Hariom Pipe subsidiary commissions 5 MW solar plant in Maharashtra

Hariom Pipe Industries Limited said its subsidiary commissioned a 5 MW alternating-current (AC) solar power plant in Maharashtra during the quarter ended September 30, 2026. The completed asset was disclosed in results approved on November 4, 2026, while the power subsidiary reported quarterly revenue of Rs 34.98 lakh and a net loss of Rs 58.71 lakh.

What did Hariom Pipe commission in Maharashtra?

Hariom Pipe commissioned a 5 MW AC solar power plant in Maharashtra through Hariom Power and Energy Private Limited during the quarter ended September 30, 2026. The company disclosed the commissioning in the notes to its consolidated unaudited financial results, approved by its board on November 4, 2026.

The disclosure confirms that the 5 MW AC asset entered operation rather than remaining a proposal. However, Hariom Pipe did not state the plant’s location within Maharashtra, capital cost, electricity-generation estimate, commissioning date within the quarter, grid connection, customer, or whether output will be used internally or sold externally.

Hariom Power and Energy is one of two subsidiaries included in Hariom Pipe’s consolidated results, alongside Metal Mart Private Limited. The statutory auditor issued an unmodified limited-review conclusion on the consolidated results for the quarter and half year ended September 30, 2026, but the filing does not provide a separate audit conclusion or operational metrics for the solar plant.

How did Hariom Power and Energy report its financial results?

Hariom Power and Energy reported revenue of Rs 34.98 lakh and a net loss after tax of Rs 58.71 lakh for the quarter ended September 30, 2026. For the half year from April 1, 2026 to September 30, 2026, its revenue remained Rs 34.98 lakh and its net loss after tax was Rs 65.11 lakh.

The subsidiary’s total assets stood at Rs 132.21 crore at September 30, 2026. Since half-year revenue was identical to quarterly revenue, the disclosed figures indicate no revenue was reported for the April-to-June 2026 quarter, although Hariom Pipe did not explain the timing or source of the revenue booked in the September quarter.

Hariom Pipe did not assign the subsidiary’s reported revenue, loss, assets or investment spending specifically to the Maharashtra plant. The group identifies manufacturing and selling or trading steel products as its sole reportable segment under Indian Accounting Standard 108, meaning no separate solar revenue, operating profit, capital expenditure or generation data was published.

How did Hariom Pipe’s consolidated performance change?

Hariom Pipe’s revenue from operations rose to Rs 554.60 crore in the quarter ended September 30, 2026, from Rs 335.87 crore in the quarter ended September 30, 2025. Consolidated net profit increased to Rs 25.28 crore from Rs 10.41 crore, while profit before tax rose to Rs 34.72 crore from Rs 14.29 crore.

The September-quarter results also improved against the immediately preceding June 2026 quarter, when revenue from operations was Rs 429.18 crore and net profit was Rs 16.60 crore. The filing says the parent company’s Perundurai unit in Tamil Nadu had been temporarily suspended during that June quarter under directions from the Tamil Nadu Pollution Control Board.

For the half year ended September 30, 2026, revenue from operations increased to Rs 983.78 crore from Rs 796.83 crore a year earlier, while net profit rose to Rs 41.88 crore from Rs 34.02 crore. Hariom Pipe does not quantify how much of either the quarterly or half-year movement came from the 5 MW AC solar asset or the power subsidiary.

What funding and operating context accompanied the solar commissioning?

Hariom Pipe reported total assets of Rs 1,444.25 crore at September 30, 2026, compared with Rs 1,143.45 crore a year earlier. Capital work-in-progress increased to Rs 86.14 crore from Rs 8.91 crore, while property, plant and equipment decreased to Rs 439.76 crore from Rs 448.52 crore; the filing does not link either movement directly to the Maharashtra plant.

Cash used in investing activities reached Rs 165.29 crore in the half year ended September 30, 2026, compared with Rs 28.88 crore in the previous-year period. This included Rs 59.65 crore for property, plant and equipment purchases including capital advances, and Rs 70.34 crore for increases in capital work-in-progress, without project-wise spending details.

Non-current borrowings rose to Rs 228.56 crore at September 30, 2026 from Rs 88.27 crore a year earlier, whereas current borrowings declined to Rs 295.44 crore from Rs 306.49 crore. Financing cash flow was Rs 130.60 crore in the half year, compared with an outflow of Rs 32.21 crore a year earlier, including Rs 101.67 crore of long-term borrowings raised.

Hariom Pipe also allotted 15 lakh convertible warrants on July 27, 2026 at Rs 343.03 per warrant, for aggregate consideration of Rs 51.45 crore if fully converted. It received Rs 12.86 crore, representing 25% of the consideration, and stated that the remaining 75% is payable on exercise of the conversion option by January 27, 2028.

What happened at Hariom Pipe’s Tamil Nadu manufacturing unit?

Hariom Pipe said operations at its Perundurai manufacturing unit in Erode district, Tamil Nadu, were temporarily suspended during the quarter ended June 30, 2026 following directions from the Tamil Nadu Pollution Control Board. The company said the suspension affected group revenue and profitability, but did not disclose the financial impact in rupees.

The earlier closure directions were suspended through proceedings dated July 13, 2026, and the company said power supply was restored so that operations could recommence on that date. The restart occurred before the quarter ended September 30, 2026, when revenue reached Rs 554.60 crore, although Hariom Pipe does not attribute the quarter-on-quarter increase to the resumed unit.

The filing does not connect the Tamil Nadu production interruption with the 5 MW AC Maharashtra solar commissioning. It also contains no future solar capacity target, commissioning pipeline, expected generation guidance, power-purchase arrangement or timetable for further energy-project disclosures.

Conclusion

Hariom Pipe’s disclosed development is the commissioning of a 5 MW AC solar power plant in Maharashtra by Hariom Power and Energy during the September 2026 quarter. The subsidiary reported Rs 34.98 lakh of quarterly revenue and a Rs 58.71 lakh loss, while the consolidated group recorded higher revenue and profit, but the filing does not isolate the plant’s financial contribution.

The stated event to watch is the January 27, 2028 deadline for holders to exercise the July 2026 warrants and pay the remaining 75% of their consideration. Future results may also show whether Hariom Pipe provides solar-specific revenue, generation, investment or profitability data, because its current reporting continues to classify steel products as the sole reportable segment.