Manufactures steel pipes and related flat products — MS pipes, hollow sections, GI and GPGC sheets, and CR coils and strips — sold mainly to infrastructure, construction, and engineering customers. Notable order wins include Varanasi, Jaipur and Khowai airports, Bharuch railway station, and solar parks at Khavda and Bikaner. The product mix is shifting toward value-added items, with management guiding the value-added share from 37% to 50% over the next one to two years. Raw materials, primarily hot-rolled coil, are the dominant cost at 74.2% of revenue, making steel spreads the principal swing factor; long-term HRC supply MOUs are in place with SAIL, ArcelorMittal, Tata, and NMDC. A 12% safeguard duty on steel imports imposed in December 2025 has been cited as stabilising domestic pricing, with EBITDA per ton guided at ₹4,000 from Q4 FY26 onwards. Capex of ₹500-600 cr is planned for the next phase of expansion, partly funded by a ₹501 cr QIP raised in October 2024. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. MS pipes and hollow sections, GI and GPGC sheets, CR coils and strips. Cyclical, asset-heavy steel pipe and tube manufacturer
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,879 | 2,386 | 2,699 | 3,068 | 4,200 |
| EBITDA (ex other income) | 101 | 97 | 115 | 160 | 174 |
| margin % | 5.3 | 4.1 | 4.3 | 5.2 | 4.1 |
| Owners' profit | 0 | 0 | 44 | 73 | 76 |
| EPS, as reported (₹) | 33.77 | 3.06 | 3.30 | 3.98 | 7.54 |
| ROE % · ROCE % | 15.6 · 21.6 | 9.0 · 15.8 | 7.6 · 14.1 | 5.8 · 10.7 | 5.7 · 10.2 |
| Debt / equity (x) | 1.41 | 0.56 | 0.63 | 0.14 | 0.20 |
| Cash from operations | (1) | 134 | (95) | 70 | 3 |
| Capex | 0 | (69) | (109) | (190) | (152) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 706 | 761 | 734 | 791 | 859 | 1,070 | 1,480 | 1,413 |
| Profit before tax | 24 | 26 | 24 | 28 | 27 | 23 | 23 | 26 |
| Net profit | 18 | 19 | 18 | 21 | 20 | 17 | 18 | 20 |
| EPS (₹) | 1.10 | 1.08 | 0.95 | 1.04 | 1.01 | 0.84 | 1.78 | 0.99 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WELSPUN CORP LIMITED | 70,880 | 30.7 | 7.54 | 30.2 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 59,803 | 48.6 | 11.29 | 31.1 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 29,979 | 26.8 | 2.43 | 12.2 | 8.6 | 11.4 | 24.1 | 14.9 |
| JINDAL SAW LIMITED | 20,016 | 30.5 | 1.63 | 10.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 8 Sept 2026 · Newspaper publication on 42nd AGM notice and annual report dispatch | compliance | minimal | — | — |
| 3 Sept 2026 · Notice of 42nd AGM and Annual Report FY 2025-26 | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Notice of 42nd AGM on September 28, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Hi-Tech Pipes informs about newspaper publication of 42nd AGM notice | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper publication of 42nd AGM notice | compliance | minimal | — | — |
| 17 Aug 2026 · Hi-Tech Pipes Q1 FY27 call: revenue up 79%, targets INR4000/ton EBITDA by FY28 | investor communications | medium | — | — |
| 14 Aug 2026 · Promoter Group Allotted 90 Lakh Warrants Via Preferential Issue | ownership changes | medium | — | — |
| 13 Aug 2026 · Hi-Tech Pipes shares Q1 FY27 earnings call recording link | investor communications | low | — | — |
| 13 Aug 2026 · Hi-Tech Pipes Q1FY27 Results Published, Revenue Up 79% YoY | compliance | minimal | — | — |
| 12 Aug 2026 · Hi-Tech Pipes Q1FY27: Revenue up 79% to Rs1,413Cr, PAT flat | investor communications | medium | — | — |
| 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 |
| RATNAMANI MET & TUB LTD. | 19,815 | 45.8 | 4.71 | 23.1 | 12.7 | 15.6 | 14.4 | 18.5 |
| GODAWARI POW & ISP LTD | 15,875 | 18.6 | 2.71 | 12.0 | 13.7 | 17.0 | 5.7 | 21.0 |
| USHA MARTIN LTD. | 15,069 | 29.7 | 4.56 | 19.8 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,270 | 30.6 | 4.00 | 17.7 | 14.6 | 16.8 | 34.4 | 17.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 16.6 | 16.2 | 62 of 118 | 48% |
| P/B | 1.2 | 1.7 | 32 of 99 | 66% |
| ROCE | 6.9 | 8.7 | 69 of 120 | 43% |
| ROE | 5.7 | 8.6 | 68 of 114 | 41% |
| Debt / Equity | 0.2 | 0.1 | 63 of 114 | 45% |
| EBITDA margin | 3.5 | 11.0 | 84 of 100 | 16% |
| Revenue growth | 78.5 | 13.7 | 12 of 97 | 89% |
| Profit growth | (4.2) | 29.3 | 73 of 105 | 31% |
| Market cap | 1554 | 247 | 33 of 120 | 73% |
| 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 |
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.
