Hariom Pipe Industries Limited reports strong FY26 performance

Hariom Pipe Industries Limited, a vertically integrated manufacturer of steel products with a strong presence across southern and western India, announced its audited financial results for the quarter and year ended March 31, 2026.

The Company delivered a strong performance during FY 2025-26, supported by higher sales volumes, improved throughput, sustained contribution from value-added products, better operating cash generation and improved working capital discipline.

During FY26, Revenue from Operations stood at ₹1,666.95 crore, registering a growth of 23% YoY as against ₹1,357.05 crore in FY25. EBITDA stood at ₹209.42 crore, up 19% YoY, with EBITDA margin at 12.56%. Profit After Tax increased by 23% YoY to ₹75.83 crore.

Q4 FY26 Performance

For the quarter ended March 31, 2026, Revenue from Operations stood at ₹507.27 crore, compared to ₹399.70 crore in Q4 FY25, registering a growth of 27% YoY. EBITDA stood at ₹63.87 crore, with EBITDA margin of 12.59%. Profit After Tax stood at ₹30.18 crore, up 75% YoY as compared to ₹17.24 crore in Q4 FY25.

Business Performance

The Company continued to strengthen its focus on value-added steel products. Valueadded products contributed around 98% of revenue during FY26, reflecting the Company's positioning in higher utility and diversified product categories.

The Company's performance during FY26 was supported by improved throughput across key manufacturing units, continued focus on value-added products and better operating efficiency. Despite a competitive steel market environment, the Company maintained stable EBITDA margins, reflecting disciplined cost management, balanced product mix and efficient utilisation of available capacities.

During the year, the Company also strengthened its operating cycle, with inventory days reducing from 128 days to 99 days and receivable days reducing from 54 days to 41 days.

Balance Sheet and Cash Flow

The Company's balance sheet strengthened during FY26 with improved working capital discipline. Inventories and trade receivables reduced during the year, while current borrowings and trade payables also came down, indicating better operating cycle management.

Operating cash flow improved significantly to ₹192.08 crore, translating into approximately 92% EBITDA to cash conversion. Net Debt / EBITDA improved to 1.65x, while Debt Equity Ratio stood at 0.54x as at March 31, 2026.

Subsidiary Update

Hariom Power & Energy Private Limited, the renewable energy SPV of the Company, is executing a 60 MW AC solar power project awarded under the LOA and subsequent PPA with MSEDCL. As on March 31, 2026, land acquisition has been completed for 8 locations covering approximately 123 acres, and capacity tied up stands at 38 MW AC out of the planned 60 MW AC. Work has commenced at 6 locations.

Metal Mart Private Limited was incorporated on January 22, 2026 and is presently at the initial setup stage.

Commenting on the performance, Mr. Rupesh Kumar Gupta, Managing Director, Hariom Pipe Industries Limited, said: "FY 2025-26 has been a year of steady growth and improved financial discipline for Hariom Pipe Industries Limited. The Company achieved healthy revenue and volume growth, supported by higher contribution from value-added products and improved utilisation across key units.

Our focus remains on strengthening the product portfolio, expanding market reach, improving operating efficiency and maintaining a disciplined balance sheet. The strong improvement in operating cash flow and reduction in working capital intensity reflect the Company's continued emphasis on quality growth and capital efficiency."

Shares of Hariom Pipe Industries Limited was last trading in BSE at Rs. 344.25 as compared to the previous close of Rs. 333.25. The total number of shares traded during the day was 52309 in over 1091 trades.

The stock hit an intraday high of Rs. 356.95 and intraday low of 339.75. The net turnover during the day was Rs. 18106563.00.

Source : Equity Bulls

Keywords

HariomPipeIndustries INE00EV01017 IronandSteelProducts Q4FY26 Q4FY2026 FY26 FY2026 ResultUpdate