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Hariom Pipe Industries Limited (HARIOMPIPE)

₹334.35 +1.12% last close, 16 Oct

📊 NSE: HARIOMPIPE 🏢 Steel - Medium / Small 📢 Latest filing: 14 Oct 2026 📝 Analysis written: 13 Dec 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Hariom Pipe's revenue was ₹429 Cr (-6.9% year on year, -15.3% on the previous quarter), and net profit ₹16.6 Cr (-29.7% year on year); the operating margin was 11.6%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹429	-6.9%	-15.3%
Operating profit	₹49.9	-13.3%	-22.0%
Net profit	₹16.6	-29.7%	-44.7%
EPS (₹)	5.36	-29.7%	-44.9%
Operating margin	11.6%	—	—

Full quarterly financials → Results calendar →

HARIOMPIPE delivery percentage

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 42.64% of the HARIOMPIPE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 49.9%. That is close to its usual level. Volume was 0.4 times its average, well below normal.

42.64%Delivery, 16 Oct

49.9%Own 20-session average

0.4×Volume vs its average

₹334.35NSE close · +1.12%

Delivery in the last 5 sessions: 43.8% · 41.0% · 54.5% · 54.9% · 42.6%

Delivery across the market →

A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed

📢 Recent Corporate Announcements

Hariom Pipe Commissions 10 MW Solar Plants; Total Solar Capacity Reaches 15 MW

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 14 Oct 2026, 08:09 PM

Hariom Pipe Industries Limited announced that its subsidiary, Hariom Power and Energy Private Limited, has commissioned two solar power plants of 5 MW (AC) each in Hingoli, Maharashtra, under the MSKVY 2.0 Scheme. This additions brings the group's total commissioned solar power generation capacity from 5 MW to 15 MW (AC). The projects inject power at the 33/11 kV substations in Jaipur and Pusegaon. While modest in scale compared to the core steel operations (TTM revenue ₹1,635 Cr), this expands the company's renewable footprint and aids power cost efficiencies.

Commissioned two 5 MW (AC) solar power plants, adding 10 MW (AC) cumulative capacity
Total commissioned group solar power capacity increased to 15 MW (AC)
Projects developed under Maharashtra's MSKVY 2.0 scheme in Sengaon, Hingoli
Power being injected into 33/11 kV substations at Jaipur and Pusegaon

💡 Track subsequent quarterly financial statements for the operational cost savings or revenue contribution generated from the commissioned solar plants.

Hariom Pipe AGM Approves All Resolutions Including Director Remuneration

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Oct 2026, 08:42 PM

Hariom Pipe Industries Limited announced the conclusion of its 19th Annual General Meeting held on September 30, 2026. The Scrutinizer's report confirmed that all proposed resolutions were passed with the requisite majority via remote e-voting and AGM e-voting. Notable passed items included approval of revised remuneration for Whole-time Director Mr. Ansh Golas (99.33% votes in favour) and remuneration for Non-Executive Director Mrs. Sunita Gupta (95.60% votes in favour). Notice was dispatched to 51,953 registered members as of the cut-off date September 23, 2026.

All resolutions passed with requisite majority at the 19th AGM held on September 30, 2026
Resolution to revise remuneration of WTD Mr. Ansh Golas passed with 99.33% votes in favour (32,85,484 shares)
Remuneration approval for Mrs. Sunita Gupta passed with 95.60% votes in favour (31,62,242 shares)
Notice of the 19th AGM was distributed electronically to 51,953 registered members

💡 Track subsequent quarterly financial results (Q2 FY27) to evaluate operational performance, margin trends, and execution against the company's 30% volume growth target.

Hariom Pipe Dispatches FY26 Annual Report Weblink Ahead of September 30 AGM

🟡 NEUTRAL ⭐ 1/10

ROUTINE 📅 07 Sep 2026, 08:44 PM

Hariom Pipe Industries has issued an intimation under Regulation 36(1)(b) of SEBI LODR regarding the dispatch of a web link letter to shareholders without registered email addresses as of August 28, 2026. The letter provides navigation paths to access the Annual Report for FY26 and the AGM Notice. The company's 19th Annual General Meeting is scheduled to be held virtually on September 30, 2026, at 12:30 PM IST. This is a purely procedural regulatory compliance notice with no financial or operational impact.

