Hariom Pipe Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Hariom Pipe Industries Ltd filed with BSE on 28 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Hariom Pipe Industries reported full year FY26 revenue of Rs 1,667 crore, up 23% year-on-year, with EBITDA of Rs 209 crore, up 19%, and PAT of Rs 76 crore, up 23%. Management said Q4 FY26 revenue grew 27% year-on-year to Rs 507 crore with EBITDA up 31% to Rs 64 crore and PAT up 75% to Rs 30 crore. Management also discussed the Tamil Nadu plant closure due to a pollution board order, progress on the 60 megawatt solar power project with MSEDCL, and plans for the newly incorporated Metal Mart Private Limited trading subsidiary.
Numbers mentioned
Revenue from operations: INR1,667 crores (FY26)
p. 4
“Full year revenue from operations INR1,667 crores, revenue grew by 23% y-o-y supported by better throughput and value-added products.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR209 crores (FY26)
p. 4
“Full year EBITDA INR209 crores, EBITDA grew by 19% y-o-y.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
EBITDA margin: 12.56% (FY26)
p. 4
“Full year EBITDA margin 12.56%.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
Profit before tax: INR104 crores (FY26)
p. 4
“Full year profit before tax INR104 crores, PBT grew by 25% y-o-y.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
Profit after tax: INR76 crores (FY26)
p. 4
“Full year profit after tax INR76 crores, PAT grew by 23% y-o-y.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
Revenue from operations: INR507 crores (Q4 FY26)
p. 4
“Q4 revenues from operations INR507 crores, Q4 revenue grew strongly by 27% on y-o-y basis.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
EBITDA: INR64 crores (Q4 FY26)
p. 4
“Q4 EBITDA INR64 crores, Q4 EBITDA remained healthy with stable margin and 31% growth y-o-y.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
EBITDA margin: 12.59% (Q4 FY26)
p. 4
“Q4 EBITDA margin 12.59%, Q4 margin improved compared to Q4 FY25.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
PAT: INR30 crores (Q4 FY26)
p. 4
“Q4 PAT INR30 crores, Q4 PAT improved significantly on y-o-y basis with growth of 75% y-o-y.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
Value-added product contribution: 98% (FY26)
p. 4
“Full year value-added product contribution, 98%, full year operating cash flow INR192 crores, strong improvement in cash generation from operations.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
Net debt to EBITDA: 1.65x (FY26)
p. 4
“Full year net debt to EBITDA 1.65x, leverage improved and remains comfortable.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
ROCE: 21% (FY26)
p. 4
“Full year ROCE 21%, return profile improved during this year.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
ROE: 12% (FY26)
p. 4
“Full year ROE 12%, return on equity remained healthy.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
Blended EBITDA per tonne: INR7,258 (FY26)
p. 4
“Blended EBITDA full year INR7,258 crores, EBITDA per metric tonne improved during this year.”
Rupesh Kumar Gupta, page 4 of the filed PDF · View the filing
Blended EBITDA per tonne: INR7,800 (Q4 FY26)
p. 10
“See, fourth quarter, if you see our blended EBITDA was INR7,800.”
Amitabha Bhattacharya, page 10 of the filed PDF · View the filing
Blended EBITDA per tonne: INR6,583 (Q4 FY25)
p. 10
“If you go with that last year, last year March '25 EBITDA, Q4 EBITDA that was INR6,583.”
Amitabha Bhattacharya, page 10 of the filed PDF · View the filing
B2B contribution: 20% (Q4 FY26)
p. 17
“Earlier it was 15% now it has become increased up to 20%.”
Amitabha Bhattacharya, page 17 of the filed PDF · View the filing
Solar power investment to date: INR9.56 crores
p. 8
“So far we have invested INR9.56 crores total.”
Amitabha Bhattacharya, page 8 of the filed PDF · View the filing
Solar power tariff: INR3.21 per unit
p. 8
“So, per unit we are getting around INR3.21paise, apart from capital subsidy.”
Amitabha Bhattacharya, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Volume — 3,50,000 to 3,60,000 tons · FY27
stated conditionally by Amitabha Bhattacharya
p. 15
“For this year, we are having around roughly you can take 3,50,000 to 3,60,000.”
Amitabha Bhattacharya, page 15 of the filed PDF · View the filing
Backward integration rate — around 80%
stated conditionally by Amitabha Bhattacharya
p. 14
“This is subject to department clearance and everything. We cannot assure you right now.”
Amitabha Bhattacharya, page 14 of the filed PDF · View the filing
Solar plant completion — remaining 13 locations, 60 megawatt AC projects · FY27
stated firmly by Amitabha Bhattacharya
p. 13
“For us '27 is the last deadline to complete our entire 13 locations, 60 megawatt AC projects.”
Amitabha Bhattacharya, page 13 of the filed PDF · View the filing
EBITDA per tonne
stated as an aspiration by Rupesh Kumar Gupta
p. 10
“So, if at all everything goes well without the geopolitical issues and the scenario on the pricing hit and other things. So, we feel that this will be the minimum one and this should continue.”
Rupesh Kumar Gupta, page 10 of the filed PDF · View the filing
EBITDA margin — 12.5% to 12.6%
stated as an aspiration by Rupesh Kumar Gupta
p. 12
“EBITDA margins are sustainable, basically, whatever is being shown in the numbers are there.”
