Submission Transcript of the Conference call with the Investors for the Quarter and Year ended March 31, 2026.

Hariom Pipe Industries reported FY26 full-year revenue of INR 1,667 crores (23% y-o-y) and EBITDA of INR 209 crores (19% y-o-y) with a stable EBITDA margin of 12.56%. Q4 PAT grew 75% y-o-y to INR 30 crores. The company generated strong operating cash flow of INR 192 crores (92% EBITDA-to-OCF conversion) with net debt to EBITDA at 1.65x. Management guided FY27 volume at 350,000–360,000 tonnes (approx. 20–25% growth), confirming capacity exists for 30% if needed but prioritising profitability over volume. The Tamil Nadu Perundurai plant remains temporarily closed awaiting a formal government clearance order (expected within 2–3 working days), with no revenue impact in April due to sufficient stocks and an asset-light supply model. The 60 MW solar power project (total cost INR 245 crores, INR 195 crores debt-funded) has 38 MW under construction with 10 MW commencing production next month, earning INR 3.21 per unit under a fixed PPA. A new subsidiary, Metal Mart Private Limited, is in initial setup stage awaiting GST registrations in multiple states. The B2B contribution increased to 20% in Q4 from 15% previously, with ongoing efforts to grow this segment. Backward integration (currently ~40%) is pending an environment clearance from the government; if approved, integration could rise to ~80% in 3–4 months.