19th Annual General Meeting scheduled for September 30, 2026, at 12:30 p.m. IST via Video Conferencing
Weblink letters dispatched to shareholders without registered emails as of August 28, 2026
Compliance filing executed under Regulation 36(1)(b) of SEBI LODR Regulations, 2015

💡 Shareholders may review the Annual Report via the provided web links and participate or vote in the upcoming AGM on September 30, 2026.

Hariom Pipe Fixes Sep 23, 2026 Record Date for Rs 0.75 Final Dividend (7.5%)

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 07 Sep 2026, 08:24 PM

Hariom Pipe Industries Limited has fixed September 23, 2026, as the record date for its final dividend of Rs 0.75 per equity share (7.50% on face value of Rs 10) for FY 2025-26. The dividend was previously recommended by the Board on May 22, 2026, and is subject to shareholder approval at the 19th AGM on September 30, 2026. At the current share price of Rs 365.2, this payout represents a modest dividend yield of approximately 0.21%. Upon approval, payment will be completed within statutory timelines.

Final dividend recommended at Rs 0.75 per equity share (7.50% of face value)
Record date determined as Wednesday, September 23, 2026
19th Annual General Meeting scheduled for Wednesday, September 30, 2026
Face value of each equity share stands at Rs 10

💡 Investors seeking dividend eligibility must hold shares before the ex-dividend date preceding September 23, 2026. Track shareholder approval outcomes at the upcoming AGM on September 30, 2026.

Hariom Pipe Convenes 19th AGM on Sep 30, 2026; Proposes ₹0.75 Final Dividend

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 08:13 PM

Hariom Pipe Industries Limited has issued the notice for its 19th Annual General Meeting scheduled for September 30, 2026, via Video Conferencing. Key ordinary and special businesses include the adoption of FY26 financial statements and approval of a final dividend of ₹0.75 per equity share (7.5% of face value). Additionally, shareholders will vote on the re-appointment of Managing Director Rupesh Kumar Gupta for a 3-year term starting January 2027 at ₹3.20 crore per annum remuneration, alongside statutory and cost auditor appointments.

19th Annual General Meeting to be held on Wednesday, September 30, 2026, at 12:30 P.M. IST
Final dividend proposed at ₹0.75 per equity share of face value ₹10 (7.5% payout)
Proposed re-appointment of MD Rupesh Kumar Gupta for 3 years at ₹3.20 crore per annum (up from ₹2.10 crore last drawn)
Re-appointment of M/s. R Kabra & Co. LLP as Statutory Auditors for a second term of 5 years until FY31

💡 Track shareholder voting outcomes following the September 30, 2026 AGM, particularly regarding managerial remuneration and statutory auditor approvals.

Hariom Pipe Schedules 19th AGM for Sept 30, 2026; Sets Sept 23 Dividend Record Date

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 07 Sep 2026, 08:03 PM

Hariom Pipe Industries has announced that its 19th Annual General Meeting (AGM) will take place virtually on September 30, 2026, at 12:30 PM IST. The company has fixed Wednesday, September 23, 2026, as the record date for determining shareholders eligible for the final dividend of FY26, as well as the cut-off date for e-voting. Remote e-voting will run from September 27 to September 29, 2026. This is a procedural corporate governance filing.

19th Annual General Meeting scheduled for September 30, 2026, at 12:30 PM IST via VC/OAVM
Record Date and Cut-Off Date fixed as September 23, 2026
Remote e-voting window opens September 27, 2026 (9:00 AM) and closes September 29, 2026 (5:00 PM)
Final dividend for FY26 subject to shareholder approval at the AGM

💡 Investors seeking dividend eligibility must hold shares before the September 23, 2026 record date; monitor the AGM outcome on September 30, 2026 for approval details and management commentary.

