Hariom Pipe consolidated PAT falls 30% YoY as TNPCB shutdown hits Perundurai output
PAT -29.7% YoY · revenue -6.9% · margins compressing · miss vs street
₹429.18 Cr
-6.9% YoY
₹16.6 Cr
-29.7% YoY
3.86%
-1.2pp YoY
₹5.36
Consolidated revenue came in at ₹429.18 Cr, down 6.9% YoY and 15.4% QoQ, with PAT of ₹16.60 Cr, down 29.7% YoY and 44.9% QoQ; EPS fell to ₹5.36 from ₹7.62 a year ago. Standalone tells a similar story (PAT ₹17.36 Cr, -26.5% YoY), so the decline isn't a subsidiary-level distortion. The driver was almost entirely operational: the Tamil Nadu Pollution Control Board ordered the Perundurai unit shut on April 2, 2026, a suspension that covered the whole reporting quarter — TNPCB lifted it only on July 13, 2026, after June 30 quarter-end.
Q1 FY-2027 vs prior quarters
Margins compressed on both lines: NPM fell to 3.87% from 5.10% YoY (5.83% QoQ), and OPM (PBT + finance costs + depreciation − other income, over revenue) slipped to roughly 11.6% from 12.49% YoY (12.59% QoQ). Finance costs (₹13.42 Cr) and depreciation (₹15.43 Cr) were essentially flat versus a year ago, so the lower plant utilization from the closure fell straight through to operating leverage — fixed costs stayed put while revenue shrank.
The stock went into the print at ₹392.7, down 1.9% over the past month of trading.
What the summary numbers don't show
TNPCB lifted the Perundurai closure order on July 13, 2026 (post quarter-end), restoring operations — confirms the drag was temporary, not structural
Management reiterated confidence in achieving a 30% volume growth target for FY27, subject to market conditions, while emphasizing a continued focus on profitable and cash-generative growth over volume-led growth. They expect EBITDA per tonne to remain stable or improve, targeting around INR7,200-7,800 based on current
— This quarter: missed
Univest's July 8 pre-result note (a trailing-growth model, not formal broker consensus) had pegged Q1 FY27E revenue at ₹555-639 Cr and PAT at ₹31-40 Cr; the actual print missed both ranges by roughly 23-33% on revenue and 46-58% on PAT, consistent with a closure the model didn't price in. Against management's own FY27 target — reiterated on the Q4 FY26 call — of 30% volume growth and EBITDA/tonne of ₹7,200-7,800, this quarter starts the year well off pace, though the shortfall traces to a now-resolved regulatory closure rather than demand or pricing. No fresh management press release accompanies this filing; the only company commentary in the results themselves (note 3) attributes the hit squarely to the Perundurai suspension.
W1
Perundurai unit ramp-up now that TNPCB lifted the closure (July 13, 2026) — watch Q2 FY27 revenue for recovery toward the ₹500+ Cr run-rate seen in Q4 FY26
W2
Progress toward management's FY27 guidance of 30% volume growth and EBITDA/tonne of ₹7,200-7,800 — Q1 (-6.9% YoY revenue) starts the year well off that pace
W3
Revenue contribution from Hariom Power's newly commissioned 5 MW solar project and Metal Mart's metal-trading ramp, both at zero/near-zero revenue as of Q1 FY27