HINDWAREAPHINDWAREAP Forensic Risk Analysis

Sanitary Ware
Risk ClassWatch
Market CapN/A
Primary DriverBalance Sheet Stress
Flagium AI Risk Score
Early signs of stress detected. Not yet widespread, but initial deterioration is visible.
31 / 100
+4 QoQ
Early Deterioration
Sentinel Insight

Financial profile remains stable for now. Weakness is detected in balance sheet stress. This suggests a building risk profile. Risk is gradually increasing.

100.0th %ile (Sector)Accel: +1 Qtrs
Updated2026-06-02
Market View
₹228.06▲6.06%
PeriodQ4 FY26

Score Waterfall
Absolute contribution points of each forensic pillar to the final risk score. Derived from: Sector Baseline + Active Penalties - Mitigation Buffers.

Balance Sheet Stress
+15.7 pts
Competitive Position
+15.0 pts
Final Composite Risk31 / 100

Investment Risk Thesis

Historical Trend

Current risk score has risen from 4 → 31 over 13 quarters.

Expected Direction
⚠ Watch
Primary Deterioration Drivers
  • Relative Growth Weakness
  • Industrial Margin Stress
  • Working Capital Expansion
What to Watch Next Quarter
  • Operating profit margins
  • Working capital efficiency
  • Debt growth

Active Risk Objects (8)

CriticalHigh
Relative Growth Weakness
📊 Earnings QualityAnnualActive for 4 Years
More Detail
Impact Weight12/15
MomentumPersistent
Last SignalQ4 FY2026
Revenue growth consistently lags behind sector median (13.2%).

"Earnings quality is under severe pressure. High accruals suggest potential revenue overstatement."

Industrial Margin Stress
📊 Earnings QualityAnnualActive for 3 Years
More Detail
Impact Weight12/15
MomentumPersistent
Last SignalQ1 FY2026
HINDWAREAP: Raw material costs consumed an additional 5.5% of revenue YoY.

"Margins are in freefall. Operating costs are growing significantly faster than revenue."

Profit Collapse
📊 Earnings QualityQuarterlyActive for 6 Qtrs
More Detail
Impact Weight8/15
MomentumDecaying
Last SignalQ4 FY2025
HINDWAREAP: Net Profit collapsed by 1228.9% from FY2024 Q4 to FY2025 Q4.

"Earnings quality is stabilizing. The reliance on non-operational items is receding."

Working Capital Expansion
💧 Liquidity & CoverageAnnualActive for 3 Years
More Detail
Impact Weight10/15
MomentumPersistent
Last SignalQ4 FY2026
Working capital expansion detected: Receivable days increased by -14.0%.

"Early signs of working capital expansion. Receivable or inventory days are creeping up."

Low Interest Coverage
💧 Liquidity & CoverageQuarterlyActive for 12 Qtrs
More Detail
Impact Weight8/15
MomentumPersistent
Last SignalQ4 FY2026
HINDWAREAP: Low Interest Coverage Ratio of 1.61x in FY2026 Q4 (Threshold: 2.5x).

"Earnings buffer for interest payments is narrowing. Monitor for margin pressure."

Operating Leverage Stress
📊 Earnings QualityAnnualActive for 2 Years
More Detail
Impact Weight10/15
MomentumAccelerating
Last SignalQ1 FY2026
Expenses are consistently growing faster than revenues, creating operational pressure.

"Debt levels are creeping up. Monitor for signs of excessive borrowing for non-core activities."

Capex Efficiency Stress
📊 Earnings QualityAnnualActive for 1 Years
More Detail
Impact Weight8/15
MomentumDecaying
Last SignalQ2 FY2025
Aggressive Capex (16.2%) amidst slow revenue growth (-9.7%).

"Earnings quality is stabilizing. The reliance on non-operational items is receding."

Revenue-Debt Divergence
🏛️ Solvency & LeverageAnnualActive for 1 Years
More Detail
Impact Weight6/15
MomentumDecaying
Last SignalFY2024
HINDWAREAP: Revenue fell 2.4% while Debt rose 17.6% in 2024 vs 2023.

"Debt servicing metrics have improved recently. The company is actively deleveraging."

