Hariom Pipe Industries Ltd Q4 FY25 Results & Concall Highlights: Revenue, Margins & Order Book

Published 19 Jul 2026 | Industrial Products | Market Cap: ₹1.1K Cr

Targeting 30% volume CAGR over the next two years (FY '26 and FY '27). Targeting 30% volume growth for FY26 and the next two years, driven by new markets, franchise channels, and capacity ramp-up.

From Hariom Pipe Industries Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Price

₹348

Market Cap

₹1.1K Cr

P/E Ratio

15.7

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Hariom Pipe Industries Ltd — Quarterly revenue & net profit

Revenue Net Profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹507 Cr, net profit ₹30 Cr.

Full financials →

📊 Revenue & Sales Performance

→Targeting 30% volume CAGR over the next two years (FY '26 and FY '27).
→Q1 FY '26 volume growth tracked at 14% compared to last year, in line with internal plans.
→Volume growth driven by new market geographies, franchisee channels, and increased capacity utilization.
→Highest ever annual sales volume of 2.45 lakh metric tonnes achieved in FY '25, up 23% YoY.
→Revenue from operations grew 18% in FY '25 despite a 5% decline in average selling prices.
→Increasing share of value-added products, currently contributing around 96-97% of the product portfolio.
→Growth supported by internal accruals, asset sweating, and a strong channel ecosystem.
→Planning to increase B2B contribution from current ~15%, targeting OEMs and MNC customers.
→Long-term debt expected to reduce over 2-3 years, aiding financial health and growth sustainability.

📈 Profitability & Margins

→Targeting 30% volume growth for FY26 and the next two years, driven by new markets, franchise channels, and capacity ramp-up.
→PAT growth estimated around 9% year-on-year in absolute terms (FY24 to FY25), with consistent growth expected.
→EBITDA per tonne expected to remain stable or improve slightly by INR 200 to INR 500 due to new initiatives like power projects.
→Management focused on high-margin B2B products and value-added segments to improve profitability.
→Long-term goal to become debt-free by FY27 or FY28 through strong internal accruals, reducing interest costs.
→Operating cash flow and cash conversion ratio have significantly improved, supporting sustainable growth.
→Expansion in Western and Northern India and investments in capacity and product portfolio aim to enhance returns.
→Power segment (solar project) expected to add a new revenue stream and improve future ROCE, although revenue contribution will start after 2-3 years.

See what Hariom Pipe Industries Ltd said on profitability & margins — free account, 30 seconds.

🏗️ Capital Expenditure Plans

→FY '26 CapEx mainly for maintenance, estimated around ₹10-12 crores (rolling mills, furniture, fixtures). No major new CapEx planned for standalone pipes business.
→Significant CapEx planned for renewable energy: a 60 MW solar power plant under PM-KUSUM scheme with total CapEx estimated between ₹180-240 crores (₹3-4 crores per MW including land).
→Equity for solar project mostly covered by government subsidy, debt expected up to ~72-75% at ~8.5% interest.
→Solar project strategic for green manufacturing expansion in Maharashtra and new revenue stream; not directly for captive use.
→Deferred/hold on QIP fundraising currently.
→Ultra Pipes leased (99 years) for integrating better tech and renewable power sourcing.
→Overall focus on value-added product capacity growth and enhancing presence in Western and Northern India.

💰 Fundraising & Capital Structure

→No current fundraising through equity: The Board has deferred plans for Qualified Institutional Placement (QIP), and it is currently on hold with no active work going on.
→Debt: For the renewable energy project (60 MW solar power plant), the company plans to fund up to 72-75% through debt, with an interest rate around 8.5%. This is a new industry investment rather than expansion of the core business.
→No significant additional CapEx or fundraising for the core steel business in FY '26; mainly maintenance CapEx expected.
→The company plans to reduce long-term debt over 2-3 years through internal accruals, aiming to be debt-free by FY '27 or FY '28.
→Short-term debt levels are expected to remain constant.

See what Hariom Pipe Industries Ltd said on fundraising & capital structure — free account, 30 seconds.

📋 Order Book & Pipeline

→The transcript does not explicitly mention the current or expected order book or pending orders for Hariom Pipe Industries Ltd.
→However, it indicates positive demand trends with a 14% volume growth in Q1 FY26 compared to last year.
→The company targets a 30% volume growth for the full financial year.
→Growth is expected from new market geographies, franchisee channels, and increased capacity utilization.
→B2B sales are expanding, which typically provides better margins and predictable top-line growth.
→The company stresses long-term strategic moves and new relationships, including expansion in Maharashtra.
→Specific order book or pending order figures are not disclosed in the provided transcript pages.

Key Metrics

What Hariom Pipe Industries Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Hariom Pipe Industries Ltd Q4 FY25 results?

Targeting 30% volume CAGR over the next two years (FY '26 and FY '27). Targeting 30% volume growth for FY26 and the next two years, driven by new markets, franchise channels, and capacity ramp-up.

What is Hariom Pipe Industries Ltd share price analysis?

Hariom Pipe Industries Ltd currently shows a neutral. The stock trades at a P/E of 15.7 with a market cap of ₹1,090 Cr. Investors should review the full earnings analysis for detailed insights.

Is Hariom Pipe Industries Ltd planning capital expenditure?

FY '26 CapEx mainly for maintenance, estimated around ₹10-12 crores (rolling mills, furniture, fixtures).

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.