HSW S.A. is the parent company of the HSW Capital Group, which consists of 3 subsidiary companies:

HSW – WODOCIĄGI SP. Z O.O. (nominal capital – 37 790 160 zł), HSW S.A. share: 100%
JELCZ SP. Z O.O. (nominal capital – 28 983 000 zł), HSW S.A. share: 100%
AUTOSAN SP. Z O.O. (nominal capital – 89 730 000 zł), HSW S.A. share: 50%