Financial Results as per attached letter
INDIANHUME · price
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Indian Hume Pipe Company reported total revenue of ₹1,35,038.93 lakhs for FY2026, down from ₹1,50,017.20 lakhs in FY2025 (revenue decline of ~10%). Revenue from construction operations stood at ₹1,30,556.83 lakhs vs ₹1,45,986.57 lakhs in the prior year. Profit after tax (PAT) was ₹14,111.06 lakhs compared to ₹55,805.24 lakhs in FY2025 — the large drop is explained by exceptional items: FY2025 included a ₹54,522.05 lakh gain from sale of Bangalore land, while FY2026 included a ₹6,433.35 lakh gain from Hyderabad land sale. Excluding exceptional items, operating profit before tax was ₹12,334.69 lakhs (vs ₹11,806.88 lakhs), showing underlying improvement. The statutory auditor K.S. Aiyar & Co. issued an unmodified opinion. The Board recommended a total dividend of ₹5 per share (250%), including a special ₹3 dividend for the company's 100th anniversary. The company holds two segments — Construction and Real Estate — and the real estate segment contributed ₹3,136.57 lakhs in FY2025 from TDR recognition.
The headline PAT decline looks alarming due to one-time land sale gains in the prior year, but underlying operations improved. The special dividend signals a celebratory event (100th anniversary) and should support investor sentiment. Cash flow from operations remains strong at ₹29,365 lakhs, and the company has significant cash reserves. However, the revenue decline in the core construction business warrants monitoring.