Hariom Pipe Industries Ltd.

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hariompipes.comBSE: 543517NSE: HARIOMPIPE

Market Cap₹ 1,103 Cr.

Current Price

High / Low₹ 572 / 268

Stock P/E15.8

Book Value₹ 214

Price to Book1.80

Dividend Yield0.21 %

ROCE14.2 %

ROE12.1 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Metals & Mining

Hold

The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.

Confidence

61%

View full sector analysis →

PROS

Company has delivered good profit growth of 50.8% CAGR over last 5 years
Company has delivered good sales growth of 53.2% CAGR over last 5 years
Attractively priced for its growth - PEG of 0.6
Company converts assets efficiently - asset turnover of 1.6x

CONS

Receivables are growing faster than sales - a possible quality concern
Recent results are weak - TTM profit is down 14.8% versus prior year
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.10x)
Free cash flow has been persistently negative
Equity base is being diluted - shares outstanding up 82.4%

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Metals & MiningIron & SteelSteel & Iron Products

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	JSWSTEEL	1309.00	12.92	320109.92	0.54	4696.00	112.58	47364.00	11.55	20.67	19.60
2.	TATASTEEL	183.65	20.78	229258.67	2.18	2385.24	18.82	60794.29	15.26	12.70	15.40
3.	SAIL	196.00	18.95	80958.30	1.20	1644.05	120.80	26245.67	1.25	7.08	15.92
4.	WELCORP	2646.15	30.23	69802.96	0.19	1047.88	200.11	4081.12	14.91	23.94	32.17
5.	JSL	737.80	18.72	60825.68	0.54	768.66	7.56	11278.54	10.50	19.19	12.09
6.	APLAPOLLO	2151.00	48.59	59724.32	0.40	263.11	10.94	5606.71	12.07	31.83	7.34
7.	SHYAMMETL	1081.75	26.88	30195.09	0.42	350.73	20.66	5455.09	23.45	13.88	14.03
8.	JINDALSAW	310.70	30.41	19869.52	0.64	90.79	-78.15	4452.31	9.00	10.38	8.79
9.	RATNAMANI	2666.75	43.18	18691.78	0.38	107.03	-15.82	971.63	-15.63	18.01	16.69
10.	SARDAEN	506.95	15.81	17863.97	0.39	478.13	9.50	1608.04	-1.07	17.76	41.59
11.	GPIL	239.75	20.01	16140.90	0.42	222.37	2.75	1750.47	32.29	20.20	19.36
12.	HARIOMPIPE	356.05	16.05	1102.59	0.21	16.60	-29.68	429.18	-6.89	14.16	11.63

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	240	302	280	331	343	314	300	400	461	336	363	507	429
	212	266	247	289	299	272	260	351	403	293	318	443	408
Operating Profit	28	36	33	42	45	42	40	49	58	43	45	64	21
OPM %	11.71%	11.86%	11.64%	12.70%	12.98%	13.49%	13.21%	12.22%	12.49%	12.72%	12.47%	12.59%	4.92%
	1	1	2	1	1	1	0	0	1	1	2	9	2
Interest	4	7	11	10	11	10	12	12	12	13	14	14	13
Depreciation	5	9	10	10	12	12	13	14	14	16	18	17	15
Profit before Tax	20	20	14	24	23	22	15	23	32	14	16	42	23
Tax %	21.82%	26.94%	28.84%	28.91%	22.91%	26.91%	27.10%	26.47%	26.70%	27.15%	25.48%	27.76%	25.07%
Net Profit	15	15	10	17	18	16	11	17	24	10	12	30	17
	5.59	5.35	3.55	6.01	5.74	5.17	3.68	5.66	7.63	3.36	3.75	9.75	5.61

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	74	87	105	134	161	254	431	644	1,153	1,357	1,635
	71	80	90	117	137	220	374	562	1,015	1,182	1,462
Operating Profit	2	7	15	17	23	34	56	82	139	175	173
OPM %	3.37%	7.71%	14.48%	12.75%	14.61%	13.49%	13.03%	12.72%	12.02%	12.93%	10.58%
	0	1	0	0	0	1	3	1	5	3	14
Interest	2	3	3	4	7	8	8	10	33	45	55
Depreciation	3	2	3	2	5	6	8	9	34	50	66
Profit before Tax	-2	2	10	12	11	21	43	63	77	83	95
Tax %	29.72%	33.04%	35.54%	31.15%	30.17%	28.61%	24.88%	26.45%	26.58%	25.72%	26.64%
Net Profit	-2	2	6	8	8	15	32	46	57	62	70
EPS	-1.68	1.69	5.93	7.34	5.93	9.80	18.83	18.29	19.68	19.93	—
Dividend Payout %	0.00%	0.00%	10.09%	11.55%	0.00%	0.00%	0.00%	0.00%	3.05%	3.06%	—

COMPOUNDED SALES GROWTH

10 Years:: 35%
5 Years:: 53%
3 Years:: 47%

COMPOUNDED PROFIT GROWTH

10 Years:: 87%
5 Years:: 51%
3 Years:: 25%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -16%
1 Year:: -27%

RETURN ON EQUITY

10 Years:: 20%
5 Years:: 22%
3 Years:: 16%
Last Year:: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	2	2	11	13	13	17	17	28	29	31
	8	10	9	23	35	54	84	319	417	542
	24	23	22	50	60	66	76	275	343	374
Trade Payables	10	4	5	8	15	4	10	16	19	186
	7	9	12	9	17	33	29	72	73	64
Total Liabilities	50	47	58	103	140	174	216	709	880	1,197
	13	12	12	43	49	59	54	135	366	424
Capital Work in Progress	0	0	1	0	0	8	10	103	13	12
	21	27	32	39	60	80	115	212	297	427
	0	0	0	0	0	0	0	0	122	202
Cash & Bank	1	0	0	4	2	1	0	105	32	51
	15	9	13	18	29	26	37	155	50	81
Total Assets	50	47	58	103	140	174	216	709	880	1,197

