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

• Market Cap: ₹17.90B
• Dividend Yield: 0.03%
• Average Volume (3M): 333.05K
• Price to Earnings (P/E): 23.5
• Beta (1Y): 1.79
• Revenue Growth: 9.05%
• EPS Growth: -4.65%
• Country: IN
• Employees: 525
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Steel
• EPS (TTM): 1.05
• 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): 4.13
• Revenue Forecast (FY): ₹36.44B

• Rating: 66 Neutral
• Price Target: ₹98.00 ▲(3.17% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is led by solid financial performance (growth, improving margins, and better balance sheet leverage), but is held back by negative free cash flow from heavy capex. Technicals further pressure the rating with a clear downtrend versus key moving averages and negative MACD, while valuation is supportive but not compelling.

Positive Factors

Revenue and margin improvement

Consistent top-line growth from 2021–2025 with improving gross and net margins signals strengthening core operations and pricing execution. Stable EBIT/EBITDA margins indicate operational discipline and efficiency that support durable earnings as the company scales in construction and infrastructure markets.

Stronger balance sheet / leverage

Marked improvement in equity and a lower debt-to-equity ratio increases financial flexibility and lowers refinancing risk. A stronger capital structure supports continued capex, working capital needs and negotiating power with suppliers, improving resilience through steel industry cycles.

Improving operating cash generation

Material improvement in operating cash flow shows the core manufacturing business generates cash, underpinning working capital and reinvestment capacity. If sustained, stronger OCF reduces reliance on external funding and supports long-term investments even while capex remains elevated.

Negative Factors

Negative free cash flow from heavy capex

Persistent negative free cash flow constrains internal funding for dividends, debt paydown and working capital. Continued heavy capex without commensurate cash returns raises liquidity and funding risk over the medium term, forcing external financing or slower deleveraging.

Thin profitability margins

Low gross and net margins leave limited buffer against input-cost inflation and competitive pricing pressure. In a capital- and commodity-intensive sector, thin margins require consistently high volumes and efficiency to sustain profits, increasing sensitivity to demand shocks.

Raw-material pass-through and cyclicality risk

Revenue and margins are highly sensitive to steel price swings and the firm's ability to pass costs to customers. This commodity exposure and broader steel-cycle volatility can produce durable earnings variability and complicate medium-term cashflow predictability.

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 support the score, with stable EBIT/EBITDA margins and better leverage management. The key drag is cash flow: free cash flow remains negative due to high capex despite improved operating cash flow, creating sustainability risk.

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 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: Positive
• Last Price: 94.99
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HITECH, the sentiment is Positive. The current price of 94.99 is above the 20-day moving average (MA) of 84.65, above the 50-day MA of 85.68, and below the 200-day MA of 97.01, indicating a neutral trend. The MACD of 0.97 indicates Negative momentum. The RSI at 57.60 is Neutral, neither overbought nor oversold. The STOCH value of 69.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
VENUSPIPES	70 Outperform	₹23.02B	22.81	―	0.08%	17.45%	-7.82%
GOODLUCK	69 Neutral	₹39.16B	23.24	―	0.38%	9.57%	3.24%
HITECH	66 Neutral	₹17.90B	23.49	―	0.03%	9.05%	-4.65%
HARIOMPIPE	66 Neutral	₹11.40B	18.14	―	0.17%	17.98%	-0.62%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
RAMASTEEL	55 Neutral	₹11.65B	70.85	―	―	14.51%	-30.02%
ZENITHSTL	43 Neutral	₹816.69M	13.79	―	―	-36.62%	-37.94%

Hi-Tech Pipes Ltd. Corporate Events

Hi-Tech Pipes Hits 1 Million-Ton Capacity with New Sikandrabad Plant

Hi-Tech Pipes Limited has commenced commercial production at its new greenfield manufacturing facility at Sikandrabad Unit-III in Uttar Pradesh. The strategically located plant strengthens the company’s presence in North and Central India by improving proximity to major consumption centers, cutting logistics costs, and enabling faster service to core customer sectors.

With this commissioning, along with recently added capacities at other locations, the company has reached a milestone of 1 million tons in annual installed capacity. The Sikandrabad facility contributes 120,000 mtpa focused on ERW pipes and hollow sections and is equipped with modern technology to boost quality, operational flexibility, and regional balance.

The new unit is central to Hi-Tech Pipes’ strategy of enhancing profitability, margin resilience, and service levels through better operating efficiencies. The company is also moving into its next expansion phase, planning to add another 1 million tons of capacity over the medium term to build a robust, pan-India and globally competitive manufacturing platform.

Hi-Tech Pipes Posts Earnings Call Audio for December Quarter Results

Hi-Tech Pipes Limited has notified the stock exchanges that the audio recording of its investor earnings conference call, held on 7 February 2026 to discuss the company’s unaudited standalone and consolidated financial results for the quarter ended 31 December 2025, has been made available on its website. The disclosure underscores the company’s ongoing investor-relations efforts and transparency around quarterly performance, giving shareholders and analysts access to detailed management commentary on recent results and business outlook.