Revenue growth outpaced costs, lifting Hariom Pipe’s margin
Consolidated operating margin rose 0.63 percentage points QoQ, although higher interest and tax rates limited the conversion into profit.
Filed 04 Nov 2026, 18:52 IST · after market close · Hariom Pipe Industries Ltd (HARIOMPIPE)
Key takeaways
- Consolidated revenue grew 29.22% QoQ, outpacing expenses at 28.29% and lifting operating margin by 0.63 percentage points.
- Net profit rose 52.29% QoQ despite a 28.61% increase in interest expense.
- At 12.26%, operating margin was just 0.02 percentage points above the median for 143 Industrials peers that reported the quarter.
Price around the results
Sales growth improved operating leverage
Hariom Pipe’s consolidated revenue increased 29.22% QoQ to Rs 554.6 cr, while expenses rose 28.29% to Rs 486.6 cr. The slightly slower cost growth lifted operating profit 36.25% and expanded operating margin by 0.63 percentage points to 12.26%. Other income contributed only 2.04% of pre-tax profit, so reported earnings were not materially dependent on that line.
Higher interest and tax rates absorbed part of the gain
Interest expense increased 28.61% QoQ, faster than depreciation growth of 8.43%, as pre-tax profit rose 54.93%. The tax rate also increased by 1.27 percentage points to 27.19%, compared with 25.92% in Q1FY27. Net profit nevertheless grew 52.29% QoQ to Rs 25.28 cr.
Margin was close to the Industrials peer median
The 12.26% operating margin was 0.02 percentage points above the 12.24% median among 143 Industrials companies that had reported the quarter. With only Q1FY27 available in the comparison trend, the quarter shows sequential margin improvement rather than an established multi-quarter direction.
Results were filed after market close
These consolidated results were filed at 18:52 IST on 4 November 2026, after the market closed. There is no reported market reaction yet, so the stock’s move cannot be compared with its past post-results pattern.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹555 cr | ₹429 cr | +29.22% |
| Other income | ₹1 cr | ₹1 cr | -47.79% |
| Expenses | ₹487 cr | ₹379 cr | +28.29% |
| Operating profit | ₹68 cr | ₹50 cr | +36.25% |
| Operating margin (%) | 12.26% | 11.63% | — |
| Interest | ₹17 cr | ₹13 cr | +28.61% |
| Depreciation | ₹17 cr | ₹15 cr | +8.43% |
| Profit before tax | ₹35 cr | ₹22 cr | +54.93% |
| Tax | ₹9 cr | ₹6 cr | +62.48% |
| Net profit | ₹25 cr | ₹17 cr | +52.29% |
| EPS (₹) | ₹8.16 | ₹5.36 | +52.24% |
Operating margin of 12.26% compares with a Industrials sector median of 12.24% across 143 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 12.26% after rising 0.63 percentage points QoQ.
- Whether interest expense moderates after increasing 28.61% QoQ to Rs 17.26 cr.
- Whether revenue growth remains ahead of expense growth after the 29.22% versus 28.29% QoQ gap.