Hariom Pipe Industries Ltd. (HARIOMPIPE) AI Stock Analysis

• Market Cap: ₹9.44B
• Dividend Yield: 0.17%
• Average Volume (3M): 32.68K
• Price to Earnings (P/E): 25.0
• Beta (1Y): 1.24
• Revenue Growth: 17.98%
• EPS Growth: -0.62%
• Country: IN
• Employees: 458
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 3.74
• Shares Outstanding: 30,967,289
• 10 Day Avg. Volume: 12,582
• 30 Day Avg. Volume: 32,677
• PEG Ratio: -38.28
• Price to Book (P/B): 1.83
• Price to Sales (P/S): 0.77
• P/FCF Ratio: -38.41
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: ₹329.00 ▼(-16.77% Downside)
• Action: Reiterated Date: 12/02/25
• Date: Action: Reiterated 12/02/25

Hariom Pipe Industries has a solid financial performance with strong revenue and equity growth, but faces challenges with high leverage and negative free cash flow. The technical analysis indicates a bearish trend, and the valuation is fair but not particularly attractive due to a low dividend yield. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Strong Revenue Growth

Sustained triple-year top-line expansion signals durable demand and successful market penetration in construction and industrial B2B channels. Growing scale supports better fixed-cost absorption, enhances bargaining power with suppliers, and creates a foundation for long-term margin improvement if sustained.

Improving Operating Cash Generation

The shift to positive operating cash flow demonstrates improved cash conversion and operational resilience. Strong OCF relative to net income reduces reliance on external financing for working capital and supports internal funding for growth initiatives over the medium term.

Stronger Equity Base and Capital Structure Improvement

A materially larger equity base improves balance-sheet resilience and capacity to absorb volatility. Improved equity ratios and a better debt-to-equity profile enhance borrowing flexibility, supporting future organic expansion or investment without immediate refinancing pressure.

Negative Factors

Substantial Absolute Debt

While leverage metrics have improved, the absolute debt stock is still large relative to earnings and cash flow. This elevates interest and refinancing risk, constrains strategic optionality, and makes the company vulnerable to rate rises or demand shocks until debt is meaningfully reduced.

Negative Free Cash Flow from High CapEx

Ongoing negative free cash flow driven by heavy capex limits ability to deleverage, return capital, or build reserves. If capex does not quickly translate into higher sustained cash returns, the firm may need external funding or slower growth to restore healthy free cash flow.

Earnings Sensitive to Commodity Input Spreads

Business economics hinge on volatile steel feedstock spreads and product realizations. Moderate EBIT/EBITDA margins mean adverse raw-material swings can compress profitability quickly, exposing cash flow and coverage metrics to steel-cycle downturns absent robust hedging or pricing power.

Hariom Pipe Industries Ltd. Business Overview & Revenue Model

Company Description

Hariom Pipe Industries Limited manufactures and sells iron and steel products. It primarily offers mild steel billets, pipes, and tubes; hot rolled coils; and scaffolding systems for various industrial applications. The company was incorporated in 2007 and is based in Hyderabad, India.

How the Company Makes Money

Hariom Pipe Industries makes money primarily by manufacturing steel products and selling them to customers through B2B channels. Its core revenue stream is the sale of finished steel products (notably MS pipes/tubes and other value-added steel items), where revenue is recognized based on volumes shipped and realized selling prices. Earnings are driven by (1) product mix (higher value-added/processed items typically carry better realization), (2) utilization of manufacturing capacity and operating efficiencies (conversion cost per ton), and (3) the spread between input costs (steel/coil/billet or other steel feedstock) and finished product realizations, which can fluctuate with commodity steel prices. The company may also generate ancillary revenue from processing/fabrication services tied to its product offerings (if provided alongside product sales); specific details on such services, customer concentration, or named long-term partnerships are null due to insufficient publicly provided information in this prompt.

Hariom Pipe Industries Ltd. Financial Statement Overview

Summary

Hariom Pipe Industries shows a strong growth trajectory with substantial revenue and equity growth, improving profitability margins, and better cash flow from operations. However, the company should address high leverage and negative free cash flow to ensure sustainable long-term growth and stability.

Income Statement

Hariom Pipe Industries has demonstrated robust revenue growth over the years, with a notable increase from 4.31 billion in 2022 to 13.57 billion in 2025, reflecting a strong expansion trajectory. The gross profit margin has been stable, hovering around 18% over the recent year, indicating efficient cost management. The net profit margin improved to approximately 4.55% in 2025, suggesting enhanced profitability. However, there is room for improvement in EBIT and EBITDA margins, which are relatively moderate at 14.32% and 12.92% respectively.

Balance Sheet

The company exhibits a solid equity base, with stockholders' equity rising from 1.01 billion in 2022 to 5.73 billion in 2025. The debt-to-equity ratio has improved, reflecting a more balanced capital structure, though total debt remains substantial at 4.01 billion in 2025. The equity ratio has strengthened, indicating a better ability to cover liabilities with equity. However, the company should be cautious of potential risks from high leverage.

