Hariom Pipe Industries Ltd. (HARIOMPIPE) AI Stock Analysis

Hariom Pipe Industries Ltd.

(NSE:HARIOMPIPE)

Select Model

Rating:48Neutral

Price Target:INR 309.00▼(-0.88% Downside)

Action:reiterated

Date:09/11/26

Hariom Pipe scores below average, driven mainly by weak financial quality: persistent negative free cash flow, sharp gross margin compression from ~32% to ~10%, and declining return on equity despite rapid revenue scaling. Rising debt tied to an aggressive capacity expansion adds cyclical risk in a commodity-exposed steel business. Technicals reinforce caution, with the price below its 50-, 100- and 200-day moving averages and a negative MACD. A modest P/E of 16.3 and improving operating cash flow trend provide some offset, but the company must demonstrate sustained free cash flow generation before the growth story justifies a higher rating.

Positive Factors

Revenue GrowthMulti-year revenue growth, including a solid 2026 increase, shows continued demand and scale-up in the company’s downstream steel activities. This expanding base can improve operating leverage and strengthen its ability to compete across infrastructure, construction, engineering and industrial applications.

Negative Factors

Negative Free Cash FlowConsistently negative free cash flow means reported earnings are not translating into surplus cash after investment and working-capital needs. That weak conversion can increase reliance on external funding, reduce financial flexibility, and make sustained expansion more sensitive to credit availability over the next several quarters.

Hariom Pipe Industries Ltd. (HARIOMPIPE) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 9.30B
Dividend Yield: 0.24%
Average Volume (3M): 8,155
Price to Earnings (P/E): 14.0
Beta (1Y): 0.91
Revenue Growth: 10.87%
EPS Growth: 1.30%
Country: India
Employees: 792
Sector: General
Sector Strength: 55
Industry: Steel

Hariom Pipe Industries Ltd. Business Overview & Revenue Model

Company Description

Hariom Pipe Industries Limited specializes in the production and distribution of a diverse array of iron and steel goods. Their primary product line includes mild steel billets, various pipes and tubes, hot rolled coils, and complete scaffolding syst...

Hariom Pipe Industries Ltd. Financial Statement Overview

Summary

Financials show a classic growth-at-a-cost profile. Revenue has expanded roughly 6.5x in five years (₹2.5bn in FY2021 to ~₹16.7bn FY2026E), but gross margins have collapsed from ~32% to ~10% and net margins remain thin at ~4.5%, giving an Income Statement score of 52. The balance sheet (45) reflects adequate capitalisation with equity at ₹6.5bn, yet debt has climbed above ₹4bn and ROE has fallen from 31.6% to ~10.8% as the asset base ballooned. Cash flow is the weakest link (32), with free cash flow negative in every reported period and poor earnings-to-cash conversion (OCF/net income of just 0.15 in FY2025), though the improvement in operating cash flow to an estimated ₹1.35bn in FY2026E is an encouraging trend.

Income Statement

52Neutral

Balance Sheet

45Neutral

Cash Flow

32Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	16.37B	16.67B	13.57B	11.53B	6.44B	4.31B
Gross Profit	2.40B	1.71B	2.45B	1.96B	1.81B	1.40B
EBITDA	2.05B	2.23B	1.75B	1.44B	818.86M	561.19M
Net Income	687.03M	757.08M	617.26M	568.00M	462.08M	319.57M
Balance Sheet
Total Assets	0	12.20B	11.97B	8.80B	7.09B	2.16B
Cash, Cash Equivalents and Short-Term Investments	28.93M	28.93M	507.86M	317.90M	1.05B	4.88M
Total Debt	0	4.04B	4.01B	3.72B	2.97B	874.62M
Total Liabilities	-6.49B	5.71B	6.24B	4.16B	3.34B	1.15B
Stockholders Equity	6.49B	6.47B	5.73B	4.64B	3.75B	1.01B
Cash Flow
Free Cash Flow	-178.27M	-208.59M	-272.18M	-2.26B	-3.23B	-7.69M
Operating Cash Flow	406.82M	1.35B	786.33M	49.55M	-1.01B	37.24M
Investing Cash Flow	-288.80M	-1.43B	-857.16M	-1.82B	-2.22B	-41.59M
Financing Cash Flow	-322.07M	-149.03M	313.17M	743.72M	4.26B	-2.10M

