Hi-Tech Pipes Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Hi-Tech Pipes Ltd filed with BSE on 03 Jun 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
Hi-Tech Pipes reported Q4 FY26 revenue of INR1,480 crores, up 102% year-on-year, and full year FY26 revenue growth of 37%, with sales volume rising 27% year-on-year in Q4 to 1.47 lakh tons. EBITDA for Q4 FY26 grew 33% to INR46 crores while full year EBITDA increased 8% to INR174 crores, with EBITDA per ton at INR3,150 in Q4. Management described expansion plans toward 2 million tons capacity, including facilities at Sanand, Hindupur, Chennai and API pipe readiness, alongside a INR90 crore preferential issue to fund working capital.
Numbers mentioned
Sales volume: 1.47 lakh tons (Q4 FY26)
p. 3
“the company achieved sales volume of 1.47 lakh tons during Q4 FY26 as compared to 1.16 lakh tons in Q4 FY25, registering a strong growth of 27% on a year-on-year basis”
Anish Bansal, page 3 of the filed PDF · View the filing
Sales volume: 5.32 lakh tons (FY26)
p. 3
“On an annual basis, sales volume increased to 5.32 lakh tons in FY26 as against 4.85 lakh tons in FY25, reflecting steady demand momentum and improved market penetration”
Anish Bansal, page 3 of the filed PDF · View the filing
Revenue: INR1,480 crores (Q4 FY26)
p. 3
“the company reported revenue of INR1,480 crores in Q4 FY26 as compared to INR734 crores in Q4 FY25, posting a robust growth of 102%”
Anish Bansal, page 3 of the filed PDF · View the filing
Revenue: INR4,200 crores (FY26)
p. 3
“For the full year FY26 revenue increased by 37% to INR4,200 crores as against INR367 crores in FY25”
Anish Bansal, page 3 of the filed PDF · View the filing
Total comprehensive income: INR18 crores (Q4 FY26)
p. 3
“Total comprehensive income stood at INR18 crores in Q4 FY26 as compared to INR17.5 crores in Q4 FY25”
Anish Bansal, page 3 of the filed PDF · View the filing
Total comprehensive income: INR77 crores (FY26)
p. 3
“On an annual basis, income improved by 5% to INR77 crores in FY26 as against INR73 crores in FY25”
Anish Bansal, page 3 of the filed PDF · View the filing
EBITDA: INR46 crores (Q4 FY26)
p. 3
“EBITDA for Q4 FY26 increased by 33% to INR46 crores as compared to INR35 crores in Q4 FY26”
Anish Bansal, page 3 of the filed PDF · View the filing
EBITDA: INR174 crores (FY26)
p. 3
“For FY26, EBITDA grew by 8% to INR174 crores as against INR160 crores in FY25”
Anish Bansal, page 3 of the filed PDF · View the filing
EBITDA per ton: INR3,150 per ton (Q4 FY26)
p. 3
“EBITDA per ton during Q4 FY26 improved by 5% to INR3,150 per ton as compared to INR3,000 per ton in Q4 FY25”
Anish Bansal, page 3 of the filed PDF · View the filing
EBITDA per ton: around INR3,260 (FY26)
p. 3
“On an annual basis, EBITDA per ton remained stable at around INR3,260 demonstrating the resilience of our business model and our continued focus on operational efficiency and value-added products”
Anish Bansal, page 3 of the filed PDF · View the filing
Current ratio: 2.17x (FY26)
p. 3
“The current ratio stood at 2.17x in FY26”
Anish Bansal, page 3 of the filed PDF · View the filing
Debt equity ratio: 0.18 (FY26)
p. 3
“The debt equity ratio was at 0.18 in FY26 as compared to 0.15 in FY25, which remains comfortable and provides sufficient financial flexibility for our future expansion plans”
Anish Bansal, page 3 of the filed PDF · View the filing
Solar power capacity: 16.5 megawatts
p. 4
“Now, the company's total installed solar power capacity has reached 16.5 megawatts, which constitutes to approximate 35% of the company's overall power requirement”
Anish Bansal, page 4 of the filed PDF · View the filing
Value-added product mix: 39% (FY26)
p. 4
“the contribution of value-added products has now reached 39% of the overall business mix during the year”
Anish Bansal, page 4 of the filed PDF · View the filing
Cost of stock in trade: INR21 crores and INR300 crores (Q4 FY26 and Q3)
p. 7
“It was around INR21 crores, for quarter 3, it was INR300 crores. So, for 2 quarters, totally, it was closer to around INR700 crores.”
