HARIOMPIPE

Hariom Pipe share price & financials

Price
₹415.2
Market cap
₹1.1k Cr
Sector
Capital Goods
Calls analysed
6
Latest concall · Q4 FY26 · call held 23 May 2026

Hariom Pipe Q4 FY26

Full Year Revenue ₹1,667 cr +23%Full Year EBITDA ₹209 cr +19%Full Year EBITDA Margin 12.56% Full Year PAT ₹76 cr +23%

What went well

  • Full year revenue from operations of INR 1,667 crores, up 23% YoY.
  • Full year EBITDA of INR 209 crores, up 19% YoY, with a margin of 12.56%.
  • Q4 revenues from operations of INR 507 crores, up 27% YoY.

What to watch

  • Temporary closure of the Tamil Nadu plant due to government election-related decisions.
  • Volatility in input prices and demand cycles in the steel industry.
Read the full call →

What Hariom Pipe does

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

  • Iron & Steel
  • Solar Power
Total installed manufacturing capacity
785,232 MTPA (FY26)
Manufacturing units
5 facilities across Telangana, Andhra Pradesh and Tamil Nadu
Manufacturing land footprint
~115 acres
Product portfolio breadth
800+ SKUs across 10 major product lines
Dealer & B2B network
900+ dealers and B2B clients across India
Geographic dealer coverage
Districts covered across 7 states/regions including Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Kerala and Maharashtra
Founded 2007

Guidance record · Q4 FY26

what the last two calls moved 11 tracked 3 delivered 1 missed 7 open
  • FY25 Total Volume delivered said Q3 FY25 Promised: almost 20% growth... reaching to somewhere around 2,38,000 metric tonnes Q4 FY26: Promise previously achieved. No new updates.
  • Long-term Revenue Target diluted said Q3 FY25 Promised: 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 Q4 FY26: Target not mentioned in the earnings call.
  • 60MW Solar Project Commissioning delayed said Q4 FY25 Promised: completed over the next 18 months Q4 FY26: Missed April '26 target for 35MW. New guidance is 10MW in Q1 FY27 and full 60MW by end of FY27.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 6.9%, net profit down 29.2% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue314 300 400 461 336 +7%363 +21%507 +27%429 −7%
EBITDA42 40 49 58 43 +2%45 +13%64 +31%50 −14%
Net profit16 11 17 24 10 −37%12 +9%30 +76%17 −29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −25.5% 1Y

₹300₹400₹500Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 9 Feb 2026Q4 FY26 — 22 May 2026

1Y: ₹481.95 on 10 Sept 2025 → ₹359.2. High ₹550.15 (19 Sept 2025), low ₹270.15 (7 Apr 2026).

How the price took the results

close before → close after

Q4 FY26
+20.0%
23 May
Q3 FY26
−6.6%
9 Feb
Q2 FY26
−0.6%
14 Nov

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.

Financials, as filed

Revenue grew 37.3% a year over 3 years, FY23 to FY26. Operating margin held at 12.6%.

