Hariom Pipe Industries has revised the issue price for the proposed preferential allotment of warrants to ₹343.03 per equity share, increasing the aggregate consideration to ₹51,45,45,000. The revision follows observations from the National Stock Exchange of India Limited and BSE Limited regarding the company's application for in-principle approval. The updated details will be presented to shareholders at the Extra-Ordinary General Meeting (EGM) scheduled for June 16, 2026.

The company issued a Corrigendum cum Addendum to the EGM notice on June 09, 2026, which was circulated to members electronically. Additionally, a newspaper advertisement regarding this corrigendum was published on June 10, 2026, in Business Line and Surya. The corrigendum forms an integral part of the original EGM notice dated May 21, 2026, modifying Agenda Item No. 1 and the associated Explanatory Statement.

The company plans to issue 15,00,000 convertible warrants, each convertible into one fully paid-up equity share with a face value of ₹10. The issue price includes a premium of ₹333.03 per warrant. The pricing was determined in compliance with Regulation 164 of the SEBI ICDR Regulations and is based on a valuation report from Mr. Vinod Sakaram, a Registered Valuer.

Payment Structure

The payment structure for the preferential issue has been updated to reflect the new issue price. Shareholders will be required to pay 25% of the consideration at the time of allotment, with the remaining 75% due upon the exercise of the option to convert warrants into equity shares.

Regulatory Compliance

The company stated that the equity shares are frequently traded and listed for more than 90 trading days, necessitating compliance with the pricing requirements under Regulation 164 of the SEBI ICDR Regulations. A certificate from Mr. Vinod Sakaram, Partner at M/s VSSK & Associates, confirming compliance with Chapter V of the ICDR Regulations, is available for inspection on the company's website until June 16, 2026.

The EGM will be held via Video Conferencing and Other Audio-Visual Means on June 16, 2026, at 12:30 PM IST. All other items in the original notice remain unchanged.

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.