Margin dilution from trading subsidiary
The new trading subsidiary (MetalMart) may have lower margins than manufacturing, potentially diluting consolidated margins. Management acknowledged this but expects transparency benefits.
HARIOMPIPE / bear-case history
Track the concerns that keep returning.
Hariom Pipe Industries · risk themes across the available quarters.
Research layer active
Bear-case history
Risks carried through the record.
medium
Elevated depreciation impacting PAT growth
Depreciation increased significantly due to ROU assets from the Ultra Pipes acquisition, compressing PAT growth despite revenue expansion. Management expects this to stabilize.
Gadchiroli steel plant project delays
The planned steel plant in Gadchiroli, Maharashtra, is still awaiting land allotment from MSDCL. Management expects land by end of FY26, but further progress may take 1-2 years.
Steel price volatility and anti-dumping duty impact
Fluctuations in steel prices and the imposition of anti-dumping duties on HR coils could affect input costs and margins. Management believes the duty is supportive for the industry.