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-2	4	10	8	2	14	10	-83	5	79
Cash from Investing	-1	-1	-4	-32	-12	-23	-4	-222	-182	-86
Cash from Financing	3	-4	-3	32	9	12	-0	426	74	31
	0	-0	-0	4	-2	-1	-1	104	-102	24

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
PER SHARE
EPS (₹)	-9.43	9.47	5.95	6.06	5.98	8.92	18.82	16.73	19.68	19.93
Book Value (₹)	58.82	68.29	17.88	27.27	36.50	41.74	59.50	125.34	154.49	184.93
Dividend per Share (₹)	0.00	0.00	0.60	0.70	0.00	0.00	0.00	0.00	0.60	0.61
Cash EPS (₹)	1.08	4.04	8.31	7.69	9.88	12.61	23.60	20.15	31.41	36.18
PROFITABILITY
Operating Margin %	3.32%	7.11%	12.49%	11.00%	12.58%	11.56%	9.88%	9.79%	9.59%	10.46%
Net Margin %	-1.87%	1.55%	5.23%	5.09%	4.17%	5.00%	5.36%	5.47%	3.93%	3.68%
ROE %	-14.83%	14.90%	41.98%	28.86%	18.74%	25.41%	37.20%	20.67%	14.34%	12.12%
ROCE %	0.59%	12.68%	30.25%	22.20%	17.94%	21.47%	29.89%	17.03%	14.60%	14.16%
	-3.46%	3.24%	12.27%	9.92%	6.51%	9.66%	16.40%	9.99%	7.15%	5.94%
EFFICIENCY
Debtor Days	33	27	23	24	32	26	14	24	26	35
Inventory Days	86	86	86	82	95	84	60	71	64	79
Payable Days	40	44	30	29	48	21	10	11	7	38
	80	69	80	78	79	89	64	84	83	76
FINANCIAL HEALTH
Debt to Equity (x)	1.60x	1.41x	0.97x	1.55x	1.41x	1.13x	0.87x	0.86x	0.83x	0.70x
Interest Coverage (x)	0.09x	1.87x	4.50x	4.28x	2.54x	3.82x	6.20x	7.05x	3.38x	2.85x
	1.39x	1.50x	1.59x	1.74x	1.45x	1.62x	1.96x	2.12x	1.68x	1.45x
GROWTH
Revenue Growth %	6.29%	18.10%	20.57%	27.13%	20.35%	58.07%	69.42%	49.50%	79.15%	17.68%
Operating Profit Growth %	-48.86%	160.19%	113.77%	11.97%	37.53%	46.56%	68.26%	40.45%	74.02%	24.01%
Net Profit Growth %	-1398.27%	200.45%	310.40%	23.74%	-1.39%	91.34%	111.19%	44.59%	22.92%	8.67%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	17.60%	1.30%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	22.98x	16.70x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	2.93x	1.80x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.13%	0.18%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	11.44x	7.74x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	57.17	57.15	57.26	57.26	57.26	57.26	57.26	57.26	57.26
	10.10	9.55	9.40	9.49	9.59	9.53	9.23	9.50	10.25
	0.16	0.38	0.05	0.23	0.22	0.16	0.05	0.06	0.07
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.57	32.93	33.29	33.01	32.93	33.05	33.46	33.19	32.42

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Hariom Pipe Industries Limited has informed the Exchange about Copy of Newspaper Publication Newspaper Advertisement Pre-dispatch Intimation of 18th AGM scheduled on September 30, 2025 through VC/OAVM.

2026-09-02

Change in Management

2026-09-02 - Hariom Pipe Industries Limited has informed the Exchange about change in Management: Re-appointment of Managing Director and Appointment of Joint Managing Director of the Company.

2026-09-02

Appointment

2026-09-02 - Hariom Pipe Industries Limited has informed the Exchange regarding Appointment of Mr. Shailesh Kumar Gupta as Executive Director of the company w.e.f. September 02, 2026.

2026-09-02

Outcome of Board Meeting

2026-09-02 - Hariom Pipe Industries Limited has informed the Exchange regarding Outcome of Board Meeting held on September 02, 2026

2026-08-14

Investor Presentation

2026-08-14 - Hariom Pipe Industries Limited has informed the Exchange about Investor Presentation

2026-08-13

Copy of Newspaper Publication

2026-08-13 - Hariom Pipe Industries Limited has informed the Exchange about Copy of Newspaper Publication on Unaudited Financial Results for the quarter ended June 30, 2026.

2026-08-12

Change in Management

2026-08-12 - Hariom Pipe Industries Limited has informed the Exchange about change in Management -Appointment of Cost Auditors

2026-08-12

Outcome of Board Meeting

2026-08-12 - Hariom Pipe Industries Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-08-11

Resignation of Director/KMP/SMP

2026-08-11 - Hariom Pipe Industries Limited has informed the Exchange about Resignation of Director/KMP/SMP

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