Hariom Pipe Industries delivered robust FY25 results with 23% volume growth to 2.45 lakh MT, lifting revenue 18% despite a 5% price dip. EBITDA increased 27% to ₹175.4 Cr, with margins at 12.93%, while PAT rose 9% to ₹61.7 Cr. Operating cash flow jumped 15x to ₹78.6 Cr, improving net debt/EBITDA to 1.99. Management targets 30% volume CAGR over two years, focusing on value-added products (97% of revenue), expanding in Western/Northern India, and growing higher-margin B2B sales. A new subsidiary is executing a 60 MW solar project supporting green manufacturing. FY26 outlook includes stable EBITDA per tonne, ~14% volume growth early in Q1, and 5-7% price improvement, with debt reduction expected over 2-3 years. Confidence centers on volume growth, margin expansion, and sustainability initiatives.