HITECH

Hi-Tech Pipes Limited

ERW steel pipes and steel processing for infrastructure and construction sectors

Industrials›Capital Goods›Industrial Products›Iron & Steel Products

hitechpipes.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹70.70
Market cap
1,431 Cr
Stock P/E
19.0
P/B
1.08
Dividend yield
0.0%
ROE (FY26)
5.7%
ROCE (FY26)
9.3%
Operating margin (FY26)
3.5%
Debt / equity (FY26)
0.20
OCF / EBITDA (FY26)
1.9%
OCF / EBITDA (3Y)
-4.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Hi-Tech Pipes makes steel tubes and pipes, including galvanised ERW tubes, hollow sections and solar torque tubes, for infrastructure, construction, water and oil-and-gas transport, engineering and solar customers, mainly in India and increasingly for export.

Company snapshot

34thBy market cap

Ranked among 64 companies in Iron & Steel Products.

What we see

Positives
  • ✓Debt-to-equity of 0.20x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Net margin is very thin at 1.8% — little room for error if costs rise.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales746 Cr630 Cr681 Cr867 Cr706 Cr761 Cr734 Cr791 Cr859 Cr1,070 Cr1,480 Cr1,413 Cr
Operating expenses (approx.)719 Cr599 Cr646 Cr824 Cr664 Cr721 Cr699 Cr750 Cr814 Cr1,028 Cr1,434 Cr1,363 Cr
EBITDA27 Cr32 Cr35 Cr43 Cr42 Cr40 Cr35 Cr41 Cr44 Cr42 Cr46 Cr49 Cr
OPM %3.6%5.0%5.2%4.9%6.0%5.3%4.8%5.2%5.2%3.9%3.1%3.5%
Other income0.73 Cr0.44 Cr-0.27 Cr0.53 Cr0.97 Cr0.38 Cr0.01 Cr0.93 Cr1 Cr0.25 Cr0.25 Cr0.56 Cr
Interest10 Cr9 Cr14 Cr14 Cr14 Cr9 Cr7 Cr8 Cr12 Cr12 Cr16 Cr16 Cr
Depreciation3 Cr4 Cr6 Cr5 Cr5 Cr6 Cr4 Cr6 Cr7 Cr7 Cr8 Cr8 Cr
Profit before tax14 Cr19 Cr15 Cr24 Cr24 Cr26 Cr24 Cr28 Cr27 Cr23 Cr23 Cr26 Cr
Tax %25.0%24.6%25.2%24.8%25.5%25.2%26.8%25.2%25.2%25.1%24.2%24.3%
Net profit11 Cr14 Cr11 Cr18 Cr18 Cr19 Cr18 Cr21 Cr20 Cr17 Cr18 Cr20 Cr
EPS (₹)₹0.81₹1.09₹0.84₹1.16₹1.10₹1.08₹0.95₹1.04₹1.01₹0.84₹0.89₹0.99

