Saturday 17 October 2026
Export HIHO’s income statement to Excel — free account
Highway Holdings Limited
HIHO Industrials Metal Fabrication
Highway Holdings Limited’s revenue for fiscal 2026 (year ended March 2026) was $4.8 million, down 35.2% from fiscal 2025. In the quarter to June 2026, revenue grew 29.2%, EPS grew 56.3% and free cash flow fell 1,093.3%, each against the same quarter a year earlier.
0.77
0.05
−6.10%
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| Mar '17 | Mar '18 | Mar '19 | Mar '20 | Mar '21 | Mar '22 | Mar '23 | Mar '24 | Mar '25 | Mar '26 | |
|---|---|---|---|---|---|---|---|---|---|---|
Piotroski F-Score |
6 | 8 | 3 | 5 | 3 | 5 | 4 | 3 | 6 | 1 |
P/E ratio |
27.86 | 11.67 | 0.00 | 11.94 | 0.00 | 25.64 | 0.00 | 0.00 | 92.50 | 0.00 |
Altman Z-Score |
3.38 | 3.92 | 2.79 | 1.96 | 2.43 | 2.54 | 1.73 | 1.26 | 1.97 | (0.34) |
P/S ratio |
0.76 | 0.97 | 0.91 | 0.63 | 1.63 | 0.92 | 0.81 | 1.45 | 1.10 | 0.72 |
Altman Z″-Score (non-manufacturers) |
6.01 | 6.66 | 5.04 | 4.68 | 4.28 | 4.65 | 3.61 | 2.44 | 3.54 | (0.10) |
P/FCF ratio |
5.26 | 3.68 | 3.26 | 2.23 | 11.12 | 0.00 | 13.04 | 7.13 | 6.62 | 0.00 |
P/Operating CF |
11.86 | 14.90 | 10.34 | 6.35 | 11.95 | 9.10 | 6.64 | 22.02 | (22.62) | (2.45) |
Beneish M-Score |
(3.30) | (3.16) | (0.06) | (1.61) | (3.13) | (1.48) | (2.90) | (3.23) | (2.47) | (1.44) |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 20 |
P/B ratio |
1.31 | 1.58 | 1.28 | 0.73 | 1.53 | 1.23 | 1.01 | 1.38 | 1.30 | 0.64 |
Price to Tangible BV |
1.32 | 1.59 | 1.28 | 0.73 | 1.54 | 1.24 | 1.02 | 1.39 | 1.32 | 0.75 |
EV/Sales |
0.24 | 0.38 | 0.29 | 0.15 | 1.00 | 0.53 | 0.33 | 0.67 | 0.52 | (0.08) |
EV/EBITDA |
6.31 | 3.80 | 0.00 | 2.58 | 0.00 | 11.58 | 0.00 | 0.00 | 0.00 | 0.16 |
EV/Operating CF |
1.38 | 1.26 | 0.76 | 0.42 | 4.00 | (24.96) | 3.47 | 2.55 | 2.97 | 3.58 |
EV/FCF |
1.70 | 1.45 | 1.03 | 0.54 | 6.81 | (5.53) | 5.35 | 3.31 | 3.15 | 4.68 |
Quick Ratio |
2.16 | 2.14 | 2.18 | 2.17 | 2.20 | 1.60 | 2.18 | 2.05 | 2.27 | 1.70 |
Current Ratio |
2.64 | 2.72 | 2.63 | 2.65 | 2.90 | 2.38 | 2.63 | 2.51 | 2.79 | 2.23 |
Net Debt/EBITDA |
(9.76) | (4.99) | 21.17 | (6.74) | 12.68 | (6.60) | 18.27 | 4.48 | 11.35 | 1.69 |
Debt/Assets |
0.00% | 0.00% | 0.00% | 15.50% | 12.68% | 8.08% | 14.80% | 0.00% | 0.00% | 5.17% |
Debt/Equity |
0.00 | 0.00 | 0.00 | 0.26 | 0.20 | 0.13 | 0.25 | 0.00 | 0.00 | 0.10 |
Asset Turnover |
1.13 | 1.07 | 0.86 | 0.75 | 0.54 | 0.82 | 0.71 | 0.50 | 0.71 | 0.47 |
Operating CF/Net income |
4.22 | 1.54 | 0.69 | 0.64 | 0.23 | (0.37) | (2.75) | (0.43) | (3.40) | 0.93 |
Capex/Depreciation |
(0.74) | (0.45) | (1.96) | (0.44) | (0.49) | (0.74) | (0.40) | (0.64) | 25.78 | (0.58) |
| 4.53% | 13.42% | (5.75%) | 6.52% | (4.46%) | 4.65% | (3.36%) | (12.91%) | 1.64% | (26.04%) | |
| 3.05% | 8.69% | (3.77%) | 4.11% | (2.74%) | 2.92% | (2.05%) | (7.61%) | 1.02% | (14.83%) | |
ROIC |
37.10% | 231.60% | (36.02%) | 9.51% | (9.68%) | 7.95% | (8.98%) | (2,755.07%) | (113.35%) | (90.34%) |
Return on Tangible Assets |
4.72% | 13.32% | (6.88%) | 7.53% | (5.52%) | 5.69% | (4.20%) | (16.51%) | 1.90% | (35.19%) |
Average Days of Receivables |
63.36 | 42.34 | 57.88 | 58.36 | 38.74 | 66.92 | 67.32 | 72.35 | 50.33 | 77.71 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
