Hindware reports strong H1 FY26 performance amid strategic shifts

Hindware Home Innovation Limited reported a consolidated revenue of ₹1,207 crore for H1 FY26, with an EBITDA of ₹118 crore and a PBT of ₹24 crore before exceptional items. For Q2 FY26, consolidated revenue stood at ₹676 crore, with an EBITDA of ₹60 crore and a PBT of ₹14 crore before exceptional items. The Bathware business contributed significantly, with H1 FY26 revenue of ₹737 crore, EBITDA of ₹86 crore, and PBT of ₹31 crore. A 10.1% growth in Bathware was observed in Q2 FY26, and a price increase across sanitaryware and faucets effective November 1, 2025, is expected to boost gross margins.

The company is undergoing a strategic portfolio rationalization, discontinuing high loss-making product categories such as air coolers (except e-commerce), ceiling and other fans, air purifiers, water purifiers, and furniture fittings. The focus is now on kitchen appliances, water heaters, and e-commerce coolers, aiming to grow this business to INR 470 crore to INR 500 crore in the next two years. The consumer products division achieved an EBITDA margin of 11% in H1 FY26, up from negative last year.

The Pipes and Fittings business reported H1 FY26 revenue of ₹315 crore, EBITDA of ₹20 crore, and negative PBT of ₹15 crore. For Q2 FY26, revenue was ₹196 crore, EBITDA of ₹12 crore, and negative PBT of ₹5 crore. Trial production has commenced at the new Roorkee facility, with commercial operations expected in H2 FY26 to enhance capacity and serve Northern India more efficiently. The company expects mid-teen growth in Bathware sales and an EBITDA of 13% to 14% in H2 FY26.