MarketFriction

Hi-Tech Pipes Ltd

NSE HITECH · BSE 543411 · Iron & Steel Products
₹71.42 -1.64%
NSE close2026-10-01
52 week range70.14 - 123.80
Market cap₹1,487 Cr.
P/E19.7
Price band 20% Delivery 56.0%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales7466306818677067617347918591,0701,4801,413
Expenses7195996468246647216997508141,0281,4341,363
Operating Profit273235434240354144424649
OPM %3.6%5%5%4.9%6%5%4.8%5%5%3.9%3.1%3.5%
Other Income10-0110011001
Interest10914141497812121616
Depreciation346556467788
Profit before tax141915242426242827232326
Tax %25%25%25%25%26%25%27%25%25%25%24%24%
Net Profit111411181819182120171820
EPS in Rs0.801.050.741.141.030.940.871.031.000.860.870.99
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales5046371,0161,3601,2101,3411,8792,3862,6993,0684,2004,822
Expenses4725989561,2861,1501,2701,7782,2832,5842,9084,0274,640
Operating Profit324060755971101103115160174182
OPM %6%6%6%6%4.9%5%5%4.3%4.2%5%4.1%3.8%
Other Income1211111-41232
Interest172027303032363542434855
Depreciation674578101415212729
Profit before tax10153041243155505998101100
Tax %35%30%30%33%15%26%27%24%25%26%25%
Net Profit61021272023403844737675
EPS in Rs0.631.012.042.561.872.033.292.952.933.593.753.72
Dividend Payout %8%2%1%1%1%0%2%1%1%1%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth24%26%21%61%
Compounded Profit Growth28%27%21%-1%
Stock Price CAGR%5%-4%-36%
Return on Equity10%8%7%6%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital1010101111111213152020
Reserves56671031361631942464055611,2371,313
Borrowings142180255272312317393273402192268
Other Liabilities7110380868277117224200307422
Total Liabilities2793604495055685997699161,1791,7562,024
Fixed Assets5581124169173202239287355392634
CWIP781742930293662194103
Investments00000002345
Other Assets2182713073323653675015907591,1661,282
Total Assets2793604495055685997699161,1791,7562,024
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity124-6492564-17134-95703
Cash from Investing Activity-19-39-53-40-39-40-46-98-153-390-41
Cash from Financing Activity231459-914-2564-3524935423
Net Cash Flow5-1-0-0-0-001033-14
Free Cash Flow-18-10-6216-1123-6364-204-120-167
CFO/OP8%69%0%73%53%97%-13%144%-73%55%14%
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days4955373741333328383639
Inventory Days868162456057610716266
Days Payable323718171915277466173
Cash Conversion Cycle10398816482753328371287132
Working Capital Days2316131015222523305049
ROCE %15%18%18%12%13%16%14%12%12%10%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters55.27%55.63%53.19%53.96%50.76%43.97%43.97%43.97%43.63%43.63%43.76%43.43%
FIIs0.34%0.08%0.38%1.81%9.31%9.79%8.96%1.70%2.39%1.41%0.81%1.06%
DIIs4.82%7.45%11.44%11.35%10.05%17.32%16.40%16.08%14.51%15.87%16.27%16.17%
Public39.57%36.84%34.97%32.89%29.89%28.84%30.52%38.09%39.28%38.90%38.97%39.14%
Others0.00%0.00%0.00%0.00%0.00%0.07%0.15%0.15%0.20%0.20%0.20%0.20%
No. of Shareholders29,57539,28345,88852,23761,93773,11878,2931,07,8431,04,4101,01,1631,01,47999,593

