1. 60 MW solar plant nears first power - Two 5 MW AC blocks (Rupur, Jaipur) are expected to reach COD within a month from late May 2026, and 10 MW starts generation in June 2026, with the full 60 MW AC plant targeted for completion within FY27. The project carries a 25-year PPA at ₹3.21/unit and an expected \~75% EBITDA margin once operational, creating a predictable high-margin earnings stream from an investment where Hariom’s equity is only ₹25-30 cr.
2. Volume growth to \~3.5 lakh tonnes - Management guides FY27 sales volume of 3,50,000-3,60,000 tonnes, up from \~2.89 lakh tonnes in FY26, and expects to return to \~30% volume growth parameters. Existing installed capacity of 785,232 MTPA can support that growth without major capex, so incremental volume drops largely to EBITDA.
3. Backward integration from \~40% to \~80% - The company is awaiting an Environment Clearance order; once received, construction takes 3-4 months and backward integration rises to \~80% of capacities. Full integration delivers cost efficiencies and quality control across the production chain, lifting per-tonne margins on the existing volume base.
4. Galvanized segment ramp-up - The GP pipes and coils segment is running at only \~50% of its 3 lakh-tonne installed capacity, and management expects FY27 volume growth to draw more from GP. As GP volume rises, fixed-cost absorption improves per-tonne EBITDA, and running more output in coil form can further lift operational throughput.
5. Solar steel structures enter commercial supply - Trial production of pre-galvanized tubular sections for solar mounting is complete, and the company began supplying trial orders of \~200 tonnes per month in Q1 FY26. Management expects EBITDA on this product to be “very much higher” than the scaffolding and pipe divisions, and the in-house solar project itself provides a captive demand driver.
6. B2B and OEM share rising - B2B contribution moved from 15% to 20% of sales by Q4 FY26, with 9M FY26 at 21%, supported by long-term supply arrangements with OEMs after 6-12 month qualification cycles. Management expects EBITDA and PAT margins to grow as the B2B and OEM mix increases, because these relationships tend to be stickier and higher-value than pure trader/dealer sales.
7. Promoter warrant infusion of ₹51 cr - The board approved a preferential warrant issue to promoters aggregating up to ₹51.45 cr at ₹343 per warrant, with 25% payable on subscription and the balance on conversion within 18 months. The infusion strengthens the balance sheet and signals promoter commitment at a time when the company is funding the solar subsidiary and awaiting clearance-linked backward integration.