Hariyana Ship Breakers Ltd (HRYNSHP)

Services · Ship Building · NSE · Updated 17 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹98.7 ↓ 13.69% (1Y)

🎯 Key Takeaways

Hariyana Ship Breakers Ltd operates in the niche ship-breaking segment within the services industry, but its financial performance and operational scale suggest it is a small, capital-light entity with minimal revenue generation. The company exhibits characteristics of a distressed or dormant business, with recurring losses, negative ROE, and near-zero operational activity in recent quarters.
⚠️ 1) Persistent operational inactivity with zero revenue in two of the last three quarters raises concerns about business viability. 2) Negative ROE and

Market Cap

₹61

P/E Ratio

14.8

P/B Ratio

0.41

ROE

-2.3%

ROCE

0.8%

Debt/Equity

0.11

Promoter

75.0%

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📖 The Story

Hariyana Ship Breakers Ltd operates in the niche ship-breaking segment within the services industry, but its financial performance and operational scale suggest it is a small, capital-light entity with minimal revenue generation. The company exhibits characteristics of a distressed or dormant business, with recurring losses, negative ROE, and near-zero operational activity in recent quarters. It appears to be in a survival or caretaker phase, possibly maintaining minimal compliance rather than pursuing growth.

📰 What's Happening

Management has not announced any new contracts, expansions, or strategic initiatives in the latest filings. The company continues to operate with negligible revenue, reporting ₹0 revenue in Jun 2026 and Mar 2026, and only ₹2 lakh in revenue as recently as Dec 2025. There are no indications of new order wins, joint ventures, or capacity additions. The business appears to be largely inactive, with financial results reflecting only minimal residual operations or accounting entries.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	0	1	2	0	0
Operating Profit	-1	1	2	-2	-1
OPM %	—	45.4%	69.1%	—	—
Net Profit	1	2	7	-14	1
EPS	₹1.11	₹3.64	₹11.06	₹-15.17	₹7.16

The company's financial trajectory shows a sharp decline from profitability in Dec 2025 (₹2 lakh revenue, ₹7 lakh net profit) to near-total operational dormancy by Jun 2026, with zero revenue and small operating losses. This volatility suggests erratic project execution or timing of contract completions, but the absence of new revenue streams raises concerns about sustainability. The trend indicates no recovery path, with profitability disappearing entirely in the last two quarters.

🔮 Management Outlook & What's Next

There is no forward guidance or explicit outlook provided in the latest regulatory filings. Management has not addressed future revenue expectations, cost structures, or recovery plans in the absence of operational visibility. The lack of commentary on business revival or strategic direction implies either disengagement or an implicit acceptance of minimal ongoing activity without a clear path to reinstatement of regular operations.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	6	6	6	6
Reserves	140	141	144	141
Borrowings	15	16	16	4
Total Liabilities	164	166	169	155
Fixed Assets	11	9	10	9
Investments	135	140	141	140
Total Assets	164	166	169	155

The balance sheet remains extremely thin, with total equity and reserves of ₹150 crore and only ₹4 crore in borrowings as of Mar 2026. Total assets have slightly declined to ₹155 crore, indicating no significant investment or asset buildup. There is no evidence of capital expenditure or strategic asset acquisition, suggesting conservative capital allocation with no aggressive reinvestment or deleveraging activity.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2025
Operating	-2
Investing	+4
Financing	-5
Net Cash Flow	-3

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	75.0%	75.0%	75.0%	75.0%
FII	0.0%	0.0%	0.0%	0.0%
DII	0.0%	0.0%	0.0%	0.0%
Public	21.5%	21.6%	21.7%	21.6%
# Shareholders	6,207	6,242	6,274	6,108

Promoter holding remains stable at 74.95% with no pledging or dilution signals. Institutional (FII) and mutual fund (DII) holdings are negligible and unchanged, indicating no investor interest or confidence from the broader market. The shareholder base is largely retail and stable, but with no new institutional interest, suggesting limited market confidence or liquidity.

⚖️ Peer Comparison — Ship Building

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
SWANDEF	14,215	—	-7.5%	-340.1%	39.13
KMEW	6,613	45.8	42.0%	60.3%	0.61
537669	256	—	—	—	0.47
HRYNSHP	61	14.8	0.8%	-2.3%	0.11
533427	45	12.8	7.1%	4.3%	0.48
519413	31	—	0.9%	13.6%	-3.70
509563	11	66.0	1.1%	0.9%	0.00
BHARATIDIL	—	—	11.3%	9.2%	-0.18

🔗 Peer Stock Analyses

SWANDEF KMEW 537669 533427 519413

⚠️ Risk Factors

1) Persistent operational inactivity with zero revenue in two of the last three quarters raises concerns about business viability. 2) Negative ROE and ROCE indicate capital is not being generated productively, with no clear path to profitability restoration. 3) Lack of management commentary or strategic direction suggests potential governance disengagement or stagnation. 4) High volatility in quarterly results without explanatory disclosures increases uncertainty around financial sustainability.

📋 Recent Filings

🧠 Analyst's Read

Hariyana Ship Breakers appears to be a financially fragile entity with minimal operations and no visible recovery strategy. Investors should monitor for any signs of renewed activity or capital infusion, but the current trajectory offers no compelling fundamental support. The company remains highly speculative and lacks the operational or financial resilience expected of a going concern.

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 2026-09-17.

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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