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Swing Capital

Hi-Tech Pipes Ltd

NSE: HITECH BSE: 543411Metal

Hi-Tech Pipes business of manufacturing of ERW Steel Round & Section Pipes, cold Rolled Strips & Engineering Products and distribution of the same across india.

₹84.2
52W: ₹70.1 — ₹128
PE 26.5 · Book ₹60.2 · +40% vs book
Market Cap₹1,709 Cr
Stock P/E26.5Price to Earnings
ROCE11.3%Return on Capital
ROE7.47%Return on Equity
Div. Yield0.03%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company has delivered good profit growth of 35.6% CAGR over last 5 years
  • +Company's median sales growth is 18.0% of last 10 years

Weaknesses

  • −Company has a low return on equity of 8.28% over last 3 years.
  • −Company's cost of borrowing seems high
  • −Promoter holding has decreased over last 3 years: -13.1%

Shareholding Pattern

Promoters43.76%
FIIs0.81%
DIIs16.27%
Public38.97%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.96%50.76%▼3.243.97%▼6.843.97%43.97%43.63%▼0.343.63%43.76%▲0.1
FIIs1.81%9.31%▲7.59.79%▲0.58.96%▼0.81.7%▼7.32.39%▲0.71.41%▼1.00.81%▼0.6
DIIs11.35%10.05%▼1.317.32%▲7.316.4%▼0.916.08%▼0.314.51%▼1.615.87%▲1.416.27%▲0.4
Public32.89%29.89%▼3.028.84%▼1.130.52%▲1.738.09%▲7.639.28%▲1.238.9%▼0.438.97%▲0.1

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales603518565723621634572631721902
Expenses582493539688586599541597684868
Operating Profit21252635353530353734
OPM %4%5%5%5%6%5%5%5%5%4%
Net Profit912615151716181714
EPS ₹0.70.880.410.970.870.820.80.880.810.68

AI Insights

Revenue Trend

TTM revenue at ₹2,826Cr, up 10.8% YoY. OPM at 5%.

Debt Position

Borrowings at ₹174Cr. Debt-to-equity ratio: 0.14x. Healthy balance sheet.

Capex Cycle

CWIP at ₹199Cr (63% of fixed assets). Significant capex underway — growth runway building.

Institutional Flow

DIIs: 16.27% (+11.30pp change). FIIs: 0.81% (+0.00pp change). Promoters hold 43.76%.

Margin & Efficiency

ROCE declining from 12% (Mar 2014) to 11% (Mar 2025). Working capital days: 40.

Valuation

PE 26.5x with 11.3% ROCE. Price is 40% above book value of ₹60.2. Dividend yield: 0.03%.

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