Annual Report for FY 2025-2026

NEAPS/BSE ONLINE 25th July, 2026 The Corporate Relationship Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Plot No. C-1, Block-G 1st Floor, New Trading Ring, Exchange Plaza, 5th Floor, Rotunda, Dalal Street, Bandra Kurla Complex, Bandra (E), Mumbai - 400 001 Mumbai – 400 051 (BSE Scrip Code: 542905) (NSE Symbol: HINDWAREAP) Dear Sir/Madam, Sub: Annual Report for the Financial Year 2025-26 of the Company along with the Notice of 9th Annual General Meeting Pursuant to Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), please find enclosed herewith the Annual Report of the Company for the Financial Year 2025-26 along with the Notice of 9th Annual General Meeting (“AGM”), being sent to the shareholders of the Company through electronic mode in accordance with the circulars issued by the Ministry of Corporate Affairs (“MCA”) in this regard from time to time. Further, in terms of Regulation 36(1)(b) of the SEBI Listing Regulations, a letter containing the web-link along with the exact path to access the Annual Report for the FY 2025-26 together with the Notice of the 9th AGM of the Company, is being sent to those members who have not registered their e-mail address with the Company/ RTA/ DP. The 9th AGM of the members of the Company will be convened on Tuesday, 18th August, 2026 at 12:00 Noon (IST) through Video Conferencing ("VC")/Other Audio-Visual Means ("OAVM"). The Annual Report of the Company for the Financial Year 2025-26 along with the Notice of AGM is also available on the website of the Company i.e. www.hindwarehomes.com. You are requested to take this information on records. For HINDWARE HOME INNOVATION LIMITED (Payal M Puri) Company Secretary and Sr. V.P. Group General Counsel Name: Payal M Puri Address: 301-302, 3rd Floor, Park Centra, Sector-30, Gurugram-122001 Membership No.: 16068 Built for the Future Annual Report 2025-26 What’s Theme Introductinon side CORPORATE OVERVIEW 02 About Us 06 Chairman’s Message 08 Feature Story – Reimagining Everyday Living Building Products 12 Business Model 14 Business Overview 33 Board of Directors Consumer Products 36 Business Model 38 Business Overview 42 Board of Directors 43 Digitalisation 44 People Centricity STATUTORY REPORTS 48 Management Discussion and Analysis 54 Directors’ Report 72 Report on Corporate Governance 92 Business Responsibility & Sustainability Report FINANCIAL STATEMENTS 116 Standalone 182 Consolidated 250 Notice For more details Please visit: www.hindwarehomes.com Designed for Built for the Future S ukoon As aspirations deepen and the pace of modern life quickens, Sukoon has taken on greater significance than ever before. For us, this Sukoon is delivered through comfort that represents a promise of thoughtfully designed spaces products that perform with quiet reliability, and the assurance that we remain present long after the purchase. It is the ease people seek not just in what they buy, but in the promise that stands behind it. This understanding drives the way we innovate, design, and create across our portfolio. Whether through thoughtfully crafted bathware, premium surfaces, modern kitchen appliances, or pipes and fittings, every offering is engineered not only to perform, but to enrich the spaces it inhabits — marrying form with function, and precision with purpose. As we look ahead, we remain committed to innovation that is as lasting as it is relevant. Guided by consumer insight and anchored in purpose, we are creating products that bring Sukoon to every space and in doing so, laying a resilient foundation for long-term value creation. Hindware Home Innovation Limited ABOUT US Legacy Built on Quality, Innovation and Reliability Established in 1960, we pioneered the transformation of the Indian sanitation landscape by introducing the nation’s first vitreous china sanitaryware. For more than six decades, this legacy of first-to-market innovation has established our flagship brand, Hindware, as an iconic household name trusted by millions. Today, Hindware Home Innovation Limited (HHIL) has evolved into a diversified consumer products company operating across two distinct businesses. The Building Products business draws on this The Consumer Products vertical extends the heritage, comprising an extensive portfolio of Hindware brand into the modern home, addressing bathware, faucets, premium tiles, and plastic contemporary lifestyle shifts through a focused pipes and fittings. This segment is anchored by kitchen range including chimneys, cooktops, hobs, an optimum mix of advanced manufacturing sinks, and water heaters, distributed through capabilities and strategic outsourcing, backed by a dedicated trade, modern retail, and digital channels. vast, deeply entrenched retail and dealer network Operating as independent verticals, each is spanning residential, institutional, and e-commerce positioned to independently accelerate growth, channels nationwide. optimise specialised supply chains, and deepen connection with consumers across India. Corporate Overview Statutory Reports Financial Statements Composite Scheme of Arrangement Listed Entity 52.7% 47.3% Promoter Public Consumer Products Business Building Products Kitchen Appliances Business carried through 98.6% unlisted subsidiary Hindware Limited Hintastica Private Limited HHIL Limited EHPL* Water Heater (JV) (Unlisted Subsidiary) (Unlisted Subsidiary) 50% 100% 100% Composite Scheme of Arrangement Board has approved the As part of the Scheme, The appointed date of the Composite Scheme of shareholders holding one share in scheme is April 1, 2025. The Arrangement — demerger of the Hindware Home Innovation Limited Company has received approval Consumer Products Business will get one share in HHIL Limited from BSE Limited and the into wholly-owned subsidiary and one share in Hindware Limited. National Stock Exchange of India HHIL Limited and amalgamation Limited. The Scheme received of the remaining Company into requisite approval from the Hindware Limited. unsecured creditors and equity shareholders of the Company, as well as the unsecured creditors Post-implementation, HHIL of the Transferee Company, Limited and Hindware Limited during their respective NCLT will both be listed on BSE and convened meetings held on NSE; Hindware Home Innovation 7 March 2026. The Scheme is Limited will cease to exist. subject to such other necessary approvals as may be required and sanction thereof by the Refer to the Stock Exchange Intimations published since 27 March 2025. NCLT. *Evok Homes Private Limited (Discontinued Business) Annual Report 2025-26 03 Hindware Home Innovation Limited ABOUT US Performance at a glance Financials for FY 2025-26 2,510 233 9.3 crore crore Revenue EBITDA EBITDA Margin Revenue Contribution by Business Bathware Revenue 1,520 crore 27% Plastic Pipes and Fittings Revenue 673 crore Consumer Products Revenue 317 crore 04 Designed for Sukoon Built for the Future Corporate Overview Statutory Reports Financial Statements Manufacturing Strength (Production capacity) Bathware: Sanitaryware upto upto 2.1 1.75 Mn Mn Pieces per annum Pieces per annum (Bibinagar, Telangana) (Bahadurgarh, Haryana) Faucets upto Pieces per annum (Kaharani, Rajasthan) Plastic Pipes and Fittings 78,500 Tonnes per annum (Sangareddy, Telangana Roorkee, Uttarakhand) Annual Report 2025-26 05 Hindware Home Innovation Limited CHAIRMAN’S MESSAGE Building A Stronger Foundation for the Future Financial Performance and Strategic Progress Our Bathware business remained resilient during the year, outperforming a broader market that remained under macroeconomic pressure. Revenue grew 10% to H1,520 crore, while Operating EBITDA expanded 30% to H157 crore, resulting in a 150 basis points margin improvement to 10.3%. This strong performance was driven primarily by targeted premiumisation across key price points, expansion of our activ [Showing first 8,000 characters — download PDF for full document]