Vertically integrated steel maker of MS pipes, tubes, GP/GI coils, scaffolding from 5 South India plants
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 429 | −6.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 12.0 | 0.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 17.0 | −29.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 11.31 | +0.3 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.22 | +4.1 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 10.85 | +23.1 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 4 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 Total Volume | almost 20% growth... reaching to somewhere around 2,38,000 metric tonnes | Q3 FY25 | Promise previously achieved. No new updates. | Achieved |
| Long-term Revenue Target | Rs. 2,500 crores of revenue... definitely will be reached... maybe by the end of '26 it can be some around three to four months extra | Q3 FY25 | Target not mentioned in the earnings call. | Diluted |
| 60MW Solar Project Commissioning | completed over the next 18 months | Q4 FY25 | Missed April '26 target for 35MW. New guidance is 10MW in Q1 FY27 and full 60MW by end of FY27. | Delayed |
1 of Hariom Pipe's 11 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 8 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹461.05 on 24 Oct 2025 → ₹320.8. High ₹461.05 (24 Oct 2025), low ₹270.15 (7 Apr 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Hariom Pipe Industries is a vertically integrated iron & steel manufacturer that converts iron ore and scrap into sponge iron, MS billets and HR strips in-house, then rolls these into MS tubes and pipes, galvanized (GP/GI) pipes and coils, and modular scaffolding systems at five manufacturing units across Telangana, Andhra Pradesh and Tamil Nadu. Products serve construction, infrastructure, automotive, fabrication and pre-engineered building applications. Sales are made through a large dealer and B2B client network spread across southern, western and other Indian states, supplemented by direct B2B sales to industrial customers. The company has also begun diversifying into renewable energy through a wholly owned subsidiary, Hariom Power and Energy Private Limited, set up to develop a solar power project in Maharashtra.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 4 judged targets kept · 7 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY25 Total Volume | almost 20% growth... reaching to somewhere around 2,38,000 metric tonnes | Q3 FY25 | Promise previously achieved. No new updates. | Achieved |
| Long-term Revenue Target | Rs. 2,500 crores of revenue... definitely will be reached... maybe by the end of '26 it can be some around three to four months extra | Q3 FY25 | Target not mentioned in the earnings call. | Diluted |
| 60MW Solar Project Commissioning | completed over the next 18 months | Q4 FY25 | Missed April '26 target for 35MW. New guidance is 10MW in Q1 FY27 and full 60MW by end of FY27. | Delayed |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 11 tracked commitments, with each call’s wording and source.
Call summaries
Hariom Pipe Q4 FY26
Hariom Pipe Industries reported strong Q4 and full-year FY26 results, driven by a focus on profitable growth and value-added products. Revenue and PAT saw significant year-on-year increases, supported by healthy EBITDA margins. The company is progressing with its 60 MW solar power project and plans to enhance backward integration, while navigating market volatility and temporary operational disruptions at its Tamil Nadu plant.
Read the full callHariom Pipe Q3 FY26
Hariom Pipe reported a strong Q3 and 9M FY26, with revenue and sales volume growing 21% year-on-year, maintaining consistent EBITDA margins. The company is progressing with its 60 MW solar project, with 35 MW expected to be operational by April 2026. A new trading subsidiary, Metal Mart Private Limited, was incorporated to diversify products and explore new markets, although it may initially impact consolidated margins. Management remains confident in achieving annual volume guidance and expects stable profitability.
Read the full callHariom Pipe Q2 FY26
Hariom Pipe Industries reported a strong H1 FY26 with 21% YoY growth in both sales volume and revenue, reaching 1.38 lakh metric tonne and INR797 crore respectively. Despite temporary Q2 softness from planned maintenance and monsoons, the company maintained a healthy 12.6% EBITDA margin and strong financial metrics. A significant strategic MOU was signed for a 1.5 MTPA integrated steel plant in Maharashtra, alongside ongoing development of a solar power project, positioning the company for long-term growth.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 3 fiscal years held (Mar 2024 to Mar 2026).
