NSE: HARIOMPIPE · BSE: 543517
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Steel pipes (value-added products) (98%), Dealer and B2B/OEM channel sales, Solar power generation. Steel pipe manufacturer with growing solar power and metal trading adjacencies; asset-heavy and cyclically exposed to steel prices.
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 1,357 | 1,667 |
| EBITDA (ex other income) | 175 | 209 |
| margin % | 12.9 | 12.6 |
| Owners' profit | 62 | 76 |
| EPS, as reported (₹) | 20.25 | 24.45 |
| ROE % · ROCE % | 10.8 · 18.9 | 11.7 · 18.8 |
| Debt / equity (x) | 0.70 | 0.62 |
| Cash from operations | 79 | 192 |
| Capex | (104) | (159) |
Exhibit 2: Quarterly performance, last 6 quarters
| ₹ crore | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|
| Revenue | 400 | 461 | 336 | 363 | 507 | 429 |
| Profit before tax | 23 | 32 | 14 | 16 | 42 | 22 |
| Net profit | 17 | 24 | 10 | 12 | 30 | 17 |
| EPS (₹) | 5.66 | 7.62 | 3.36 | 3.74 | 9.72 | 5.36 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 65,982 | 28.6 | 7.01 | 28.1 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 61,480 | 50.0 | 11.61 | 32.0 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 32,069 | 28.6 | 2.60 | 13.0 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,437 | 38.0 | 3.91 | 19.2 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,732 | 24.0 | 1.28 | 8.7 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,523 | 28.6 | 4.40 | 19.1 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,114 | 30.2 | 3.95 | 17.5 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,641 | 14.8 | 2.16 | 9.6 | 13.7 | 17.0 | 5.7 | 21.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.6 | 15.6 | 45 of 105 | 57% |
| P/B | 1.5 | 1.4 | 53 of 101 | 48% |
| ROCE | 12.4 | 9.1 | 42 of 115 | 64% |
| ROE | 11.7 | 8.6 | 32 of 103 | 70% |
| Debt / Equity | 0.6 | 0.2 | 84 of 101 | 17% |
| EBITDA margin | 11.9 | 11.0 | 45 of 100 | 56% |
| Revenue growth | (6.9) | 13.7 | 73 of 97 | 25% |
| Profit growth | (29.7) | 29.3 | 84 of 105 | 20% |
| Market cap | 1000 | 210 | 37 of 122 | 70% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Board to approve September 2026 quarterly and half-year results | results | low | — | — |
| 24 Oct 2026 · Hariom Pipe plans Rs. 700 crore steel plant expansion in Andhra Pradesh | strategic transactions | medium | — | — |
| 14 Oct 2026 · Subsidiary commissions two 5 MW solar plants, group capacity now 15 MW | capex operations | high | — | — |
| 6 Oct 2026 · Analyst meeting with Choice Institutional Equities on Oct 7, 2026 | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Compliance Certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 1 Oct 2026 · All 9 resolutions passed at 19th AGM including final dividend and director appointments | board shareholder meetings | low | — | — |
| 30 Sept 2026 · Summary of 19th AGM Proceedings Held on September 30, 2026 | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1, 2026 pending Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Hariom Pipe to attend Arihant Capital virtual investor meet on Sept 28 | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Hariom Pipe submits revised FY25-26 annual report, corrections are clerical only | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.