Hariom Pipe's subsidiary commissions 10 MW solar capacity in Maharashtra, lifting group total to 15 MW

Hariom Pipe Industries Ltd said its subsidiary, Hariom Power and Energy Pvt Ltd, has commissioned two Solar power plants with a combined capacity of 10 MW AC under Maharashtra’s Chief Minister Solar Agriculture Feeder Scheme 2.0.

The commissioning takes the group’s total operational solar generation capacity to 15 MW AC, marking the first disclosed phase of a larger renewable-energy programme that management had previously said could reach 60 MW AC across 13 locations in Maharashtra.

The newly commissioned facilities include a 5 MW AC project at Jaipur, Sakhara, Sengaon, which injects electricity into the 33/11 kV Jaipur Substation. The second 5 MW AC facility at Pusegaon, Sengaon, supplies power through the 33/11 kV Pusegaon Substation. The company made the disclosure on October 14, 2026, under SEBI listing regulations.

The addition is significant because the 10 MW now commissioned represents about one-fourth of the 60 MW AC solar project pipeline discussed by management in its latest earnings interaction. At that time, management said land had been acquired for eight locations, work had started at several sites and 38 MW was under active execution. It had identified the initial 10 MW as the first capacity expected to begin generation.

Hariom Pipe’s renewable-energy platform is being developed alongside its core integrated steel-products operations, which manufacture pipes, tubes, galvanised products, cold-rolled products and scaffolding. The solar business could create a relatively stable, non-steel revenue stream over time, although the company has not yet disclosed expected revenue or financial contribution from the two commissioned plants.

Management had earlier indicated that the broader solar project would entail an investment of around Rs 241 crore to Rs 245 crore, with term debt of about Rs 195 crore. It had also said the parent company’s equity contribution could be around Rs 25 crore to Rs 30 crore, supported by central government capital subsidy. The pace of further commissioning and the eventual cash generation from the asset will remain key execution indicators.

The development comes after a softer June quarter for the steel business. Hariom Pipe reported net sales of Rs 429.18 crore for the quarter ended June 2026, down 6.89 per cent year-on-year, while profit after Tax fell 29.68 per cent to Rs 16.60 crore. Its operating margin, measured by PBIDT excluding other income, moderated to 11.63 per cent from 12.49 per cent a year earlier.

The solar expansion therefore provides strategic diversification, but it remains small relative to the company’s steel operations. On a consolidated basis, Hariom Pipe had reported revenue from operations of Rs 1,666.95 crore and profit after tax of Rs 75.71 crore in FY 2025-26.

As of 12.26 pm on October 15, 2026, Hariom Pipe shares were trading at Rs 332.25, down 1.95 per cent from the previous close of Rs 338.85. The stock was about 30.5 per cent below its 52-week high of Rs 477.90 and about 23.0 per cent above its 52-week low of Rs 270.20. Over the past year, the shares have declined 31.72 per cent, compared with a 5.86 per cent fall in the BSE 500.

The next operational milestone will be the commissioning of the remaining solar capacity under the phased Maharashtra programme, with management earlier indicating an FY 2027 target for completion across all 13 locations.

Disclaimer: The article is for informational purposes only and not investment advice.