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Margin dilution from trading subsidiary
View Risks →Hariom Pipe Industries Limited — Q3 FY26
Hariom Pipe Industries reported a steady Q3 FY26 with revenue from operations at ₹1,159.7 crore, up 21% YoY, driven by a 21% YoY increase in sales volume to 2.07 lakh tonnes.
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Hariom Pipe Industries reported a steady Q3 FY26 with revenue from operations at ₹1,159.7 crore, up 21% YoY, driven by a 21% YoY increase in sales volume to 2.07 lakh tonnes. EBITDA margin remained healthy at 12.55%, supported by a strong value-added product mix (96-97% of revenue). PAT for 9M stood at ₹45.6 crore. Management maintained confidence in achieving ~30% volume growth for the full year, aided by strong demand in southern markets and expansion into value-added segments like GI pipes and coils. The 60 MW solar project is on track, with 31 MW expected by April 2026. Key risks include potential margin pressure from the new trading subsidiary and elevated depreciation from recent acquisitions.
हरिओम पाइप इंडस्ट्रीज ने वित्त वर्ष 2026 की तीसरी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कमाई ₹1,159.7 करोड़ रही, जो पिछले साल से 21% ज्यादा है। इसकी वजह बिक्री में 21% का इजाफा है, जो 2.07 लाख टन तक पहुंच गई। कंपनी का मुनाफा दिखाने वाला EBITDA मार्जिन 12.55% रहा, क्योंकि उसने ज्यादा कीमत वाले उत्पाद (96-97% बिक्री) पर ध्यान दिया। 9 महीने का शुद्ध लाभ ₹45.6 करोड़ रहा। प्रबंधन को उम्मीद है कि साल भर में बिक्री 30% बढ़ेगी, खासकर दक्षिणी बाजारों और GI पाइप जैसे नए उत्पादों से। 60 मेगावाट का सौर प्रोजेक्ट चल रहा है, जिसमें अप्रैल 2026 तक 31 मेगावाट तैयार होगा। जोखिमों में नई ट्रेडिंग कंपनी से मार्जिन पर दबाव और नई खरीद से बढ़ी लागत शामिल है।
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Read Transcript →Quarter Snapshot
Sales Volume (9M FY26)
2.07 lakh tonnes
+21% YoY
Volume growth of 21% YoY for the nine months ended December 2025.
EBITDA per Tonne (9M FY26)
₹739
N/A
Healthy EBITDA per tonne supported by strong value-added product mix.
Value-Added Product Mix (9M FY26)
96-97%
N/A
Value-added products contributed 96-97% of total revenue.
GP Capacity Utilization (9M FY26)
~40%
N/A
Galvanized pipes and coils segment utilization at ~40% for 9M, expected to reach 50% by year-end.
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Guidance and risk preview
Management expects to achieve near 30% volume growth for the full year, with Q4 typically being a strong quarter.
The new trading subsidiary (MetalMart) may have lower margins than manufacturing, potentially diluting consolidated margins.
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