Indian Hume Pipe Company Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Indian Hume Pipe Company Ltd trades at ₹314, in a downtrend and 1 weeks into that stage. That is −18.4% against its own 200-day average. It sits at 7% of a 52-week range of ₹302 to ₹459. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 1 of stage 4, confirmed. At ₹314 it trades −18.4% versus its 200-day average and sits at 7% of its 52-week range (₹302–₹459).

Against the market, two honest reads. Cumulative: over the last 10.0 years the stock moved +89% while the NIFTY 500 moved +260% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-02-06) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 27th percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Indian Hume Pipe Company Ltd trades at 15.8× P/E, near the bottom of its own range — cheaper only 27% of the time. Its long-run median P/E is 20.3×, measured across 10.1 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 15.8× is near the bottom of its own range — cheaper only 27% of the time, against a long-run median of 20.3× measured over 10.1 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

Why the multiple sits where it does: over the past year annual EPS moved +618.7% against a −5.4% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +9.9%/yr price move, ~+27.2%/yr came from earnings growth and ~−17.3 pp from the multiple (compressing); over 10y, of the +6.6%/yr price move, ~+11.5%/yr came from earnings growth and ~−4.9 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Indian Hume Pipe Company Ltd reads as mixed on its fundamental arc. Mixed — profit growth is rising at +342.9% (single-quarter readings) while revenue growth is falling at −26.0% (single-quarter readings) — the curves disagree, so the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

No sector-relative score — Indian Hume Pipe Company Ltd is not present in the sector comparison for Cement Products.

The score is a rank WITHIN a peer set: every metric is scored by percentile against the other members. Without the peer set there is no score to state, so none is invented here.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Indian Hume Pipe Company Ltd reported ₹282 Cr of revenue in the Dec 25 quarter, −26.0% year on year. Over 10 years it has compounded at 4.0% a year. The last full year, FY25, came in at ₹1,491 Cr. The last four reported quarters add to ₹1,346 Cr.

Indian Hume Pipe Company Ltd reported ₹282 Cr of revenue in the Dec 25 quarter, −26.0% year on year. Over 10 years it has compounded at 4.0% a year. The last full year, FY25, came in at ₹1,491 Cr. The last four reported quarters add to ₹1,346 Cr.

FY25 revenue came in at ₹1,491 Cr (+7.3% on the year), capping 10 years at 4.0% compound. The latest quarter (Dec 25) printed ₹282 Cr, −26.0% year on year.

Pace check: the last four quarters averaged −10.4% growth against the decade's 4.0% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew −10.4% over the last 4 quarters against −3.3%/yr over the last 8 — rolling over; TTM profit +505.9% vs +251.6%/yr — accelerating.

→ Revenue slipped — did margins hold as it scaled? Next: 8.0% this quarter (−2.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Indian Hume Pipe Company Ltd's operating margin is 8.0% in the Dec 25 quarter, −2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 9.0% to 13.0%.

Indian Hume Pipe Company Ltd's operating margin is 8.0% in the Dec 25 quarter, −2.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 12 fiscal years the operating margin has ranged 9.0% to 13.0%.

The latest quarter's operating margin is 8.0%, −2.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 9.0%–13.0%, and FY25's 13.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −2.0 pp year on year while gross margin went +3.2 pp — the loss came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

→ Margins slipped — did that reach the bottom line? Next: profit +342.9% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Indian Hume Pipe Company Ltd earned ₹62.0 Cr of net profit in the Dec 25 quarter, +342.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹558 Cr. The 10-year compound rate is 29.5%. That is 22.0% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.

Indian Hume Pipe Company Ltd earned ₹62.0 Cr of net profit in the Dec 25 quarter, +342.9% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹558 Cr. The 10-year compound rate is 29.5%. That is 22.0% of the quarter's revenue. The same quarter a year earlier earned ₹14.0 Cr.

Dec 25 profit was ₹62.0 Cr, +342.9% year on year — the 2nd consecutive quarter of growth. On the full year, FY25 printed ₹558 Cr (+615.4%), and the 10-year compound rate is 29.5%.

Why profit moved: revenue contributed −26.0% and the margin −2.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +379.3% vs revenue −10.4%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 63% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 63% of Indian Hume Pipe Company Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY25 that was ₹204 Cr of operating cash against ₹558 Cr of profit. After ₹53.0 Cr of capital spending, ₹151 Cr was left as free cash.

FY25: operating cash of ₹204 Cr against reported profit of ₹558 Cr, leaving free cash of ₹151 Cr after ₹53.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 63% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 63%: the cash cycle stretched 252 days between FY20 and FY25 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: conversion is below par and the cash cycle has stretched 252 days — the next section's job is to find where the cash is stuck.

→ So follow the cash to where it goes. Next: the −774-day cycle, in money terms.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Indian Hume Pipe Company Ltd's cash conversion cycle runs −774 days in FY25, up from −1,026 days in FY20. Capital spending ran ₹72.0 Cr over the last 3 years. At FY25 sales of ₹1,491 Cr each day of that cycle holds about ₹4.1 Cr, so roughly ₹−3,162 Cr sits inside the business at any moment.

FY25: debtors at 159 days, inventory at 615 days — roughly 20.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of −774 days, looser than FY20's −1,026.

The full loop: cash goes out to suppliers and production on day 0; stock waits 615 days to sell; customers pay about 159 days after that; and suppliers themselves are paid at 1,548 days — netting out to the −774-day cycle.

In money terms: at FY25 sales of ₹1,491 Cr, each day of the cycle holds about ₹4.1 Cr — so the −774-day loop keeps roughly ₹−3,162 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹72.0 Cr over the last 3 fiscal years against ₹45.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY25) — capacity paid for but not yet earning.

The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 12%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Indian Hume Pipe Company Ltd earns a ROCE of 12% in FY25. That is up from a trough of 11% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 37.4% net margin on 0.54× asset turns.

FY25 ROCE is 12%, recovered from a FY21 trough of 11% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 37.4% net margin × 0.54× asset turns × 1.99× balance-sheet leverage ≈ 40.2% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.33.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Indian Hume Pipe Company Ltd carries ₹458 Cr of borrowings against ₹1,377 Cr of equity in FY25, a debt-to-equity of 0.33. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹672 Cr to ₹458 Cr. Capital spending ran ₹72.0 Cr across the last 3 of those years.

FY25: borrowings of ₹458 Cr against equity of ₹1,377 Cr — a debt-to-equity of 0.33. Operating profit covers the interest bill 3×. Over 5 years borrowings went from ₹672 Cr to ₹458 Cr while capital spending ran ₹72.0 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Indian Hume Pipe Company Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.0 points over the same window, to 72.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: −0.2 points over 8 quarters to 0.5%; Promoters: +0.0 points over 8 quarters to 72.3%; Domestic institutions: +0.0 points over 8 quarters to 2.2%.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Indian Hume Pipe Company Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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