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,040 Cr1,360 Cr1,210 Cr1,341 Cr1,879 Cr2,386 Cr2,699 Cr3,068 Cr4,200 CrSign in free for the trailing twelve months
Operating expenses (approx.)980 Cr1,286 Cr1,150 Cr1,270 Cr1,778 Cr2,283 Cr2,584 Cr2,908 Cr4,027 CrSign in free for the trailing twelve months
EBITDA60 Cr75 Cr59 Cr71 Cr101 Cr103 Cr115 Cr160 Cr174 CrSign in free for the trailing twelve months
OPM %5.8%5.5%4.9%5.3%5.3%4.3%4.3%5.2%4.1%Sign in free for the trailing twelve months
Other income1 Cr1 Cr1 Cr0.80 Cr0.94 Cr2 Cr1 Cr2 Cr3 CrSign in free for the trailing twelve months
Interest27 Cr30 Cr30 Cr32 Cr36 Cr35 Cr42 Cr43 Cr48 CrSign in free for the trailing twelve months
Depreciation4 Cr5 Cr7 Cr8 Cr10 Cr14 Cr15 Cr21 Cr27 CrSign in free for the trailing twelve months
Profit before tax30 Cr41 Cr24 Cr31 Cr55 Cr50 Cr59 Cr98 Cr101 CrSign in free for the trailing twelve months
Tax %30.0%33.3%14.6%26.4%27.1%24.5%25.1%25.6%24.9%Sign in free for the trailing twelve months
Net profit21 Cr27 Cr20 Cr23 Cr40 Cr38 Cr44 Cr73 Cr76 CrSign in free for the trailing twelve months
EPS (₹)₹20.39₹25.79₹18.85₹20.85₹33.77₹3.06₹3.30₹3.98₹3.77Sign in free for the trailing twelve months
Dividend payout %———1.2%0.0%1.6%0.7%0.5%0.6%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital—11 Cr11 Cr11 Cr12 Cr13 Cr15 Cr20 Cr20 Cr
Reserves—136 Cr163 Cr194 Cr246 Cr405 Cr561 Cr1,237 Cr1,313 Cr
Borrowings—258 Cr295 Cr295 Cr364 Cr235 Cr366 Cr179 Cr268 Cr
Other liabilities—100 Cr99 Cr99 Cr146 Cr262 Cr237 Cr319 Cr423 Cr
Total liabilities—505 Cr568 Cr599 Cr769 Cr916 Cr1,179 Cr1,756 Cr2,024 Cr
Fixed assets (net)—169 Cr173 Cr202 Cr239 Cr287 Cr354 Cr392 Cr616 Cr
CWIP—4 Cr29 Cr30 Cr29 Cr36 Cr62 Cr194 Cr103 Cr
Investments—0.0003 Cr0.0003 Cr0.0003 Cr0.0003 Cr2 Cr3 Cr4 Cr5 Cr
Inventories—151 Cr179 Cr188 Cr259 Cr307 Cr347 Cr384 Cr566 Cr
Trade receivables—137 Cr137 Cr121 Cr167 Cr186 Cr280 Cr303 Cr449 Cr
Cash & bank—0.84 Cr0.72 Cr0.63 Cr0.90 Cr2 Cr2 Cr36 Cr22 Cr
Other assets—43 Cr49 Cr57 Cr74 Cr97 Cr130 Cr443 Cr264 Cr
Total assets—505 Cr568 Cr599 Cr769 Cr916 Cr1,179 Cr1,756 Cr2,024 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity—49 Cr25 Cr64 Cr-1 Cr134 Cr-95 Cr70 Cr3 Cr
Cash from investing—-40 Cr-39 Cr-40 Cr-46 Cr-101 Cr-119 Cr-390 Cr-41 Cr
Cash from financing—-9 Cr14 Cr-25 Cr47 Cr-32 Cr214 Cr354 Cr23 Cr
Net cash flow—-0.07 Cr-0.11 Cr-0.09 Cr0.27 Cr0.99 Cr0.44 Cr33 Cr-14 Cr
Free cash flow (OCF − Capex)—16 Cr-11 Cr26 Cr-1 Cr64 Cr-204 Cr-120 Cr-167 Cr

Ratios

MetricMar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %—17.5%11.5%12.6%14.7%13.0%10.7%9.8%9.3%
ROE %—18.6%11.7%11.1%15.6%9.0%7.6%5.8%5.7%
Debtor days—3741333228383639
Inventory days—4659575453565466
Days payable—1819151730253543
Cash conversion cycle—6582757051695562
OCF / EBITDA %—65.5%42.1%90.6%-1.1%129.6%-82.9%43.6%1.9%
OCF / EBITDA % (3 years)———67.4%38.2%71.7%11.8%28.7%-4.9%
Debt / equity—1.761.701.441.410.560.630.140.20
Current ratio—1.201.231.371.431.461.542.382.17
Net debt / EBITDA0.003.44——3.622.263.160.901.42