Cash Flow

Operating cash flow has improved significantly to 786 million in 2025 from negative values in previous years, indicating better cash generation from operations. However, free cash flow remains negative, primarily due to high capital expenditures, which may be indicative of growth investments. The operating cash flow to net income ratio is strong, suggesting good cash conversion, but the company should focus on turning free cash flow positive.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	14.96B	13.57B	11.53B	6.44B	4.31B	2.54B
Gross Profit	3.14B	2.45B	1.96B	1.81B	1.40B	812.80M
EBITDA	1.91B	1.75B	1.44B	818.86M	561.19M	349.67M
Net Income	624.86M	617.26M	568.00M	462.08M	319.57M	151.32M
Balance Sheet
Total Assets	11.43B	11.97B	8.80B	7.09B	2.16B	1.74B
Cash, Cash Equivalents and Short-Term Investments	57.52M	507.86M	317.90M	1.05B	4.88M	8.80M
Total Debt	4.18B	4.01B	3.72B	2.97B	862.57M	801.75M
Total Liabilities	5.39B	6.24B	4.16B	3.34B	1.15B	1.03B
Stockholders Equity	6.05B	5.73B	4.64B	3.75B	1.01B	707.89M
Cash Flow
Free Cash Flow	-178.27M	-272.18M	-2.26B	-3.23B	-7.69M	-134.38M
Operating Cash Flow	406.82M	786.33M	49.55M	-1.01B	37.24M	104.26M
Investing Cash Flow	-288.80M	-857.16M	-1.82B	-2.22B	-41.59M	-234.69M
Financing Cash Flow	-322.07M	313.17M	743.72M	4.26B	-2.10M	120.92M

Hariom Pipe Industries Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 395.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HARIOMPIPE, the sentiment is Negative. The current price of 395.3 is above the 20-day moving average (MA) of 344.05, above the 50-day MA of 379.82, and below the 200-day MA of 420.83, indicating a bearish trend. The MACD of -19.84 indicates Positive momentum. The RSI at 27.68 is Positive, neither overbought nor oversold. The STOCH value of 16.93 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HARIOMPIPE.

Hariom Pipe Industries Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KSL	76 Outperform	₹27.84B	13.58	―	1.36%	-0.46%	4.85%
GOODLUCK	69 Neutral	₹33.76B	20.71	―	0.38%	9.57%	3.24%
HARIOMPIPE	66 Neutral	₹9.44B	25.01	―	0.17%	17.98%	-0.62%
HITECH	66 Neutral	₹15.38B	27.40	―	0.03%	9.05%	-4.65%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
VENUSPIPES	61 Neutral	₹19.90B	23.46	―	0.08%	17.45%	-7.82%
RAMASTEEL	51 Neutral	₹8.57B	176.56	―	―	14.51%	-30.02%

Hariom Pipe Industries Ltd. Corporate Events

Hariom Pipe Schedules Investor Meetings at Kaptify Conference in Mumbai

Hariom Pipe Industries Limited has announced that its management will participate in the Kaptify Investor Conference in Mumbai on March 18, 2026, holding in-person group and one-on-one meetings with analysts and institutional investors. The company emphasized that no unpublished price-sensitive information will be shared during these interactions, underscoring a focus on transparent investor communication and compliance with SEBI disclosure norms.

This scheduled engagement highlights Hariom Pipe’s ongoing effort to deepen dialogue with the financial community and potentially broaden its institutional investor base. Such conferences can enhance market understanding of the company’s operations and strategy, supporting liquidity and valuation over time without triggering regulatory concerns around selective disclosure.

Hariom Pipe Publishes Postal Ballot and E-Voting Notice for Shareholders

Hariom Pipe Industries Ltd. has announced that it has published newspaper advertisements in Business Line and Surya regarding the dispatch of its Postal Ballot notice and details of remote e-voting for shareholders. The company has also made this information available on its website, underscoring its compliance with SEBI’s disclosure norms and its efforts to keep investors informed about upcoming shareholder decisions and participation mechanisms.

The move signals the initiation of a shareholder approval process via postal ballot, which may relate to key corporate actions requiring investor consent and highlights the firm’s reliance on digital e-voting to facilitate wider participation. For stakeholders, this step indicates ongoing corporate governance activity and provides a formal channel for shareholders to exercise their voting rights on resolutions that could influence the company’s strategic and operational direction.

Hariom Pipe Seeks Shareholder Nod on Director Term, Green Energy and Efficiency Deals

Hariom Pipe Industries Ltd. has launched a postal ballot process to seek shareholder approval through remote e-voting on key governance and strategic resolutions, including the re-appointment of independent director Rajender Reddy Gankidi for a second five-year term. The company is also requesting consent for material related-party transactions with subsidiaries Hariom Power and Energy and Metal Mart, aimed at supporting a solar power project, advancing its green steel and ESG agenda, enhancing operational efficiency and profitability, expanding market reach, and enabling its Telangana unit to secure GST-linked subsidy benefits, with voting open from March 9 to April 7 and results expected by April 9, 2026.

Hariom Pipe Schedules Virtual Analyst Meet at Arihant Bharat Connect 2026

Hariom Pipe Industries Ltd. has scheduled a virtual group meeting with analysts and investors as part of the Arihant Bharat Connect Conference: Rising Stars 2026 on March 11, 2026, between 2:00 PM and 3:00 PM. The company emphasized that no unpublished price-sensitive information will be shared during this interaction, underscoring its adherence to disclosure norms and regulatory compliance while maintaining active engagement with the investment community.