Hariom Pipe Industries shareholders approved the preferential allotment of 15,00,000 warrants to promoters at a revised price of ₹343.03 per share during the Extra-Ordinary General Meeting (EGM) held on June 16, 2026. The meeting, conducted via Video Conferencing, also sanctioned alterations to the Articles of Association and approved the conversion of debt into equity in the event of a default. The revised issue price, which includes a premium of ₹333.03, increases the aggregate consideration to ₹51,45,45,000.

The EGM notice was originally issued on May 21, 2026, and subsequently updated via a Corrigendum cum Addendum on June 09, 2026, following observations from the National Stock Exchange of India Limited and BSE Limited. The remote e-voting process commenced on June 13, 2026, and concluded on June 15, 2026, with 55 members participating in the proceedings. Mr. Vinod Sakaram of M/s. VSSK & Associates served as the Scrutinizer for the voting process.

Resolutions Passed

The Board transacted three special business items during the meeting. The resolutions were deemed passed on June 16, 2026, subject to the requisite majority.

Financial Details of the Issue

The preferential issue structure requires 25% of the consideration to be paid at allotment, with the remaining 75% due upon conversion of warrants into equity shares. The pricing was determined based on a valuation report from a Registered Valuer in compliance with SEBI ICDR Regulations.

Key attendees included Mr. Pramod Kapoor Kumar, Chairman of the Board, and Mr. Rupesh Kumar Gupta, Managing Director. Statutory auditors M/s. R. Kabra & Co., LLP and representatives from M/s. VSSK & Associates were present via video conference. The meeting concluded with the management responding to member queries regarding the company's growth trajectory and the proposed resolutions.

Hariom Pipe Industries reported a 23% year-on-year increase in profit after tax to INR 76 crores for the financial year ended March 31, 2026, supported by a 23% rise in revenue from operations to INR 1,667 crores. The company’s EBITDA grew by 19% to INR 209 crores, with margins remaining stable at 12.56%. For the fourth quarter, PAT surged 75% to INR 30 crores, while revenue increased 27% to INR 507 crores. The management attributed the performance to improved operating discipline, a focus on value-added products, and stronger cash generation, with operating cash flow reaching INR 192 crores.

Solar Power Project Execution

Hariom Pipe Industries is advancing its 60 MW solar power project through a subsidiary, Hariom Power & Energy Private Limited. The total estimated cost is INR 241–245 crores, funded by INR 195 crores in bank loans and INR 25–30 crores in equity. As of the latest update, INR 9.56 crores have been invested. Land acquisition is complete for eight locations covering approximately 123 acres, and construction has commenced at six sites.

Production from the initial 10 MW is scheduled to commence next month, with 38 MW currently under construction. The company expects the remaining capacity to be completed within the financial year, targeting full project completion by March 2027.

FY27 Guidance and Strategic Outlook

For FY27, the company targets sales volume growth of 20–25%, aiming for an absolute volume of 350,000 to 360,000 tons. Management emphasized that growth will prioritize profitability and margin preservation over aggressive volume expansion. The blended EBITDA per tonne for FY26 was INR 7,258, improving to INR 7,800 in Q4 FY26. The company aims to sustain EBITDA margins in the range of 12.50% to 12.60%.

The company’s net debt to EBITDA ratio improved to 1.65x, while return on capital employed (ROCE) stood at 21%. Value-added products contributed 98% to full-year revenue. The management also noted that the temporary closure of the Tamil Nadu plant due to pollution control board orders did not impact April volumes, as operations were managed through existing stocks and an asset-light model.