Hi-Tech Pipes Ltd. (HITECH) AI Stock Analysis

• Market Cap: ₹15.14B
• Dividend Yield: 0.03%
• Average Volume (3M): 333.05K
• Price to Earnings (P/E): 18.7
• Beta (1Y): 1.81
• Revenue Growth: 9.05%
• EPS Growth: -4.65%
• Country: IN
• Employees: 525
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 1.15
• Shares Outstanding: 203,107,730
• 10 Day Avg. Volume: 115,504
• 30 Day Avg. Volume: 333,048
• PEG Ratio: 1.14
• Price to Book (P/B): 1.48
• Price to Sales (P/S): 0.61
• P/FCF Ratio: -11.54
• 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: 63 Neutral
• Price Target: ₹78.00 ▼(-17.89% Downside)

The score is driven primarily by solid financial performance (growth and improving margins, better balance sheet) but is materially offset by weak technicals (price below key moving averages with negative MACD). Valuation is moderately supportive (P/E ~18.9 and ~3.46% yield) but not enough to outweigh the current bearish momentum.

Positive Factors

Consistent Revenue Growth

Hi‑Tech shows a durable top‑line expansion supported by multi‑year revenue gains. Sustained revenue growth signals expanding market share across construction and infrastructure channels, enabling scale advantages and supporting long‑term investment in capacity and product mix.

Stronger Balance Sheet

Significant equity build‑up and improved leverage materially lower refinancing and solvency risk. A stronger capital base provides financial flexibility to fund capex, negotiate supplier terms and endure sector cyclicality, improving resilience over multiple quarters.

Improving Profitability

Margin expansion and stable operating profitability reflect better operational efficiency and product‑mix shifts toward higher‑value tubes. Sustained margin improvement increases cash generation potential and supports reinvestment and creditor confidence over the medium term.

Negative Factors

Negative Free Cash Flow

Persistently negative FCF from heavy capex requirements creates dependence on external financing or equity to fund growth. Over months this can pressure liquidity, limit discretionary returns, and raise financing costs if cash generation does not convert to positive FCF.

Thin Margins and Commodity Exposure

Profitability is structurally tied to volatile steel input costs and pass‑through ability. In a commodity chain this exposes margins to raw‑material swings and competitive pressure, making net margins fragile and earnings sensitive to industry cycles over quarters.

Earnings Volatility (EPS Decline)

Negative EPS growth signals persistent profitability pressure or uneven cost pass‑through. Continued EPS declines can constrain retained earnings, slow equity accretion, and limit capacity to self‑fund capex or cushion downturns across the medium term.

Hi-Tech Pipes Ltd. Business Overview & Revenue Model

Company Description

Hi-Tech Pipes Limited manufactures and sells steel products for infrastructure, constructions, automobiles, energy, agriculture, defense, engineering, and telecom industries in India. It offers ERW black steel pipes and tubes used in fencing, line pipes, scaffolding, water and gas conveyance, oil country tubular, hand pumps, collieries, thermal powers, telecom, automobiles, and agriculture sector; rectangular and hollow sections; galvanized and pre-galvanized steel pipes and tubes; metal beam crash barriers for applications, such as national highways, expressways, bridges and flyovers, embankments, mines, collieries, high density fast moving traffic areas in cities, motor racing/test drove tracks, village areas along highways, crash test sites, factory areas, traffic safety in airports, plants handling hazardous chemicals, and multi-story parking lots. The company also provides cold rolled sheets and strips used in precision tubes, containers, bicycles, furniture, color coating, galvanizing and tinning, and automobile industry to produce car body panels; and cold formed sections, as well as solar mounting structures and various other galvanized products. It operates through a network of approximately 200 distributors and 300 dealers. Hi-Tech Pipes Limited also exports its products. The company was formerly known as Ram Lal Harbans Lal Limited and changed its name to Hi-Tech Pipes Limited in October 1986. Hi-Tech Pipes Limited was incorporated in 1985 and is headquartered in New Delhi, India.

How the Company Makes Money

Hi-Tech Pipes Ltd. generates revenue primarily through the sale of its steel pipes and tubes, which are utilized in numerous applications across different industries. The company has established key revenue streams through direct sales to construction companies, distributors, and manufacturers, as well as long-term contracts with major clients in the infrastructure sector. Additionally, HITECH benefits from partnerships with construction firms and engineering companies, which often lead to bulk orders and repeat business. The company also explores opportunities in international markets, diversifying its revenue sources and enhancing its earnings potential.