Risk Trajectory
Historical 12-quarter risk trend (Q-11 to Q0) followed by a 2-quarter predictive funnel (Q+1, Q+2).
Loading Chart
Resilience Matrix
Diagnostic benchmarking comparing structural sensitivity and risk buffers against sector medians.
MetricValuevs SectorSignal
Volatility (σ)6.757.51✅ RESILIENT
Sensitivity (ε_s)11.00✅ RESILIENT
Escalation Prob.5%5%✅ NEUTRAL
Safety Buffer+35.0+37.5📈 CRITICAL
Forensic Benchmark Context: Sanitary Ware (n=2 peers)

Correlation Analysis
Visualizing the relationship between stock price movement and structural risk objects.

Loading Chart
Share Price
Risk Score (0-100)
Market Performance
₹228.06(+6.06%)
1M Divergence+2.43%
1 Week-2.09%
1 Month+4.7%
6 Months-24.86%
1 Year-16.28%
2 Year-35.96%
3 Year-55.64%
Sector Average (1M)+2.27%
Sentinel Forensic Assessment
ALGORITHMIC RISK PROFILE • NON-ADVISORY

The risk profile is Early Signals and currently deteriorating. Recent structural triggers in balance sheet stress suggest a building pressure on the underlying framework. Material forensic traces are visible in core structural metrics, indicating a progressive erosion of structural stability. Continued monitoring is necessary as risk levels remain above institutional safety parameters.

HINDWAREAP • MARKET STRUCTURE

Stage 4 — Declining

The company is in a defensive phase. Sentiment and fundamentals are deteriorating under persistent downward pressure, indicating elevated risk levels.

Stage Transition Prob.0%
Trend QualityDeteriorating
Phase Progression
Phase Progression Score0%
Readiness LabelLow (Early Base Consolidation)
Probability of Advancing0%
CoinTree Momentum
Composite Z-Score-0.3477σ
Weakening momentum trend
Universe Rank
A cross-sectional rank of this stock's composite momentum score compared to all other tracked equities in the universe. A rank of #1 of 1035 means it has the strongest overall price momentum in the market.
#1764 of 2716
Top 64.95% in momentum strength
Timeframe Sparklines
1W-2.1%
1M+4.7%
6M-24.9%
Weinstein Indicators
150 DMA₹255.38
200 DMA₹272.8
150 DMA Slope-5.6288%Declining
Relative Strength-21.44%Lagging
Relative Turnover (RTR)0.7382
ParticipationWeak

PEER COMPARISON

Ranked comparison against sector peers

Risk profile is broadly in line with the Sector Mean (28.5).
CERACera Sanitaryware Limited
26 Risk
Sector %ile0th
Delta+9
Active Flags13
Accel+5
Earnings Quality

Watch

HINDWAREAPHINDWAREAP
31 Risk
Sector %ile100th
Delta+4
Active Flags8
Accel+1
Balance Sheet Stress

Watch

* Peer comparison is based on risk signals, not valuation or returns.

Risk Profiles

Solvency
10100th %ile
VS Sector Median (8.5)
Governance
10100th %ile
VS Sector Median (8.5)
Earnings Quality
10100th %ile
VS Sector Median (8.5)
Balance Sheet Stress
2.221.6th %ile
VS Sector Median (8.5)
Competitive Position
00th %ile
VS Sector Median (8.5)
Growth Sustainability
10100th %ile
VS Sector Median (8.5)

Deterioration Timeline

2026

Relative Growth Weakness

2026

Working Capital Expansion

2026

Relative Growth Weakness

2026

Relative Growth Weakness

2026

Relative Growth Weakness

2026

Industrial Margin Stress

2026

Operating Leverage Stress

2025

Industrial Margin Stress

2025

Operating Leverage Stress

2025

Working Capital Expansion

2025

Capex Efficiency Stress

2024

Industrial Margin Stress

2024

Working Capital Expansion

2024

Revenue-Debt Divergence

Key Financials (INR Cr)

PeriodRevenueNet ProfitOCFDebt
FY20262,545-39258709
FY20252,564-68192720
FY20242,83728241837
FY20232,90858221712