Hariom Pipe Industries Limited Q2 revenue rises 65% to Rs 554.24 crore

Hariom reported Q2 FY27 revenue from operations of Rs 554.24 crore, up 65.0% year on year, after Perundurai operations restarted in July and lifted sales volume 31.8% sequentially to 83,117 metric tonnes. EBITDA rose 58.4% to Rs 67.66 crore, while profit after tax excluding exceptional items increased 173.9% to Rs 28.52 crore.

How did Hariom perform in Q2 FY27?

Hariom’s Q2 FY27 revenue was Rs 554.24 crore, compared with Rs 335.90 crore in Q2FY26 and Rs 429.18 crore in Q1FY27. This represented growth of 65.0% year on year and 29.1% quarter on quarter. For H1FY27, revenue reached Rs 983.42 crore, up 23.4% from Rs 796.82 crore in H1FY26.

Earnings before interest, tax, depreciation and amortisation, or EBITDA, was Rs 67.66 crore in Q2FY27, up from Rs 42.69 crore a year earlier and Rs 49.92 crore in Q1FY27. Profit after tax, or PAT, excluding exceptional items was Rs 28.52 crore, versus Rs 10.41 crore in Q2FY26 and Rs 17.37 crore in Q1FY27. EBITDA excludes other income under the company’s presentation.

Reported earnings per share rose to Rs 9.21 in Q2FY27 from Rs 3.36 in Q2FY26 and Rs 5.61 in Q1FY27. Hariom reported H1FY27 EBITDA of Rs 117.58 crore, up 17.2% year on year, and H1FY27 PAT of Rs 45.89 crore, up 34.8%, showing that second-quarter growth accounted for a substantial part of the first-half increase.

How did the Perundurai restart affect Hariom sales volume?

The July restart of Perundurai operations helped Hariom raise Q2FY27 sales volume 31.8% quarter on quarter to 83,117 metric tonnes. H1FY27 volume was 1,46,201 metric tonnes, only 5.7% above the year-earlier half, indicating that the operating recovery was concentrated in the second quarter.

Hariom’s Q2FY27 average selling price was Rs 66,682 per metric tonne, while its H1FY27 average was Rs 67,265 per metric tonne. Management reported Q2 average-selling-price growth of 19.4% year on year and H1 growth of 16.8%, attributing first-half revenue growth to improved realisations, higher volume and the second-quarter recovery in operations.

Management said the restart provided a stronger operating base for H2FY27 and identified higher utilisation across manufacturing facilities as a priority. The presentation does not disclose Perundurai’s capacity, its utilisation rate or its specific contribution to the 83,117-metric-tonne Q2 sales volume.

Did Hariom’s margins and PAT improve in Q2 FY27?

Hariom’s EBITDA margin improved to 12.21% in Q2FY27 from 11.63% in Q1FY27, while PAT margin rose to 5.11% from 4.03%. The sequential EBITDA-margin increase was 58 basis points, and the PAT-margin increase was 109 basis points; one basis point is one-hundredth of a percentage point.

The year-on-year comparison differed by measure. Q2FY27 EBITDA margin of 12.21% was 51 basis points below the 12.72% recorded in Q2FY26, although EBITDA increased 58.4% in rupee terms. PAT margin increased 202 basis points from 3.09% in Q2FY26 to 5.11% in Q2FY27, alongside the 173.9% rise in PAT.

EBITDA per metric tonne was Rs 8,140 in Q2FY27, up 14.6% year on year and 2.9% sequentially. H1FY27 EBITDA per metric tonne was Rs 8,042, up 10.9% year on year. Management linked the improvement in profitability per tonne to value-added products and higher realisations.

What products, funding and renewable projects are relevant for Hariom?

High-value products contributed 97.3% of Hariom’s Q2FY27 sales volume and 98.4% of revenue. In H1FY27, the respective shares were 96.9% and 98.0%. The high-value-product category includes original equipment manufacturer products, mild-steel tubes and scaffolding, while the presentation identifies original equipment manufacturer products as galvanised pipes and coils.

Original equipment manufacturer product volume was 53,009 metric tonnes in Q2FY27 and 87,090 metric tonnes in H1FY27, while mild-steel-tube volume was 27,301 metric tonnes and 53,743 metric tonnes, respectively. H1 original-equipment-manufacturer realisation rose 23.0% year on year to Rs 76,857 per metric tonne, while mild-steel-tube realisation increased 7.8% to Rs 53,805 per metric tonne. Together, these two product groups generated 97.5% of H1 revenue.

Hariom reported net worth of Rs 705.41 crore as at 30 September 2026, up 16.6% year on year, and a working-capital cycle of 113 days versus 124 days a year earlier. It allotted 15 lakh warrants on 27 July 2026 at Rs 343.03 each, totalling Rs 51.45 crore, and received Rs 12.86 crore upfront; the balance is payable upon conversion within 18 months.

Hariom’s renewable-energy business had 15 megawatts of alternating-current capacity across three locations after two additional plants were announced in October 2026. Hariom Power and Energy Private Limited has a 60-megawatt alternating-current portfolio across 13 Maharashtra locations and a 25-year power-purchase agreement with Maharashtra State Electricity Distribution Company Limited at Rs 2.96 per unit.

Conclusion

Hariom’s Q2FY27 recovery combined a July operating restart with higher sales realisations: volume rose 31.8% sequentially, revenue increased 65.0% year on year to Rs 554.24 crore, and PAT rose 173.9% to Rs 28.52 crore. The quarter also produced a 58-basis-point sequential EBITDA-margin increase, while high-value products supplied 98.4% of revenue.

The next disclosed markers are manufacturing utilisation in H2FY27, warrant conversion within 18 months of the 27 July 2026 allotment, and renewable-project execution. Management is targeting 52 megawatts of alternating-current renewable capacity across 11 locations by January 2027, with a further 37 megawatts across eight locations under execution.