Hariom Pipe Industries Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹964 Cr
- P/E
- 13.86
- ROE
- 12.23%
- PEG
- 0.79
- Price to sales
- 0.58
- Debt to equity
- 0.57
- 52W high / low
- ₹450 / ₹270
- Sales growth (5Y)
- 45.67%
- EBITDA margin
- 12.34%
- Net profit margin
- 4.47%
- Promoter holding
- 57.27%
- Sales (last year)
- ₹1,635 Cr
Incorporated in 2008, Hariom Pipe Industries Ltd is a manufacturer of high-quality steel products[1]
Guidance scorecard · Q1 FY27 call
What Hariom Pipe Industries Ltd's management guided
and where it ranks in Industrial Products
Industrial Products
RevenueQ4 FY26 call
20–40%- FY27 volume guidance: Targeting 350,000 to 360,000 tons, implying ~20-25% growth.
- Capacity: Existing capacity can support up to 30% volume growth y-o-y, subject to market conditions and profitability focus.
- Sales focus: Emphasis on profitable, cash-generating growth rather than aggressive volume push; B2B sales and dealer expansion are key growth drivers.
- Product mix: Growth expected across a mixture of coils, MS, and GI pipes; scaffolding volumes weak, focus shifting to more stable credit models.
2 more points from Hariom Pipe Industries Ltd's call on revenue
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MarginsQ4 FY26 call
FlatSee what Hariom Pipe Industries Ltd said on margins — free account, 30 seconds.
CapexQ4 FY26 call
Planned- Hariom Pipe Industries has a solar power project with a total CapEx of around INR 240 crores for 60 megawatts capacity.
- Bank term loan of INR 195 crores taken for this project; net debt post-completion expected around INR 160 crores.
- Equity investment by Hariom Pipes in the solar power unit is INR 25-30 crores.
- So far, INR 9.56 crores invested, with 8 out of 13 project locations underway; 38 MW under construction, 10 MW production starting next month.
- Remaining CapEx for FY27 related mainly to completing the solar project and associated pilot projects.
2 more points from Hariom Pipe Industries Ltd's call on capex
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FundraisingQ4 FY26 call
PlannedSee what Hariom Pipe Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ4 FY26 call
Ask what Hariom Pipe Industries Ltd said on the order book →
Full Q4 FY26 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Industrial Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Industrial Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹532 Cr | 21.2 | |
| 2 | 40%+ | Up 2%+ | ₹450 Cr | 13.2 | |
| 3 | 40%+ | Up 2%+ | ₹371 Cr | 26.1 | |
| 4 | 40%+ | Up 0–2% | ₹1,340 Cr | 32.9 | |
| 5 | 40%+ | Up 0–2% | ₹1,196 Cr | 14.1 | |
| 6 | 40%+ | Flat | ₹966 Cr | 25.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Industrial Products rankingHariom Pipe Industries Ltd announcements
All announcements →- Capex / expansionNotableHariom Pipe Industries subsidiary commissions two 5 MW solar power plants
Financials of Hariom Pipe Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Hariom Pipe Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 252 | 240 | 302 | 280 | 331 | 343 | 314 | 300 | 400 | 461 | 336 | 363 | 507 |
| Expenses + | 220 | 212 | 266 | 247 | 289 | 299 | 272 | 260 | 351 | 403 | 293 | 318 | 443 |
| Operating Profit | 31 | 28 | 36 | 33 | 42 | 45 | 42 | 40 | 49 | 58 | 43 | 45 | 64 |
| OPM % | 12% | 12% | 12% | 12% | 13% | 13% | 13% | 13% | 12% | 12% | 13% | 12% | 13% |
| Other Income + | 0 | 1 | 1 | 2 | 1 | 1 | 1 | 0 | 0 | 1 | 1 | 1 | 9 |
| Interest | 5 | 4 | 7 | 11 | 10 | 11 | 10 | 12 | 12 | 12 | 13 | 14 | 14 |
| Depreciation | 3 | 5 | 9 | 10 | 10 | 12 | 12 | 13 | 14 | 14 | 16 | 18 | 17 |
| Profit before tax | 24 | 20 | 20 | 14 | 24 | 23 | 22 | 15 | 23 | 32 | 14 | 16 | 42 |