Financials
Net profit, year on year: −29% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 314 | 300 | 400 | 461 | 336 | 363 | 507 | 429 |
| Expenses | 272 | 260 | 351 | 403 | 293 | 318 | 443 | 379 |
| Operating profit | 42 | 40 | 49 | 58 | 43 | 45 | 64 | 50 |
| Operating margin | 13.0% | 13.0% | 12.0% | 12.0% | 13.0% | 12.0% | 13.0% | 12.0% |
| Other income | 1 | 0 | 0 | 1 | 1 | 1 | 9 | 2 |
| Interest | 10 | 12 | 12 | 12 | 13 | 14 | 14 | 13 |
| Depreciation | 12 | 13 | 14 | 14 | 16 | 18 | 17 | 15 |
| Profit before tax | 22 | 15 | 23 | 32 | 14 | 16 | 42 | 23 |
| Tax rate | 27.0% | 27.0% | 26.0% | 27.0% | 27.0% | 25.0% | 28.0% | 25.0% |
| Net profit | 16 | 11 | 17 | 24 | 10 | 12 | 30 | 17 |
| EPS (₹ per share) | 5.09 | 3.63 | 5.57 | 7.62 | 3.36 | 3.75 | 9.75 | 5.61 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 644 | 1,153 | 1,357 | 1,667 |
| Expenses | 561 | 1,014 | 1,182 | 1,457 |
| Operating profit | 81 | 139 | 176 | 210 |
| Other income | 0 | 5 | 2 | 12 |
| Interest | 11 | 32 | 45 | 53 |
| Depreciation | 9 | 34 | 51 | 65 |
| Profit before tax | 63 | 78 | 83 | 104 |
| Net profit | 46 | 57 | 62 | 76 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 17 | 28 | 29 | 31 | 31 | 31 |
| Reserves | 84 | 348 | 435 | 542 | 574 | 616 |
| Borrowings | 87 | 297 | 372 | 401 | 418 | 369 |
| Other liabilities | 27 | 37 | 44 | 223 | 121 | 167 |
| Total liabilities | 216 | 709 | 880 | 1,197 | 1,143 | 1,182 |
| Fixed assets | 54 | 135 | 366 | 424 | 473 | 479 |
| Capital work in progress | 10 | 103 | 13 | 12 | 9 | 15 |
| Investments | 0 | 0 | 0 | 0 | 0 | 9 |
| Other assets | 152 | 471 | 501 | 761 | 661 | 680 |
| Total assets | 216 | 709 | 880 | 1,197 | 1,143 | 1,182 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 10 | 4 | -101 | 5 | 79 | 192 |
| Cash from investing | -23 | -4 | -222 | -182 | -86 | -110 |
| Cash from financing | 12 | 0 | 426 | 74 | 31 | -107 |
| Net cash flow | -1 | -1 | 104 | -102 | 24 | -26 |
| Free cash flow | -13 | -1 | -323 | -136 | -25 | 73 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 28 | 23 | 49 | 33 | 54 | 41 |
| Inventory days | 174 | 150 | 172 | 124 | 156 | 118 |
| Days payable | 9 | 14 | 13 | 8 | 68 | 33 |
| Cash conversion cycle | 193 | 159 | 207 | 149 | 143 | 127 |
| Working capital days | 57 | 62 | 69 | 44 | 49 | 56 |
| Return on capital employed | 21.0% | 28.0% | 17.0% | 15.0% | 14.0% | 16.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 3.0% | 3.0% | 3.0% |
To justify its price of ₹321, this stock must grow earnings at 9% every year for 7 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹418 — upside of 30%.
Ownership
Promoters hold 57.27% as of Sept 2026; institutions added 0.17 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Hariom Pipe above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 14.45% | unchanged | |
| 10.39% | unchanged | |
| FPI fund | 9.49% | unchanged |
| 7.53% | unchanged | |
| 6.43% | unchanged | |
| 6.40% | unchanged | |
| 3.47% | unchanged | |
| 2.93% | unchanged | |
| 2.08% | unchanged | |
| 1.36% | unchanged | |
| 1.00% | −0.46 pp | |
| 0.47% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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