Hariom Pipe Industries Limited has informed the Exchange about Transcript
HARIOMPIPE · price
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Hariom Pipe Industries shared its FY25 earnings call transcript highlighting a record annual sales volume of 2.45 lakh metric tonnes, up 23% year-on-year. Revenue from operations grew 18% even though average selling prices fell 5%, with EBITDA rising 27% to ₹175.4 crore and EBITDA margin expanding to 12.93%. Profit after tax grew 9% to ₹61.7 crore, operating cash flow jumped 15x to ₹78.6 crore, and net debt-to-EBITDA improved to 1.99 from 2.45. Management guided for 30% volume CAGR over the next two years, with Q1 FY26 already showing 14% volume growth in the first 38 days (33,380 tonnes). A new wholly-owned subsidiary, Hariom Power and Energy, has been set up for a 60 MW solar project under a 25-year PPA with MSEDCL, requiring ₹180–240 crore CapEx, while the previously planned QIP fundraising has been deferred.
Strong volume growth, margin expansion guidance and improving cash flows are positive signals, but shareholders should note rising working capital days (~100 expected in FY26), new debt of roughly ₹100–120 crore for the solar venture, and continued gross margin pressure. The QIP deferral reduces near-term dilution risk while management's repeated deflection of detailed financial questions to private emails may limit transparency.