Hariom Pipe Industries Ltd. (HARIOMPIPE) AI Stock Analysis

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Hariom Pipe Industries Ltd.

(NSE:HARIOMPIPE)

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Rating:59Neutral

Price Target:INR 393.00▲(8.91% Upside)

Action:reiterated

Date:11/06/26

The score is primarily held back by weak cash flow quality (volatile operating cash flow and consistently negative free cash flow) alongside margin compression, despite strong revenue growth and a serviceable balance sheet. Technicals are supportive with price above major moving averages, but momentum is mixed (negative MACD with elevated RSI/Stoch). Valuation is moderate on P/E, though the dividend yield is minimal.

Positive Factors

Strong Revenue GrowthSustained multi-year revenue growth indicates expanding demand for Hariom Pipe’s downstream steel products and continued scale-up across infrastructure, construction, engineering, and industrial markets. A growing revenue base can support better fixed-cost absorption and strengthen the company’s competitive position over the next several quarters.

Negative Factors

Persistently Negative Free Cash FlowConsistently negative free cash flow means reported growth is not yet translating reliably into surplus cash after investment and working-capital needs. This can increase reliance on external funding, reduce capital-allocation flexibility, and make the business more sensitive to tighter credit conditions or weaker operating performance.

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

Market Cap: INR 9.30B
Dividend Yield: 0.21%
Average Volume (3M): 12.71K
Price to Earnings (P/E): 13.4
Beta (1Y): 1.12
Revenue Growth: 23.89%
EPS Growth: 33.74%
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

Strong multi-year revenue growth and a broadly manageable balance sheet are positives, but profitability has weakened (notable gross margin compression) and cash generation is the key concern: operating cash flow has been volatile and free cash flow has been consistently negative, increasing funding sensitivity.

Income Statement

62Positive

Balance Sheet

68Positive

Cash Flow

34Negative

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 SentimentPositive

Last Price360.85

Price Trends

50DMA341.28Positive

100DMA363.81Negative

200DMA358.16Positive

Market Momentum

MACD4.99Negative

RSI60.50Neutral

STOCH62.57Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:HARIOMPIPE, the sentiment is Positive. The current price of 360.85 is above the 20-day moving average (MA) of 330.14, above the 50-day MA of 341.28, and above the 200-day MA of 358.16, indicating a bullish trend. The MACD of 4.99 indicates Negative momentum. The RSI at 60.50 is Neutral, neither overbought nor oversold. The STOCH value of 62.57 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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:RATNAMANI	75Outperform	INR 169.66B	40.50	―	0.40%	-16.84%	-34.34%
IN:MANINDS	70Outperform	INR 59.66B	30.73	―	―	10.75%	9.71%
IN:VENUSPIPES	60Neutral	INR 36.59B	36.78	―	0.08%	21.10%	10.63%
IN:HARIOMPIPE	59Neutral	INR 11.07B	13.36	―	0.21%	23.89%	33.74%
IN:JINDALSAW	58Neutral	INR 161.19B	28.88	―	0.81%	-0.73%	-60.06%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:HITECH	53Neutral	INR 15.39B	18.90	―	0.03%	61.15%	-9.11%

* 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.	360.85	-10.38	-2.80%
IN:HITECH	Hi-Tech Pipes Ltd.	76.78	-29.52	-27.77%
IN:JINDALSAW	Jindal Saw Limited	248.20	78.56	46.31%
IN:MANINDS	Man Industries (India) Limited	840.70	456.95	119.07%
IN:RATNAMANI	Ratnamani Metals & Tubes Ltd.	2501.40	43.28	1.76%
IN:VENUSPIPES	Venus Pipes & Tubes Ltd.	1842.15	562.85	44.00%

Hariom Pipe Industries Ltd. Corporate Events

Hariom Pipe Industries Releases Q2 and H1FY27 Investor Presentation

Nov 5, 2026

Hariom Pipe Industries Limited is a pipe-focused industrial company, though the release provides no further detail on its products or market focus. The company submitted an investor presentation covering unaudited financial results for the quarter an...

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: Nov 06, 2026

Hariom Pipe Industries Ltd. AI Stock Analysis