Fundamentals

Market Cap₹ 1,487 Cr.
Current Price₹ 73.2
Stock P/E19.7
Book Value₹ 65.6
ROCE9.77 %
ROE5.88 %
Dividend Yield0.03 %
Face Value₹ 1.00
Compounded Sales Growth (TTM)61%
Compounded Profit Growth (TTM)-1%
Consolidated figures.
Valuation
Market capRs 1,451 Cr
Enterprise valueRs 1,631 Cr
P/E (TTM)19.27x
Price to book1.09x
Price to sales0.30x
EV / EBITDA8.86x
EV / EBIT10.50x
EV / sales0.34x
Price to cash flow436.93x
Earnings yield5.19%
P/E, 3-year average31.71x
P/B, 3-year average2.12x
P/E, 5-year average24.75x
P/B, 5-year average1.81x
Profitability
Operating margin (excl. other income)4.13%
Operating margin (incl. other income)4.19%
EBITDA margin3.82%
Pre-tax margin2.07%
Net profit margin1.56%
Net margin, latest quarter1.42%
ROE5.88%
ROCE9.77%
ROA4.03%
ROE, 3-year average7.56%
ROCE, 3-year average11.14%
ROA, 3-year average4.40%
ROE, 5-year average10.24%
ROCE, 5-year average12.35%
ROA, 5-year average4.71%
ROIC (approx.)7.70%
Tax rate24.93%
Other income / net worth0.19%
Growth
Sales growth (latest year)36.92%
Profit growth (latest year)4.40%
Sales CAGR, 3 years20.75%
Sales CAGR, 5 years25.66%
Profit CAGR, 3 years26.44%
Profit CAGR, 5 years27.28%
Sales growth QoQ-4.56%
Profit growth QoQ13.86%
Sales growth YoY (latest quarter)78.53%
Profit growth YoY (latest quarter)-4.21%
Per share
EPS (TTM)Rs 3.71
EPS (latest year)Rs 3.75
EPS (latest quarter)Rs 0.99
EPS, 3-year averageRs 3.42
EPS, 5-year averageRs 9.22
Book value per shareRs 65.65
Sales per shareRs 237.39
Cash flow per shareRs 0.16
Free cash flow per shareRs -8.22
Dividend per share, 3-year averageRs 0.02
Dividend per share, 5-year averageRs 0.14
Dividends
Dividend payout, 3-year average0.77%
Dividend payout, 5-year average0.98%
Efficiency
Asset turnover2.08x
Fixed asset turnover6.63x
Inventory turnover6.95x
Inventory days53 days
Debtor days39 days
Debtors turnover9.36x
Creditor days173 days
Cash conversion cycle132 days
Working capital days49 days
Leverage
Total debtRs 268 Cr
Cash and bankRs 87 Cr
Net debtRs 181 Cr
Debt to equity0.20x
Net debt / EBITDA0.98x
Interest coverage2.80x
Current ratio (filing 2026-03-31)2.17x
Quick ratio (filing 2026-03-31)1.16x
Trade payables (filing 2026-03-31)Rs 368 Cr
Owners' fund to total sources65.90%
Debt to assets13.24%
Cash flow
Cash from Operating Activity (latest year)Rs 3 Cr
Cash from Investing Activity (latest year)Rs -41 Cr
Cash from Financing Activity (latest year)Rs 23 Cr
Net Cash Flow (latest year)Rs -14 Cr
Free cash flow (latest year)Rs -167 Cr
FCFE (approx.: FCF + change in debt)Rs -91 Cr
Cash from ops / profit, 5 years0.35x
Sales to cash flow1265.08x
Statement figures
Net sales (TTM)Rs 4,822 Cr
Net sales (latest year)Rs 4,200 Cr
Sales (latest quarter)Rs 1,413 Cr
Operating profit excl. other income (latest year)Rs 174 Cr
Operating profit (latest quarter)Rs 49 Cr
Other income (TTM)Rs 2 Cr
EBITDA (TTM)Rs 184 Cr
PBDT (TTM)Rs 129 Cr
Profit before tax (TTM)Rs 100 Cr
Tax (latest year)Rs 25 Cr
Net profit (TTM)Rs 75 Cr
Net profit (latest year)Rs 76 Cr
Net profit (latest quarter)Rs 20 Cr
Depreciation (TTM)Rs 29 Cr
Depreciation (latest quarter)Rs 8 Cr
Interest (TTM)Rs 55 Cr
Cost of goods sold (latest year)Rs 3,931 Cr
Total expenditure (latest year)Rs 4,027 Cr
Total income (latest year)Rs 4,203 Cr
Share capitalRs 20 Cr
ReservesRs 1,313 Cr
Shareholders' fundsRs 1,333 Cr
Total assetsRs 2,024 Cr
Net blockRs 634 Cr
Capital work in progressRs 103 Cr
InvestmentsRs 5 Cr
ReceivablesRs 449 Cr
InventoryRs 566 Cr
Other liabilitiesRs 422 Cr
Shares outstanding (crore)20.31
Ownership
Promoter holding43.43% (-0.54 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 19.3 is at the 18th percentile of its own 9.4-year range (median 31.7, low 5.3, high 89.7).
P/B 1.09 is at the 1th percentile (median 4.56).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodHITECHNifty 50Difference
1 week-4.6%-2.8% -1.8 pts
1 month-10.4%-6.8% -3.6 pts
3 months-20.1%-7.6% -12.5 pts
6 months+0.7%+0.4% +0.3 pts
1 year-40.8%-9.9% -30.9 pts
2 years-64.8%-13.6% -51.2 pts
3 years-13.2%+14.2% -27.4 pts
5 years+22.1%+27.9% -5.8 pts
7 mutual fund schemes hold about ₹166 Cr. Over three months 1 bought more and 4 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
Bandhan Small Cap Fund0.28%94 -6%
Bandhan Large & Mid Cap Fund0.27%56 +0%
HSBC Small Cap Fund0.05%10 -66%
JM Small Cap Fund0.47%4 +55%
Taurus Ethical Fund0.32%1 +3%
HSBC Infrastructure Fund0.00%0 -100%
HSBC Business Cycles Fund0.00%0 -100%

