Harshdeep Hortico Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Harshdeep Hortico Ltd filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Harshdeep Hortico reported H2 FY26 revenue growth over H2 FY25, along with higher EBITDA and PAT, while management cited raw material shortages, an LPG gas supply disruption, and price hikes of 20-25% as headwinds during the period. The company introduced new product verticals including rotational moulded fountains, AgriShield shade nets, and 3D printed EcoSeries pots, alongside a new manufacturing facility in Delhi. Management fielded questions on working capital, capacity utilization, product mix, export exposure, and future growth expectations for FY27.
Numbers mentioned
Revenue: INR 32 crores, 64 lakhs (H1 FY26)
p. 5
“Speaking of the revenue that we did for this year, in H1 was somewhere around INR 32 crores, 64 lakhs.”
Harshit Hitesh Shah, page 5 of the filed PDF · View the filing
Revenue: INR 24 crores 90 lakhs (H1 FY25)
p. 5
“We have in the year FY2425, we had done in H1 was INR 24 crores 90 lakhs, and the H2 was INR 31 crores 51 lakhs.”
Harshit Hitesh Shah, page 5 of the filed PDF · View the filing
EBITDA: INR 5.95 to 8.4 crores in H1, INR 9.0 to 11.3 crores in H2 (FY25 vs FY26)
p. 5
“Speaking about the EBITDA, it has increased from INR 5.95 to 8.4 crores in H1 and INR 9.0 to 11.3 crores in this H2.”
Harshit Hitesh Shah, page 5 of the filed PDF · View the filing
PAT: INR 4.22 to 5.7 crores in H1, INR 5.47 to 6.82 crores in H2 (FY25 vs FY26)
p. 5
“Speaking of the PAT, we have increased the PAT from INR 4.22 to 5.7 crores in H1.”
Harshit Hitesh Shah, page 5 of the filed PDF · View the filing
Revenue: INR 69 crores (FY26)
p. 8
“still, we were able to achieve INR 69 crores, which was promised INR 85 crores.”
Harshit Hitesh Shah, page 8 of the filed PDF · View the filing
Export revenue share: 2% (FY26)
p. 6
“but we have done somewhere around, say, 2% of the total revenue in exports.”
Harshit Hitesh Shah, page 6 of the filed PDF · View the filing
B2B revenue share: 75%
p. 5
“Basically, we are doing B2B, that would be 75% of our business.”
Harshit Hitesh Shah, page 5 of the filed PDF · View the filing
B2C revenue share: 15-18%
p. 16
“So, ballpark figure, if you tell me, I will be able to tell you approximately 15-18% of my current revenue will be going towards the B2C.”
Harshit Hitesh Shah, page 16 of the filed PDF · View the filing
Roto moulded series revenue share: 30.66% (FY26)
p. 15
“revenuewise, the roto moulded series has done somewhere around 30.66% of the total revenue.”
Harshit Hitesh Shah, page 15 of the filed PDF · View the filing
Shade net revenue share: 3% (FY26)
p. 15
“The shade net has been introduced this year, and we have done somewhere around 3% of the total revenue.”
Harshit Hitesh Shah, page 15 of the filed PDF · View the filing
Decorative Series revenue share: 14% (FY26)
p. 15
“Then the Decorative Series comprises of approximately 14% of the revenue mix.”
Harshit Hitesh Shah, page 15 of the filed PDF · View the filing
EBITDA margin: 31% (H2 FY26)
p. 19
“this year in H2, we did 31% EBITDA margin despite headwinds.”
Raj Shah, page 19 of the filed PDF · View the filing
EBITDA margin: 28% (H2 FY25)
p. 19
“Sir, last year in H2, we did EBITDA margin of 28%.”
Raj Shah, page 19 of the filed PDF · View the filing
Ugaoo revenue contribution: 10% of business, grown from INR 1 crore to INR 10 crore (FY26)
p. 18
“Ugaoo must be doing somewhere around 10% of my business. This year, he has grown more than 100%.”
Harshit Hitesh Shah, page 18 of the filed PDF · View the filing
Capacity impact from raw material/labour issues: 10% (FY26)
p. 14
“I would say 10% of our facility has been affected because of all the regulations.”
Harshit Hitesh Shah, page 14 of the filed PDF · View the filing
Raw material price increase: 60%
p. 14
“Still, there are a few things, like the prices of the raw material has been hiked by 60%.”
Harshit Hitesh Shah, page 14 of the filed PDF · View the filing
Inventory growth: 62%
p. 19
“The inventories in our books have gone up by 62%, and our receivables are up 51%.”
Mustafa Khedwala, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 25-30% per year · next 3 years
stated conditionally by Harshit Hitesh Shah
p. 8
“Coming again to that point, if the geopolitical conditions go back to how they work, then we are surely positive on 25-30% of growth every year that we can see, which is realistic.”
Harshit Hitesh Shah, page 8 of the filed PDF · View the filing
Peak revenue potential from current infrastructure — above INR 100 crores
stated firmly by Harshit Hitesh Shah
p. 7
“Sir, we are very much comfortable of doing anything above INR 100 crores with the current infrastructure.”
Harshit Hitesh Shah, page 7 of the filed PDF · View the filing
Growth from current infrastructure — 35-40%
stated as an aspiration by Harshit Hitesh Shah
p. 7
“But I would say that we are comfortable to do at least 35-40% growth from the current infrastructure.”
Harshit Hitesh Shah, page 7 of the filed PDF · View the filing
Shade net segment growth — 10-20% growth
stated as an aspiration by Harshit Hitesh Shah
p. 25
“We can expect approximately 10-20% growth from what we did last year.”
