Hi-Tech Pipes Limited (HITECH)

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Hi-Tech Pipes Limited (HITECH) · mywealthgrid

About

Hi-Tech Pipes Limited manufactures iron and steel products (pipes) within the industrial products space. Market cap ₹1,588.65 Cr positions it as a mid-cap player. Sector growth depends on infrastructure spending cycles and demand from construction and automotive segments — verify exposure to end-markets.

Face value: ₹1

Market cap

₹1,451 Cr

P/E

19.3×

P/B

1.1×

Dividend yield

ROE

5.9%

ROCE

10.7%

Debt / equity

0.2

OPM

4.1%

EPS (TTM)

₹3.7

Book value

₹65.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins compressed between 3.13% and 5.16% across recent quarters, leaving little buffer if raw material costs spike; sector sensitivity to commodity prices should be verified

Return on equity of 5.88% indicates weak capital efficiency — company earning well below cost of capital for most investors

Revenue volatility across quarters (₹721 Cr to ₹1,480 Cr) and corresponding earnings swings suggest cyclical demand or order lumpiness; order backlog and visibility should be checked

Stock price declined 11% over 1 year despite maintained profitability (₹13.78–₹20.26 Cr quarterly net profit), signalling investor caution on growth or valuation

Generated analysis · source review pending

Growth drivers

Recent quarters have delivered revenue up to ₹1,480 Cr (Mar 2026); sustaining production at higher volumes could improve fixed-cost absorption

Operating margin reached 5.16% in Sep 2025 versus 3.13% low in Mar 2026; consistent delivery at the 5%+ level would materially improve profitability

D/E ratio of 0.2 indicates financial flexibility — verify if management plans capacity capex that could unlock higher throughput

ROE of 5.88% is depressed; improvement in working capital efficiency or asset turnover without margin pressure would lift returns — check current cash-conversion cycle

Generated analysis · source review pending

2,478 historical price candles were omitted because the exchange source has not been verified.

₹71.4-2.4%1Y

Quick read

rule-based

Pros

+Profit CAGR of 27.3% over the last 5 years
+Revenue CAGR of 25.7% over the last 5 years

Cons

−Low return on equity of 7.6% (3-yr avg)
−Thin operating margin of 4.1%
−Low dividend payout of 0.7% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

57/100

Business quality: 26
Growth: 68
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Welspun Corp LimitedWELCORPWELCORP	₹68,741 Cr	₹70,904 Cr	₹17,300 Cr	₹2,403 Cr	13.3%	₹2,309 Cr	9.7%	19.2%	19.4%	85
Apl Apollo Tubes LimitedAPLAPOLLOAPLAPOLLO	₹58,753 Cr	₹59,205 Cr	₹22,897 Cr	₹1,841 Cr	7.8%	₹1,229 Cr	5.2%	30.8%	25.3%	-12
Shyam Metalics And Energy LimitedSHYAMMETLSHYAMMETL	₹29,244 Cr	₹30,225 Cr	₹19,574 Cr	₹2,519 Cr	12.6%	₹860 Cr	5.7%	13.5%	9.7%	8
Ratnamani Metals & Tubes LimitedRATNAMANIRATNAMANI	₹18,362 Cr	₹18,666 Cr	₹4,314 Cr	₹732 Cr	16.9%	₹433 Cr	11.9%	17.8%	12.5%	210
Jindal Saw LimitedJINDALSAWJINDALSAW	₹17,286 Cr	₹21,976 Cr	₹18,263 Cr	₹1,941 Cr	12.4%	₹653 Cr	5.2%	11.4%	8.1%	159
Usha Martin LimitedUSHAMARTUSHAMART	₹14,982 Cr	₹15,128 Cr	₹3,837 Cr	₹768 Cr	19.1%	₹507 Cr	12.6%	20%	15.4%	190
Godawari Power And Ispat LimitedGPILGPIL	₹14,517 Cr	₹14,943 Cr	₹5,808 Cr	₹1,263 Cr	23.3%	₹808 Cr	14.9%	20.1%	14.9%	73
Gallantt Ispat LimitedGALLANTTGALLANTT	₹12,793 Cr	₹13,340 Cr	₹4,437 Cr	₹655 Cr	16.2%	₹436 Cr	11%	19.2%	15.7%	58
Maharashtra Seamless LimitedMAHSEAMLESMAHSEAMLES	₹9,363 Cr	₹9,377 Cr	₹4,620 Cr	₹696 Cr	14.6%	₹737 Cr	15%	13.6%	10.6%	153
Jayaswal Neco Industries LimitedJAYNECOINDJAYNECOIND	₹8,863 Cr	₹10,960 Cr	₹7,589 Cr	₹1,409 Cr	18.6%	₹564 Cr	6.5%	22.9%	17.8%	151
Sunflag Iron And Steel Company LimitedSUNFLAGSUNFLAG	₹7,812 Cr	₹8,286 Cr	₹3,995 Cr	₹476 Cr	12.1%	₹206 Cr	5.1%	3.8%	2.3%	95
Man Industries (India) LimitedMANINDSMANINDS	₹6,912 Cr	₹7,411 Cr	₹3,875 Cr	₹532 Cr	12.3%	₹204 Cr	4.8%	18.4%	9.2%	114

