Hariom Pipe Industries Ltd(HARIOMPIPE)

NSE: HARIOMPIPEBSE: 543517

₹ 299-2.05%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 926 crWebsite: www.hariompipes.comUpdated: 24 Oct 2026

About

Hariom Pipe Industries Ltd is a Maharashtra-based manufacturer of value-added steel tubular products - MS tubes, galvanized pipes, CR/GP coils, and scaffolding - operating integrated plants with captive sponge iron and billet capacity. The company reported revenue of ₹1,667 Cr in FY26, up 23% YoY, on sales volume of 2.89 lakh MT. It is expanding into renewable energy through a 60 MW solar power subsidiary and a new steel-trading arm.^[1]

Products

Core products are MS tubes, galvanized pipes, CR pipes, GP coils, CR coils and scaffolding sections.^[1]
High-value products were 96.4% of sales volume and 97.5% of revenue in Q1 FY27; OEM products and MS tubes contributed 95.9% of revenue.^[2]
Developed high-strength pre-galvanized tubular sections for solar structures, replacing traditional HR steel channels, with OEM supply to EPC contractors.^[3]
Scaffolding volumes fell to 1,164 MT in FY26 from 2,990 MT in FY25 after a shift to advance-payment terms.^[1]

Manufacturing capacity and utilisation

MS tube nameplate capacity reached ~216,000 MTPA after leasing adjacent Ultra Pipes assets in July 2025, adding 84,000 MTPA to the original 132,000 MTPA.^[4]
Galvanized pipe and coil output was 1,22,046 MT in 9MFY26 against GP capacity of ~3 lakh MT per annum.^[5]
Overall capacity utilisation was ~66% in Q1FY26 and ~60% in Q2FY26.^[4]
Captive sponge iron and billets met ~40% of needs in FY26; environment clearance was pending to raise this to ~80%.^[1]
A sponge iron unit is being developed at Anantapur (FY25 annual report).^[6]

Key operating numbers

Sales volume was 63,084 MT in Q1 FY27.^[2]
Average selling price rose 15.4% YoY to ₹68,034/MT in Q1 FY27, vs ₹58,931/MT in Q1FY26.^[2][4]
EBITDA per tonne was ₹7,914 in Q1 FY27, up 7.5% YoY; it was ₹7,258/MT for FY26.^[2][1]
OEM realisation rose 27.7% YoY to ₹80,975/MT in Q1 FY27.^[2]
Net debt/EBITDA improved from 1.99x to 1.65x in FY26; operating cash flow was ₹192 Cr, 92% of EBITDA.^[1]

Customers and distribution

B2B/OEM direct sales rose from ~15% of revenue in FY25 to ~20% in FY26; named OEM customers include Kirby, Midhani and electric bus makers.^[1]
Solar structure supply began at trial volumes of ~200 MT/month in Q1FY26 with one to two EPC customers.^[4]
Presence is mainly in South and West India; the Metal Mart subsidiary targets markets where Hariom has negligible presence.^[5]

Expansion and capex

Subsidiary Hariom Power and Energy is building a 60 MW AC solar portfolio at 13 Maharashtra locations under PM Kusum component C, with a 25-year PPA with MSEDCL at ₹3.21/unit.^[1]
The first solar asset, 5 MW AC / 6 MW DC at Rupur Tanda, Hingoli, was commissioned on July 8, 2026; 43 MW is targeted by October 2026, with solar revenue expected from Q3 FY27.^[2]
Solar project cost is estimated at ₹200 - 220 Cr, funded by a ₹195 Cr term loan, ~₹30 Cr government subsidy and ₹25 - 30 Cr equity from Hariom Pipes.^[1]
MOU signed with Maharashtra for a 1.5 MTPA integrated steel plant at Gadchiroli costing ₹3,135 Cr, phased over ~8 years, with first production targeted post-2028.^[3]

Recent developments

TNPCB suspended its closure order on the Perundurai unit on July 13, 2026; power was restored and operations restarted after Q1 FY27.^[2]
A ₹51.45 Cr preferential warrant issue was made, with ₹12.86 Cr received upfront (Q1 FY27 call).^[2]
Metal Mart Pvt. Ltd., a 70%-owned trading subsidiary incorporated January 2026, was awaiting GST registrations in Maharashtra, Tamil Nadu and Telangana.^[1]
FY26 annual report approved raised promoter pay: MD ₹3.20 Cr, JMD ₹3.00 Cr, WTD Ansh Golas ₹1.20 Cr, Sunita Gupta ₹48 lakh, payable as minimum remuneration.^[7]

Market Cap

₹926 Cr

High / Low

₹477 / 268

Stock P/E

13.5

Price / Book

1.4

Book Value

₹209

EPS

₹24.4

No. of Shares

3.1 Cr

ROCE

15.5%

ROE

12.4%

OPM

9.4%

Debt / Equity

0.63

Sales

₹1,667 Cr

Net Profit

₹76 Cr

Promoter holding

57.3%

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