Hanman Fit Limited

Consumer Cyclical — Leisure · BSE

₹3.34₹0.00 (0.00%)

DalalBaazaar Score

38 / 100

🔴 Weak

Verdict

CAUTION

Risk

High

Driven by short-term liabilities exceed short-term assets, the company is currently loss-making, micro-cap size, which brings thin liquidity.

In simple words: The company is currently losing money, with both sales and profits growing well. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Caution warranted. Multiple fundamental metrics — flagged in red below — point to either valuation stretch, leverage risk, or weakening profitability. This doesn't mean avoid the stock outright, but it does mean the burden of proof is on the growth story to justify the current price.

Understanding the Business

Company site ↗

The 60-second version of Hanman Fit Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Hanman Fit Limited engages in the gymming business in India. It provides fitness services, such as zumba programme, spa, massage, aerobics, yoga, physiotherapy, and other services.

IndustryLeisure

SectorConsumer Cyclical

Annual revenue₹0 Cr

How does it make money?

Turns over ₹0 Cr a year. Of every ₹100 of sales, about ₹-50 reaches shareholders as profit, with ₹43 left at the operating level before interest, tax and depreciation.

EBITDA margin43.1%

Net margin-49.9%

Who are its competitors?

The closest listed comparisons in its industry are MARUTI SUZUKI INDIA LTD., TITAN COMPANY LIMITED, TRENT LTD, AVENUE SUPERMARTS LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

MARUTI SUZUKI INDIA LTD.P/E 25.2x · ROE 13.4%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

TRENT LTDP/E 87.2x · ROE 25.9%

AVENUE SUPERMARTS LIMITEDP/E 69.9x · ROE 12.7%

What is its competitive advantage?Little sign of one

Returns on capital of -6.7% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE-6.7%

ROE-6.5%

Peer median ROE25.9%

DalalBaazaar Score

38/ 100

Weak

Weighted across six categories. Every point is explained below.

✗ Return on equity is negative

Quality vs. Valuation

Company Quality

39/ 100

Weak

How good the business is, ignoring the share price entirely.

Valuation

25/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

Weak on business quality and not cheap enough to compensate.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

N/A

No P/E — the company is lossmaking

P/E (Trailing)

Not meaningful

P/B

2.24x

EV/EBITDA

35.2x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well1

Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.32 — near-term obligations exceed near-term assets.

Red Flags

4 items require attention · 3 high · 1 watch

🔴Thin interest coverageFinancial
Operating profit covers interest only -1046.0x — little room if earnings dip.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🔴The company is lossmakingFinancial
Net profit of -₹0 Cr in the latest reported year.
🟡Short-term liquidity is tightFinancial
Current ratio of 0.32 — near-term obligations exceed near-term assets.

Investment Thesis

🟢 Bull CaseWhat could make this work?

No clear supporting case emerges from the available numbers.

🔴 Bear CaseWhat could go wrong?

Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 41%✓ 43.1%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Interest cover stays above 3x✗ -1046.0x
How much operating profit can fall before interest stops being comfortably covered.
3Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.
4ROCE stays above 8%✗ -6.7%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

3 good · 4 neutral · 4 weak

Market Cap

₹4 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not meaningful

Loss-making

Earnings are negative, so a P/E multiple can't be read here

P/B Ratio

2.24x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹-0.1

Loss-making

Negative earnings per share — the business is losing money

ROE

-6.5%

Weak

Weak capital efficiency

ROCE

-6.7%

Weak

Low return on total capital employed

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

260.7%

Healthy

Healthy top-line growth

Profit Growth (YoY)

87.2%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

₹0 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹3.34

ROA

-5.4%

Weak

Assets generate little profit

Operating Margin

-190.2%

Weak

Thin margins leave little room for error

Net Margin

-49.9%

Weak

Very little revenue reaches the bottom line

Current Ratio

0.32

Tight

Tight short-term liquidity

Beta (vs Nifty)

-0.08

Defensive

Steadier than the market

52W Range Position

10%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

3.8 / 3.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	—	₹0 Cr	₹0 Cr	₹0 Cr	—
EBITDA	₹0 Cr	-₹0 Cr	-₹0 Cr	₹0 Cr	+72.6%
EBITDA Margin	—	-233.3%	-968.2%	43.1%	—
PAT (Net Profit)	-₹0 Cr	₹1 Cr	-₹1 Cr	-₹0 Cr	—
EPS	₹-0.14	₹0.63	₹-0.78	—	—
ROE	-7.9%	26.7%	-49.1%	-6.7%	—
ROCE	-5.1%	-9.8%	-49.1%	-6.7%	—
Total Debt	₹1 Cr	₹1 Cr	—	—	—
Free Cash Flow	-₹0 Cr	₹0 Cr	₹1 Cr	₹0 Cr	—

🟢 EBITDA has grown at 72.6% a year over 3 years.

🟢 EBITDA Margin has risen from -233.3% to 43.1% over 3 years (+276.4 pts).

🟢 ROE has risen from -7.9% to -6.7% over 3 years (+1.2 pts).

🔴 ROCE has fallen from -5.1% to -6.7% over 3 years (-1.6 pts).

🟢 Free Cash Flow has turned positive, from -₹0 Cr to ₹0 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹3 Cr

Total Liabilities

₹1 Cr

Total Debt

—

Cash & Equivalents

₹0 Cr

Operating Cash Flow

₹0 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

70.7%

Peer Comparison

Company	P/E	ROE
MARUTI SUZUKI INDIA LTD.	25.2x	13.4%
TITAN COMPANY LIMITED	68.5x	36.7%
TRENT LTD	87.2x	25.9%
AVENUE SUPERMARTS LIMITED	69.9x	12.7%

Recent News

6 general

Hanman Fit Ltd. Peer Comparison – Compare with Others

Value Research, 31 Aug

Hanman Fit Limited updates official website to hanmanfit.com

scanx.trade, 04 Aug

Hanman Fit Ltd. Shareholding Pattern – Promoters, FIIs & DIIs

Value Research, 31 Aug

Hanman Fit AGM resolutions pass with majority, scrutinizer reports

scanx.trade, 01 Oct

Hanman Fit Limited (538731) Company Information

Simply Wall Street, 08 Aug

NHL Stock Price and Chart — BSE:NHL

TradingView, 10 Sept

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate9/20

🔴Financial HealthStretched8.5/20

🟡GrowthModest10/20

🔴ProfitabilityWeak1.3/15

🔴ValuationDemanding5.1/15

🔴RiskHigh4.4/10

Weak on the fundamentals

Poor scores on business quality without a price low enough to compensate. There is no obvious argument for owning this over a stronger company at a similar valuation. 3 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓EBITDA margin holds above 41%43.1%
✗Interest cover stays above 3x-1046.0x
✓Free cash flow remains positive₹0 Cr
✗ROCE stays above 8%-6.7%