Hariom Pipe Re-appoints MD Rupesh Gupta for 3 Yrs, Appoints Shailesh Gupta as Joint MD

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Sep 2026, 03:00 PM

Hariom Pipe Industries has approved the re-appointment of Founder and Promoter Mr. Rupesh Kumar Gupta as Managing Director for a 3-year term starting January 8, 2027. Additionally, Co-Founder Mr. Shailesh Kumar Gupta has been appointed as Joint Managing Director for 3 years effective September 2, 2026. The Board also approved remuneration revisions for executive and non-executive directors, all subject to shareholder approval at the 19th AGM on September 30, 2026.

Re-appointment of Rupesh Kumar Gupta as MD for a 3-year term effective January 8, 2027
Appointment of Shailesh Kumar Gupta as Joint MD for a 3-year term effective September 2, 2026
Remuneration packages revised for Whole-time Director Ansh Golas and Non-Executive Director Sunita Gupta
19th Annual General Meeting scheduled for September 30, 2026 via video conferencing

💡 Track voting outcomes at the upcoming AGM on September 30, 2026, regarding executive director re-appointments and approved remuneration limits.

Hariom Pipe Reappoints MD Rupesh Gupta and Appoints Shailesh Gupta as Joint MD for 3 Years

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Sep 2026, 02:57 PM

Hariom Pipe Industries has approved key leadership appointments at its Board meeting on September 02, 2026. The Board approved the reappointment of Founder-Promoter Mr. Rupesh Kumar Gupta as Managing Director for a 3-year term effective January 08, 2027. Additionally, Co-Founder Mr. Shailesh Kumar Gupta has been appointed as Joint Managing Director for a 3-year term starting September 02, 2026. Both appointments, alongside director remuneration revisions, are subject to shareholder approval at the 19th AGM scheduled for September 30, 2026.

Reappointment of Mr. Rupesh Kumar Gupta as Managing Director for 3 consecutive years effective January 08, 2027
Appointment of Mr. Shailesh Kumar Gupta as Joint Managing Director for 3 consecutive years effective September 02, 2026
Approval of remuneration revisions for Whole-time Director Mr. Ansh Golas and Non-Executive Directors
19th Annual General Meeting scheduled to be held on September 30, 2026 via Video Conferencing

💡 Track voting outcomes and shareholder approvals for the leadership appointments and remuneration proposals at the AGM on September 30, 2026.

Hariom Pipe Approves 3-Year Reappointment of MD & Appoints Joint MD; AGM on Sep 30, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 02 Sep 2026, 02:49 PM

Hariom Pipe Industries has approved the reappointment of promoter Mr. Rupesh Kumar Gupta as Managing Director for a 3-year tenure effective January 8, 2027. The Board also appointed co-founder Mr. Shailesh Kumar Gupta as Joint Managing Director for a 3-year period starting September 2, 2026. Remuneration packages for executive and non-executive directors were revised subject to shareholder approval. The company will convene its 19th Annual General Meeting on September 30, 2026.

Reappointment of Mr. Rupesh Kumar Gupta as Managing Director for 3 consecutive years from January 8, 2027.
Appointment of Mr. Shailesh Kumar Gupta as Joint Managing Director for 3 consecutive years starting September 2, 2026.
Convening of the 19th Annual General Meeting on September 30, 2026 via Video Conferencing.
Approval of revised remuneration structure for Whole-time Director Mr. Ansh Golas and other directors.

💡 Track the voting results of the 19th AGM on September 30, 2026, regarding director appointments and remuneration resolutions.

Hariom Pipe Q1 FY27: EBITDA at ₹49.9 Cr; Realization Up 15.4% YoY to ₹68,034/MT

🟡 NEUTRAL ⭐ 5/10

EARNINGS 📅 14 Aug 2026, 05:31 PM

Hariom Pipe Industries released its Q1 FY27 investor presentation, reporting standalone revenue of ₹429.18 Cr and PAT of ₹17.36 Cr with sales volumes of 63,084 MT. Average selling price (ASP) improved 15.4% YoY to ₹68,034/MT, driving EBITDA/MT up 7.5% YoY to ₹7,914, supported by high-value products accounting for 97.5% of total revenue. Operations at the Perundurai facility recommenced post quarter-end, which is expected to support volume recovery. Additionally, the company commissioned a 5 MW AC solar plant in Maharashtra under its planned 60 MW AC renewable portfolio.

