Hariom Pipe Industries Q2FY26 FY25-26 – 21% H1 Sales Growth, 97% Value-Added Products, and Still Chasing Apollo Tubes Like SRK Chasing Kajol in DDLJ
1. At a Glance
Hariom Pipe Industries Ltd (HPIL), the smallcap steel kid with big manufacturing toys, just posted a 21% H1FY26 sales growth. Current market cap: ₹1,536 Cr. Stock closed at ₹496 (01 Oct 2025), still 34% off its 52-week high of ₹758, which means investors who bought the peak are currently playing “Kabhi Haan Kabhi Naa” with their portfolios.
P/E: 22.6, slightly cheaper than Apollo Tubes’ 60, but don’t confuse “cheaper” with “value.” ROE: 11.9% (bhai, at least above FD rate), ROCE: 14.1% (respectable, but not a Virat Kohli strike rate). Debt is ₹401 Cr, debt/equity at 0.7 — not scary, but enough to remind you this is not a debt-free baba company.
In short: steel is hot, pipes are moving, and Hariom is flexing its 800+ SKUs like an Indian uncle showing his 32 varieties of WhatsApp forwards.
2. Introduction
Hariom Pipe is that cousin who doesn’t just make steel pipes but also wants to do scaffolding, billets, HR/CR strips, GP pipes, and now even solar power. Basically, if it’s long, metallic, and can poke you in the ribs — Hariom makes it.
From a small manufacturer in 2007 to a vertically integrated iron-steel player with four factories spread across Telangana, Andhra, and Tamil Nadu, Hariom now churns out 785,000+ MTPA capacity. That’s like saying, “We can flood your bathroom with pipes before you even finish brushing.”
The company swears by its backward integration — from sponge iron to billets to pipes. Translation: they dig the coal, light the bhatti, melt the iron, and roll out the pipes — no outsider chacha required.
But here’s the fun part: 97% of revenue is now value-added products. This is not your cheap commodity steel game anymore; this is like a chaiwala shifting from “tapri chai” to “Starbucks frappuccino.” Margin game strong, differentiation game stronger.
3. Business Model – WTF Do They Even Do?
Hariom’s model is like making your own samosa: grow the potato, fry it, and then serve it in your own shop.
Raw material: Sponge iron + billets (self-made, not borrowed).
Mid layer: HR strips, CR coils (the papdi of this chaat).
Final dish: Tubes, scaffolding, GP pipes, CRCA coils, and fancy SKUs for auto parts, furniture, elevators, even solar panel structures.
Customers? 900+ dealers across South & West India. Basically, they’re the Amul of steel pipes: every kirana shop in Telangana probably has a “Hariom ka maal.”
And just to spice things up, they also bought Ultra Pipes for ₹40 Cr, adding another 84,000 MTPA of tubes. Classic Bollywood “Hero joins hands with sidekick” moment.
So yes, WTF do they do? They take iron, beat it into shape, coat it with zinc, and then sell it in 800 avatars.
4. Financials Overview
Quarterly Numbers
Source table
Metric
Q2FY26
Q2FY25
Q1FY26
YoY %
QoQ %
Revenue (₹Cr)
461
343
400
+34.3%
+15.3%
EBITDA (₹Cr)
58
42
49
+38.1%
+18.4%
PAT (₹Cr)
24
18
17
+34.8%
+41.2%
EPS (₹)
7.62
5.66
5.57
+34.8%
+36.8%
Commentary: EPS annualized = ₹30.5. So at CMP ₹496, P/E = 16.2 (forward). Screener’s 22.6 P/E is rear-view mirror,