24.53% | 25.07% | 30.36% | 27.12% | 36.25% | 25.90% | 35.33% | 39.19% | 40.54% | 73.84% |
Intangible Assets out of Total Assets |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 |
Share Based Compensation of Revenue |
0.00% | 0.00% | 0.00% | 1.44% | 1.01% | 0.70% | 0.87% | 0.92% | 0.82% | 3.79% |
Graham Net Nets |
0.69 | 0.58 | 0.64 | 0.75 | 0.39 | 0.59 | 0.60 | 0.54 | 0.65 | 0.46 |
Graham Number |
3.06 | 5.41 | 0.00 | 3.27 | 0.00 | 2.39 | 0.00 | 0.00 | 0.80 | 0.00 |
Earnings Yield |
3.59% | 8.57% | (5.00%) | 8.37% | (3.22%) | 3.90% | (3.43%) | (10.53%) | 1.08% | (43.05%) |
Free Cash Flow Yield |
19.00% | 27.18% | 30.67% | 44.76% | 8.99% | (10.43%) | 7.67% | 14.02% | 15.12% | (2.34%) |
Revenue per Share |
5.16 | 5.04 | 3.76 | 3.21 | 2.29 | 3.07 | 2.52 | 1.45 | 1.68 | 1.06 |
Operating CF per Share |
0.59 | 0.63 | (0.11) | 0.11 | (0.03) | (0.04) | 0.20 | 0.09 | (0.08) | (0.31) |
Capex per Share |
(0.05) | (0.04) | (0.17) | (0.02) | (0.02) | (0.03) | (0.02) | (0.02) | 0.05 | 0.00 |
Free Cash Flow per Share |
0.53 | 0.59 | (0.29) | 0.10 | (0.05) | (0.07) | 0.18 | 0.07 | (0.03) | (0.31) |
Cash per Share |
2.64 | 2.96 | 2.32 | 2.26 | 1.94 | 1.49 | 1.71 | 1.51 | 1.36 | 0.97 |
Shareholders Equity per Share |
2.97 | 3.10 | 2.67 | 2.79 | 2.44 | 2.30 | 2.02 | 1.52 | 1.42 | 1.19 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
2.97 | 3.10 | 2.67 | 2.79 | 2.44 | 2.30 | 2.02 | 1.52 | 1.42 | 1.19 |
Free Cash Flow |
2.03 | 2.25 | (1.10) | 0.38 | (0.18) | (0.28) | 0.73 | 0.31 | (0.13) | (1.43) |
Working Capital |
10.20 | 10.86 | 8.27 | 8.24 | 7.52 | 7.14 | 6.60 | 5.81 | 5.49 | 3.94 |
Capital Expenditures |
(0.20) | (0.14) | (0.66) | (0.06) | (0.08) | (0.12) | (0.08) | (0.10) | 0.23 | (0.02) |
Net Current Asset Value |
10.17 | 10.83 | 8.24 | 5.97 | 5.77 | 6.73 | 4.99 | 4.97 | 5.28 | 1.58 |
EV/EBIT |
6.31 | 3.80 | 0.00 | 2.58 | 0.00 | 11.58 | 0.00 | 0.00 | 0.00 | 0.16 |
Capex to Sales |
0.01 | 0.01 | 0.05 | 0.01 | 0.01 | 0.01 | 0.01 | 0.02 | (0.03) | 0.00 |
Price to Operating Income |
19.48 | 9.61 | 0.00 | 10.63 | 0.00 | 20.06 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.28 | 0.41 | 0.38 | 0.17 | 0.19 | 0.25 | 0.52 | 0.00 | 0.10 | 0.09 |
Cash ROIC |
9.50% | 9.74% | (5.79%) | 1.68% | (0.93%) | (1.72%) | 4.21% | 2.36% | (1.05%) | (13.75%) |
Accounts Receivable Turnover |
5.08 | 6.81 | 6.36 | 5.88 | 6.15 | 7.63 | 4.93 | 4.02 | 6.52 | 4.70 |
Accounts Payable Turnover |
7.59 | 7.55 | 10.38 | 7.79 | 7.83 | 11.61 | 8.09 | 4.95 | 6.39 | 6.55 |
Inventory Turnover |
7.61 | 4.78 | 4.78 | 4.75 | 3.05 | 3.75 | 3.77 | 3.10 | 3.64 | 2.65 |
Average Days of Payables |
62.19 | 26.44 | 39.62 | 43.30 | 36.89 | 35.16 | 47.70 | 73.98 | 45.27 | 46.38 |
Days of Inventory on Hand |
58.91 | 86.17 | 52.51 | 86.85 | 126.43 | 99.80 | 72.63 | 123.91 | 84.64 | 154.11 |
Average Receivables |
3.86 | 2.81 | 2.24 | 2.14 | 1.49 | 1.62 | 2.08 | 1.57 | 1.14 | 1.02 |
Average Payables |
1.85 | 1.65 | 1.03 | 1.08 | 0.83 | 0.74 | 0.88 | 0.93 | 0.77 | 0.53 |
Average Inventory |
1.85 | 2.60 | 2.24 | 1.77 | 2.12 | 2.29 | 1.88 | 1.49 | 1.36 | 1.30 |
Average Assets |
17.30 | 17.84 | 16.69 | 16.71 | 16.83 | 15.17 | 14.37 | 12.60 | 10.44 | 10.28 |
Average Common Equity |
11.62 | 11.55 | 10.96 | 10.53 | 10.35 | 9.52 | 8.74 | 7.43 | 6.45 | 5.85 |
Columns are period end dates