Synopsis:- Harshdeep Hortico Limited, a Bhiwandi-based manufacturer of plastic, FRP, and roto-moulded planters and garden furniture, posted a 22 percent rise in FY26 standalone revenue to Rs. 68.71 crore alongside a 29 percent jump in net profit to Rs. 12.52 crore and declared a maiden dividend of Rs. 0.25 per share.
Shares of a Maharashtra-based plastic planters and garden products manufacturer came into focus after the company’s board met on May 4, 2026, approving audited standalone financial results for the half year and full year ended March 31, 2026. The meeting, held at Thane, concluded within thirty minutes and also approved the appointment of an internal auditor for FY27.
With a market capitalisation of Rs. 151.69 crore, the shares of Harshdeep Hortico Limited were last trading at Rs. 94.25 per share, down 2.53 percent from its previous close of Rs. 96.7. The BSE SME-listed company is trading at a P/E of 13.58.
Harshdeep Hortico reported standalone revenue from operations of Rs. 68.71 crore for FY26, up 22.1 percent from Rs. 56.27 crore in FY25. Net profit for the year rose 29.1 percent to Rs. 12.52 crore from Rs. 9.70 crore a year earlier, with operating margins holding steady. The company’s single business segment covers all planter and garden product manufacturing. Earnings per share for FY26 came in at Rs. 7.78, against Rs. 6.03 in FY25.
For the second half of FY26 (October 2025 to March 2026), revenue stood at Rs. 36.07 crore and net profit at Rs. 6.82 crore. Both figures were ahead of the year-ago second half; FY25 had delivered Rs. 31.45 crore in revenue and Rs. 5.48 crore in net profit reflecting continued demand for the company’s roto-moulded outdoor planters, FRP planters, illuminated planters, and garden accessories. The board has also recently entered the roto-moulded outdoor furniture category, extending the product range beyond pots and planters.
The board recommended a final dividend of Rs. 0.25 per equity share of face value Rs. 10, a 2.5 percent payout for FY26, subject to shareholder approval at the forthcoming Annual General Meeting. Screener’s automated analysis had flagged the company’s non-payment of dividends despite repeated profitability as a concern; this declaration, if approved at the AGM, would mark the company’s first dividend since its BSE SME listing.
The headline numbers are clean, but the balance sheet presents a less straightforward picture. Inventories rose 62 percent to Rs. 38.21 crore at March 31, 2026, from Rs. 23.56 crore a year earlier against annual revenue of Rs. 68.71 crore, this implies roughly 203 days of sales sitting as stock, a cycle already flagged by Screener at 283 days for FY25 and likely to have extended further.
Trade receivables also grew 52 percent to Rs. 19.94 crore from Rs. 13.16 crore. To fund this working capital absorption, the company drew down Rs. 18.75 crore in short-term borrowings during FY26, a line that carried a zero balance at March 31, 2025. Cash from operations came in at just Rs. 3.57 crore for the year, against a reported PAT of Rs. 12.52 crore; the gap is explained entirely by the inventory and receivables build.
Business Overview
Incorporated in 2022 and listed on the BSE SME Platform (Scrip Code: 544105), Harshdeep Hortico Limited designs, manufactures, and supplies plastic indoor planters, outdoor planters, illuminated planters, decorative planters, roto-moulded planters, FRP planters, Eco series planters, and related accessories including garden hose pipes and water cans, operating from its facility in Bhiwandi, Thane district.
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