HARIOM PIPE INDUSTRIES L

Manufactures steel pipes, with value-added products making up 96-98% of revenue. Sales go through a dealer network and a B2B/OEM channel that has grown to 20% of Q4 FY26 revenue from 15% earlier. FY26 sales volume was 2.89 lakh metric tonnes and FY27 volume is guided at 3,50,000-3,60,000 tonnes. Backward integration currently covers 40% of input needs, with plans to expand to around 80% subject to environmental clearance. The company is moving into renewable energy: subsidiary Hariom Power and Energy is executing a 60 MW AC solar project (38 MW under construction, 10 MW starting next month, 5 MW AC already commissioned at Hingoli, Maharashtra and exporting to the MSEDCL grid at a tariff of INR 3.21/unit), and a Metal Mart subsidiary has been set up for metal and steel trading. Steel coils and other materials account for 75.5% of revenue, making raw material costs the dominant expense. Operating units include a plant at Perundurai in Tamil Nadu, which was temporarily shut by the state pollution board before the closure order was suspended.