Hi-Tech Pipes has scheduled its 42nd Annual General Meeting for Monday, September 28, 2026. The meeting will commence at 11:45 am and will be conducted exclusively through Video Conferencing or Other Audio Visual Means.

Meeting Logistics

The company issued the pre-dispatch intimation on September 3, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The notice aligns with guidelines from the Ministry of Corporate Affairs and SEBI permitting remote AGMs without physical presence.

Members can access the Notice of the Meeting and the Annual Report for FY26 on the company website. Physical copies are dispensed with under current circulars but remain available upon request to members who have not registered email addresses.

E-Voting Procedures

Bigshare Services Pvt. Ltd. serves as the e-voting agency. Shareholders can exercise their voting rights through remote e-voting or during the meeting via the VC/OAVM platform. The company requests members holding shares in physical or demat mode to update their email IDs with their Depository Participants or the RTA to receive communications electronically.

Hi-Tech Pipes reported a 79% year-on-year surge in revenue to ₹1,413 crore for Q1FY27, driven by a 26% increase in sales volumes to 1,56,136 MT. This strong financial performance coincides with a major operational milestone: the company has achieved an installed annual capacity of 1 million tonnes following the commercial commencement of its Sikandrabad Unit-III facility. Management reaffirmed its strategic roadmap to double this capacity to 2 million tonnes by FY29, supported by upcoming expansions in Sanand and Hindupur.

The top-line growth was underpinned by robust demand in infrastructure, construction, and water distribution sectors. While EBITDA rose 20% to ₹49.37 crore, Profit After Tax (PAT) declined marginally by 4% to ₹20.04 crore from ₹20.92 crore in Q1FY26. The divergence between revenue and PAT growth suggests increased operational costs or tax provisions, although EBITDA per metric tonne improved sequentially from ₹3,148 in Q4FY26 to ₹3,162 in Q1FY27, indicating better unit economics as new capacities ramp up.

Financial Performance Overview

The unaudited financial results were filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations on August 12, 2026. Arun Kumar, Company Secretary & Compliance Officer, signed off on the disclosure.

Capacity Expansion Milestones

The achievement of 1 million tonnes of installed capacity marks a significant shift in Hi-Tech Pipes’ manufacturing footprint. The newly commissioned Sikandrabad Unit-III in Uttar Pradesh adds 1,20,000 MTPA of capacity, focused on ERW pipes and hollow sections. This greenfield facility enhances the company’s presence in North and Central India, reducing logistics costs and improving supply chain efficiency for key consumption centers.

Looking ahead, the company is executing a multi-phase expansion strategy:

• Sanand Unit-II (Phase-II): A brownfield expansion adding 1 lakh MTPA, focusing on large-diameter ERW pipes and jumbo hollow sections. This facility serves Western India’s industrial clusters, including solar and infrastructure sectors.
• Sanand Unit-2 Phase-3: A new Diffusion Furnace Technology (DFT) facility expected to be operational by Q3FY27, aimed at improving production efficiency and enabling entry into high-quality specialized pipe segments.
• Hindupur Expansion: A fully integrated manufacturing facility for ERW pipes and specialized solar pipes, expected to become operational by Q4FY27. This will strengthen backward and forward integration in Andhra Pradesh.

Strategic Product Initiatives

Hi-Tech Pipes is diversifying its product portfolio to capture higher-margin segments. The company is undertaking a strategic foray into API-grade Oil and Gas pipe manufacturing, with facility readiness expected by Q4FY27. This move aims to cater to critical sectors such as oil & gas and industrial pipelines, offering globally certified solutions.

Additionally, the company launched new value-added products, including ‘ZAM’ pipes with self-healing technology for fire-fighting applications. These pipes form a dense zinc-based protective film, offering superior corrosion resistance compared to standard galvanized steel. The company also began producing CRFH pipes for the furniture segment at its Hindupur plant.

Management Guidance and Outlook

During the earnings call held on August 13, 2026, management provided detailed guidance on volume targets and capital expenditure. For FY27, the company targets sales volumes of 6.5 lakh to 7 lakh tonnes, with a target of 1 million tonnes for FY28. Volumes from the additional 1 million tonnes of new capacity are expected to contribute in the second half of FY29.

The total capex requirement to reach the 2 million tonnes capacity target is approximately ₹650 crore. Of this, about ₹200 crore is planned for FY27, with the balance spread over FY28 and FY29. Management clarified that previous guidance of ₹300 crore referred to remaining capex after accounting for FY26 expenditures, leaving ₹350 crore for the next two financial years.

What the Numbers Show

The 79% revenue growth outpacing the 20% EBITDA growth indicates that volume expansion is currently driving top-line performance more than price realization or margin expansion. However, the sequential improvement in EBITDA per tonne suggests that operational efficiencies are being realized as the new plants reach optimal utilization. The slight dip in PAT despite higher EBITDA warrants monitoring, potentially reflecting one-off expenses or tax impacts associated with the rapid expansion phase. With a clear roadmap to 2 million tonnes by FY29, the company is positioning itself to leverage scale-driven operating efficiencies in the medium term.

Management highlighted that current EBITDA per tonne of ₹3,162 is constrained by elevated gas prices, which have more than doubled, and higher logistics costs. The company has offered extra rebates to penetrate markets with new plants. Once critical mass is achieved, management expects EBITDA per tonne to move towards the ₹4,000 band by FY28. High-margin segments like DFT and API pipes currently offer EBITDA margins of ₹4,500–₹5,000 and above ₹6,000 per tonne respectively, indicating potential for significant margin accretion as these capacities come online.

New growth avenues include data centers, where the company expects initial volumes of 15,000–20,000 tonnes this year, and exports, which are targeted to reach 10% of total sales volumes in the long term. Currently, exports focus on European, American, Canadian, and Australian markets.