Key Events This Week
Feb 9: Flat quarterly performance reported amid mixed financial trends
Feb 9: Growth momentum masks margin pressure in Q3 FY26 results
Feb 12: Technical downgrade triggers bearish momentum
Feb 13: Week closes at Rs.372.95, down 9.78%
Feb 9: Quarterly Results Reveal Mixed Financial Trends
Hariom Pipe Industries Ltd reported a flat quarterly performance for the nine-month period ended December 2025, with net sales rising robustly by 21.14% year-on-year to ₹1,159.68 crores. Despite this top-line growth, the company’s profit after tax (PAT) declined by 25.8% to ₹11.59 crores compared to the average of the previous four quarters. This divergence highlighted ongoing margin pressures and operational challenges within the iron and steel products sector.
The stock reacted negatively to these results, closing at Rs.386.15 on 9 February, down 6.59% from the previous close of Rs.413.40. The decline reflected investor caution amid the mixed signals of strong revenue growth offset by shrinking profitability. The company’s financial trend score improved from -7 to -1 over the last three months, indicating stabilisation but not yet a turnaround in earnings quality.
Feb 10-11: Modest Recovery and Subsequent Profit Taking
On 10 February, the stock edged up slightly by 0.47% to Rs.387.95, supported by a broadly positive market environment as the Sensex gained 0.25%. However, this modest recovery was short-lived. On 11 February, Hariom Pipe’s shares fell 2.32% to Rs.378.95 amid subdued volume and lingering concerns over margin pressures. The Sensex’s marginal gain of 0.13% on the same day underscored the stock’s relative weakness.
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Feb 12: Technical Downgrade Fuels Bearish Momentum
On 12 February, Hariom Pipe Industries faced a technical downgrade that intensified bearish momentum. The stock declined 2.31% to close at Rs.380.40, contrasting with the Sensex’s 0.56% fall. This downgrade was reflected in the company’s MarketsMOJO grade falling from Hold to Sell as of 15 December 2025, with a current Mojo Score of 40.0.
Technical indicators painted a cautious picture. The Moving Average Convergence Divergence (MACD) was mildly bullish on a weekly basis but turned bearish monthly, signalling weakening longer-term momentum. The Know Sure Thing (KST) indicator echoed this divergence, while the Relative Strength Index (RSI) remained neutral. Bollinger Bands on weekly and monthly charts were firmly bearish, with the stock price trending near the lower band, indicating selling pressure and heightened volatility.
Daily moving averages confirmed the downtrend, with the stock trading below key 50-day and 200-day averages. On-Balance Volume (OBV) was mildly bearish weekly, suggesting selling volume outweighed buying interest. Dow Theory assessments showed a mildly bearish weekly trend and no clear monthly direction, underscoring uncertainty in the medium term.
Feb 13: Week Ends with Continued Weakness
The week concluded on 13 February with Hariom Pipe’s stock closing at Rs.372.95, down 1.96% on the day and 9.78% for the week. The Sensex declined 1.40% on the same day, but Hariom Pipe’s sharper fall highlighted its relative underperformance amid sectoral and company-specific challenges. Trading volumes remained subdued at 2,422 shares, reflecting cautious investor participation.
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Daily Price Comparison: Hariom Pipe Industries vs Sensex
| Date | Stock Price | Day Change | Sensex | Day Change |
|---|---|---|---|---|
| 2026-02-09 | Rs.386.15 | -6.59% | 37,113.23 | +1.04% |
| 2026-02-10 | Rs.387.95 | +0.47% | 37,207.34 | +0.25% |
| 2026-02-11 | Rs.378.95 | -2.32% | 37,256.72 | +0.13% |
| 2026-02-12 | Rs.380.40 | +0.38% | 37,049.40 | -0.56% |
| 2026-02-13 | Rs.372.95 | -1.96% | 36,532.48 | -1.40% |
Key Takeaways
Robust Revenue Growth Amid Profitability Challenges: Hariom Pipe Industries demonstrated strong net sales growth of 21.14% year-on-year for the nine-month period ending December 2025, signalling underlying demand strength. However, the 25.8% decline in PAT highlights persistent margin pressures and cost challenges that have yet to be resolved.
Technical Indicators Signal Bearish Momentum: The downgrade to a Sell grade and a Mojo Score of 40.0 reflect deteriorating technical momentum. Key indicators such as monthly MACD, Bollinger Bands, and moving averages point to continued downside risk, despite some mild weekly bullish hints.
Relative Underperformance vs Sensex: The stock’s 9.78% weekly decline starkly contrasts with the Sensex’s 0.54% fall, underscoring company-specific headwinds. Longer-term returns also lag the benchmark significantly, indicating structural challenges within the company or sector.
Volume and Volatility Trends: Declining volumes and price action near lower Bollinger Bands suggest selling pressure and increased volatility. The subdued trading activity towards week-end reflects investor caution amid uncertain outlook.
Conclusion
Hariom Pipe Industries Ltd’s week was marked by a complex interplay of strong top-line growth and weakening profitability, compounded by a technical downgrade that intensified bearish momentum. The stock’s sharp underperformance relative to the Sensex and the iron and steel sector’s ongoing challenges highlight the need for cautious monitoring. While short-term momentum indicators offer some mild optimism, the prevailing technical and fundamental signals suggest that the stock may face continued pressure until clearer signs of margin recovery and technical strength emerge. Investors should remain vigilant and consider the broader sectoral headwinds alongside company-specific developments when assessing Hariom Pipe’s near-term prospects.
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