Strengths & Weaknesses

Strengths

Strong Profit Growth: EBITDA up ~39% in FY25; margins improving due to concrete, flooring, and private label sales.

Diverse Products & Distribution: Offers a wide range of building materials with 12,500+ dealers and 35 franchises.

Equity Raise: After a gap of over two years, Hella raised around ₹8.9 billion in fresh equity during the first 10MFY25. The funding came from existing investors like Tiger Global and Evolvence India Fund, along with new high-net-worth individuals, at a valuation of $2.8 billion — up from $2.5 billion in its last round in August 2022.

Weaknesses

Rising Debt: Hella’s consolidated net debt (excluding lease liabilities) rose to ₹43.7 billion at the end of FY25, up from ₹31.3 billion at the end of FY24.

Weak Cash Flow: Negative cash flow from operations due to high working capital needs.

High Competition: Faces pricing pressure from dealers and large brands entering the same market.

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020
Equity Capital	0.35	0.35	0.35	0.35	0.97
Reserves	3,397.93	2,521.69	2,213.11	720.07	186.43
Total Equity	3,398.28	2,522.04	2,213.47	720.42	187.40
Borrowings	1,459.81	534.74	852.10	57.85	0.00
Provision	7.08	0.05	0.02	0.55	0.16
Other Non-Current Liabilities	416.15	125.92	80.53	6.80	0.00
Total Non current Liabilities	1,883.04	660.72	932.65	65.20	0.16
Borrowings	2,499.93	2,108.86	1,068.89	203.23	18.81
Other Current Liabilities	2,960.44	1,993.90	841.39	61.69	11.26
Total current Liabilities	5,460.38	4,102.76	1,910.29	264.92	30.07
Equity + Liabilities	10,741.69	7,285.52	5,056.41	1,050.53	217.62
Fixed Assets (incl. WIP)	1,845.93	783.92	205.05	20.85	4.60
Other Non Current Assets	1,807.62	1,143.62	1,138.22	53.86	10.29
Total Non current Assets	3,653.55	1,927.54	1,343.27	74.71	14.89
Trade Receivables	5,239.41	3,922.10	2,664.38	476.82	137.61
Cash & Cash Equivalents	814.92	634.89	407.23	325.35	28.08
Other Current Assets	1,033.81	801.00	641.53	173.67	37.05
Total current Assets	7,088.15	5,357.98	3,713.14	975.84	202.74
Total Assets	10,741.69	7,285.52	5,056.41	1050.53	217.62

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020
Revenue from Operations	14,530.24	11,846.55	6,236.32	1,240.16	350.80
Growth %	22.65%	89.96%	402.86%	253.52%	-
Operating Expenses	13,480.59	11,090.93	5,887.65	1,181.29	338.48
Growth %	21.55%	88.38%	398.41%	249.00%	-
Operating Profit	1,049.64	755.62	348.67	58.87	12.32
Op. Profit Margin %	7.22%	6.38%	5.59%	4.75%	3.51%
Other Income	213.22	44.28	48.76	4.78	1.32
Finance Costs	574.97	337.96	136.80	21.27	2.22
Depreciation	216.81	178.75	33.61	4.39	0.41
exceptional item	22.88	9.03	0.59	0.00	0.00
Profit Before Tax	448.20	274.16	226.43	38.00	11.00
Tax	70.16	118.88	40.48	7.00	2.34
Tax %	0.48%	1.00%	0.65%	0.56%	0.67%
Profit After Tax	378.04	155.28	185.95	30.99	8.66
Growth %	143.45%	-16.49%	500.04%	257.85%	-
PAT %	2.60%	1.31%	2.98%	2.50%	2.47%

Shareholding Pattern

Color	Shareholder	Holding
	Souvik Sengupta	11.56%
	Aaditya Sharda	11.54%
	Bizarro Advisory Limited	5.68%
	Accel India V (Mauritius) Ltd	16.24%
	Esops	9.81%
	Internet Fund V Pte Limited (Tiger Global)	21.50%
	Nexus Ventures V Limited	8.14%
	Others	15.53%

