HARIOM PIPE INDUSTRIES LIMITED (HARIOMPIPE): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹357.75 latest close · −10.5% over the last 90 sessions

₹357.75 month-end · +4.3% over 12 months

₹357.75 month-end · −39.2% since Jun '24

52-week range ₹268.05 to ₹449.90 · 1-year volatility 50.7%

Was the rally earned?

+4%share price, 1 yearRoughly flat

The share price was roughly flat over 1 year (+4%).
The share count barely moved.

Net profit growth+1 ptsNet profit rose about 1%, which lifts the price.

P/E change+3 ptsThe P/E rose from 15.7x to 16.1x, which lifts the price.

Share count change0 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 3 years and 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with JSW STEEL

How rough has the ride been?

Maximum drawdown-68.9%not yet recovered

1-year volatility50.7%annualised

Beta vs sector index0.943-year daily, correlation 0.39

Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-68.9% (2024-08 peak to 2026-04 low, not yet recovered)

-36.5% (2023-11 peak to 2024-03 low, recovered 2024-07)

-25.0% (2022-04 peak to 2022-06 low, recovered 2022-08)

Most recent volume spikes

2026-11-05: 69.1x the 50-day median, price +11.4% that day

2026-07-14: 22.6x the 50-day median, price +4.8% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

16.1xP/E todayWithin its usual range

Against its own history23rd percentile

CheapestMedian 19.3xDearest

Usual range 15.2x to 30.4x since 2024-06.

Against Non-Energy Minerals16.1x vs 21.8x

This company

16.1x

Sector median

21.8x

26% below the Non-Energy Minerals median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/B (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

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P/S (this company)10th to 90th percentile of its own historyIts medianNon-Energy Minerals median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Non-Energy Minerals is valued

Where does it rank among Non-Energy Minerals peers?

Each cell is the company's percentile rank among its Non-Energy Minerals peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE71st▲ 9 pts vs a year ago
Op. margin58th▲ 6 pts vs a year ago
Revenue growth56th▼ 9 pts vs a year ago
EPS growth47th▼ 22 pts vs a year ago
Debt/equity ↓31stflat vs a year ago
Cash cycle ↓34th▲ 5 pts vs a year ago
P/E ↓67th▼ 8 pts vs a year ago
12M momentum69th▲ 57 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Non-Energy Minerals sector page Watch it move against Non-Energy Minerals in the Observatory

What is the price implying?

~13%annual earnings growth implied by the price

At a P/E of 17.1x, the price would imply about 13.3%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Non-Energy Minerals The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹357.75
P/E: 16.1x
ROCE: 15.0%
Market Cap: ₹1109 cr
Revenue (TTM): ₹1635 cr
P/S: 0.7x
P/B: 1.7x
ROE: 10.6%
Operating Margin: 12.0%
Debt / Equity: 0.6x
Promoter Holding: 57.3%
12M Momentum: 4.3%

52-week range

₹268.05₹449.90

49% of the way from its 52-week low to its high

Price risk

1Y volatility

50.7%

Beta vs sector

1-year daily

0.87

Balance sheet & cash

Interest cover

operating profit ÷ interest

2.7x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.42x

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold

Other income reliance13%Within range

Other income as a share of pre-tax profit (trailing twelve months): 12.8%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate27%Within range

Median quarterly effective tax rate over about 2.5 years: 27.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.42xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.42x (cash from operations ₹276 cr, net profit ₹195 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow1 of 3 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 3: 1. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-3 daysWithin range

Debtor days are below the median of the previous three fiscal years by 3 days (41 vs 44). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress3% of fixed assetsWithin range

Capital work-in-progress is 3% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+25 days / 2 yrsWithin range

Days payable changed by +25 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, FIIs added 7.4 pts; promoters trimmed 3.6 pts.
The number of shareholders rose from 37,850 to 54,386 (+44%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters60.9%57.3%-3.6 pts

FIIs2.8%10.3%+7.4 pts

DIIs0.0%0.1%+0.1 pts

Public and others36.3%32.4%-3.9 pts

Number of shareholders

54,386shareholders+44% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+32.1%typical 12-month return vs the marketAbove the base rate

We found 50 past situations where a non-financial company looked like HARIOM PIPE INDUSTRIES LIMITED today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −16% to +48% vs the market, against −4% for all non-financial companies in the same months.
The analogs' median sat above that base rate (gap +36.2%, 80% range +10.9% to +39.0%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 4 beyond the range shown, drawn at the edge

Similar setups' median

+32.1%

All companies' median

−4.1%

Beat the market

64% vs 45%

50 past situations · 50 companies · 34 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
PENIND Non-Energy Minerals	Dec 2024	24x	16%	+55%	−13%	0%
INDORAMA Process Industries	Feb 2022	15x	11%	+86%	−20%	−29%
GOODLUCK Non-Energy Minerals	Aug 2023	18x	16%	+34%	−4%	+38%
TCPLPACK Commercial Services	Apr 2022	22x	—	+67%	−14%	+93%
HITECHCORP Process Industries	Jul 2020	11x	14%	+4%	−25%	+112%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
KELLTONTEC Technology Services	Dec 2024	20x	16%	+48%	−18%	−41%
RAMRAT Producer Manufacturing	May 2024	35x	17%	+59%	−11%	+80%
EUROBOND Non-Energy Minerals	Oct 2025	24x	—	+7%	−17%	−30%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, P/S and 12-month momentum. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to HARIOM PIPE INDUSTRIES LIMITED. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

