NSE: HITECH · BSE: 543411
HI-TECH PIPES LIMITED
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
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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 | 67,533 | 29.2 | 7.18 | 28.8 | 17.2 | 14.9 | 21.1 | 18.5 |
| APL APOLLO TUBES LTD | 60,250 | 49.0 | 11.38 | 31.4 | 22.7 | 26.1 | 22.1 | 8.0 |
| SHYAM METALICS AND ENGY L | 31,861 | 28.4 | 2.58 | 12.9 | 8.6 | 11.4 | 24.1 | 14.9 |
| RATNAMANI MET & TUB LTD. | 16,161 | 37.3 | 3.84 | 18.9 | 12.7 | 15.6 | 14.4 | 18.5 |
| JINDAL SAW LIMITED | 15,396 | 23.5 | 1.25 | 8.5 | 7.5 | 6.8 | 10.9 | 9.4 |
| USHA MARTIN LTD. | 14,152 | 27.9 | 4.29 | 18.6 | 14.1 | 17.7 | 12.0 | 21.0 |
| GALLANTT ISPAT LIMITED | 13,005 | 29.9 | 3.92 | 17.3 | 14.6 | 16.8 | 34.4 | 17.8 |
| GODAWARI POW & ISP LTD | 12,751 | 14.9 | 2.18 | 9.7 | 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) | 14.0 | 15.4 | 43 of 105 | 60% |
| P/B | 1.0 | 1.5 | 33 of 101 | 68% |
| ROCE | 6.9 | 9.1 | 68 of 115 | 41% |
| ROE | 5.7 | 8.6 | 62 of 103 | 40% |
| Debt / Equity | 0.2 | 0.2 | 50 of 101 | 51% |
| 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 | 1310 | 216 | 31 of 122 | 75% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting set for November 5 to approve September results | results | low | — | — |
| 22 Oct 2026 · CRISIL reaffirms ratings; bank loan limit raised to Rs 565 Cr | credit debt | medium | — | — |
| 17 Oct 2026 · CRISIL reaffirms credit ratings, bank facility up to Rs 565 Cr | credit debt | medium | — | — |
| 13 Oct 2026 · Routine compliance certificate under SEBI Reg 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 5 Oct 2026 · Hi-Tech Pipes reports highest-ever sales volume in Q2 and H1 FY27 | business updates | high | — | — |
| 29 Sept 2026 · 42nd AGM: All 3 resolutions passed with over 99.99 percent majority | board shareholder meetings | low | — | — |
| 28 Sept 2026 · 42nd AGM held; 3 items tabled for shareholder approval via e-voting | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 until Q2 results declared | compliance | minimal | — | — |
| 15 Sept 2026 · Revised Annual Report with BRSR corrigendum and 42nd AGM notice | general | low | — | — |
| 8 Sept 2026 · Newspaper publication on 42nd AGM notice and annual report dispatch | compliance | minimal | — | — |
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.