Hariom Pipe Industries launches two solar plants

Hariom Pipe Industries Limited

has commissioned two solar plants with a combined 10 MW AC capacity in Hingoli district, Maharashtra. Its total operating solar capacity is now 15 MW. What happened: The plants are at Pusegaon and Jaipur, under the state’s MSKVY 2.0 scheme. The other 5 MW is a project at Rupur Tanda, commissioned in July 2026. The July project is described as starting grid exports. Why it matters: Solar power is meant to lower power cost for the company’s steel tube and pipe units, according to the company’s framing. For scale, FY26 revenue was ₹1,666.95 crore and net profit was ₹75.83 crore, a net margin of about 4.5%. My view: The key question is who uses this power. The company calls it captive, but the earlier project exports to the grid, and MSKVY schemes generally sell solar power to the state utility. If so, this is a power-selling income line, not a cut in the plants’ own electricity bills. That matters for how it affects margins. My data does not give the tariff, contract length, project cost or the share of its own power use. I cannot size either the savings or the revenue. At 15 MW, the plants are small next to a ₹1,667 crore revenue business. Output also varies by season, so the quarterly gains will not be even. What I am watching: Details of the offtake terms, the tariff and cost of the projects, and any change in power cost or other income in the next quarterly results. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.