Year endingFY23FY24FY25FY26
Revenue₹644 Cr₹1.2k Cr₹1.4k Cr₹1.7k Cr
Operating profit₹81 Cr₹139 Cr₹176 Cr₹210 Cr
Operating margin12.6%12.1%13.0%12.6%
Interest₹11 Cr₹32 Cr₹45 Cr₹53 Cr
Depreciation₹9 Cr₹34 Cr₹51 Cr₹65 Cr
Net profit₹46 Cr₹57 Cr₹62 Cr₹76 Cr
Net margin7.1%4.9%4.6%4.6%
Cash from operations₹-101 Cr₹5 Cr₹79 Cr₹192 Cr
Free cash flow₹-323 Cr₹-136 Cr₹-25 Cr₹73 Cr
ROCE17.0%15.0%14.0%16.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹17 Cr₹17 Cr₹28 Cr₹29 Cr₹31 Cr₹31 Cr
Reserves₹54 Cr₹84 Cr₹348 Cr₹435 Cr₹574 Cr₹616 Cr
Borrowings₹80 Cr₹87 Cr₹297 Cr₹372 Cr₹418 Cr₹369 Cr
Other liabilities₹23 Cr₹27 Cr₹37 Cr₹44 Cr₹121 Cr₹167 Cr
Total liabilities₹174 Cr₹216 Cr₹709 Cr₹880 Cr₹1.1k Cr₹1.2k Cr
Fixed assets₹59 Cr₹54 Cr₹135 Cr₹366 Cr₹473 Cr₹479 Cr
Capital work in progress₹8 Cr₹10 Cr₹103 Cr₹13 Cr₹9 Cr₹15 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹9 Cr
Other assets₹107 Cr₹152 Cr₹471 Cr₹501 Cr₹661 Cr₹680 Cr
Total assets₹174 Cr₹216 Cr₹709 Cr₹880 Cr₹1.1k Cr₹1.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, FIIs added +0.66 pp while the public trimmed −0.50 pp. The shareholder count shrank 4% to 54,386.

Promoters
57.3%
FIIs
10.3%
DIIs
0.1%
Public
32.4%

Since Jun 2025

  • FIIs +0.66 pp
  • Public −0.50 pp
  • DIIs −0.15 pp

How it drifted, 12 quarters

Over this window FIIs went from 2.8% to 10.3% — +7.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.9%, FIIs 2.8%, Public 36.3%.Dec '23: Promoters 60.9%, FIIs 2.6%, Public 36.5%.Mar '24: Promoters 58.3%, FIIs 6.5%, Public 35.2%.Jun '24: Promoters 57.2%, FIIs 10.1%, DIIs 0.2%, Public 32.6%.Sep '24: Promoters 57.1%, FIIs 9.6%, DIIs 0.4%, Public 32.9%.Dec '24: Promoters 57.3%, FIIs 9.4%, DIIs 0.1%, Public 33.3%.Mar '25: Promoters 57.3%, FIIs 9.5%, DIIs 0.2%, Public 33.0%.Jun '25: Promoters 57.3%, FIIs 9.6%, DIIs 0.2%, Public 32.9%.Sep '25: Promoters 57.3%, FIIs 9.5%, DIIs 0.2%, Public 33.1%.Dec '25: Promoters 57.3%, FIIs 9.2%, DIIs 0.1%, Public 33.5%.Mar '26: Promoters 57.3%, FIIs 9.5%, DIIs 0.1%, Public 33.2%.Jun '26: Promoters 57.3%, FIIs 10.3%, DIIs 0.1%, Public 32.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Hariom Pipe above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Rupesh Kumar Gupta 14.45%unchanged
Sailesh Gupta 10.39%unchanged
Malabar India Fund Limited FPI fund9.49%+0.07 pp
RUPESH KUMAR GUPTA (Beneficial Owner in Ultra Pipes Partnership Firm) 7.53%unchanged
Rakesh Kumar Gupta 6.43%unchanged
Ansh Commerce Private Limited 6.40%unchanged
Sunita Gupta 3.47%unchanged
Parul Gupta 2.93%unchanged
Isha Gupta 2.08%unchanged
Ajay Upadhyaya 1.46%newly disclosed
Rakesh Kumar Huf (Rakesh Kumar Gupta-Karta) 1.36%unchanged
Ansh Golas 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.

What the price assumes

Attractive

To justify its price of ₹359, this stock must grow earnings at 11% every year for 7 years. Our analysis caps realistic growth at ~14%. At that growth it is worth ₹418 — upside of 16%.

Growth the price implies
11.1% a year
for 7 years, fading to 4%
It has actually compounded at
13.9% a year
net profit, FY23–FY26
The gap
-0.0 pp
16% downside if it only repeats history
Price today ₹359.2 Value at the reference growth ₹417.7

Change the assumptions yourself →

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Hariom Pipe

Guides on how to read this kind of business and the numbers that matter.