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 · consolidated | 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. | 5,35,992 | 32.3 | 4.17 | 19.4 | 14.7 | 11.9 | 16.0 | 12.5 |
| RAIL VIKAS NIGAM LIMITED | 43,725 | 48.7 | 4.45 | 31.1 | 8.9 | 7.5 | 5.8 | 7.5 |
| KALPATARU PROJECT INT LTD | 24,595 | 21.6 | 3.18 | 11.1 | 13.3 | 15.0 | 16.0 | 10.0 |
| NBCC (INDIA) LIMITED | 22,448 | 30.3 | 6.98 | 18.9 | 23.1 | 29.7 | 13.5 | 9.6 |
| IRB INFRA DEV LTD. | 21,849 | 16.8 | 1.04 | 10.0 | 4.1 | 2.5 | 7.6 | 55.6 |
| CEMINDIA PROJECTS LIMITED | 21,576 | 35.9 | 8.99 | 18.3 | 24.9 | 31.7 | 29.8 | 10.5 |
| ENGINEERS INDIA LTD | 16,007 | 20.4 | 5.09 | 17.9 | 22.0 | 26.5 | 4.6 | 20.1 |
| TECHNO ELEC & ENG CO. LTD | 11,793 | 27.4 | 2.84 | 19.3 | 11.4 | 12.4 | 29.6 | 20.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.4 | 14.7 | 45 of 108 | 59% |
| P/B | 1.3 | 1.5 | 39 of 87 | 56% |
| ROCE | 11.9 | 10.0 | 47 of 109 | 57% |
| ROE | 9.5 | 9.2 | 45 of 91 | 51% |
| Debt / Equity | 0.3 | 0.3 | 41 of 91 | 56% |
| EBITDA margin | 15.4 | 12.4 | 36 of 88 | 60% |
| Revenue growth | (1.5) | 6.2 | 56 of 86 | 35% |
| Profit growth | 7.5 | 2.7 | 37 of 84 | 57% |
| Market cap | 1917 | 454 | 36 of 110 | 68% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 13 Aug 2026 · Q1 FY26-27 results published in Business Standard and Sakal | compliance | minimal | — | — |
| 12 Aug 2026 · Q1 FY27 Results: Net Profit up 7.5%, Order Book at INR 4,731 Cr | compliance | low | — | — |
| 12 Aug 2026 · Indian Hume Pipe Q1 FY27 results: PAT up 7.5% to INR 23.57 cr | results | high | — | — |
| 12 Aug 2026 · Q1 FY27 Results: PAT up 7.5% YoY at Rs 23.57 cr, revenue dips 1.5% | results | high | — | — |
| 4 Aug 2026 · Board Meeting on 12 Aug 2026 to Consider Q1 FY27 Results | results | low | — | — |
| 3 Aug 2026 · Indian Hume Pipe 100th AGM: All 5 resolutions passed with over 99.9 pc approval | board shareholder meetings | low | — | — |
| 3 Aug 2026 · 100th AGM of Indian Hume Pipe held; all resolutions approved | board shareholder meetings | low | — | — |
| 9 Jul 2026 · 100th AGM notice: Indian Hume Pipe Company on 3rd August 2026 | compliance | minimal | — | — |
| 9 Jul 2026 · 100th AGM notice - Indian Hume Pipe Company, 3rd August 2026 | compliance | minimal | — | — |
| 8 Jul 2026 · Indian Hume Pipe files BRSR for FY 2025-26 on voluntary basis | general | medium | — | — |
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.