Hi-Tech Pipes Ltd. Financial Statement Overview

Summary

Strong revenue growth and improving profitability (2025 net margin ~2.4%) support the score, alongside improved leverage and higher equity. The main constraint is cash flow quality: free cash flow remains negative due to high capital expenditures despite improved operating cash flow.

Income Statement

Hi-Tech Pipes Ltd. demonstrates strong revenue growth with a consistent increase in Total Revenue from 2021 to 2025. The Gross Profit Margin for 2025 is approximately 7.5%, and the company has shown an improving Net Profit Margin at 2.4% in 2025, up from previous years. EBIT and EBITDA margins are stable, indicating efficient operational management. Continued revenue growth and improving profitability are positive signs.

Balance Sheet

The company has shown a strong increase in Stockholders' Equity, reaching ₹12.57 billion in 2025. The Debt-to-Equity Ratio has improved significantly from previous years, reflecting better leverage management. The Return on Equity is healthy at 5.8% for 2025, supported by rising net income. The Equity Ratio is strong, indicating a solid financial position, although total debt levels require careful monitoring.

Cash Flow

Operating Cash Flow has improved significantly in 2025, but Free Cash Flow remains negative due to high capital expenditures, indicating potential cash flow risks. However, the Free Cash Flow to Net Income Ratio has improved over time, and the company's ability to generate cash from operations is a positive indicator despite the need for continued investment.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	29.92B	30.68B	26.99B	23.86B	18.77B	13.39B
Gross Profit	2.69B	2.30B	2.37B	2.12B	1.30B	1.29B
EBITDA	1.61B	1.62B	1.13B	989.57M	977.34M	675.64M
Net Income	758.13M	729.49M	439.31M	376.81M	403.26M	228.03M
Balance Sheet
Total Assets	0.00	17.56B	11.79B	9.16B	7.69B	5.99B
Cash, Cash Equivalents and Short-Term Investments	1.83B	1.83B	23.33M	18.89M	9.03M	6.34M
Total Debt	0.00	1.79B	4.02B	2.73B	3.93B	3.17B
Total Liabilities	-12.57B	4.98B	6.02B	4.97B	5.11B	3.94B
Stockholders Equity	12.57B	12.57B	5.76B	4.18B	2.59B	2.05B
Cash Flow
Free Cash Flow	0.00	-1.61B	-2.04B	644.02M	-477.37M	232.14M
Operating Cash Flow	0.00	284.23M	-951.90M	1.34B	-10.64M	641.19M
Investing Cash Flow	0.00	-3.92B	-1.17B	-1.01B	-460.88M	-396.31M
Financing Cash Flow	0.00	3.97B	2.13B	53.82M	640.33M	-245.80M

Hi-Tech Pipes Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 94.99
• 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:HITECH, the sentiment is Negative. The current price of 94.99 is above the 20-day moving average (MA) of 82.51, above the 50-day MA of 90.00, and below the 200-day MA of 97.78, indicating a bearish trend. The MACD of -5.04 indicates Positive momentum. The RSI at 25.10 is Positive, neither overbought nor oversold. The STOCH value of 15.86 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HITECH.

Hi-Tech Pipes Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GOODLUCK	76 Outperform	₹37.04B	20.78	―	0.38%	9.57%	3.24%
VENUSPIPES	70 Outperform	₹21.17B	22.54	―	0.08%	17.45%	-7.82%
HARIOMPIPE	66 Neutral	₹12.79B	20.88	―	0.17%	17.98%	-0.62%
HITECH	63 Neutral	₹15.14B	18.72	―	0.03%	9.05%	-4.65%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAMASTEEL	55 Neutral	₹12.79B	63.78	―	―	14.51%	-30.02%
ZENITHSTL	43 Neutral	₹721.36M	16.96	―	―	-36.62%	-37.94%

Hi-Tech Pipes Ltd. Corporate Events

Hi-Tech Pipes Schedules Conference Call to Discuss Financial Performance

Hi-Tech Pipes Ltd. has announced a conference call scheduled for November 12, 2025, to discuss its financial and operational performance for the quarter and half-year ending September 30, 2025. This call will provide stakeholders with insights into the company’s financial health and strategic direction, potentially impacting investor confidence and market positioning.