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Hariom Pipe Industries Ltd (HARIOMPIPE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543517 NSE: HARIOMPIPE Steel & Iron Products | Small Cap | Hariom Pipe Inds. Share Price

₹424.05 13.45 (3.28%)

As on 04-Jun'26 16:59

Hariom Pipe Industries Ltd (HARIOMPIPE)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543517 NSE: HARIOMPIPE Steel & Iron Products | Small Cap | Hariom Pipe Inds. Share Price

₹424.05 13.45 (3.28%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,313 Cr.
Current Price
₹424.1
52-Week Low / High
₹268 / 572
TTM EPS
₹24.5
TTM Sales
₹1,667 Cr.
Book Value per Share
₹208.8
P/E Ratio
17.32
Lower than its 5-year historical median
Industry PE
25.8
Price to Book (P/B)
2.03
Lower than its 5-year historical median
Price to Sales (P/S)
0.79
Lower than its 5-year historical median
EV/EBITDA
7.45
Lower than its 5-year historical median
Dividend Yield
0.18%
Profitability Efficiency
Return on Equity (ROE)
12.12%
Outperforms industry median
Return on Capital Employed (ROCE)
14.16%
Outperforms industry median
Return on Assets (ROA)
5.94%
Operating Profit Margin
12.9%
Net Profit Margin
4.55%
Gross Profit Margin
8%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
17.68%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
26.58%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
8.68%
Asset Quality
Promoter Holding
57.26%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹616 Cr.
Equity
₹31 Cr.
Face Value
₹10
All Time Low / High
₹169.35 / 885.05

Hariom Pipe Industries stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Undervalued

Price Trend

Strong
Q.1 Is Hariom Pipe Industries Ltd a good quality company?
Hariom Pipe Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Hariom Pipe Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Hariom Pipe Industries Ltd vs industry peers?
Hariom Pipe Industries Ltd revenue CAGR is 53.20%, compared to the industry median CAGR of 7.56%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Hariom Pipe Industries Ltd?
Promoters hold 57.26% of the Hariom Pipe Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Hariom Pipe Industries Ltd over the last decade?
Over the last 3 year(s), the stock has delivered a CAGR of -15.16% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Hariom Pipe Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 0.6%12.7%30.3%22.2%17.9%21.5%29.9%17%14.6%14.2%-
Value Creation
Index
-1.0-0.11.20.60.30.51.10.20.00.0-

Growth Parameters

Sales 73.887.21051341612544316441,1531,3571,667
Sales YoY Gr.-18.1%20.6%27.1%20.3%58.1%69.4%49.5%79.2%17.7%-
Adj EPS -1.71.75.96.168.918.816.719.419.824.5
YoY Gr.-NA255.7%2%-1.5%49.4%111%-11.1%15.7%2.5%-
BVPS (₹) 10.512.217.927.336.541.759.5125.3154.5184.9208.8
Adj Net
Profit
-1.61.66.587.915.13246.255.861.476
Cash Flow from Ops. -1.646.63.20.510.43.7-101578.6-
Debt/CF from Ops. -14.95.93.317.3132.17.723.5-2.974.85.1-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 38.2%53.2%46.6%17.7%
Adj EPS NA27.1%1.8%2.5%
BVPS37.5%38.3%45.9%19.7%
Share Price - - -13.6% -2.4%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
-11.19.832.727.218.725.437.219.413.311.912.4
Op. Profit
Mgn %
3.47.714.512.814.613.51312.71212.912.6
Net Profit
Mgn %
-2.21.86.264.967.47.24.84.54.6
Debt to
Equity
1.61.411.61.41.10.90.90.80.70.2
Working Cap
Days
1341281191181391177911210612870
Cash Conv.
Cycle
85739187101956787858525

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales74871051341612544316441,1531,357
Operating Expenses + 7180901171372203745621,0151,182
Manufacturing Costs0027294140718286124
Material Costs5959598186168279451874996
Employee Cost 22268618193847
Other Costs 102011257101615
Operating Profit 27151723345682139175
Operating Profit Margin (%) 3.4%7.7%14.5%12.7%14.6%13.5%13.0%12.7%12.0%12.9%
Other Income + 0100013153
Exceptional Items 0000000000
Interest 2334788103345
Depreciation 323256893450
Profit Before Tax -221012112143637783
Tax -11443611172121
Profit After Tax -226881532465762
PAT Margin (%) -2.1%1.8%6.2%6.0%4.9%6.0%7.4%7.2%4.9%4.6%
Adjusted EPS (₹)-1.71.76.06.16.08.918.816.719.719.9
Dividend Payout Ratio (%)0%0%10.10%11.60%0%0%0%0%3.10%3.10%

Valuation of Hariom Pipe Inds. - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 151723364871101346446573
Share Capital 771413131717282931
Reserves 810923355484319417542
Debt +24232250606676274342373
Long Term Debt8673227343412512093
Short Term Debt15161519333241149222280
Minority Interest0000000000
Trade Payables10458154101619186
Others Liabilities 2389173329737465
Total Liabilities 5047581031401742167098801,197

Fixed Assets

Net Fixed Assets +13121243495954135366424
Gross Block30313466789497187452559
Accumulated Depreciation171921242935435286135
CWIP 001008101031312
Investments 0000000000
Inventories212732396080115212297427
Trade Receivables106101023202786122202
Cash Equivalents 10042101053251
Others Assets 53376610685081
Total Assets 5047581031401742167098801,197

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + -24731104-101579
PBT -221012112143637783
Adjustment 5555121314196393
Changes in Working Capital -4-3-5-9-21-20-46-165-117-82
Tax Paid -0-0-4-4-2-4-7-18-18-15
Cash Flow From Investing Activity + -1-1-4-32-12-23-4-222-182-86
Capex -1-1-4-32-12-16-3-129-231-105
Net Investments 000-0-0-00-0-4217
Others 00000-8-1-92923
Cash Flow From Financing Activity + 3-4-332912-04267431
Net Proceeds from Shares 3007013020400
Net Proceeds from Borrowing 000001711041-28
Interest Paid -2-3-3-3-7-7-8-11-32-45
Dividend Paid 00-10-10000-2
Others 2-112917-117129106106
Net Cash Flow 0-0-04-2-1-1104-10224

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)-14.8314.941.9828.8618.7425.4137.220.6714.3412.12
ROCE (%)0.5912.6830.2522.217.9421.4729.8917.0314.614.16
Asset Turnover Ratio1.852.092.351.951.561.933.061.831.821.62
PAT to CFO Conversion(x)N/A21.170.380.130.670.13-2.20.091.27
Working Capital Days
Receivable Days33.3027.2023.4024.103225.6014.3024.4026.3035.30
Inventory Days86.3085.9086.3082.3094.8084.2059.7070.7064.3078.70
Payable Days39.504429.6028.8047.8020.909.6010.807.4037.60

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Hariom Pipe Industries Ltd FAQs

The current trading price of Hariom Pipe Inds. on 04-Jun-2026 16:59 is ₹424.1.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Hariom Pipe Inds. stood at ₹1,313.2 Cr

The latest P/E ratio of Hariom Pipe Inds. as of 03-Jun-2026 is 17.32.

The latest P/B ratio of Hariom Pipe Inds. as of 03-Jun-2026 is 2.03.

The 52-week high of Hariom Pipe Inds. is ₹572.1 and the 52-week low is ₹268.2.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Hariom Pipe Inds. is ₹1,667 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Hariom Pipe Industries Ltd is a average quality company.

The key valuation ratios of Hariom Pipe Industries Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Hariom Pipe Industries Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Hariom Pipe Industries Ltd

Hariom Pipe Industries is an integrated manufacturer of Mild Steel (MS) Pipes, Scaffolding, HR Strips, MS Billets, and Sponge Iron. It uses iron ore to produce Sponge Iron which is then processed across various stages to manufacture its final products viz. MS Pipes and Scaffolding making its manufacturing process cost-effective.’ The company caters to the southern and western Indian markets for its products. The company’s MS Pipes are marketed and sold in these geographies under the brand name “Hariom Pipes”. Substantial portion of the Sponge Iron, MS Billets and HR Strips produced by the company is used for captive consumption in the manufacturing MS Pipes and Scaffolding.

The company manufactures MS Pipes and Scaffoldings of different specifications and cater, directly and indirectly, to customer requirements in various sectors such as housing, infrastructure, agriculture, automotive, power, cement, mining, solar power and engineering. Its integrated plant at Mahabubnagar District in Telangana (Unit I) manufactures finished steel products from iron scrap and Sponge Iron and its other plant at Anantapur District, Andhra Pradesh (Unit II) exclusively manufactures Sponge Iron. Unit II is located near Bellary, which is one of the hubs in South India for iron ore production. The iron ore required to produce Sponge Iron at Unit II is mostly procured through the online bidding process. Most of the Sponge Iron produced at the Unit II is transported to the Unit I and used as a raw material for manufacturing MS Billets, HR Strips, MS Pipes and Scaffolding. The manufacturing of Sponge Iron at its Unit II has reduced its dependence on external sources for raw materials since its acquisition in September, 2020.

The integration of Unit I and II has optimized its operations and profitability through backward integration which helps with efficient logistics, inventory management, procurement, energy savings and quality control. The company’s quality control team led by qualified chemists and engineers ensure that its raw materials as well as end products are tested on all quality parameters to ensure that it is compliant with the required market standards. It mainly sells MS Pipes through more than two hundred (200) distributors and dealers. It also sells MS Pipes and Scaffoldings to certain developers and contractors directly as B2B sales. Its key differentiator is its range of product specifications in terms of thickness, length, quality, availability and customised products.

Business area of the company

The company is a premium manufacturer of iron and steel products. The company has gone from strength to strength, evolving into an integrated steel manufacturer with a stronghold in the South Indian market. With a diverse product portfolio consisting of Mild Steel (MS) Billets, Pipes and Tubes, Hot Rolled (HR) Coils and Scaffolding Systems, its top-quality products cater to a variety of industrial applications across multiple sectors.

Products:

  • Sponge Iron
  • MS Billets
  • HR Strips
  • MS Pipes
  • Scaffolding, Tube Accessories and Fittings

Major Events and Milestones

  • 2007: Incorporation of Company.
  • 2010: Commencement of production of HR Strips and MS Tubes at our Unit I.
  • 2011: Commencement of production of Scaffolding at our Unit I.
  • 2013: Commencement of production of HR Slit Coil & MS Tubes at our Unit I.
  • 2018: Conversion of Company from private limited to public limited.
  • 2018: Achieved Turnover of Rs 10,000 lakh.
  • 2020: Acquisition of Unit II at Anantapur.
  • 2021: Receipt of ISO 9001:2015 (Quality Management System) in respect of manufacturing of MS Billets, HR Strips, MS Pipes, MS Sections, GP Pipes and Scaffoldings.
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