Arvind Bansal, page 7 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.
Capacity expansion — 2 million tons · FY29
stated firmly by Anish Bansal
p. 4
“The company has already initiated work on its next growth vision of achieving 2 million tons capacity. Under this expansion road map, an additional 1 million tons capacity is planned to be added by FY29”
Anish Bansal, page 4 of the filed PDF · View the filing
DFT facility Sanand Unit 2 Phase 3 operationalization — Q3 FY27
stated firmly by Anish Bansal
p. 4
“I'm pleased to inform that the DFT facility at Sanand Unit 2 Phase 3 is expected to be operationalized by Q3 FY27”
Anish Bansal, page 4 of the filed PDF · View the filing
APA pipes facility readiness — Q4 FY27
stated firmly by Anish Bansal
p. 4
“the APA pipes facility readiness is expected to be completed by Q4 FY27”
Anish Bansal, page 4 of the filed PDF · View the filing
Hindupur facility operationalization — Q4 FY27
stated firmly by Anish Bansal
p. 4
“we expect the fully integrated manufacturing facility for ERW pipes, specialized solar tubes and other value-added seed products to become operational by Q4 FY27”
Anish Bansal, page 4 of the filed PDF · View the filing
Value-added product share — almost 50% · FY27
stated firmly by Anish Bansal
p. 5
“by FY27, our share of value-added products will be almost 50% by end of this year because the capacity for DFT and this Hindupur facility are mainly into value-added segment”
Anish Bansal, page 5 of the filed PDF · View the filing
Volume guidance — 6.5 lakh tons to 7 lakh tons · FY27
stated firmly by Anish Bansal
p. 5
“we are targeting between 6.5 lakh tons to 7 lakh tons for this ongoing financial year”
Anish Bansal, page 5 of the filed PDF · View the filing
Operational capacity — around 1.4 million tons · by end of FY27
stated firmly by Anish Bansal
p. 6
“by the end of FY27, we are targeting our operational capacity at around 1.4 million tons”
Anish Bansal, page 6 of the filed PDF · View the filing
Chennai facility commissioning — this financial year
stated conditionally by Anish Bansal
p. 6
“We are hoping that this will also get commissioned in this financial year itself. And the full year benefit, we'll get this in FY28, for our Chennai facility.”
Anish Bansal, page 6 of the filed PDF · View the filing
Incremental capex for FY27 — INR75 crores to INR100 crores · this financial year
stated firmly by Anish Bansal
p. 6
“about INR75 crores to INR100 crores we are targeting for this financial year and the balance for the next 2”
Anish Bansal, page 6 of the filed PDF · View the filing
FY28 capacity additions — 1.5 lakh tons in Sanand, 2 lakh tons in Hindupur, 1.5 lakh tons in Sri City Chennai, 2 lakh tons in UP plant · FY28
stated firmly by Anish Bansal
p. 7
“we are adding 1.5 lakh tons in Sanand, 2 lakh tons in our Hindupur facility, 1.5 lakh tons at Sri City Chennai and about 2 lakh tons in our UP. plant”
Anish Bansal, page 7 of the filed PDF · View the filing
Volume guidance for FY28 — around 8.5 lakh tons · FY28
stated conditionally by Anish Bansal
p. 7
“if we take like safely 65% utilization or 62% because 70% is the peak. So, on that basis, I think around 8.5 lakh tons is a conservative number.”
Anish Bansal, page 7 of the filed PDF · View the filing
EBITDA per ton range — INR3,500 to INR4,000 · FY27 and FY28
stated conditionally by Anish Bansal
p. 7
“if the markets and all, if there is no volatility and if the markets are aligned, the demand and supply, so about INR3,500 to INR4,000 is a very comfortable number”
Anish Bansal, page 7 of the filed PDF · View the filing
Capacity expansion commissioning — Q1 FY28
stated firmly by Anish Bansal
p. 7
“Most probably by Q1 of FY28.”