Rupesh Kumar Gupta, page 12 of the filed PDF · View the filing
Solar power commissioning — 10 megawatts · next month
stated firmly by Amitabha Bhattacharya
p. 19
“When 10 megawatts commencement will be happen in the next month and we have takeover out of 60, 38 megawatts the work is under progress.”
Amitabha Bhattacharya, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the company has the capacity to grow 30% but growth is subject to market conditions and will not come at the cost of margins.
Answered by Amitabha Bhattacharya
Asked by Sagar Shah: Does the company still stand by the 30% FY27 volume growth guidance given last quarter, given high utilization levels?
p. 6
“Yes, we have the capacity, Still, whatever the existing capacity we are having, we can manage whatever we have achieved around 288,000 sales volume, we can go around 30%.”
Amitabha Bhattacharya, page 6 of the filed PDF · View the filing
Management said all compliances are complete and they are awaiting a reopening order, expected within two to three working days.
Answered by Amitabha Bhattacharya
Asked by Sagar Shah: Is the Tamil Nadu plant currently open following the pollution board issue?
p. 6
“We are waiting for the order, everything, formalities and compliances are completed and the pile was already moved. We are waiting to the opening order from the department at any point of time, maybe another two to three working days, within two to three working days.”
Amitabha Bhattacharya, page 6 of the filed PDF · View the filing
Management said there was no non-compliance on their part and attributed the closure to elections and a broader notice sent to industrial units, not specific to Hariom.
Answered by Amitabha Bhattacharya
Asked by Sagar Shah: What was the reason stated for the Tamil Nadu plant closure?
p. 7
“That is actually, from our side, there was no non-compliances that is due to the elections and all those things.”
Amitabha Bhattacharya, page 7 of the filed PDF · View the filing
Management said no dealers were lost and no requalification occurred, as they supplied from existing stock and an asset-light model.
Answered by Rupesh Kumar Gupta
Asked by Praneet Reddy: Has the Tamil Nadu closure triggered any dealer losses or B2B customer requalification concerns?
p. 9
“So we have not lost any dealers. Indeed, we were having very healthy arrangements with the dealers and they have even supported us in a long way.”
Rupesh Kumar Gupta, page 9 of the filed PDF · View the filing
Management confirmed the margin level is sustainable and will continue as the focus remains on profitability.
Answered by Rupesh Kumar Gupta
Asked by Deepak Poddar: Is 12.5%-12.6% EBITDA margin the right way to frame guidance rather than EBITDA per tonne, and is it sustainable?
p. 12
“Yeah. They are sustainable margins.”
Rupesh Kumar Gupta, page 12 of the filed PDF · View the filing
Management said the rate is 40% and further expansion is pending an environmental clearance order from the government, expected to take another 3-4 months.
Answered by Rupesh Kumar Gupta
Asked by Deepak Poddar: What is the current backward integration rate and are there plans to increase it?
p. 14
“Another 3 to 4 months of time once we are there in place.”
Rupesh Kumar Gupta, page 14 of the filed PDF · View the filing
Management confirmed volume growth of 20% quarter-on-quarter and guided FY27 volumes of 3,50,000 to 3,60,000 tons depending on market conditions.
Answered by Amitabha Bhattacharya
Asked by Kashish Gandhotra: What is the volume growth quarter-on-quarter and the FY27 volume guidance?
p. 15
“Volume growth is coming around 20% quarter-on-quarter.”
Amitabha Bhattacharya, page 15 of the filed PDF · View the filing
Management said there is no cash burn, only depreciation, which is a non-cash accrual, while revenue from the fixed tariff structure will be steady.
Answered by Amitabha Bhattacharya
Asked by Kashish Gandhotra: Will the solar business see a loss or burn in its first year or two?
p. 16
“No, actually it's not called burn, sir. Whatever in the first two years that is depreciation.”
Amitabha Bhattacharya, page 16 of the filed PDF · View the filing
Management said they were not impacted due to reliable suppliers and adequate storage.
Answered by Rupesh Kumar Gupta
Asked by Aastha Singh: Was the company impacted by the recent gas supply disruption in Q4, and what is the outlook for Q1?
p. 17
“Touchwood we have not been impacted by the gas which means we were having our own the suppliers and other things are intact basically.”
Rupesh Kumar Gupta, page 17 of the filed PDF · View the filing
Risks flagged
Steel price volatility and fluctuating input costs affecting EBITDA
p. 10
“When the raw material fluctuations are hugely happened and along with that the supporting system like gas, oil, electricity, logistic cost are going ups and downs.”
Amitabha Bhattacharya, page 10 of the filed PDF · View the filing
Competitive steel market environment impacting volume growth in FY26
p. 6
“FY26, if you check, was also impacted by a competitive steel market environment, volatility in steel price and certain product mix decision.”
Amitabha Bhattacharya, page 6 of the filed PDF · View the filing
Tamil Nadu plant closure due to pollution control board order
p. 16
“We had faced Tamil Nadu Pollution [ph] Control Board issue in one of our plant.”
Aastha Singh, page 16 of the filed PDF · View the filing
Weak scaffolding segment volumes during the year
p. 18
“So firstly, because of the scaffolding, as you rightly mentioned, it's a credit-based business.”
Rupesh Kumar Gupta, page 18 of the filed PDF · View the filing
Backward integration expansion dependent on pending environmental clearance from the government
p. 13
“We are also waiting one single EC order from Government of India.”
Rupesh Kumar Gupta, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.