Hi-Tech Pipes Limited has revised its postal ballot notice to update the shareholding pattern and clarify the utilization of proceeds for a proposed preferential issue. The corrigendum, issued on June 05, 2026, modifies the explanatory statement provided to shareholders regarding the resolution to issue convertible warrants.

The company specified that funds raised through the preferential offer will be used for working capital requirements and general corporate purposes. Proceeds from the issue are expected to be utilized on or before March 31, 2028.

The pre-issue shareholding pattern has been updated from March 31, 2026, to May 22, 2026. The table below details the shareholding structure before and after the proposed preferential issue to the Promoter Group category, assuming the conversion of convertible warrants into equity shares.

The corrigendum is part of the Notice of Postal Ballot dated May 28, 2026. All other contents of the original notice remain unchanged. The updated document is available on the websites of the NSE, BSE, and the company.

Hi-Tech Pipes reported a 37% increase in net revenue from operations to ₹4,200 crore for the financial year ended March 31, 2026, compared to ₹3,068 crore in FY25, driven by record sales volumes. The company's net profit for the year stood at ₹76.16 crore, while total comprehensive income rose 5% to ₹76.58 crore. For the quarter ended March 31, 2026, revenue surged 102% to ₹1,480 crore from ₹734 crore in Q4FY25, with EBITDA jumping 33% to ₹46.32 crore. The Board of Directors approved the audited financial results in its meeting held on May 28, 2026. The company published these results in Business Standard (English and Hindi Edition) on May 29, 2026, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Financial Performance

The company's annual sales volume increased by 10% to 5,32,437 metric tonnes (MT) in FY26, compared to 4,85,447 MT in the previous year. EBITDA for the year grew by 8% to ₹173.55 crore from ₹160.03 crore in FY25. Earnings per share (EPS) for the year stood at ₹3.77, compared to ₹3.98 in the prior year. The statutory auditors, M/s A. N. Garg & Company, issued an unmodified opinion on the audited standalone and consolidated financial results.

The following table summarises the key annual financial metrics:

Q4 Operating Performance

On a year-on-year basis, Hi-Tech Pipes delivered a notable improvement in quarterly operating performance. Q4 sales volume reached 1,47,125 MT, a 27% increase from 1,16,032 MT in Q4FY25. Total comprehensive income for the quarter was ₹18 crore, compared to ₹17.50 crore in the same period last year. The key Q4 metrics are summarised below:

Financial Health and Outlook

The company maintained a comfortable financial position with a debt-to-equity ratio of 0.18% in FY26, compared to 0.15 in FY25. Net working capital days increased to 56 days from 52 days. Management expressed optimism regarding the long-term industry outlook, citing strong demand from infrastructure, renewable energy, and construction sectors. The company is targeting a capacity of 2 million tonnes by FY29 through strategic projects including a DFT facility at Sanand and an API pipes facility.

Expansion and Strategic Initiatives

Management outlined a roadmap to achieve 2 million tonnes capacity by FY29, with an additional 1 million tonnes planned by FY29. The DFT facility at Sanand Unit 2 Phase 3 is expected to be operationalized by Q3 FY27. The APA pipes facility readiness is expected to be completed by Q4 FY27, targeting specialized pipe segments for oil and gas transportation. Construction at the greenfield Hindupur facility in Andhra Pradesh is progressing, with operations expected by Q4 FY27. The company targets a sales volume of 6.5 lakh tonnes to 7 lakh tonnes for FY27. The contribution of value-added products reached 39% of the business mix in FY26.

Board Approvals and Corporate Actions

The Board approved the issuance of 90,00,000 Fully Convertible Equity Warrants to persons belonging to the Promoter Group. The warrants are priced at ₹100 each, including a premium of ₹99 per share. The allotment is subject to shareholder approval via postal ballot. Key recipients include Vipul Bansal, AKS Buildcon Pvt. Ltd., and Hi-Tech Agrovision Pvt Ltd. Additionally, the Board appointed M/s S. Shekhar & Co. as Cost Auditors and M/s BAS & Co. LLP as Internal Auditors for FY26-27. The company fixed May 22, 2026, as the cut-off date for the dispatch of the postal ballot notice.