Q1 FY27 standalone revenue stood at ₹429.18 Cr with PAT of ₹17.36 Cr and net worth rising to ₹664 Cr
Average Selling Price rose 15.4% YoY to ₹68,034/MT, supported by a 97.5% revenue share from high-value products
EBITDA/MT grew 7.5% YoY to ₹7,914 with total EBITDA reaching ₹49.92 Cr
Commissioned first 5 MW AC / 6 MW DC solar project in Maharashtra, targeting 43 MW commissioned by October 2026
Raised ₹12.86 Cr upfront against a total ₹51.45 Cr preferential warrant issuance (~4.7% of market cap)

💡 Monitor volume recovery in upcoming quarters following the restart of Perundurai operations and track execution of the 43 MW solar capacity targeted by October 2026.

HARIOMPIPE Q1 PAT Falls 26% YoY to ₹17.36 Cr; Perundurai Unit Resumes Operations

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 07:18 PM

Hariom Pipe Industries reported a 6.9% YoY decline in Q1 FY27 revenue to ₹429.18 Cr, largely due to the temporary closure of its Perundurai unit following TNPCB directions. Net profit for the quarter dropped 26.5% YoY to ₹17.36 Cr, with margins impacted by a significant increase in 'Purchase of Stock in Trade' to ₹51.92 Cr. Operationally, the Perundurai unit resumed on July 13, 2026, and a 5 MW solar project was commissioned in July, which may support future quarters. The board also appointed M/s. Seshadri & Associates as Cost Auditors for FY 2026-27.

Revenue from operations decreased 6.9% YoY to ₹429.18 Cr from ₹460.96 Cr in Q1 FY26.
Net profit declined 26.5% YoY to ₹17.36 Cr compared to ₹23.61 Cr in the previous year's quarter.
Perundurai unit was closed from April 2, 2026, to July 13, 2026, impacting production for nearly the entire quarter.
Subsidiary Hariom Power and Energy commissioned a 5 MW AC Solar PV project on July 8, 2026.
Purchase of stock-in-trade surged to ₹51.92 Cr from ₹10.83 Cr YoY, indicating a shift in sourcing during plant downtime.

💡 Watch for a recovery in production volumes and margins in Q2 FY27 now that the Perundurai unit has resumed operations. Monitor the revenue contribution from the newly commissioned solar segment.

Q1 PAT drops 26.5% YoY to ₹17.36 Cr; Perundurai unit closure impacts performance

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 12 Aug 2026, 06:53 PM

Hariom Pipe Industries reported a weak Q1 FY27 with standalone revenue declining 6.9% YoY to ₹429.18 Cr and PAT falling 26.5% YoY to ₹17.36 Cr. The performance was severely impacted by the temporary closure of the Perundurai unit from April 2, 2026, to July 13, 2026, following TNPCB directions. Despite the operational headwind, the company's subsidiary commissioned a 5 MW AC solar project in July 2026. Finance costs remained elevated at ₹13.42 Cr, representing ~3.1% of quarterly revenue.

Revenue from operations fell 6.9% YoY to ₹429.18 Cr compared to ₹460.96 Cr in Q1 FY26
Net profit declined 26.5% YoY to ₹17.36 Cr from ₹23.61 Cr in the year-ago period
Perundurai unit was non-operational for nearly the entire quarter (April 2 to July 13, 2026)
Subsidiary Hariom Power and Energy commissioned a 5 MW AC solar project on July 8, 2026
Quarterly EPS dropped to ₹5.61 from ₹7.63 in the corresponding quarter of the previous year

💡 Investors should monitor the production ramp-up at the Perundurai unit in Q2 FY27 and the incremental revenue contribution from the newly commissioned solar project.

