Hardcastle & Waud Manufacturing Company Limited has reported its audited financial results for the quarter and year ended March 31, 2026. The Board of Directors approved the results at its meeting held on May 14, 2026, which commenced at 2:30 pm and concluded at 3:10 pm.

Financial Performance Overview

The company delivered a strong full-year performance, with net profit rising sharply to ₹493.20 lakh from ₹128.69 lakh in the previous year. Revenue from operations grew to ₹1,061.42 lakh from ₹588.93 lakh, while total income for the year stood at ₹1,110.76 lakh, compared to ₹633.16 lakh in the prior year. Total expenses for the year increased to ₹570.14 lakh from ₹354.90 lakh. Profit before tax for the year was recorded at ₹540.62 lakh, against ₹278.26 lakh previously. Basic and diluted earnings per share (EPS) for the year rose to ₹72.59 from ₹18.94 in the previous year.

The following table summarises the key financial metrics for the year:

Quarterly Results

For the quarter ended March 31, 2026, the company posted a net profit of ₹204.50 lakh, compared to ₹8.54 lakh in the same quarter of the previous year. Revenue from operations for the quarter stood at ₹336.00 lakh, up from ₹177.33 lakh in the corresponding period. Total income for the quarter was ₹349.27 lakh, against ₹188.56 lakh previously. Total expenses for the quarter were ₹174.72 lakh, and profit before tax was ₹174.55 lakh. Basic and diluted EPS for the quarter stood at ₹30.10.

Segment Performance

The company operates across three segments: Trading, Investments, and Leasing. For the year ended March 31, 2026, the Investments segment contributed the highest revenue at ₹445.37 lakh, followed by Leasing at ₹335.87 lakh and Trading at ₹280.18 lakh. In terms of profitability, the Investments segment led with a profit before tax and interest of ₹394.96 lakh, followed by Leasing at ₹229.05 lakh and Trading at ₹45.44 lakh.

Balance Sheet and Cash Flow Highlights

As at March 31, 2026, total assets stood at ₹5,394.54 lakh, up from ₹4,866.30 lakh in the previous year. Equity share capital remained unchanged at ₹67.95 lakh, while other equity grew to ₹5,003.10 lakh from ₹4,484.39 lakh. Net worth as at March 31, 2026 was ₹5,071.05 lakh, compared to ₹4,552.34 lakh previously. Non-current investments stood at ₹2,687.21 lakh, and cash and cash equivalents at the close of the year were ₹80.67 lakh, up from ₹13.13 lakh at the start of the year.

On the cash flow front, net cash used in operating activities was ₹(386.13) lakh for the year, while net cash from investing activities was ₹453.67 lakh, resulting in a net increase in cash and cash equivalents of ₹67.54 lakh.

Dividend and Auditor's Report

The Board of Directors did not recommend any dividend on equity shares for the financial year ended March 31, 2026. The statutory auditors, Desai Saksena & Associates (Firm Registration Number: 0102358W), issued an audit report with an unmodified opinion on the audited financial results for the quarter and year ended March 31, 2026. The results were reviewed by the Audit Committee and approved by the Board at their respective meetings held on May 14, 2026.

Hardcastle & Waud Manufacturing Company Limited has successfully concluded its postal ballot process, with shareholders approving both resolutions by an overwhelming majority. The voting period ran from 13th April, 2026 to 12th May, 2026, and the results were declared on 12th May, 2026 by Company Secretary & Compliance Officer Smita Achrekar. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company formally intimated BSE Ltd of the approvals on 12th May, 2026. The process was conducted in accordance with the applicable provisions of the Companies Act, 2013, SEBI (LODR) Regulations, 2015, and the MCA General Circular No. 03/2025 dated September 22, 2025.

Voting Process and Participation

The postal ballot was conducted exclusively through remote e-voting via the National Securities Depository Limited (NSDL) platform. The notice dated 8th April, 2026 was sent by email to shareholders whose names appeared in the Register of Members as on the cut-off date of Friday, 3rd April, 2026. The e-voting window opened on Monday, 13th April, 2026 at 9.00 a.m. and closed on Tuesday, 12th May, 2026 at 5.00 p.m., after which the NSDL platform was blocked. The total number of shareholders on the record date stood at 1,534.

The following table summarises overall voter participation across shareholder categories for both resolutions:

Resolution 1: Appointment of Non-Executive, Non-Independent Director

The first resolution, passed as an Ordinary Resolution, sought the appointment of Mr. Ganpat Lal Dadhich (DIN: 11612342) as a Non-Executive, Non-Independent Director of the company. The promoter and promoter group were not interested in this agenda item. The resolution received strong support across all voting categories.

Resolution 2: Adoption of New Articles of Association

The second resolution, passed as a Special Resolution, pertained to the adoption of a new set of Articles of Association of the company in substitution of the existing Articles of Association. This resolution also received near-unanimous approval, with identical voting figures to Resolution 1.

Scrutinizer's Report

M/s SKJP & Associates, Practising Company Secretaries, were appointed as Scrutinizer by the Board of Directors to oversee the remote e-voting process. Shailesh Kachalia, Partner (FCS No. 1391, CP: 3888, PR No. 6740/2025), submitted the scrutinizer's report on 12th May, 2026. The votes cast under the remote e-voting facility were unblocked in the presence of two witnesses not in the employment of the company. The scrutinizer confirmed that all 5,56,246 votes cast were valid, with nil invalid votes recorded for both resolutions. All registers, papers, and relevant records relating to the voting are to remain in the scrutinizer's custody until the minutes of the resolutions passed through postal ballot are considered, approved, and signed.