Fundamentals

Quick Insights

Strong EBITDA Growth: EBITDA rose by ~62% YoY to ₹1,020 crore in 9MFY25 (from ₹630 crore). EBITDA margin also improved to 7.6% in 9MFY25, up from 6.4% in 9MFY24 and 7.2% in FY24. Private Label Product Focus Enhancing Profitability: Share of private label products increased from ~33% in FY21 to ~66% in FY25, with a target of ~75% by FY27. This shift supports higher contribution margins and improves brand profitability. Diversified Product Mix: Wide portfolio: Concrete, steel, chemicals, tiles, AAC blocks, paints, roofing, etc. Concrete being the largest contributor at ~30% of revenue, followed by steel (20%), chemicals (13%), and flooring (10%). Strong presence & Low customer concentration: India’s 2nd-largest concrete seller with 234 plants (owned + managed). The top 10 customer accounts for only 6% of revenue. Funding Flexibility: Track record of raising equity: ₹2,180 crore raised between FY20–FY24. Proving the ability to raise debt and equity when required, with committed term sheets for refinancing maturities.

Market Cap₹23,485.12 Cr

PE Ratio55.44

EPS₹4,148.33

Dividend Yield-

Book Value₹37,236.2 Cr

Debt/Equity1.2

Price/Book6.18

Price/Sales-

Industry PE-

Sales₹14,530.24 Cr

Profit After Tax₹378.59 Cr

Share Capital₹0.35 Cr

Shares Outstanding-

ISININE06E501010

SectorConstruction

Symbol-

About Company

Hella Infra Market Limited (HIML) is engaged in the business of manufacturing construction materials. The company offers concrete, steel, AAC blocks, walling solution, wood, aggregates, electricals, pipes and fittings, R&D lab, construction chemicals, and more. The company markets its product under the brand IVAS and INICO. The company is partnered with Ultratech, Havells, JSW, JCB, Godrej, Berger, Unilever. HIML has more than 100 manufacturing units and has 4000 plus retail stores. The company was incorporated in 2016 and has its registered office located in Thane, Maharashtra.

Quick Insights

Strong EBITDA Growth: EBITDA rose by ~62% YoY to ₹1,020 crore in 9MFY25 (from ₹630 crore). EBITDA margin also improved to 7.6% in 9MFY25, up from 6.4% in 9MFY24 and 7.2% in FY24. Private Label Product Focus Enhancing Profitability: Share of private label products increased from ~33% in FY21 to ~66% in FY25, with a target of ~75% by FY27. This shift supports higher contribution margins and improves brand profitability. Diversified Product Mix: Wide portfolio: Concrete, steel, chemicals, tiles, AAC blocks, paints, roofing, etc. Concrete being the largest contributor at ~30% of revenue, followed by steel (20%), chemicals (13%), and flooring (10%). Strong presence & Low customer concentration: India’s 2nd-largest concrete seller with 234 plants (owned + managed). The top 10 customer accounts for only 6% of revenue. Funding Flexibility: Track record of raising equity: ₹2,180 crore raised between FY20–FY24. Proving the ability to raise debt and equity when required, with committed term sheets for refinancing maturities.

Market Cap₹23,485.12 Cr

PE Ratio55.44

EPS₹4,148.33

Dividend Yield-

Book Value₹37,236.2 Cr

Debt/Equity1.2

Price/Book6.18

Price/Sales-

Industry PE-

Sales₹14,530.24 Cr

Profit After Tax₹378.59 Cr

Share Capital₹0.35 Cr

Shares Outstanding-

ISININE06E501010

SectorConstruction

Symbol-

About Company

Strengths

Strong Profit Growth: EBITDA up ~39% in FY25; margins improving due to concrete, flooring, and private label sales.

Diverse Products & Distribution: Offers a wide range of building materials with 12,500+ dealers and 35 franchises.

Weaknesses

Rising Debt: Hella’s consolidated net debt (excluding lease liabilities) rose to ₹43.7 billion at the end of FY25, up from ₹31.3 billion at the end of FY24.

Weak Cash Flow: Negative cash flow from operations due to high working capital needs.