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,210	1,341	1,879	2,386	2,699	3,068	4,200
COGS	1,095	1,210	1,699	2,174	2,463	2,784	3,894
Gross profit	114	130	180	212	237	284	306
	55	60	79	108	122	124	133
	59	71	101	103	115	160	174
OPM %	4.9%	5.3%	5.4%	4.3%	4.3%	5.2%	4.1%
Depreciation	7	8	10	14	15	21	27
Interest	30	32	36	35	42	43	48
	1	1	1	-4	1	2	3
Profit before tax	24	31	55	50	59	98	101
Tax	3	8	15	12	15	25	25
Tax %	14.6%	26.4%	27.1%	24.5%	25.2%	25.6%	24.9%
	20	23	40	38	44	73	76
PAT margin %	1.7%	1.7%	2.2%	1.6%	1.6%	2.4%	1.8%
EPS (₹)	18.9	20.9	—	3.1	3.3	4	7.5
EPS adjusted (₹)	1.9	2	3.3	3	2.9	3.6	3.8
	0%	0%	—	0.8%	0.8%	0.6%	—
Annual report	—	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	11	11	12	13	15	20	20
Reserves	163	194	246	405	561	1,237	1,313
	295	295	364	235	366	179	268
	99	99	146	262	237	319	423
Total equity & liabilities	568	599	769	916	1,179	1,756	2,024
	—	203	239	287	355	392	634
CWIP	29	30	29	36	62	194	103
Investments	0	0	0	2	3	4	5
	538	367	501	590	759	1,166	1,282
Total assets	568	599	769	916	1,179	1,756	2,024

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	9.4%	9.7%	9.6%	8.9%	8.8%	9.3%	7.3%
EBITDA margin %	4.9%	5.3%	5.4%	4.3%	4.3%	5.2%	4.1%
EBIT margin %	4.4%	4.7%	4.8%	3.7%	3.7%	4.5%	3.5%
PAT margin %	1.7%	1.7%	2.2%	1.6%	1.6%	2.4%	1.8%
Working capital
Receivable days	41	33	33	28	38	36	39
Inventory days	60	57	56	51	51	50	53
Payable days	19	15	17	29	23	33	34
NWC days	82	75	71	51	66	54	58
Leverage
Current ratio	1.23	1.37	1.43	1.46	1.54	2.38	2.17
Debt to EBITDA	4.99	4.17	3.63	2.28	3.18	1.12	1.54
Debt to equity	1.7	1.44	1.41	0.56	0.63	0.14	0.2
Interest coverage	1.8	2	2.5	2.6	2.4	3.3	3.1
Asset turnover	2.13	2.24	2.44	2.61	2.29	1.75	2.08
Return ratios
Return on assets %	3.6%	3.8%	5.2%	4.1%	3.7%	4.2%	3.8%
Return on capital employed %	19.5%	20.6%	24%	19%	16.1%	13.9%	10.7%
Return on equity %	11.7%	11.1%	15.6%	9%	7.6%	5.8%	5.7%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	55.27%	55.64%	53.2%	53.95%	50.76%	43.97%	43.97%	43.97%	43.64%	43.64%	43.76%	43.43%
	0.34%	0.08%	0.39%	1.82%	9.3%	9.79%	8.96%	1.7%	2.39%	1.41%	0.81%	1.05%
	4.81%	7.55%	11.44%	11.35%	10.06%	17.32%	16.4%	16.08%	14.51%	15.86%	16.27%	16.17%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	39.58%	36.73%	34.97%	32.88%	29.88%	28.84%	30.52%	38.1%	39.27%	38.9%	38.97%	39.15%
No. of shareholders	—	—	—	—	—	—	—	—	1,04,410	1,01,163	1,01,479	99,593

Promoter holding down 11.84 percentage points since Sep 2023.

3 disclosures

Person	Deal	Shares	Value	Holding	Filed
MANOJ KUMAR GUPTA, TRUSTEE HI-TECH PIPES EMPLOYEES WELFARE TRUSTOther	BuyMarket Purchase	11,900	₹14.4 L	0.19% → 0.19%	30 Sept 20257(2)
MANOJ KUMAR GUPTA, TRUSTEE HI-TECH PIPES EMPLOYEES WELFARE TRUSTOther	BuyMarket Purchase	20,000	₹24.51 L

