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Revenue
₹1,480 Cr
verified against source
Revenue YoY
101.6%
reported change
EBITDA
₹46 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Hi-Tech Pipes reported a strong Q4 FY26 with revenue surging 102% YoY to ₹1,480 crore, driven by a 27% volume growth to 1.47 lakh tons. EBITDA grew 31% to ₹46 crore, but margin contracted ~160bps to 3.1% due to volatile gas prices and elevated ocean freight. PAT was flat at ₹18 crore. The company is executing a major expansion to reach 2 million tons capacity by FY29, with ₹90 crore preferential issue to fund working capital. Management guided for FY27 volume of 6.5-7 lakh tons and EBITDA per ton of ₹3,500-4,000. Key risks include sustained input cost volatility and execution delays in greenfield projects.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided for sales volume between 6.5 lakh and 7 lakh tons for FY27, up from 5.32 lakh tons in FY26.
- Assuming stable market conditions, EBITDA per ton is expected to be in the range of ₹3,500 to ₹4,000.
- The DFT facility at Sikandrabad Unit 2 Phase 3 is expected to be operationalized by Q3 FY27, adding capacity for high-margin pipes.
- The API pipes facility readiness is expected to be completed by Q4 FY27, enabling entry into oil and gas transportation segments.
Risks flagged
- Management cited volatility in gas prices and elevated ocean freight costs as temporary pressures on input costs and export realizations.
- The Hindupur greenfield facility is expected by Q4 FY27, but any delays could impact capacity ramp-up and volume targets.
- Analyst noted that stock-in-trade sales inflated revenue but carried minimal margins, distorting true operating performance.
Key quotes
- The contribution of value added products has now reached 39% of the overall business mix during the year reflecting our strategic focus on higher margin and differentiated product segments.
- We are targeting between 6 and a half lakh tons to 7 lakh tons for this ongoing financial year.
- So you know if the markets and all if there is no volatility and you know the markets are aligned you know the demand and supply. So about 3,500 to 4,000 rupees is a very comfortable number for both 27 and 28.
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