Hariom Pipe Industries Ltd

Business overview

• Core business: vertically integrated steel pipes; High-Value Products drive ~97% revenue.
• Renewable energy arm Hariom Power progressing with 60 MW AC / 72 MW DC portfolio.
• HVP accounted for 96.4% of volume and 97.5% of revenue.

Operational highlights

• Sales volume 63,084 MT; Perundurai operations recommenced.
• OEM realization ₹80,975/MT; Integrated realization ₹53,194/MT.
• ASP rose 15.4% YoY to ₹68,034/MT.
• EBITDA/MT ₹7,914; EBITDA ₹49.9 Cr.
• First solar project commissioned: 5 MW AC / 6 MW DC on 8 Jul 2026.
• Hariom Power portfolio: 60 MW AC / 72 MW DC; 43 MW to commission by Oct 2026.
• Growth capital: ₹51.45 Cr via warrants; ₹12.86 Cr upfront.

Financial performance

• Revenue ₹429.2 Cr; YoY -6.9%.
• EBITDA ₹49.9 Cr; margin 11.59%.
• PAT ₹17.4 Cr; margin 3.9%.
• Net Worth ₹664 Cr; Perundurai unit restored.

Capital structure & liquidity

• Debt Equity 0.54x; TOL/TNW 0.81x (FY26).
• Cash & cash equivalents ₹0.45 Cr (FY26).
• Growth capital: ₹51.45 Cr warrants; ₹12.86 Cr upfront.

Strategic priorities & outlook

• Strategy: volume growth, margin protection, disciplined capex, solar execution.
• Aggressive growth target in FY26–FY27; focus on thin steel (0.3–2.5 mm).
• Integrated operations with 900+ dealers; proactive solar expansion.

Risks & mitigation

• Regulatory/operational risk from power supply; Perundurai closure suspended and power restored.

Governance & leadership

• Board includes independent directors; experienced management team.

Standalone results

• Standalone revenue from operations ₹42,918.30 lakhs; total income ₹43,122.81.
• Standalone net profit ₹1,736.36 lakhs; EPS basic ₹5.61.
• Standalone PBT ₹2,317.22 lakhs; QoQ down ~44%.
• Standalone tax ₹580.85 lakhs; total tax.
• TNPCB Perundurai unit suspended; restarted 13 July 2026.
• Auditors' limited review: unmodified conclusion.

Consolidated results

• Consolidated revenue from operations ₹42,918.30 lakhs; total income ₹43,054.38.
• Consolidated net profit ₹1,659.78 lakhs; EPS basic ₹5.36.
• Consolidated PBT ₹2,240.63 lakhs; QoQ down ~44%.

Corporate actions & capex

• 5 MW AC solar PV project commissioned; certificate dated July 8, 2026.
• Convertible warrants: up to 1.5 million; issue price ₹343.03; proceeds ₹5,145.45 lakhs.
• 25% of warrants received; ₹1,286.36 lakhs.
• Warrants exercisable within 18 months; no change in paid-up capital.

Business & segment notes

• Company operates a single steel products segment; no separate segment reporting.

Resignation of COO (SMP)

• Mr. Sanjay Madanlalji Bhansali resigns as Chief Operations Officer; effective Aug 10, 2026, due to personal reasons.

COD details for 5 MW solar project

• Project Commissioning Certificate from MSEDCL received; 5 MW AC (6 MW DC) solar project commissioned.
• Commissioning completed July 8, 2026, enabling commercial operations.
• Location: Rupur Tanda, Aunda Nagnath Taluka, Hingoli District, Maharashtra.

TNPCB order and power restoration

• TNPCB suspended earlier closure directions and restored power to Perundurai unit with immediate effect.
• Order valid until next renewal on March 31, 2027, subject to compliance with Water Act 1974 Section 33A.
• Unit located at SIPCOT Industrial Growth Centre, Perundurai, Erode District, Tamil Nadu.
• Next renewal due March 31, 2027; compliance with TNPCB conditions and environmental laws required.

Operational restart and financial impact

• Company to recommence operations at Perundurai unit following power restoration.
• Exact financial impact of temporary closure not yet quantifiable.
• Commitment to comply with environmental and statutory requirements.

Solar project status

• Subsidiary Hariom Power and Energy completed a 5 MW AC (6 MW DC) solar project at Rupur Tanda.
• The plant has commenced generation and exports to MSEDCL grid.
• Application for Project Commissioning Certificate and COD filed with MSEDCL; awaiting approvals.

Dematerialisation/rematerialisation status

• No dematerialisation/rematerialisation requests were received during the period.
• Regulation 74(5) not applicable; all shares are in demat and no requests were received.
• Certificate from the Registrar and Share Transfer Agent confirming status was received.

Credit Rating Action

• CRISIL assigned ratings with watch developing status for Hariom Pipe Industries
• Long-term fund-based rating reaffirmed at CRISIL A- with watch developing
• Short-term non-fund-based rating reaffirmed at CRISIL A2+ with watch developing

Rating Agency

• CRISIL Ratings Limited assigned the ratings