| Tax % | 27% | 22% | 27% | 29% | 29% | 23% | 27% | 27% | 26% | 27% | 27% | 25% | 28% |
| Net Profit + | 17 | 15 | 15 | 10 | 17 | 18 | 16 | 11 | 17 | 24 | 10 | 12 | 30 |
| EPS in Rs | 6.25 | 5.59 | 5.35 | 3.55 | 5.81 | 5.66 | 5.09 | 3.63 | 5.57 | 7.62 | 3.36 | 3.75 | 9.75 |
Financials of Hariom Pipe Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 87 | 105 | 134 | 161 | 254 | 431 | 644 | 1,360 | 1,604 | 1,667 |
| Expenses + | 80 | 90 | 117 | 137 | 220 | 374 | 562 | 1,221 | 1,429 | 1,458 |
| Operating Profit | 7 | 15 | 17 | 23 | 34 | 56 | 82 | 139 | 175 | 209 |
| OPM % | 8% | 14% | 13% | 15% | 13% | 13% | 13% | 10% | 11% | 13% |
| Other Income + | 1 | 0 | 0 | 0 | 1 | 3 | 1 | 5 | 3 | 13 |
| Interest | 3 | 3 | 3 | 7 | 8 | 8 | 10 | 33 | 45 | 54 |
| Depreciation | 2 | 3 | 2 | 5 | 6 | 8 | 9 | 34 | 50 | 65 |
| Profit before tax | 2 | 10 | 12 | 11 | 21 | 43 | 63 | 77 | 83 | 104 |
| Tax % | 33% | 36% | 31% | 30% | 29% | 25% | 26% | 27% | 26% | 27% |
| Net Profit + | 2 | 6 | 8 | 8 | 15 | 32 | 46 | 57 | 62 | 76 |
| EPS in Rs | 9.47 | 5.94 | 6.21 | 5.98 | 8.92 | 18.83 | 16.73 | 19.68 | 19.93 | 24.49 |
| Dividend Payout % | 0% | 0% | 10% | 0% | 0% | 0% | 0% | 3% | 3% | 0% |
Financials of Hariom Pipe Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 11 | 13 | 13 | 17 | 17 | 28 | 29 | 31 | 31 |
| Reserves | 10 | 9 | 21 | 35 | 54 | 84 | 348 | 435 | 542 | 616 |
| Borrowings + | 29 | 25 | 56 | 68 | 80 | 87 | 297 | 372 | 401 | 369 |
| Other Liabilities + | 7 | 13 | 14 | 23 | 23 | 27 | 37 | 44 | 223 | 167 |
| Total Liabilities | 47 | 58 | 105 | 140 | 174 | 216 | 709 | 880 | 1,197 | 1,182 |
| Fixed Assets + | 12 | 12 | 43 | 50 | 59 | 54 | 135 | 366 | 424 | 479 |
| CWIP | 0 | 1 | 0 | 0 | 8 | 10 | 103 | 13 | 12 | 15 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| Other Assets + | 36 | 46 | 62 | 90 | 107 | 152 | 471 | 501 | 761 | 680 |
| Total Assets | 47 | 58 | 105 | 140 | 174 | 216 | 709 | 880 | 1,197 | 1,182 |
Financials of Hariom Pipe Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 4 | 7 | 6 | 1 | 10 | 4 | -101 | 5 | 79 | 192 |
| Cash from Investing Activity + | -0 | -4 | -32 | -12 | -23 | -4 | -222 | -182 | -86 | -110 |
| Cash from Financing Activity + | -4 | -3 | 30 | 9 | 12 | -0 | 426 | 74 | 31 | -107 |
| Net Cash Flow | -0 | -0 | 4 | -2 | -1 | -1 | 104 | -102 | 24 | -26 |
| Free Cash Flow | 3 | 3 | -26 | -11 | -13 | -1 | -323 | -136 | -25 | 73 |
| CFO/OP | 60% | 68% | 51% | 10% | 42% | 19% | -101% | 17% | 53% | 103% |
Financials of Hariom Pipe Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 36 | 29 | 52 | 28 | 23 | 49 | 33 | 46 | 41 |
| Inventory Days | 165 | 196 | 169 | 251 | 174 | 150 | 172 | 124 | 156 | 113 |
| Days Payable | 28 | 31 | 21 | 63 | 9 | 14 | 13 | 8 | 68 | 31 |
| Cash Conversion Cycle | 161 | 201 | 177 | 240 | 193 | 159 | 207 | 149 | 134 | 123 |
| Working Capital Days | 121 | 58 | 65 | 59 | 57 | 62 | 69 | 44 | 42 | 56 |
| ROCE % | 30% | 22% | 18% | 21% | 28% | 17% | 15% | 14% | 16% |
Guidance history
How Hariom Pipe Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q2 FY26 call → | 20–40% | Flat | Planned | None planned | — |
| Q1 FY26 call → | 20–40% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
16 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −30.6% | 23% |
| Last 6 months | −6.5% | 45% |
| Last 3 months | −20.3% | 21% |
The price is 62.1% below its all-time high of ₹820.15 (23 Aug 2024). Stocks more than 20% below their peak have their score halved, so 32 became 16.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Hariom Pipe Industries Ltd: 0.4 × 23 + 0.4 × 45 + 0.2 × 21 = 32, halved to 16 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Hariom Pipe Industries Ltd's management said in earlier quarters
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