High Competition: Faces pricing pressure from dealers and large brands entering the same market.

Annual Reports

FY 2023 FY 2024

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020
Equity Capital	0.35	0.35	0.35	0.35	0.97
Reserves	3,397.93	2,521.69	2,213.11	720.07	186.43
Total Equity	3,398.28	2,522.04	2,213.47	720.42	187.40
Borrowings	1,459.81	534.74	852.10	57.85	0.00
Provision	7.08	0.05	0.02	0.55	0.16
Other Non-Current Liabilities	416.15	125.92	80.53	6.80	0.00
Total Non current Liabilities	1,883.04	660.72	932.65	65.20	0.16
Borrowings	2,499.93	2,108.86	1,068.89	203.23	18.81
Other Current Liabilities	2,960.44	1,993.90	841.39	61.69	11.26
Total current Liabilities	5,460.38	4,102.76	1,910.29	264.92	30.07
Equity + Liabilities	10,741.69	7,285.52	5,056.41	1,050.53	217.62
Fixed Assets (incl. WIP)	1,845.93	783.92	205.05	20.85	4.60
Other Non Current Assets	1,807.62	1,143.62	1,138.22	53.86	10.29
Total Non current Assets	3,653.55	1,927.54	1,343.27	74.71	14.89
Trade Receivables	5,239.41	3,922.10	2,664.38	476.82	137.61
Cash & Cash Equivalents	814.92	634.89	407.23	325.35	28.08
Other Current Assets	1,033.81	801.00	641.53	173.67	37.05
Total current Assets	7,088.15	5,357.98	3,713.14	975.84	202.74
Total Assets	10,741.69	7,285.52	5,056.41	1050.53	217.62

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020
Revenue from Operations	14,530.24	11,846.55	6,236.32	1,240.16	350.80
Growth %	22.65%	89.96%	402.86%	253.52%	-
Operating Expenses	13,480.59	11,090.93	5,887.65	1,181.29	338.48
Growth %	21.55%	88.38%	398.41%	249.00%	-
Operating Profit	1,049.64	755.62	348.67	58.87	12.32
Op. Profit Margin %	7.22%	6.38%	5.59%	4.75%	3.51%
Other Income	213.22	44.28	48.76	4.78	1.32
Finance Costs	574.97	337.96	136.80	21.27	2.22
Depreciation	216.81	178.75	33.61	4.39	0.41
exceptional item	22.88	9.03	0.59	0.00	0.00
Profit Before Tax	448.20	274.16	226.43	38.00	11.00
Tax	70.16	118.88	40.48	7.00	2.34
Tax %	0.48%	1.00%	0.65%	0.56%	0.67%
Profit After Tax	378.04	155.28	185.95	30.99	8.66
Growth %	143.45%	-16.49%	500.04%	257.85%	-
PAT %	2.60%	1.31%	2.98%	2.50%	2.47%

Shareholding Pattern

Color	Shareholder	Holding
	Souvik Sengupta	11.56%
	Aaditya Sharda	11.54%
	Bizarro Advisory Limited	5.68%
	Accel India V (Mauritius) Ltd	16.24%
	Esops	9.81%
	Internet Fund V Pte Limited (Tiger Global)	21.50%
	Nexus Ventures V Limited	8.14%
	Others	15.53%

Board of Directors

Aaditya Gajendra ShardaDirector

Souvik Pulakesh SenguptaDirector

Prashanth PrakashNominee Director

Rohit Batra SchankerNominee Director

Shan JainDirector

Michael GloverDirector

Rajendran Chinna VeerappanDirector

Deep VarmaNominee Director

Sameer Brij VermaNominee Director

Aarti Gajendra ShardaDirector

Ankush Pulakesh SenguptaDirector

Rohan Ramesh MorbiaDirector

Nikhita Aaditya ShardaDirector

Maheshkumar Mukhanath YadavDirector

Senior Management

Souvik SenuguptaCEO

Aaditya ShardaCOO

Manish PorwalCFO

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Hella Infra Market Ltd

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses

FAQs – Buying Unlisted Shares