NSE: INDIANHUME · BSE: 504741
INDIAN HUME PIPE CO. LTD.
Executes water supply, irrigation, and sanitation infrastructure projects and manufactures pipes, primarily for government clients across India. All FY26 revenue of Rs 1,305.57 crore came from the construction segment, which covers EPC contracts under schemes such as Jal Jeevan Mission and Bhagiratha, plus manufactured pipe sales that grew 28% year-on-year. Operations span 16 plants and 21 offices across 13 states, staffed by 1,027 employees and 457 workers. The order book stood at Rs 4,118.97 crore, anchored by long-duration contracts that include operations and maintenance — for example, a Rs 738.61 crore Letter of Acceptance from PHED Rajasthan covers design, build and 10 years of O&M of a Narmada-based water supply scheme for 275 villages in Barmer district under the JICA-funded Phase II programme. Costs are dominated by other operating expenses at 67.7% of revenue, with materials at 12.5% and employee costs at 8.8%. The real estate segment had no revenue and only a marginal negative EBIT, while FY26 results also included a Rs 64.33 crore exceptional gain from sale of Hyderabad land. The company has been operating for 100 years and is holding its 100th AGM in August 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Construction (100%). Project-driven EPC contractor with order-book visibility, long-duration water infrastructure contracts bundled with operations and maintenance, and a small non-operating real estate segment.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,520 | 1,543 | 1,389 | 1,491 | 1,306 |
| EBITDA (ex other income) | 149 | 134 | 173 | 731 | 210 |
| margin % | 9.8 | 8.7 | 12.4 | 49.0 | 16.1 |
| Owners' profit | 58 | 56 | 78 | 558 | 141 |
| EPS, as reported (₹) | 11.93 | 11.50 | 15.00 | 105.93 | 26.79 |
| ROE % · ROCE % | 8.9 · 18.7 | 8.0 · 18.5 | 9.4 · 18.4 | 40.5 · 49.9 | 9.5 · 14.9 |
| Debt / equity (x) | 0.90 | 0.91 | 0.60 | 0.33 | 0.28 |
| Cash from operations | 56 | 19 | 213 | 204 | 294 |
| Capex | (5) | (2) | (5) | (55) | (121) |
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 | 354 | 381 | 392 | 307 | 365 | 282 | 351 | 303 |
| Profit before tax | 18 | 20 | 584 | 29 | 46 | 80 | 32 | 32 |
| Net profit | 13 | 14 | 499 | 22 | 35 | 62 | 23 | 24 |
| EPS (₹) | 2.52 | 2.73 | 94.77 | 4.16 | 6.59 | 11.67 | 4.37 | 4.47 |
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. % |
|---|---|---|---|---|---|---|---|---|
| LARSEN & TOUBRO LTD. | 5,66,554 | 31.7 | 4.25 | 23.1 | 8.2 | 6.5 | 16.0 | 8.7 |
| RAIL VIKAS NIGAM LIMITED | 40,312 | 44.9 | 4.11 | 58.1 | 8.9 | 7.5 | 5.8 | 4.3 |
| KALPATARU PROJECT INT LTD | 23,345 | 19.7 | 2.70 | 11.2 | 7.0 | 8.5 | 16.0 | 8.3 |
| CEMINDIA PROJECTS LIMITED | 23,262 | 37.3 | 8.88 | 23.1 | 10.4 | 13.3 | 29.8 | 9.7 |
| NBCC (INDIA) LIMITED | 21,060 | 26.6 | 6.18 | 28.5 | 10.8 | 13.5 | 13.5 | 6.6 |
| IRB INFRA DEV LTD. | 20,581 | 15.9 | 0.97 | 10.1 | 2.7 | 1.6 | 7.6 | 55.6 |
| ENGINEERS INDIA LTD | 16,440 | 18.3 | 4.92 | 23.5 | 10.6 | 10.9 | 4.6 | 21.0 |
| TECHNO ELEC & ENG CO. LTD | 10,828 | 25.1 | 2.60 | 23.5 | 11.4 | 12.4 | 29.6 | 15.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.9 | 13.5 | 42 of 102 | 59% |
| P/B | 1.0 | 1.3 | 35 of 85 | 60% |
| ROCE | 11.9 | 6.3 | 29 of 98 | 71% |
| ROE | 9.5 | 6.4 | 26 of 84 | 70% |
| Debt / Equity | 0.3 | 0.4 | 35 of 87 | 61% |
| EBITDA margin | 9.8 | 10.1 | 55 of 105 | 48% |
| Revenue growth | (1.5) | 7.5 | 57 of 86 | 34% |
| Profit growth | 7.5 | 15.1 | 45 of 83 | 46% |
| Market cap | 1550 | 509 | 37 of 107 | 66% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Nov 2026 · Indian Hume Pipe Q2 revenue and net profit decline year on year | compliance | minimal | — | — |
| 5 Nov 2026 · Standalone Q2 FY27 revenue falls 21%, profit after tax falls 34%, margins narrow | results | high | — | — |
| 5 Nov 2026 · September quarter profit falls 34% as order book rises to Rs 4,476 crore | compliance | low | — | — |
| 5 Nov 2026 · Standalone Q2 revenue falls 21%, profit falls 34%, cash flow turns negative | results | medium | — | — |
| 27 Oct 2026 · Board to review Q2 and H1 FY2026 unaudited results | results | low | — | — |
| 7 Oct 2026 · RTA Compliance Certificate under Regulation 74(5) for Q2 FY26 | compliance | minimal | — | — |
| 5 Oct 2026 · Indian Hume Pipe wins GST appeal, full relief of about Rs 1.31 crore granted | general | low | — | — |
| 29 Sept 2026 · Trading window closed ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Tax penalty of Rs 40 lakh levied, company to appeal | general | medium | — | — |
| 13 Aug 2026 · Q1 FY26-27 results published in Business Standard and Sakal | 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.