Hi-Tech Pipes Ltd(HITECH)

NSE: HITECHBSE: 543411

₹ 63.77-3.64%refreshed 23 Oct, 03:53 pm ISTMarket cap: ₹ 1,295 crWebsite: www.hitechpipes.inUpdated: 24 Oct 2026

About

Hi-Tech Pipes, established in 1985 and headquartered in New Delhi, makes ERW steel pipes and allied steel products across 1,700+ SKUs, and describes itself as the 4th largest producer of steel tubes and pipes in India. It had about 10,50,000 MTPA of installed capacity in Q1 FY27 and reported revenue of Rs 4,200.07 crore in FY26. Sales volume was 3,21,152 MT in H1 FY27, up 29% year on year.^[1][2][3][4]

Products and brands

Product families include ERW black tubes, GI and GP pipes, jumbo hollow sections up to 300×200 mm, CR coils and strips, GPGC sheets, colour-coated coils and roofing sheets, across 1,700+ SKUs as of FY26.^[1]
Specialty products include solar torque tubes, ZAM self-healing fire-fighting pipes, Natrax-certified crash barriers and borewell casing pipes (FY26).^[1]
12+ registered brands as of FY26, including Jalshakti, Shakti, Bahubali, Firefighter, Pillar and Crashguard.^[1]
CRFH 'Black Gold' pipes for premium furniture were started at the Hindupur plant (FY26).^[1]
New FY25 launches included fire-fighting pipes (25 mm - 150 mm NB 'C' class), 200×200 hollow section pipes and large-diameter GP pipes.^[5]
Metal and metal products accounted for 99.96% of turnover in FY25.^[5]

Manufacturing capacity

Total installed capacity reached about 10,50,000 MTPA in Q1 FY27 after commissioning Sikandrabad Unit-III (1,20,000 MTPA), Kathua J&K (80,000 MTPA) and Sanand Unit-II Phase-2 (1,00,000 MTPA).^[2]
Plant capacities per the FY26 annual report: Sikandrabad, UP 3,75,000 MTPA; Sanand, Gujarat 3,95,000 MTPA; Hindupur, AP 1,20,000 MTPA; Khopoli, Maharashtra 80,000 MTPA; Jammu & Kashmir 80,000 MTPA.^[1]
Sanand is a hub for solar torque tubes; a hot-dip galvanizing facility was commissioned at Hindupur in FY25.^[1][5]

Key operating numbers

Sales volume: 1,65,016 MT in Q2 FY27, up 32% YoY; 3,21,152 MT in H1 FY27, up 29% YoY.^[4]
Sales volume: 1,56,136 MT in Q1 FY27 vs 1,24,000 MT in Q1 FY26, up 26%.^[2]
EBITDA per ton: INR 3,162 in Q1 FY27 vs INR 3,148 in Q4 FY26; gas prices and dealer rebates for new territories weighed on it.^[2]
Value-added products: 39% of product mix in FY26 vs 26% in FY23; 39% in Q1 FY27; the 45 - 50% target was deferred to FY28.^[1][2]
Net working capital days: 52 as of FY26.^[2]

Customers and distribution

Products are sold through 550+ dealers and 150 OEM partners across 19 states (FY26).^[1]
160+ OEM customers and 350+ architects, builders and contractors list the company as a qualified vendor (FY26).^[1]
Named clients include Tata Group, Reliance, L&T, Adani, BHEL, NTPC, GAIL, NHSRCL, DLF, SAIL, NCC, Airtel, Jio and Indian Oil.^[1]
Exports were 0.41% of turnover in FY25; export volumes were 6,000 - 7,000 tons in Q3 FY26 across 28 countries, Europe the largest market.^[5][6]
Solar torque tubes are exported to project developers in North America, Europe and the Middle East.^[1]
Data centers targeted for 15,000 - 20,000 tons of large hollow sections in FY27.^[2]

Expansion and capex

Hindupur integrated facility (ERW tubes, solar tubes, VAP products) targeted for commissioning by Q4 FY27.^[2]
DFT facility at Sanand Unit-II Phase-3 expected Q3 FY27; DFT EBITDA per ton guided at INR 4,500 - 5,000.^[2]
API-grade pipe facility expected Q4 FY27; EBITDA per ton guided at INR 6,000+.^[2]
Next 0.5 million ton phase to begin construction by end FY27; target of 2 million tons capacity by FY29.^[2]
Capex for the next 1 million ton expansion guided at INR 650 crores, with INR 200 crores in FY27.^[2]

Raw materials

Hot-rolled coil is the primary input; supply MOUs with SAIL, ArcelorMittal, Tata and NMDC (signed Q3 FY26), with pricing monthly market-linked.^[1][6]

Recent developments

Acquired Sain Software Systems in March 2026 to build digital and operational technology capability.^[1]
Sikandrabad Unit-III (1,20,000 MTPA) began commercial production in Q1 FY27, completing the 1 million ton capacity milestone.^[2]
A 12% safeguard duty on steel imports was imposed on 30 December 2025.^[6]

Market Cap

₹1,295 Cr

High / Low

₹118 / 63

Stock P/E

17.2

Price / Book

1.0

Book Value

₹66

EPS

₹3.8

No. of Shares

20.31 Cr

ROCE

9.8%

ROE

5.9%

OPM

3.5%

Debt / Equity

0.20

Sales

₹4,200 Cr

Net Profit

₹76 Cr

Promoter holding

43.4%

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