S.P. APPARELSSPAL

Consumer Non-Durables

72%similar

revenuevolatility

JAY BHARAT MARUTIJAYBARMARU

Distribution Services

68%similar

market cappromoter holding

DMCC SPECIALITY CHEMICALSDMCC

Process Industries

67%similar

ROCEP/E

GRM OVERSEASGRMOVER

Process Industries

66%similar

debt/equityrevenue

ANTONY WASTE HANDLING CELLAWHCL

Transportation

65%similar

debt/equityP/E

SCODA TUBESSCODATUBES

Non-Energy Minerals

58%similar

P/Eoperating margin

PENNAR INDUSTRIESPENIND

Non-Energy Minerals

53%similar

ROCEP/E

KAMDHENUKAMDHENU

Non-Energy Minerals

52%similar

market capROCE

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

28 events since Jun '22

2026
NovPriceVolume reached 69.1x its 50-day median on 2026-11-05; price +11.4% that day.
SepPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).
JulValuationP/E fell below the 10th percentile of its own history to date (16.0x).
JulPriceVolume reached 22.6x its 50-day median on 2026-07-14; price +4.8% that day.
JunPeer rankMoved into the 2nd quartile of Non-Energy Minerals on EPS growth (from the 3rd quartile).
MayPriceVolume reached 12.9x its 50-day median on 2026-05-26; price +2.6% that day.
AprPriceFell 69% from the Aug 2024 peak to the Apr 2026 low.
MarPeer rankSlipped to the 3rd quartile of Non-Energy Minerals on EPS growth (from the 2nd quartile).

Show 20 earlier events

2025
DecPriceVolume reached 113.9x its 50-day median on 2025-12-01; price +14.3% that day.
SepResultsRevenue (TTM) reached a new high of ₹1,475 cr.
JulPriceVolume reached 68.6x its 50-day median on 2025-07-08; price +6.5% that day.
JunSharesShare count is up 6.9% over 12 months.
JunPriceVolume reached 11.1x its 50-day median on 2025-06-05; price +13.2% that day.
MarPriceVolume reached 8.1x its 50-day median on 2025-03-19; price +11.6% that day.
2024
JulPriceRegained the 2023-11 peak, 4 months after the low.
JulPriceVolume reached 16.4x its 50-day median on 2024-07-15; price +11.1% that day.
JunPromoterPromoter holding fell 2.6 pts to 58.3%.
JunInstitutionsFII + DII holding rose 3.9 pts over 1 quarter to 6.5%.
AprPriceVolume reached 8.4x its 50-day median on 2024-04-12; price +7.0% that day.
MarPriceFell 36% from the Nov 2023 peak to the Mar 2024 low.
FebPriceVolume reached 6.5x its 50-day median on 2024-02-12; price -9.4% that day.
2023
NovPriceVolume reached 12.1x its 50-day median on 2023-11-07; price +6.1% that day.
AugPriceVolume reached 16.1x its 50-day median on 2023-08-24; price +10.2% that day.
JanPriceVolume reached 14.7x its 50-day median on 2023-01-20; price +13.0% that day.
2022
DecPriceVolume reached 23.0x its 50-day median on 2022-12-28; price +7.0% that day.
AugPriceRegained the 2022-04 peak, 2 months after the low.
AugPriceVolume reached 11.4x its 50-day median on 2022-08-16; price +3.0% that day.
JunPriceFell 25% from the Apr 2022 peak to the Jun 2022 low.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history30 months · 2024-06 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	16.1x	₹1635 cr	10.6%	15.0%	0.6x
2026-10	14.0x	₹1635 cr	10.7%	15.0%	0.6x
2026-09	15.4x	₹1635 cr	10.7%	15.0%	0.6x
2026-08	14.1x	₹1667 cr	11.7%	15.0%	0.6x
2026-07	16.0x	₹1667 cr	11.7%	15.0%	0.6x
2026-06	16.5x	₹1667 cr	11.7%	15.0%	0.6x
2026-05	19.4x	₹1560 cr	11.0%	14.0%	0.7x
2026-04	16.4x	₹1560 cr	11.0%	14.0%	0.7x
2026-03	13.6x	₹1560 cr	11.0%	14.0%	0.7x
2026-02	18.2x	₹1497 cr	10.8%	14.0%	0.7x
2026-01	20.5x	₹1497 cr	10.8%	14.0%	0.7x
2025-12	18.6x	₹1497 cr	10.8%	14.0%	0.7x
2025-11	15.7x	₹1475 cr	11.9%	14.0%	0.7x
2025-10	20.5x	₹1475 cr	11.9%	14.0%	0.7x
2025-09	21.9x	₹1475 cr	11.9%	14.0%	0.7x
2025-08	24.2x	₹1357 cr	10.8%	14.0%	0.7x
2025-07	22.6x	₹1357 cr	10.8%	14.0%	0.7x
2025-06	20.2x	₹1357 cr	10.8%	14.0%	0.7x
2025-05	19.3x	₹1288 cr	13.4%	—	0.8x
2025-04	18.3x	₹1288 cr	13.4%	—	0.8x
2025-03	16.5x	₹1288 cr	13.4%	—	0.8x
2025-02	17.6x	₹1360 cr	12.3%	—	0.8x
2025-01	24.1x	₹1360 cr	12.3%	—	0.8x
2024-12	25.4x	₹1360 cr	12.3%	—	0.8x
2024-11	29.5x	₹1360 cr	12.3%	—	0.8x
2024-10	29.1x	₹1360 cr	12.3%	—	0.8x
2024-09	36.8x	₹1360 cr	12.3%	—	0.8x
2024-08	41.7x	₹1360 cr	12.3%	—	0.8x
2024-07	35.0x	₹1360 cr	12.3%	—	0.8x
2024-06	29.9x	₹1360 cr	12.3%	—	0.8x

Methodology and data notes