Red flags

F-score 4 of 8
explainWeak cash conversion Cash from operations was -11% of net profit over the last 3 years
explainShare dilution Share count up 0% in a year, 59% in three
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,413 Cr +78.6% vs Jun 2025. Net profit ₹20 Cr -4.8%.
Against our estimate for Jun 2026: sales +11.6%, profit -19.3% miss. Our estimate for Sep 2026: sales Rs 1,374 Cr, profit Rs 21 Cr (how).

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2025-09-19Dividend - Re 0.025 Per Share
2024-09-13Dividend - Rs 0.025 Per Share
2023-09-22Dividend - Rs 0.025 Per Share
2023-03-17Face Value Split (Sub-Division) - From Rs 10/- Per Share To Re 1/- Per Share0.1000
2022-09-20Dividend - Rs 0.50 Per Share
2022-09-20Annual General Meeting
2021-09-21 Annual General Meeting
2020-09-17 Dividend - Rs 0.25 Per Share
2019-09-17 Annual General Meeting/Dividend -Rs 0.25 Per Share
2018-07-05 Annual General Meeting/Dividend- Re 0.25 Per Share
DateTypeWhat it says
2026-09-29Shareholder meetingVoting results.
2026-09-28Shareholder meetingProceedings of Annual General Meeting held on September 28, 2026
2026-09-03Shareholder meetingNotice of Annual General Meeting to be held on September 28, 2026
2026-08-17Concall / analyst meetTranscript
2026-08-14Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-08-14Monitoring Agency ReportMonitoring Agency Report w.r.t. the utilization of Qualified institutional placement ( QIP ) proceeds for the Quarter ended June 30, 2026
2026-08-13Concall / analyst meetLink of Recording
2026-08-12Investor PresentationInvestor Presentation
2026-08-12Press ReleaseA press release dated August 12, 2026, titled "Press Release on Un-audited Financial Results for the Quarter ended June 30, 2026".
2026-08-12Board meeting outcomeHi-Tech Pipes Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-10Concall / analyst meetSchedule of meet
2026-07-31AllotmentAllotment of 9000000 securities pursuant to Preferential Issue at its meeting held on July 31, 2026
2026-07-03Press ReleaseA press release dated July 03, 2026, titled "HIGHEST EVER QUARTERLY SALES VOLUME".
2026-07-01General UpdatesGeneral Updates
2026-06-29Shareholder meetingVoting results.
2026-06-08CorrigendumCorrigendum to Notice of Postal Ballot dated May 28, 2026
2026-06-03Concall / analyst meetTranscript
2026-05-30Statement of deviation(s) orStatement of deviation(s) or variation(s) under Reg. 32
2026-05-29Shareholder meetingNotice of Postal Ballot
2026-05-28Concall / analyst meetLink of Recording
2026-05-28Investor PresentationInvestor Presentation
2026-05-28Press ReleaseA press release dated May 28, 2026, titled "Press Release w.r.t. Financial Results for the Quarter and Year ended March 31, 2026.".
2026-05-28Board meeting outcomeOutcome of Board Meeting held on May 28, 2026.
2026-05-28AppointmentAppointment of Ms M/s BAS & Co. LLP, Chartered Accountants as Internal Auditors of the company w.e.f. May 28, 2026.
2026-05-28AppointmentAppointment of Ms S. Shekhar & Co., Cost Accountants as Cost Auditors of the company w.e.f. May 28, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Not on any NSE surveillance list in the latest file.

Quick answers

What is the market cap of Hi-Tech Pipes Ltd?

Hi-Tech Pipes Ltd (HITECH) has a market capitalisation of Rs 1,487 Cr. at the 2026-10-01 close.

What is the P/E ratio of Hi-Tech Pipes Ltd?

Hi-Tech Pipes Ltd trades at a P/E of 19.7 on trailing twelve-month profit, at the 2026-10-01 close.

What were Hi-Tech Pipes Ltd's latest quarterly results?

In the Jun 2026 quarter, Hi-Tech Pipes Ltd sales was Rs 1,413 Cr (+78.6% vs Jun 2025) and net profit was Rs 20 Cr.

What is the 52-week high and low of Hi-Tech Pipes Ltd?

The 52-week high is Rs 123.80 and the 52-week low is Rs 70.14.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03