Chief Operations Officer Sanjay M. Bhansali Resigns Effective August 10, 2026

🟡 NEUTRAL ⭐ 5/10

MANAGEMENT 📅 11 Aug 2026, 12:05 PM

Hariom Pipe Industries Limited has informed the exchanges that Mr. Sanjay Madanlalji Bhansali, Chief Operations Officer (COO) and Senior Management Personnel (SMP), has resigned citing personal reasons. The resignation is effective from the close of business hours on August 10, 2026. The company did not announce an immediate successor in this filing.

Sanjay Madanlalji Bhansali resigned from the position of Chief Operations Officer (COO) / Senior Management Personnel
Cessation is effective from the close of business hours on August 10, 2026
Resignation cited personal reasons with no reported disputes or material concerns

💡 Track upcoming regulatory disclosures regarding succession planning and the appointment of a new Chief Operations Officer to oversee ongoing manufacturing operations.

Resignation of COO Sanjay Madanlalji Bhansali Effective August 10, 2026

🟡 NEUTRAL ⭐ 7/10

MANAGEMENT 📅 11 Aug 2026, 11:59 AM

Mr. Sanjay Madanlalji Bhansali has resigned from his position as Chief Operations Officer (COO) of Hariom Pipe Industries, effective August 10, 2026, citing personal reasons. This transition occurs while the company is executing an ambitious 30% CAGR volume growth strategy and integrating its recent lease of Ultra Pipes. With TTM revenue of ₹1,667 Cr and a market capitalization of ₹1,208 Cr, the COO role is vital for maintaining the company's 12.6% operating margins. Investors should observe how the company fills this vacancy to ensure operational continuity in its integrated steel and solar segments.

Resignation of Chief Operations Officer (COO) effective from the close of business hours on August 10, 2026.
Company is pursuing a 30% CAGR in volume growth from FY26 to FY27.
Latest TTM revenue reported at ₹1,667 Cr with a TTM PAT of ₹76 Cr.
Production volume in FY25 grew by 23.3% YoY to reach 2,45,467 MT.

💡 Watch for the appointment of a new COO and any updates on production efficiency in the next quarterly earnings call.

5 MW Solar Project Commissioned; Commercial Operations Commenced in Maharashtra

🟢 POSITIVE ⭐ 5/10

EXPANSION 📅 30 Jul 2026, 07:13 PM

Hariom Pipe Industries' subsidiary, Hariom Power and Energy Pvt Ltd, has received the official Project Commissioning Certificate for its 5 MW AC (6 MW DC) Solar PV project. The project, located in Hingoli, Maharashtra, was formally commissioned on July 08, 2026, and is now successfully connected to the MSEDCL grid. This milestone marks the start of commercial operations, aligning with the company's strategy to integrate solar power into its operations and expand its presence in solar supporting structures.

5 MW AC (6 MW DC) Solar PV Power Project successfully commissioned and grid-connected.
Official Commercial Operation Date (COD) recorded as July 08, 2026.
Project Commissioning Certificate issued by the Superintending Engineer (O&M), MSEDCL.
Project is located at Rupur Tanda, Hingoli District, Maharashtra, under a dedicated subsidiary.

💡 Monitor the impact of captive power generation on operating profit margins (currently 12.6%) in the upcoming quarters and track the revenue growth in the solar supporting structures segment.

View All HARIOMPIPE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Total Income grew 17% YoY to INR 1,359.94 Cr in FY25. H1 FY26 revenue reached INR 797 Cr, a 21% YoY increase, driven by strong demand momentum in the second half. Sales volume for H1 FY26 also grew 21% YoY to 1.38 lakh MT.

Geographic Revenue Split

The company has a strong presence in the Andhra Pradesh region, leveraging government supplies and an expanding dealer network. While specific percentage splits are not disclosed, this belt is identified as a key growth driver for infrastructure demand.

Profitability Margins

Gross margins are influenced by steel pricing volatility. In FY25, Revenue per MT fell 4.6% to INR 55,284, while Cost per MT fell 5.3% to INR 48,019. PAT margin decreased from 4.90% in FY24 to 4.54% in FY25 due to higher depreciation and finance costs.

EBITDA Margin

EBITDA margin improved to 12.93% in FY25 from 12.02% in FY24, a 91 bps increase. EBITDA per MT remained stable at INR 7,265 (up 0.5% YoY). The improvement was aided by reduced power and fuel costs and a higher share of value-added products.

