Hariom Pipe September profit rises 174% as revenue gains 65%

Hariom Pipe Industries Limited reported standalone net profit of Rs 28.52 crore for the quarter ended September 30, 2026, up 174% year on year, as revenue from operations rose 65% to Rs 554.24 crore. The results followed the July 13, 2026 restart of its Tamil Nadu manufacturing unit after a temporary suspension.

How did Hariom Pipe perform in the September 2026 quarter?

Hariom Pipe’s standalone net profit rose to Rs 28.52 crore in the quarter ended September 30, 2026, from Rs 17.36 crore in the June 2026 quarter and Rs 10.42 crore in the September 2025 quarter. The result was 64% higher sequentially and 174% above the prior-year quarter, or about 2.7 times the September 2025 profit.

Revenue from operations reached Rs 554.24 crore, compared with Rs 429.18 crore in the June 2026 quarter and Rs 335.87 crore a year earlier. Total income, including Rs 3.43 crore of other income, was Rs 557.67 crore, versus Rs 431.23 crore in June 2026 and Rs 336.77 crore in September 2025.

Profit before tax increased to Rs 37.95 crore from Rs 23.17 crore in the preceding quarter and Rs 14.29 crore a year earlier. Total tax expense was Rs 9.42 crore, comprising Rs 9.77 crore of current tax and a Rs 0.35 crore deferred-tax credit. Basic earnings per share were Rs 9.21, compared with Rs 5.61 in June 2026 and Rs 3.36 in September 2025; Hariom Pipe said quarterly earnings per share were not annualised.

Why did Hariom Pipe’s quarterly result improve?

Hariom Pipe said operations at its Perundurai, Erode District manufacturing unit restarted on July 13, 2026, after the Tamil Nadu Pollution Control Board suspended its earlier closure directions and restored power supply. The unit had been temporarily suspended under directions issued in April 2026, affecting revenue and profitability in the quarter ended June 30, 2026.

The September quarter therefore included production after July 13, whereas the preceding June quarter was affected by the suspension. The filing does not quantify the unit’s production, revenue or profit contribution, nor does it attribute a stated share of the Rs 125.06 crore sequential increase in revenue to the restart.

Costs rose alongside sales, with material consumed increasing to Rs 453.64 crore from Rs 253.36 crore in June 2026 and Rs 259.71 crore a year earlier. Power and fuel expense rose to Rs 25.43 crore from Rs 18.41 crore sequentially, while finance costs increased to Rs 16.99 crore from Rs 13.42 crore.

An inventory movement partly offset those cost increases. Hariom Pipe recorded a Rs 47.42 crore reduction in inventories of finished goods, stock-in-trade and work-in-progress, compared with a Rs 34.41 crore increase in the June quarter. Total expenses consequently rose by Rs 111.66 crore sequentially, below the Rs 126.44 crore increase in total income, and profit before tax increased by Rs 14.77 crore.

What do Hariom Pipe’s half-year results show?

Hariom Pipe reported standalone revenue from operations of Rs 983.42 crore for the half year ended September 30, 2026, compared with Rs 796.83 crore in the corresponding 2025 period. Net profit increased to Rs 45.89 crore from Rs 34.03 crore, while profit before tax rose to Rs 61.12 crore from Rs 46.50 crore.

The six-month comparison combines the closure-affected June 2026 quarter with the September-quarter recovery after the July 13 restart. Revenue was Rs 186.59 crore higher year on year, while net profit was Rs 11.86 crore higher. Total income was Rs 988.90 crore, including Rs 5.48 crore of other income, against Rs 799.12 crore in the prior-year half year.

Hariom Pipe identified manufacturing and selling steel products as its sole business segment under Indian Accounting Standard 108, or Ind AS 108, on operating segments. Management and the chief operating decision maker use that business for performance evaluation and resource allocation, so the company did not provide separate segment revenue or profit data.

What changed in Hariom Pipe’s funding and financial position?

Hariom Pipe’s standalone total assets were Rs 1,376.56 crore on September 30, 2026, compared with Rs 1,143.46 crore on September 30, 2025, while total equity increased to Rs 705.41 crore from Rs 604.81 crore. Inventories rose to Rs 473.41 crore from Rs 413.12 crore and trade receivables increased to Rs 213.14 crore from Rs 159.77 crore.

Non-current borrowings were Rs 143.00 crore at September 30, 2026, against Rs 88.29 crore a year earlier, while current borrowings declined to Rs 295.44 crore from Rs 306.49 crore. Cash and cash equivalents were Rs 23.01 lakh, down from Rs 5.54 crore, although bank balances other than cash equivalents stood at Rs 21.60 crore compared with nil in the prior-year comparison.

For the half year ended September 30, 2026, operating cash flow was Rs 33.11 crore, down from Rs 40.57 crore a year earlier. The company reported Rs 68.83 crore used in inventory expansion and Rs 16.23 crore used in trade and other receivables, partly offset by Rs 16.12 crore from higher trade payables and other liabilities.

Hariom Pipe allotted 15 lakh convertible warrants on July 27, 2026 at Rs 343.03 each, representing potential consideration of Rs 51.45 crore if fully converted. It received Rs 12.86 crore, or 25%, on allotment, while the balance is payable upon conversion on or before January 27, 2028. During the September quarter, its subsidiary Hariom Power and Energy Private Limited also commissioned a 5 megawatt alternating-current solar power plant in Maharashtra; the filing does not quantify its cost or financial contribution.

Conclusion

Hariom Pipe’s September-quarter standalone results show higher revenue and profit than both the closure-affected June 2026 quarter and the September 2025 quarter. Revenue rose to Rs 554.24 crore and net profit reached Rs 28.52 crore, while the July 13 restart of the Tamil Nadu unit marked the key operational change disclosed between the two recent quarters.

The next disclosed milestones are the balance payment and possible conversion of the 15 lakh warrants by January 27, 2028, as well as the continuing operation of the Tamil Nadu unit after the earlier pollution-control closure directions were suspended. The filing also leaves unresolved the financial contribution of the 5 megawatt solar plant and the portion of September-quarter growth attributable to the resumed factory.