Future growth expectations in sales/revenue/volumes?

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 accr

Future growth expectations in earnings/operating earnings/profits/EPS?

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 ca

Current/ Expected Orderbook/ Pending Orders?

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 Mah

Any current/future new fundraising through debt or equity?

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 inte

Any current/future capex/capital investment/strategic investment?

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 o

IN US

Sale is live|00:00:00left today

Hariom Pipe Industries LtdQ1 FY25Industrial Products

Hariom Pipe Industries Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹408P/E: 15.2Market Cap: ₹956 CrSector: Industrial Products

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 2

→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.

Margin guidance

Category 3

→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.

3 more insights locked — sign up free to unlock

Fundraise plans

→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.

Order book

→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.

Capex plans

Yes

→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.

How does Hariom Pipe Industries Ltd rank vs peers in Industrial Products?

Pro feature

1Hariom Pipe Industries Ltd

Rev 2Mar 3

See full Industrial Products sector rankings

Want more stocks like Hariom Pipe Industries Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio