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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

₹332.30 -6.30 (-1.86%)

As on 08-Oct'26 11:17

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

₹332.30 -6.30 (-1.86%)

As on 08-Oct'26 11:17

Key Metrics
Valuation Multiples
Market Cap
₹1,049 Cr.
Current Price
₹332.3
52-Week Low / High
₹268 / 483
TTM EPS
₹22.2
TTM Sales
₹1,635 Cr.
Book Value per Share
₹214.1
P/E Ratio
15.26
Lower than its 5-year historical median
Industry PE
24.2
Price to Book (P/B)
1.58
Lower than its 5-year historical median
Price to Sales (P/S)
0.64
Lower than its 5-year historical median
EV/EBITDA
6.62
Lower than its 5-year historical median
Dividend Yield
0.23%
Profitability Efficiency
Return on Equity (ROE)
12.42%
Outperforms industry median
Return on Capital Employed (ROCE)
15.76%
Outperforms industry median
Return on Assets (ROA)
6.27%
Operating Profit Margin
12.6%
Net Profit Margin
4.54%
Gross Profit Margin
10.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
22.84%
Operating Profit Growth (1 Year)
-
19.36%
Net Profit Growth (1 Year)
-
22.65%
Asset Quality
Promoter Holding
57.26%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹632 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

Valuation

Undervalued

Price Trend

Weak
Q.1 Is Hariom Pipe Industries Ltd a good quality company?
Hariom Pipe Industries Ltd is a weak quality company, based on a inconsistent 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 0.00%, compared to the industry median CAGR of 0%, indicating stable growth and maintaining 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 -18.48% 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 not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % ⓘ12.7%30.3%22.2%17.9%21.5%29.9%17%14.6%14.2%16%-
Value Creation
Index ⓘ
-0.11.20.60.30.51.10.20.00.00.1-

Growth Parameters ⓘ

Sales ⓘ87.21051341612544316441,1531,3571,6671,635
Sales YoY Gr.-20.6%27.1%20.3%58.1%69.4%49.5%79.2%17.7%22.8%-
Adj EPS ⓘ1.75.96.168.918.816.719.419.824.322.5
YoY Gr.-255.7%2%-1.5%49.4%111%-11.1%15.7%2.5%22.3%-
BVPS (₹) ⓘ12.217.927.336.541.759.5125.3154.5184.9208.8214.4
Adj Net
Profit ⓘ
1.66.587.915.13246.255.861.475.170
Cash Flow from Ops. ⓘ46.63.20.510.43.7-101578.6192-
Debt/CF from Ops. ⓘ5.93.317.3132.17.723.5-2.974.85.11.8-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ38.8%45.7%37.3%22.8%
Adj EPS ⓘ34.6%22.1%13.2%22.3%
BVPSⓘ37.1%38%18.6%12.9%
Share Price - - -18.4% -29%

Key Financial Parameters ⓘ

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity % ⓘ
9.832.727.218.725.437.219.413.311.912.310.6
Op. Profit
Mgn % ⓘ
7.714.512.814.613.51312.71212.912.612.3
Net Profit
Mgn % ⓘ
1.86.264.967.47.24.84.54.54.3
Debt to
Equity ⓘ
1.411.61.41.10.90.90.80.70.5-
Working Cap
Days ⓘ
1281191181391177911210615815170
Cash Conv.
Cycle ⓘ
739187101956787851119725

Valuation of Hariom Pipe Inds. - Consolidated

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

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

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

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

mw4me loader

Analyst's Notes

data not found
No data found!

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 (%)

Financials

PARTICULARSMar'24Mar'25Mar'26
Sales1,1531,3571,667
Operating Expenses ⓘ + 1,0151,1821,458
Manufacturing Costs86124134
Material Costs8749961,251
Employee Cost 384753
Other Costs ⓘ 161520
Operating Profit ⓘ 139175209
Operating Profit Margin (%) 12.0%12.9%12.6%
Other Income ⓘ + 5313
Exceptional Items ⓘ 000
Interest ⓘ 334554
Depreciation ⓘ 345065
Profit Before Tax ⓘ 7783104
Tax ⓘ 212128
Profit After Tax 576276
PAT Margin (%) 4.9%4.6%4.5%
Adjusted EPS (₹)19.719.924.5
Dividend Payout Ratio (%)3.10%3.10%3.10%
PARTICULARSMar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 446573647
Share Capital ⓘ 28.8730.9730.97
Reserves ⓘ 417542616
Debt +342373347
Long Term Debt12093145
Short Term Debt222280203
Minority Interest003
Trade Payables19186112
Others Liabilities ⓘ 7465112
Total Liabilities ⓘ 8801,1971,220

Fixed Assets

Net Fixed Assets ⓘ +366424484
Gross Block452559683
Accumulated Depreciation86135199
CWIP ⓘ 131216
Investments ⓘ 000
Inventories297427405
Trade Receivables122202189
Cash Equivalents 32513
Others Assets ⓘ 5081124
Total Assets ⓘ 8801,1971,220
PARTICULARSMar'24Mar'25Mar'26
Cash Flow From Operating Activity ⓘ + 579192
PBT ⓘ 7783104
Adjustment ⓘ 6393106
Changes in Working Capital ⓘ -117-825
Tax Paid ⓘ -18-15-23
Cash Flow From Investing Activity ⓘ + -182-86-141
Capex -231-105-154
Net Investments -421716
Others ⓘ 923-2
Cash Flow From Financing Activity ⓘ + 7431-75
Net Proceeds from Shares ⓘ 003
Net Proceeds from Borrowing ⓘ 1-2862
Interest Paid ⓘ -32-45-60
Dividend Paid ⓘ 0-2-2
Others ⓘ 106106-77
Net Cash Flow ⓘ -10224-23
PARTICULARSMar'24Mar'25Mar'26
Ratios
ROE (%)12.7412.1212.42
ROCE (%)13.1614.1615.76
Asset Turnover Ratio1.641.311.39
PAT to CFO Conversion(x)0.091.272.53
Working Capital Days
Receivable Days30.8043.5042.60
Inventory Days74.9096.9090.50
Payable Days7.9037.6043.50

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Hariom Pipe Industries Ltd FAQs

The current trading price of Hariom Pipe Inds. on 08-Oct-2026 11:17 is ₹332.3.

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 07-Oct-2026 the market cap of Hariom Pipe Inds. stood at ₹1,048.6 Cr

The latest P/E ratio of Hariom Pipe Inds. as of 07-Oct-2026 is 15.07.

The latest P/B ratio of Hariom Pipe Inds. as of 07-Oct-2026 is 1.58.

The 52-week high of Hariom Pipe Inds. is ₹482.9 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 ₹1,635 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Hariom Pipe Industries Ltd is a below 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 Weak which suggest that the price of Hariom Pipe Industries Ltd is likely to Fall 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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