Hariom Pipe Industries Limited — Investor Meet, 12-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Hariom Pipe Industries discussed Q3 & 9M FY26 results with investors.

**Financial Performance:** 9M FY26 revenue grew 21% YoY to ₹1,159.7 Cr, with sales volume up 21% to 2.07 lakh tons. EBITDA was ₹145.5 Cr (12.55% margin), and PAT was ₹45.6 Cr. Q3 FY26 revenue reached ₹362.9 Cr, with EBITDA at ₹45.2 Cr (12.47% margin) and PAT at ₹11.6 Cr. EBITDA per ton was healthy at ~₹7,039 for 9M and ₹6,613 for Q3.

**Management Commentary & Outlook:** The company maintained consistent margins despite steel price volatility, driven by value-added products (96-97% of revenue). Outlook for Q4 FY26 remains positive due to strong seasonal demand. The 60 MW solar project (subsidiary Hariom Power and Energy) is progressing, with 35 MW expected operational by April '26. Management targets near ~30% volume growth next year, focusing on B2B sales (now 21%), OEM additions, and government projects.

**Key Highlights:** Hariom Pipe established Metal Mart Private Limited, a new subsidiary (70% stake) for trading metal and steel-allied products. This strategy aims to test new markets in Western and Northern India and cater to OEM demands for products Hariom doesn't manufacture, providing transparent insights into trading margins without impacting the core manufacturing EBITDA. The company expects PAT growth to align more closely with revenue growth in the next two years.