Hi-Tech Pipes Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Published 28 May 2026 | Industrial Products | Market Cap: ₹1.6K Cr

Hi-Tech Pipes plans to commission an additional 1 million tons capacity by FY '28 and mid FY '29, involving both brownfield and greenfield expansions. Hi-Tech Pipes targets steady volume growth, aiming for 5.5 to 6 lakh tons in FY '26, including new capacities.

From Hi-Tech Pipes's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.

Price

₹81.4

Market Cap

₹1.6K Cr

P/E Ratio

21.1

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Hi-Tech Pipes — 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 ₹1.2K Cr, net profit ₹16 Cr.

Full financials →

📊 Revenue & Sales Performance

→Hi-Tech Pipes plans to commission an additional 1 million tons capacity by FY '28 and mid FY '29, involving both brownfield and greenfield expansions.
→The new greenfield project at Hindupur (1.5 lakh ton capacity) focuses on value-added coated products, expected to complete by Q1 FY '28.
→Volume guidance for FY '26 is maintained at 5.5 to 6 lakh tons, with commercial production ramping up in new facilities.
→The value-added product mix is expected to increase to 45%-47% in FY '27 from 41%-42% this year.
→Export volumes are growing steadily, currently 6,000-7,000 tons per quarter, aiding revenue growth.
→Revenue growth is driven by product mix improvement, higher realization from value-added products, and expanding export markets.
→The company aims to improve capacity utilization to 70%, enhancing volumes and operating leverage.
→Overall, a steady volume growth, margin expansion, and stronger return ratios are expected in the upcoming periods.

📈 Profitability & Margins

→Hi-Tech Pipes targets steady volume growth, aiming for 5.5 to 6 lakh tons in FY '26, including new capacities.
→EBITDA per ton guidance is maintained at INR 3,500 to INR 4,000 for FY '26, with expectations of improvement due to stabilized steel prices and higher value-added product mix.
→Value-added product mix is expected to increase from ~37% to 41-42% by year-end FY '26 and further to 45-47% in FY '27, driving better margins.
→New brownfield and greenfield expansions (totaling 1 million tons capacity) are planned by FY '28 and mid-FY '29, focusing on value-added coated products.
→The company anticipates improved operating leverage, enhanced margins, stable sales velocity, and stronger return ratios with the commissioning of new capacities.
→PAT showed an 11.86% increase to INR 20.26 crores in Q2 FY '26, reflecting operational discipline and positive outlook.
→Long-term vision targets 2 million tons capacity with sustained value creation for stakeholders.

🏗️ Capital Expenditure Plans

→Ongoing capacity expansion of 3 lakh tons at existing facilities is in advanced commissioning stage; trial runs started, commercial production expected in Q3 FY '26.
→Greenfield manufacturing project at Hindupur, Andhra Pradesh with 1.5 lakh ton capacity focused on value-added coated products; foundation laid recently, expected completion by Q1 FY '28.
→Additional 1 million tons capacity planned by FY '28 to mid FY '29, partly brownfield and partly greenfield; land and approvals mostly in place; construction commenced on some sites.
→Capex guidance: approximately INR 200 crores for FY '26, and INR 120-130 crores for FY '27, similar to prior years.
→All ongoing and upcoming projects, including Hindupur, are being funded entirely through internal accruals, reflecting the company’s financial prudence.
→New capacities targeted mainly at value-added products with higher realizations and EBITDA margins.

💰 Fundraising & Capital Structure

→No new fundraising through debt or equity is indicated in the transcript.
→The company mentions that ongoing and upcoming projects, including the Hindupur greenfield project, are being funded entirely through internal accruals.
→Debt has increased this quarter mainly due to commissioning of three new plants, but cash flow generation is expected to stabilize the debt in the short term.
→Capex guidance is INR200 crores for FY26 and INR120-130 crores for FY27, with no mention of raising external funds.
→The company emphasizes financial discipline and internal funding, signaling no plans for external fundraising through debt or equity in the near future.

📋 Order Book & Pipeline

→The order book is described as "strong" with robust demand, particularly after the festive and monsoon periods.
→The company is targeting volumes of 3 lakh to 3.5 lakh tons in H2 FY '26, indicating a healthy pending/completed orders backlog to support this.
→The demand is driven by infrastructure, construction, and dealer segments.
→There's an expectation of improving demand momentum especially from infrastructure in the current quarter.
→The new capacities being commissioned are expected to contribute to fulfilling this order book soon.
→Export markets are also growing steadily, with quarterly exports presently around 6,000 to 7,000 tons.
→This orderbook strength supports the overall volume guidance of 5.5 to 6 lakh tons for FY '26 including new capacity.

Key Metrics

What Hi-Tech Pipes's management said in earlier quarters

Frequently Asked Questions

What were Hi-Tech Pipes Q2 FY26 results?

What is Hi-Tech Pipes share price analysis?

Hi-Tech Pipes currently shows a neutral. The stock trades at a P/E of 21.1 with a market cap of ₹1,589 Cr. Investors should review the full earnings analysis for detailed insights.

Is Hi-Tech Pipes planning capital expenditure?

Ongoing capacity expansion of 3 lakh tons at existing facilities is in advanced commissioning stage; trial runs started, commercial production expected in Q3 FY '26.

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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.