Harig Crankshafts Ltd (HARIGCRANK)
🎯 Key Takeaways
- Harig Crankshafts Ltd appears to be in a highly volatile, micro-cap phase marked by extreme financial swings and minimal operational scale, with revenue fluctuating between ₹0 and ₹14 crores over recent quarters. The company exhibits a paradoxical financial profile: astronomical ROCE and negative ROE suggest highly leveraged, erratic profitability.
- Revenue declined 89.4% QoQ to ₹2 in Q1FY27.
- ⚠️ 1) Extreme earnings volatility due to reliance on sporadic revenue streams with no recurring business model. 2) Negative equity reserves and high leve
📖 The Story
Harig Crankshafts Ltd appears to be in a highly volatile, micro-cap phase marked by extreme financial swings and minimal operational scale, with revenue fluctuating between ₹0 and ₹14 crores over recent quarters. The company exhibits a paradoxical financial profile: astronomical ROCE and negative ROE suggest highly leveraged, erratic profitability. It is likely in a speculative or turnaround narrative phase, potentially driven by isolated high-margin contracts or asset revaluations rather than sustainable operations.
📰 What's Happening
Management has not announced any major strategic initiatives in the latest filings, but operational activity has shown intermittent recovery, with revenue rising from ₹0 in Q2 and Q3 2025 to ₹6 crores in Dec 2025 and ₹14 crores in Mar 2026. The sharp improvement in operating profit margin (OPM) to 79.7% and ₹11 crores in operating profit in Mar 2026 suggests possible order execution or cost optimization. However, profitability remains volatile, with net losses persisting in prior quarters despite revenue gains.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 6 | 14 | 2 |
| Operating Profit | -1 | -0 | 6 | 11 | 1 |
| OPM % | — | — | 87.7% | 79.7% | 76.5% |
| Net Profit | -2 | -2 | 4 | 10 | -0 |
| EPS | ₹-2.12 | ₹-1.75 | ₹4.06 | ₹9.65 | ₹-0.03 |
The company’s financial trajectory shows sharp swings in revenue and profitability, with operating profits spiking to ₹11 crores in Mar 2026 from near-zero levels a quarter earlier, indicating possible project-based earnings. Despite this, net income remains inconsistent, turning negative in Sep and Jun 2025 before returning to ₹10 crores in Mar 2026. This volatility suggests earnings are highly sensitive to timing of contract execution or receivables, rather than stable core business performance.
🔮 Management Outlook & What's Next
There is no explicit forward guidance or strategic outlook disclosed in the latest filing extracts. Management commentary is absent regarding future revenue targets, margin expectations, or capital plans, leaving investor sentiment reliant on observed operational fluctuations rather than structured guidance.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 11 | 11 | 11 |
| Reserves | -72 | -76 | -62 |
| Borrowings | 72 | 74 | 65 |
| Total Liabilities | 12 | 11 | 18 |
| Fixed Assets | 3 | 3 | 3 |
| Investments | 0 | 0 | 0 |
| Total Assets | 12 | 11 | 18 |
The balance sheet reveals extreme leverage and unstable equity, with negative reserves (₹-76 crores in Mar 2026) and rising borrowings (₹74 crores) despite minimal asset growth. Total assets remain stagnant around ₹11–18 crores, suggesting little reinvestment. The capital structure appears fragile, with debt levels nearly matching total assets, raising concerns about financial sustainability even during profitable quarters.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 |
|---|---|
| Operating | -3 |
| Investing | +2 |
| Financing | -15 |
| Net Cash Flow | -16 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 95.0% | 90.0% | 90.0% | 90.0% |
| FII | 0.2% | 0.2% | 0.2% | 0.2% |
| DII | 0.0% | 0.0% | 0.0% | 0.0% |
| Public | 3.7% | 7.2% | 7.2% | 7.2% |
| # Shareholders | 42,081 | 43,917 | 43,724 | 43,484 |
Promoter holding remains stable at 90%, indicating confidence or control retention, but institutional interest is negligible (FII/DII combined under 0.2% for over a year). Shareholder count has gradually increased from ~42,000 to ~43,900, suggesting minor retail diversification. No signs of significant foreign or domestic institutional accumulation, limiting market visibility or validation.
⚖️ Peer Comparison — Realty
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| DLF | 1.68 L Cr | 37.8 | 6.5% | 5.6% | 0.00 |
| LODHA | 1.23 L Cr | 29.8 | 17.9% | 17.7% | 0.42 |
| PRESTIGE | 68,615 | 60.2 | 10.4% | 7.8% | 0.92 |
| OBEROIRLTY | 67,674 | 25.6 | 17.8% | 14.7% | 0.16 |
| PHOENIXLTD | 67,406 | 52.7 | 16.6% | 15.6% | 0.45 |
| GODREJPROP | 60,580 | 37.9 | 6.6% | 8.3% | 0.82 |
| PFOCUS | 22,363 | 187.0 | 13.7% | 19.1% | 5.39 |
| ANANTRAJ | 21,744 | 36.6 | 11.1% | 9.9% | 0.10 |
| BRIGADE | 21,393 | 24.9 | 10.9% | 11.5% | 0.90 |
| ABREL | 15,154 | — | -4.5% | -3.3% | 1.52 |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1) Extreme earnings volatility due to reliance on sporadic revenue streams with no recurring business model. 2) Negative equity reserves and high leverage create default and solvency risks, especially if operating profits reverse. 3) Persistent net losses in prior quarters despite recent profits indicate lack of earnings durability. 4) Minimal institutional or analyst coverage exposes the stock to low liquidity and speculative price swings.
🧠 Analyst's Read
Harig Crankshafts Ltd remains a high-risk, micro-cap speculative entity with no clear operational scale or growth trajectory. Investors should monitor quarterly revenue sustainability and whether recent profitability normalizes, but structural financial weaknesses and lack of transparency limit investability.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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