Hariom Pipe Industries Ltd. Technical Analysis

Technical Analysis SentimentNegative

Last Price311.75

Price Trends

50DMA340.92Negative

100DMA368.06Negative

200DMA360.44Negative

Market Momentum

MACD-9.52Positive

RSI39.21Neutral

STOCH51.41Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HARIOMPIPE, the sentiment is Negative. The current price of 311.75 is below the 20-day moving average (MA) of 324.43, below the 50-day MA of 340.92, and below the 200-day MA of 360.44, indicating a bearish trend. The MACD of -9.52 indicates Positive momentum. The RSI at 39.21 is Neutral, neither overbought nor oversold. The STOCH value of 51.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:HARIOMPIPE.

Hariom Pipe Industries Ltd. Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:HARIOMPIPE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:VENUSPIPES	78Outperform	INR 37.32B	35.91	―	0.08%	21.73%	13.47%
IN:MANINDS	70Outperform	INR 54.45B	26.52	―	―	10.75%	9.71%
IN:RATNAMANI	63Neutral	INR 162.60B	37.55	―	0.43%	-16.30%	-24.14%
IN:JINDALSAW	61Neutral	INR 146.03B	26.52	―	0.88%	-0.73%	-60.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:HITECH	53Neutral	INR 13.90B	18.35	―	0.04%	61.15%	-9.11%
IN:HARIOMPIPE	48Neutral	INR 9.65B	14.03	―	0.24%	10.87%	1.30%

* General Sector Average

Performance Comparison

IN:HARIOMPIPE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:HARIOMPIPE	Hariom Pipe Industries Ltd.	311.75	-134.37	-30.12%
IN:HITECH	Hi-Tech Pipes Ltd.	68.45	-43.10	-38.64%
IN:JINDALSAW	Jindal Saw Limited	228.35	59.46	35.20%
IN:MANINDS	Man Industries (India) Limited	725.95	332.25	84.39%
IN:RATNAMANI	Ratnamani Metals & Tubes Ltd.	2319.85	-110.09	-4.53%
IN:VENUSPIPES	Venus Pipes & Tubes Ltd.	1801.45	533.84	42.11%

Hariom Pipe Industries Ltd. Corporate Events

Hariom Pipe Schedules Virtual One-on-One Meet with Analysts and Investors

Oct 6, 2026

Hariom Pipe Industries Ltd. has scheduled a one-on-one virtual meeting with analysts and investors, organized by its investor relations firm, on October 7, 2026, with Choice Institutional Equities. The company emphasized that no unpublished price-sen...

Hariom Pipe Industries Clears All Resolutions at 19th AGM Held via E-Voting

Oct 1, 2026

Hariom Pipe Industries Ltd. informed stock exchanges that its 19th Annual General Meeting was held on September 30, 2026 via video conferencing and other audio-visual means, in compliance with SEBI listing regulations. The company submitted the AGM v...

Hariom Pipe Sets Record Date for FY26 Final Dividend

Sep 7, 2026

Hariom Pipe Industries Ltd. has announced that its board recommended a final dividend of Rs 0.75 per equity share, equivalent to 7.50% on a face value of Rs 10, for the financial year 2025-26. The payout is contingent on shareholder approval at the c...

Hariom Pipe Schedules 19th AGM via Virtual Platform, Publishes Regulatory Notices

Sep 3, 2026

Hariom Pipe Industries Ltd has announced that its 19th Annual General Meeting will be held on September 30, 2026, via video conferencing and other audio-visual means, in line with regulatory provisions for virtual shareholder meetings. The company ha...

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 11, 2026

Hariom Pipe Industries Ltd. AI Stock Analysis