Capital Expenditure

FY25 Capex was directed toward maintenance, modernization, and de-bottlenecking. Future Capex is expected to be relatively lower, focusing on maintenance and a phased solar plant to reduce long-term power costs.

Credit Rating & Borrowing

The company maintains a 'Stable' outlook. Finance costs increased 37.9% YoY to INR 44.91 Cr in FY25, reflecting higher borrowing to support working capital and capacity ramp-ups.

⚙️ Operational Drivers

Raw Materials

Hot Rolled Coils (HRC) and HRPO coils are the primary raw materials. Steel pricing volatility is a major factor, as raw material costs represent the bulk of the INR 48,019 cost per MT.

Import Sources

Not disclosed in available documents; however, the company maintains established relationships with domestic suppliers.

Capacity Expansion

Production volume reached 2,45,467 MT in FY25, up 23.3% YoY. The company aims for a 30% CAGR in volume growth from FY26 to FY27 through targeted capacity expansions and de-bottlenecking.

Raw Material Costs

Raw material costs are highly sensitive to steel price volatility. In FY25, the cost per MT was INR 48,019, which decreased from INR 50,719 in FY24, helping to sustain EBITDA margins despite lower realizations.

Manufacturing Efficiency

Capacity utilization is improving, with production volume growing 23.3% YoY. Integrated operations from HRC to finished pipes provide a competitive edge in quality and cost.

Logistics & Distribution

The company maintains an expansive distribution network reaching both rural and urban areas. Logistics costs are expected to stay within a predictable range as volumes improve.

📈 Strategic Growth

Expected Growth Rate

30%

Growth Strategy

The 30% CAGR will be achieved by expanding the dealer network, increasing penetration in the OEM and B2B segments, and focusing on value-added products like the thin steel segment. The company is also entering the solar segment by providing mounting structures and accessories.

Products & Services

Steel pipes, tubes, GP pipes, HRPO coils, and solar panel mounting structures/accessories.

Brand Portfolio

Hariom Pipes.

New Products/Services

New segment focused on solar supporting structures and accessories, which contributed to a jump in 'purchase of stock in trade' in recent financials.

Market Expansion

Targeting the Andhra Pradesh belt for infrastructure growth and establishing new dealers to increase market reach.

Strategic Alliances

The company uses MOUs and long-term strategies with 'good companies' to ensure consistent consumption of Hariom products and maintain quality standards.

🌍 External Factors

Industry Trends

The industry is seeing robust infrastructure demand. Hariom is positioning itself by shifting from generic pipes to value-added thin steel segments and solar infrastructure, aiming for a 30% volume CAGR.

Competitive Landscape

The company faces competition in generic pipe markets and is strategically moving toward B2B and OEM segments to differentiate its product profile.

Competitive Moat

The moat is built on an integrated business model (cost leadership) and a specialized focus on the thin steel segment. This is sustainable due to the technical requirements and established dealer network in South India.

Macro Economic Sensitivity

Highly sensitive to infrastructure demand and government policy shifts. GDP growth and steel price cycles directly impact volume and realization trajectories.

Consumer Behavior

Increased demand for quality-certified products and specialized steel for solar and infrastructure projects is driving the shift toward value-added sales.

Geopolitical Risks

Macroeconomic headwinds in input costs and steel pricing volatility are the primary external risks identified.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to the Companies Act 2013 and SEBI Listing Regulations. The company maintains internal financial controls to ensure compliance with all applicable manufacturing and environmental standards.

Environmental Compliance

The company manages environmental risks through compliance with applicable laws and internal monitoring, though specific ESG costs are not disclosed.

Taxation Policy Impact

The effective tax rate for FY25 was approximately 25.7% (INR 21.38 Cr tax on INR 83.10 Cr PBT).

Legal Contingencies

The company reported no complaints under its vigil mechanism during the review period. Specific values for pending court cases were not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Steel price volatility and working capital intensity are the primary uncertainties, with the potential to impact PAT margins (which fell 36 bps in FY25).