Hariom Pipe Industries Reports 21% Revenue Growth in H1 FY26, Signs MOU for Maharashtra Steel Plant

Hariom Pipe Industries Limited , a leading integrated steel manufacturer, has reported a robust performance for the first half of FY26, with significant growth in both volumes and revenue. The company has also made strategic moves to expand its presence in the Indian steel industry.

H1 FY26 Performance Highlights

Hariom Pipe Industries achieved impressive growth in the first half of FY26:

Metric	H1 FY26	Y-o-Y Growth
Sales Volume	1.38	21%
Revenue	797.00	21%
EBITDA	100.00	Stable
PAT	34.00	Stable

The company maintained a healthy EBITDA margin of 12.6%, despite a softer pricing environment. This resilience in margins underscores the strength of Hariom's integrated business model, which provides natural hedging and operational flexibility across the value chain.

Q2 FY26 Performance

The second quarter saw some softness due to planned maintenance shutdown and extended monsoons. Despite these challenges, the company recorded a 7% year-on-year growth in both volumes and value in Q2 FY26.

Strategic Expansion

Hariom Pipe Industries has signed a Memorandum of Understanding (MOU) with the Government of Maharashtra to establish a 1.5 million tonne per annum integrated steel plant at Gadchiroli. This project, valued at INR 3,135.00 crore, will be developed under the state's mega project policy and comes with substantial fiscal incentives, including GST reimbursements and power tariff support.

Key points about the expansion:

The project will be developed in phases, with initial focus on the finishing stage.
The company aims to start revenue generation from the initial investment before expanding further.
The entire project is expected to be completed over an 8-year period.
The location offers advantages in terms of raw material availability (coal and iron ore).

Future Outlook

Hariom Pipe Industries remains optimistic about stronger volume growth and improved profitability in the second half of FY26. The company maintains its guidance of 30% CAGR in volume growth for the next two years.

Management expects margins to improve as the company increases its focus on B2B and OEM segments. The company also plans to maintain its EBITDA margins and potentially increase PAT margins in the coming years.

Financial Position

The company maintains a strong financial position with:

Debt-to-equity ratio: 0.65x
ROCE: 21%
ROE: 11%
Operating cash flow: INR 40.00 crore

Hariom Pipe Industries continues to focus on disciplined capital allocation and consistent value creation for all stakeholders.

As India's infrastructure sector continues to grow, Hariom Pipe Industries appears well-positioned to capitalize on the increasing demand for steel products, while maintaining its focus on profitability and ethical business practices.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-1.76%	-11.61%	-22.05%	-6.62%	-34.35%	+59.78%

Hariom Pipe Industries , a leading manufacturer of iron and steel products in India, has reported a robust performance for the second quarter and first half of fiscal year 2026. The company achieved significant growth in sales volume, underlining its strong market position and operational efficiency.

Q2FY26 Performance Highlights

Total sales volume reached 60,150 metric tons in Q2FY26, marking a 7% increase compared to the same period last year.
Value-added products (VAP) continued to drive performance, accounting for 97% of total sales.
VAP sales stood at 58,224 metric tons in Q2FY26.

H1FY26 Performance Overview

For the first half of FY26, Hariom Pipe Industries recorded total sales of 138,371 metric tons, representing a 21% growth over H1FY25.
VAP sales for H1FY26 reached 133,585 metric tons, also showing a 21% year-on-year growth.

Sales Performance Breakdown

Particulars (Tonnages)	Q2FY26	Q2FY25	H1FY26	H1FY25
Sale of Value-Added Product*	58,224	55,045	133,585	110,646
Sale of Other Products	1,926	1,020	4,786	3,413
Total	60,150	56,065	138,371	114,059
% Share of VAP	97%	98%	97%	97%

*Value Added Product sales include revenue from MS Tubes, Scaffolding, and Galvanized Products.

Management Commentary

Mr. Rupesh Kumar Gupta, Managing Director of Hariom Pipe Industries, expressed satisfaction with the company's performance, stating, "We are pleased with our performance in the first half of FY26, achieving sales of 138,371 MT — a healthy 21% growth compared to last year. While the first quarter was exceptionally strong, the second quarter has also delivered steady growth on a year-on-year basis, underscoring the strength of our integrated business model and customer reach."

Future Outlook

The company maintains an optimistic outlook for the second half of FY26, expecting demand momentum to remain healthy. This positive outlook is supported by:

Steady infrastructure spending
Housing sector revival
Continued traction from rural markets

Hariom Pipe Industries' integrated manufacturing model and focus on value-added products position it well to capture growth opportunities while maintaining operational efficiency and cost competitiveness.

About Hariom Pipe Industries

Established in 2007, Hariom Pipe Industries has over 18 years of rich industry experience. The company offers a diverse product range including Mild Steel Billets, HR and CR Pipes, GP Pipes, and Scaffolding systems. With advanced manufacturing facilities in Telangana, Tamil Nadu, and Andhra Pradesh, Hariom Pipe Industries boasts a total installed capacity of 785,232 MTPA and an extensive product portfolio with over 800 SKUs. The company has a strong market presence in South and West India, known for its innovation, reliability, and commitment to excellence.

As Hariom Pipe Industries continues to demonstrate strong growth and operational performance, it remains focused on delivering long-term value to all its stakeholders in the dynamic iron and steel products market.