Profit Margin
6.7%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
4.9%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
5.87%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
95.63%
Asset Quality
Promoter Holding
54.12%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹164 Cr.
Equity
₹18.5 Cr.
Face Value
₹10
All Time Low / High
₹3.80 / 390.00
Check Before You Invest
Quality
Somewhat GoodValuation
Somewhat OvervaluedCheck Valuation charts
Price Trend
Weak
Is Harrisons Malayalam Ltd a good quality company?
Harrisons Malayalam Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Harrisons Malayalam Ltd performance compare with that of its Peers?
Revenue growth of Harrisons Malayalam Ltd vs industry peers?
Harrisons Malayalam Ltd revenue CAGR is 3.63%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Harrisons Malayalam Ltd?
Promoters hold 54.12% of the Harrisons Malayalam Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Harrisons Malayalam Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 8.7% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Harrisons Malayalam Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 8.9% | 8.6% | -5.1% | 12.8% | 26.8% | 15.7% | 12.7% | 2.4% | 11.4% | 15.5% | - |
| Value Creation Index ⓘ | -0.4 | -0.4 | -1.4 | -0.1 | 0.9 | 0.1 | -0.1 | -0.8 | -0.2 | 0.1 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 367 | 383 | 354 | 387 | 451 | 472 | 487 | 488 | 514 | 539 | 548 |
| Sales YoY Gr. | - | 4.6% | -7.7% | 9.5% | 16.5% | 4.5% | 3.2% | 0.3% | 5.3% | 4.9% | - |
| Adj EPS ⓘ | 0.5 | 2.2 | -13.2 | 5.2 | 21.9 | 11.4 | 9.5 | -1.1 | 7.8 | 12.2 | 14.7 |
| YoY Gr. | - | 305.6% | -700.5% | NA | 325.6% | -47.8% | -16.8% | -111.8% | NA | 55.4% | - |
| BVPS (₹) ⓘ | 55.5 | 56.2 | 42.6 | 42.8 | 62.4 | 74.8 | 84.6 | 78 | 83.6 | 96.8 | 99 |
| Adj Net Profit ⓘ | 1 | 4.1 | -24.3 | 9.5 | 40.5 | 21.1 | 17.6 | -2.1 | 14.4 | 22.4 | 27 |
| Cash Flow from Ops. ⓘ | 21.1 | 19.9 | -7 | 33.3 | 41.1 | 37.5 | 31.3 | 33 | 23.4 | 25.4 | - |
| Debt/CF from Ops. ⓘ | 4.5 | 4.8 | -17.2 | 3.4 | 2.3 | 2.3 | 3 | 2.9 | 4.3 | 4.2 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 4.4% | 3.6% | 3.5% | 4.9% | ||||
| Adj EPS ⓘ | 41.3% | -11.1% | 8.5% | 55.4% | ||||
| BVPSⓘ | 6.4% | 9.2% | 4.6% | 15.9% | ||||
| Share Price | 8.6% | -2% | 2.9% | -15.3% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0.6 | 3.9 | -26.6 | 12.1 | 41.7 | 16.7 | 11.9 | -1.4 | 9.7 | 13.5 | 15 |
| Op. Profit Mgn % ⓘ | 3.6 | 3.3 | -3.4 | 6.1 | 12.3 | 6.6 | 5.6 | 2.1 | 4.6 | 4.6 | 4.1 |
| Net Profit Mgn % ⓘ | 0.3 | 1.1 | -6.9 | 2.5 | 9 | 4.5 | 3.6 | -0.4 | 2.8 | 4.2 | 5 |
| Debt to Equity ⓘ | 0.9 | 0.9 | 1.5 | 1.4 | 0.8 | 0.6 | 0.6 | 0.7 | 0.7 | 0.6 | - |
| Working Cap Days ⓘ | 209 | 209 | 231 | 218 | 194 | 184 | 178 | 123 | 63 | 63 | 32 |
| Cash Conv. Cycle ⓘ | -1 | -0 | 5 | -0 | -4 | -3 | -4 | -5 | -11 | -7 | -39 |
Valuation of Harrisons Malayalam - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 367 | 383 | 354 | 387 | 451 | 472 | 487 | 488 | 514 | 539 |
| Operating Expenses ⓘ + | 353 | 371 | 366 | 364 | 396 | 440 | 460 | 478 | 490 | 514 |
| Operating Profit ⓘ | 13 | 13 | -12 | 23 | 55 | 31 | 27 | 10 | 24 | 25 |
| Operating Profit Margin (%) | 3.6% | 3.3% | -3.4% | 6.0% | 12.3% | 6.7% | 5.6% | 2.1% | 4.6% | 4.6% |
| Other Income ⓘ + | 5 | 9 | 6 | 6 | 3 | 7 | 7 | 9 | 12 | 24 |
| Interest ⓘ | 14 | 13 | 14 | 16 | 14 | 11 | 12 | 13 | 13 | 13 |
| Depreciation ⓘ | 5 | 4 | 4 | 4 | 4 | 4 | 4 | 6 | 7 | 7 |
| Profit Before Tax ⓘ | 4 | 4 | -24 | 9 | 40 | 23 | 18 | -7 | 15 | 29 |
| Tax ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 4 | 4 | -24 | 9 | 40 | 23 | 18 | -7 | 15 | 29 |
| PAT Margin (%) | 1.2% | 1.2% | -6.8% | 2.4% | 9.0% | 4.9% | 3.7% | -1.5% | 2.9% | 5.4% |
| Adjusted EPS (₹) | 2.2 | 2.4 | -13.1 | 5.0 | 21.9 | 12.5 | 9.6 | -4.0 | 8.1 | 15.8 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 102 | 104 | 79 | 79 | 115 | 138 | 156 | 144 | 154 | 179 | |
| Debt + | 87 | 86 | 105 | 105 | 80 | 72 | 72 | 75 | 86 | 91 | |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Trade Payables | 32 | 38 | 34 | 48 | 43 | 51 | 46 | 66 | 63 | 61 | |
| Others Liabilities ⓘ | 280 | 293 | 296 | 312 | 310 | 301 | 315 | 178 | 170 | 172 | |
| Total Liabilities ⓘ | 501 | 521 | 514 | 544 | 548 | 562 | 589 | 464 | 473 | 503 | |