Anish Bansal, page 7 of the filed PDF · View the filing
Exit capacity — 1.7 million tons · FY28
stated firmly by Anish Bansal
p. 7
“1.7 million tons.”
Anish Bansal, page 7 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 funds will support working capital as part of the 1 million to 2 million ton expansion plan.
Answered by Anish Bansal
Asked by Riya: What are the objects, price and benefits of the INR90 crore preferential issue?
p. 5
“this preferential issue has been done by the promoters amounting to INR90 crores. And this is part of our planning from 1 million tons to 2 million tons and the requirement of working capital will be met through these proceeds.”
Anish Bansal, page 5 of the filed PDF · View the filing
Management described Hindupur as a coated steel tube facility for the solar segment and gave FY27 volume guidance of 6.5-7 lakh tons.
Answered by Anish Bansal
Asked by Vikas Arora: What new products will Hindupur produce, and what is FY27 volume guidance?
p. 5
“Hindupur facility is a coated steel tube facility and it is approximately the capacity is 1.5 lakh tons. And here, we'll be producing coated tubes, pre-galvanized tubes, galvanized tubes, which will mainly cater to the solar segment.”
Anish Bansal, page 5 of the filed PDF · View the filing
Management said the split is roughly 50/50 between Sanand (brownfield) and Hindupur (greenfield), targeting operational status in Q4.
Answered by Anish Bansal
Asked by Himanshu: How much of the 1 million ton capacity addition is greenfield vs brownfield?
p. 6
“Sanand facility is brownfield and the Hindupur facility is greenfield. So, you can say like 50% will be brownfield and 50% will be greenfield.”
Anish Bansal, page 6 of the filed PDF · View the filing
Management said full readiness is expected by Q3 FY27, starting with water applications before migrating to oil and gas.
Answered by Anish Bansal
Asked by Himanshu Shinde: What is the timeline and plan for API pipe production for oil and gas?
p. 6
“we are expecting our full complete readiness by Q3 of this financial year. So initially, oil and gas sectors are definitely what we are actually looking at.”
Anish Bansal, page 6 of the filed PDF · View the filing
Management broke down capex already spent and remaining, with INR75-100 crore targeted this year.
Answered by Anish Bansal
Asked by Shubham Purohit: What is the capex plan for reaching 2 million ton capacity?
p. 6
“almost INR100 crores is already in CWIP and another INR300 crores will be needed to complete this 2 million ton target, out of which about INR75 crores to INR100 crores we are targeting for this financial year and the balance for the next 2”
Anish Bansal, page 6 of the filed PDF · View the filing
Management attributed it to import cargo bought amid geopolitical volatility and supplier rebate commitments at year end.
Answered by Anish Bansal
Asked by Lokesh Kashikar: What caused the drastic increase in cost of stock in trade?
p. 7
“There was a little increase in this quarter. This was mainly a mix of like a couple of factors. One was the geopolitical situation. We had some import cargo.”
Anish Bansal, page 7 of the filed PDF · View the filing
Management said trading volumes should decline as plant utilization rises, and it was a March-specific response to price volatility.
Answered by Anish Bansal
Asked by Dhruvin Doshi: Will the company continue the trading business going forward?
p. 8
“as the utilization of these plants are going up, so this will go down. And March was a month of extreme volatility and extreme uncertainty. So, we did not want to incur any loss on the price volatility.”
Anish Bansal, page 8 of the filed PDF · View the filing
Risks flagged
Volatility in gas prices and intermittent availability, plus elevated ocean freight, pressured input costs and export realizations
p. 5
“Volatility in gas prices and intermittent availability issues, coupled with elevated ocean freight costs created temporary pressure on input costs and export realizations across the industry.”
Anish Bansal, page 5 of the filed PDF · View the filing
Extreme price volatility and uncertainty in March affected stock decisions
p. 8
“March was a month of extreme volatility and extreme uncertainty.”
Anish Bansal, page 8 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.