Hariom GP pipes and coils take 68% of H1FY27 revenue mix

Hariom Pipe Industries Limited said its GP Pipe, GP Coil & Others category generated Rs 669.34 crore, or 68% of Rs 983.42 crore H1FY27 revenue, compared with a 52% share in FY24. The category sold 87,090 metric tonnes (MT), while its revenue share had reached 69% in FY26.

How has Hariom’s revenue mix changed?

Hariom’s GP Pipe, GP Coil & Others category gained 16 percentage points of revenue share between FY24 and H1FY27, rising from 52% to 68%. Category revenue increased from Rs 609.89 crore on 92,543 MT in FY24 to Rs 1,159.93 crore on 1,83,794 MT in FY26, before reaching Rs 669.34 crore on 87,090 MT in H1FY27.

The category’s H1FY27 share was 1 percentage point below its 69% share in FY26, but remained above the 59% recorded in FY25. Total revenue rose from Rs 1,153.19 crore in FY24 to Rs 1,666.95 crore in FY26, while total sales volume increased from 1,99,015 MT to 2,88,517 MT over the same period.

MS Tubes remained the second-largest reported category, but its contribution reduced as GP Pipe, GP Coil & Others grew. MS Tubes accounted for 37% of revenue in FY24 and FY25, 28% in FY26 and 29% in H1FY27, when it generated Rs 289.16 crore from 53,743 MT.

What products are behind Hariom’s GP category?

Hariom’s GP Pipe, GP Coil & Others category includes galvanised plain (GP) pipes, GP coils and related products. GP coils are zinc-coated steel coils used to make GP pipes, and the presentation lists roofing systems for pre-engineered buildings, packing strips, rolling shutters and fan-industry applications for GP coils.

Hariom distinguishes GP pipes from galvanised iron (GI) pipes through the manufacturing route. GP pipes are made using GP coils, while GI pipes are made from black steel pipes that are then hot-dip galvanised; the presentation identifies fabrication, construction and industrial sheds as GP-pipe applications and water transportation and irrigation as GI-pipe applications.

The wider portfolio includes hot rolled pickled and oiled coils, cold rolled closed annealed coils, cold rolled full-hard coils and cold rolled pipes. Hariom says its tandem mill can make pipes as thin as 0.4 millimetres, and its process can produce pipes below 2.0 mm thickness by reducing coil thickness by up to 60%.

The listed applications extend across housing, automotive, light engineering and infrastructure. Hariom identifies cold-rolled and GP pipes and coils below 2.0 mm for roofing, appliances, two-wheeler chassis and auto bodies, while it identifies MS pipes and GP coils between 2.0 mm and 4.0 mm for scaffolding, roofing sheets and pre-engineered buildings.

What capacity supports Hariom’s galvanised product range?

Hariom reported 3,00,000 metric tonnes per annum (MTPA) of galvanised pipes and coils capacity in FY24, FY25 and FY26. This comprised 1,20,000 MTPA at Mahabubnagar in Telangana and 1,80,000 MTPA at Perundurai in Tamil Nadu, where the company acquired operating GP and GI assets in 2023.

Total plant capacity increased to 7,85,232 MTPA in FY26 from 7,01,232 MTPA in FY24, an increase of 84,000 MTPA. The disclosed increase came from MS Tubes capacity at Mahabubnagar, which rose to 2,16,000 MTPA in FY26 from 1,32,000 MTPA in FY24 and FY25; galvanised pipes and coils capacity was unchanged.

Hariom also describes a backward-integrated manufacturing chain with 2,64,232 MT of raw-material capacity and 5,21,000 MT of finished-goods capacity. Its Ananthapur facility has capacity of 36,000 MTPA for sponge iron, 1,04,232 MTPA for mild-steel billets and 1,24,000 MTPA for hot-rolled strips, which the presentation says are internally consumed in finished products.

How does Hariom reach customers for its pipe and coil range?

Hariom reported that about 80% of sales moved through its dealer network and about 20% through direct business-to-business (B2B) sales in H1FY27. It reported more than 900 dealers and B2B clients, while noting that state-level dealer and client coverage figures are based on FY2025-26.

Telangana had the largest disclosed network with 259 dealers and B2B clients, followed by Karnataka with 200, Andhra Pradesh with 156, Tamil Nadu with 150, Kerala with 102 and Maharashtra with 44. Hariom separately reported 55 dealers and B2B clients in other states, supporting its stated presence in southern and western India.

Hariom says it sells directly through dealers rather than through distributors and engages fabricators through personal visits, informal group meetings and periodic dealer meetings. Its listed end uses include greenhouse structures, solar structures, fencing, electrical conduits, shelving, vehicle bodies, engineered structures and construction scaffolding.

The company’s five listed facilities are in Telangana, Andhra Pradesh and Tamil Nadu, across about 115 acres of land. Hariom says about 65 acres are available for future expansion and growth, while its manufacturing facilities include raw-material, tube, scaffolding and galvanised-product operations.

Conclusion

Hariom’s reported product mix has shifted toward GP Pipe, GP Coil & Others, whose revenue share moved from 52% in FY24 to 68% in H1FY27. The category generated Rs 669.34 crore in H1FY27, compared with Rs 289.16 crore for MS Tubes, whose share declined from 37% in FY24 to 29%.

What to watch next is whether Hariom uses the approximately 65 acres identified for future expansion and growth, and whether the GP Pipe, GP Coil & Others category sustains its H1FY27 68% share after recording 69% in FY26. The presentation also shows unchanged galvanised pipes and coils capacity of 3,00,000 MTPA through FY26, despite total capacity rising to 7,85,232 MTPA.