65 deals · 14 Sept 2021 – 6 Apr 2026

Date	Client	Type	Venue	Side	Quantity	Price	Value
6 Apr 2026	PRIME INDIA POLYMIX PRIVATE LIMITED	Bulk	NSE	Buy	11,46,283	₹79.39	₹9.10 Cr
6 Apr 2026	PRIME INDIA POLYMIX PRIVATE LIMITED	Bulk	NSE	Sell	2,000	₹79.29	₹0.02 Cr
27 Mar 2026	PRIME INDIA POLYMIX PRIVATE LIMITED	Bulk	NSE	Sell	13,82,805	₹74.30	₹10.27 Cr
18 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	32,88,254	₹119.58	₹39.32 Cr
18 Sept 2025	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	32,88,254	₹119.46	₹39.28 Cr
18 Sept 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Buy	13,95,724	₹119.15	₹16.63 Cr
18 Sept 2025	HRTI PRIVATE LIMITED	Bulk	NSE	Sell	12,56,123	₹119.56	₹15.02 Cr
18 Sept 2025	QE SECURITIES LLP	Bulk	NSE	Sell	11,02,179	₹120.08	₹13.23 Cr
18 Sept 2025	QE SECURITIES LLP	Bulk	NSE	Buy	10,87,380	₹120.03	₹13.05 Cr
28 Mar 2025	NEXPACT LIMITED	Bulk	NSE	Sell	12,75,951	₹103.05	₹13.15 Cr

1–10 of 65

1 / 7

Mr. Ajay Kumar BansalExecutive Director-Chairperson-MD
Mr. Anish BansalExecutive Director
Mr. Vivek GoyalNon-Executive - Independent Director
Mr. Prashant Kumar SaxenaNon-Executive - Independent Director
Mrs. Neerja KumarNon-Executive - Independent Director
Mr. Mukesh Kumar GargNon-Executive - Independent Director
Mr. Kamleshwar PrasadExecutive Director
Mr. Arvind Kumar BansalChief Financial Officer
Mr. Arun KumarCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Hi-Tech Pipes Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

4

Final dividend19 Sept 2025 · ex-date₹0.03
Final dividend13 Sept 2024 · ex-date₹0.03
Final dividend22 Sept 2023 · ex-date₹0.03
Dividend dividend20 Sept 2022 · ex-date₹0.5

1

Board meeting to consider results12 Aug 2026

1

Face value ₹10 → ₹117 Mar 2023 · ex-date

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

20 announcementsExport CSV

29 Sept 2026, 4:06 pmAGM/EGM

Shareholder Meeting / Postal Ballot-Scrutinizer''s Report

AGM PDF

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Ratio	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	9.4%	9.7%	9.6%	8.9%	8.8%	9.3%	7.3%
EBITDA margin %	4.9%	5.3%	5.4%	4.3%	4.3%	5.2%	4.1%
EBIT margin %	4.4%	4.7%	4.8%	3.7%	3.7%	4.5%	3.5%
PAT margin %	1.7%	1.7%	2.2%	1.6%	1.6%	2.4%	1.8%
Working capital
Receivable days	41	33	33	28	38	36	39
Inventory days	60	57	56	51	51	50	53
Payable days	19	15	17	29	23	33	34
NWC days	82	75	71	51	66	54	58
Leverage
Current ratio	1.23	1.37	1.43	1.46	1.54	2.38	2.17
Debt to EBITDA	4.99	4.17	3.63	2.28	3.18	1.12	1.54
Debt to equity	1.7	1.44	1.41	0.56	0.63	0.14	0.2
Interest coverage	1.8	2	2.5	2.6	2.4	3.3	3.1
Asset turnover	2.13	2.24	2.44	2.61	2.29	1.75	2.08
Return ratios
Return on assets %	3.6%	3.8%	5.2%	4.1%	3.7%	4.2%	3.8%
Return on capital employed %	19.5%	20.6%	24%	19%	16.1%	13.9%	10.7%
Return on equity %	11.7%	11.1%	15.6%	9%	7.6%	5.8%	5.7%

Date	Category	Subject	Filing
29 Sept 2026, 4:06 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 5:33 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
28 Sept 2026, 4:05 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
15 Sept 2026, 6:22 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
8 Sept 2026, 7:16 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 7:44 pm	Others Reg. 34 (1) Annual Report	Reg. 34 (1) Annual Report.	PDF
3 Sept 2026, 7:32 pm	AGM/EGM AGM	NOTICE OF 42ND AGM OF THE COMPANY	PDF
3 Sept 2026, 7:27 pm	AGM/EGM AGM	Notice Of 42Nd AGM Scheduled To Be Held On 28Th September, 2026	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	64	-1	134	-95	70	3
	-40	-46	-101	-119	-390	-41
	-25	47	-32	214	354	23
Net cash flow	-0	0	1	0	33	-14
Free cash flow	26	-46	64	-204	-120	-148
CFO / Operating profit %	90.6%	-1.1%	129.6%	-82.9%	43.6%	1.9%

Hi-Tech Pipes Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

4

1

1

Announcements

Not in the F&O segment

No fund holdings on record

4

1

1

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Hi-Tech Pipes Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Insider dealing

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Events

Dividends4

Board meetings1

Stock splits1

Announcements

Not in the F&O segment

Ratio timeline

No fund holdings on record

Dividends4

Board meetings1

Stock splits1

Quarterly record

Insider dealing

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

4

1

1

4

1

1