Harshit Hitesh Shah, page 25 of the filed PDF · View the filing
Solar panel electricity savings — INR 10-15 lakhs a month
stated firmly by Harshit Hitesh Shah
p. 27
“We will be saving approximately INR 10-15 lakhs a month currently on this current projections.”
Harshit Hitesh Shah, page 27 of the filed PDF · View the filing
CapEx — FY27
stated conditionally by Harshit Hitesh Shah
p. 23
“Sir, currently, we are quite comfortable with the CapEx. And if there will be anything, then, of course, we'll discuss.”
Harshit Hitesh Shah, page 23 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said conditions like geopolitical issues affected the year but expects 25-30% annual growth if conditions normalize.
Answered by Harshit Hitesh Shah
Asked by Keshav Garg: What is a realistic revenue growth number for FY27 given the shortfall against the earlier INR 115 crore guidance?
p. 8
“Coming again to that point, if the geopolitical conditions go back to how they work, then we are surely positive on 25-30% of growth every year that we can see, which is realistic.”
Harshit Hitesh Shah, page 8 of the filed PDF · View the filing
Management said it is trying to maintain margins without fully passing costs to customers and matched competitor price hikes of 20-25%.
Answered by Harshit Hitesh Shah
Asked by Keshav Garg: Can the company sustain a 30% margin given rising raw material prices and price hikes taken?
p. 10
“But I'm sure that we will be keeping the margins as hard as possible, like we will be plunging to it as much as possible.”
Harshit Hitesh Shah, page 10 of the filed PDF · View the filing
Management attributed rising receivables to extending credit to growing customers and rising inventory needs to support large orders and new stores.
Answered by Harshit Hitesh Shah
Asked by Love Gupta: Why have working capital days been increasing and what sustainable level can be expected?
p. 13
“But we are sure that something like inventory, we will have to hold the inventory of this number in order to grow.”
Harshit Hitesh Shah, page 13 of the filed PDF · View the filing
Management said raw material prices rose 60%, LPG supply remains constrained, and about 10% of facility capacity was affected.
Answered by Harshit Hitesh Shah
Asked by Prashant Kale: Has the gas supply disruption been fully resolved and how much capacity was affected?
p. 14
“I would say 10% of our facility has been affected because of all the regulations.”
Harshit Hitesh Shah, page 14 of the filed PDF · View the filing
Management said price hikes of 25% have not fully offset the 60% rise in raw material costs and customers are holding back purchases.
Answered by Harshit Hitesh Shah
Asked by Mustafa Khedwala: Have the price hikes been sufficient to cover raw material inflation?
p. 17
“So, yeah, we are trying to somehow collaborate all the expenses, we have downsized the office as well.”
Harshit Hitesh Shah, page 17 of the filed PDF · View the filing
Management said it expects high growth in fountains and shade nets but declined to give a specific percentage contribution target.
Answered by Harshit Hitesh Shah
Asked by Mustafa Khedwala: What contribution can fountains and shade nets make to revenue over the next few years?
p. 25
“10%,20% is something which I shouldn't be saying, because it is a very big jump from 1-10%.”
Harshit Hitesh Shah, page 25 of the filed PDF · View the filing
Management gave revenue share by category including roto moulded, Grower Series, shade net, Decorative Series, EcoSeries, fiberglass and garden furniture.
Answered by Harshit Hitesh Shah
Asked by Gunit Singh: What is the product-wise revenue and margin mix across categories?
p. 15
“The Grower Series has done 42-43% of the margins.”
Harshit Hitesh Shah, page 15 of the filed PDF · View the filing
Management attributed the seasonal margin difference to product mix, noting H2 includes higher-margin roto moulded and decorative products driven by festival-season landscaping demand.
Answered by Harshit Hitesh Shah
Asked by Raj Shah: Why did H2 EBITDA margin improve to 31% from 28% despite headwinds?
p. 19
“H1 is usually less than H2 because in H1, it is all about monsoon.”
Harshit Hitesh Shah, page 19 of the filed PDF · View the filing
Risks flagged
LPG gas supply disruption affecting rotational moulding production for approximately two months
p. 9
“There was no LPG gas available as the whole rotational moulding machinery of ours works on LPG gas, which we were cut off for approximately two months.”
Harshit Hitesh Shah, page 9 of the filed PDF · View the filing
Labour shortages linked to non-availability of LPG gas for lower-income workers
p. 9
“And there were labour shortages because of non-availability of LPG gas to the lower class and the labour class.”
Harshit Hitesh Shah, page 9 of the filed PDF · View the filing
Raw material price increases of 20-25% leading customers to reduce orders
p. 8
“The biggest disadvantage that we had was non-availability of raw material A. The prices shot up 20-25%.”
Harshit Hitesh Shah, page 8 of the filed PDF · View the filing
Loss of large projects due to rising prices
p. 9
“And because of the rising prices, a lot of big projects were also deleted from the portfolio.”
Harshit Hitesh Shah, page 9 of the filed PDF · View the filing
Rising petrol and diesel prices increasing transport costs across the supply chain
p. 30
“The day petrol and diesel prices increases, the whole chain and the whole life cycle of every commodity changes, because transport hits, all products get hit because of it.”
Harshit Hitesh Shah, page 30 of the filed PDF · View the filing
Customer hesitancy and deferred spending amid inflation and political messaging to avoid unnecessary spending
p. 17
“Everyone is holding back, and they are waiting and watching the current scenario, and as PM has also informed everyone to not, spend on unnecessary things.”
Harshit Hitesh Shah, page 17 of the filed PDF · View the filing
Political statements frightening labour supply
p. 14
“And a few statements from the political parties has really frightened them.”
Harshit Hitesh Shah, page 14 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.