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 277 | 277 | 280 | 285 | 285 | 286 | 291 | 298 | 296 | 296 | |
| CWIP ⓘ | 8 | 11 | 10 | 13 | 22 | 36 | 58 | 72 | 88 | 105 | |
| Investments ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Inventories | 25 | 28 | 29 | 41 | 35 | 35 | 38 | 37 | 38 | 46 | |
| Trade Receivables | 8 | 14 | 10 | 8 | 16 | 14 | 11 | 18 | 13 | 15 | |
| Cash Equivalents | 3 | 5 | 2 | 4 | 2 | 4 | 2 | 2 | 2 | 4 | |
| Others Assets ⓘ | 181 | 186 | 183 | 194 | 189 | 189 | 189 | 37 | 36 | 37 | |
| Total Assets ⓘ | 501 | 521 | 514 | 544 | 548 | 562 | 589 | 464 | 473 | 503 | |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 21 | 20 | -7 | 33 | 41 | 38 | 31 | 33 | 23 | 25 |
| Cash Flow From Investing Activity ⓘ + | 4 | -7 | -6 | -9 | -11 | -14 | -27 | -22 | -16 | -18 |
| Cash Flow From Financing Activity ⓘ + | -31 | -12 | 11 | -23 | -32 | -21 | -6 | -11 | -8 | -4 |
| Net Cash Flow ⓘ | -6 | 1 | -1 | 1 | -1 | 2 | -2 | 0 | -1 | 3 |
| PARTICULARS | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 4.36 | 4.32 | -26.44 | 11.77 | 41.7 | 18.25 | 12.08 | -4.87 | 9.99 | 17.51 |
| ROCE (%) | 8.91 | 8.63 | -5.07 | 12.83 | 26.77 | 15.76 | 12.71 | 2.4 | 11.38 | 15.47 |
| Asset Turnover Ratio | 0.64 | 0.75 | 0.68 | 0.73 | 0.83 | 0.85 | 0.85 | 0.93 | 1.1 | 1.1 |
| PAT to CFO Conversion(x) | 5.25 | 5 | N/A | 3.67 | 1.03 | 1.65 | 1.72 | N/A | 1.53 | 0.86 |
| Working Capital Days | ||||||||||
| Receivable Days | 7.20 | 10.50 | 12.50 | 8.50 | 9.80 | 11.40 | 9.30 | 11.20 | 11.30 | 9.60 |
| Inventory Days | 23.50 | 25.30 | 29.70 | 33 | 30.50 | 27 | 27.30 | 28 | 26.80 | 28.50 |
| Payable Days | 94.40 | 111.60 | 114 | 158.50 | 123.20 | 108.60 | 125.30 | 135.10 | 125.70 | 115.30 |
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Harrisons Malayalam Ltd FAQs
The current trading price of Harrisons Malayalam on 13-Oct-2026 16:59 is ₹170.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Oct-2026 the market cap of Harrisons Malayalam stood at ₹310.3 Cr
The latest P/E ratio of Harrisons Malayalam as of 12-Oct-2026 is 11.44.
The latest P/B ratio of Harrisons Malayalam as of 12-Oct-2026 is 1.70.
The 52-week high of Harrisons Malayalam is ₹235.8 and the 52-week low is ₹156.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Harrisons Malayalam is ₹548 ( Cr.) .
Past 10 year's financial track record analysis by Moneyworks4me indicates that Harrisons Malayalam Ltd is a average quality company.
The key valuation ratios of Harrisons Malayalam Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Harrisons Malayalam Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Harrisons Malayalam Ltd
Harrisons Malayalam Limited (HML) is the most successful integrated agricultural operation in South India. One of the oldest - with a history that goes back over hundred and fifty years - it has been a pioneer in corporate farming and has, over this period, established and run plantations for Tea, Rubber, Cocoa, Coffee and a wide variety of Spices. Today the company cultivates thousands of hectare and processes produce from other farmlands in its neighborhood.
The company also produces smaller quantities of a variety of other exotic horticultural crops like Areca nut, Banana, Cardamom, Cocoa, Coffee, Coconut, Pepper and Vanilla as well as limited quantities of Organic tea and spices. The product range includes both CTC and Orthodox Tea, Rubber in concentrated rubber latex, crepe, block and sheet rubber forms. Fresh Pineapple is the other large produce.
As a dominant player in tea exports from South India over its entire history, a position that it maintains even today, the company is a source for quality teas for all the big names in the Tea industry in Europe. Being the industry leader in natural rubber production, HML is known for its high quality natural rubber in the local and export markets.
The company is part of RP-SG and RPG Enterprises one of the largest and well-respected industrial groups in India. The Group has interests in tyres, cables, power transmission, telecommunications, pharmaceuticals, specialty chemicals, retail and consumer marketing, hotel and tourism, entertainment and agri-business.
Business area of the company
The company is principally engaged in plantations having tea and rubber estates in Kerala and Tamil Nadu.
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