Hisar Metal Industries Limited is a specialized Indian manufacturer focused on high-precision stainless steel products. Operating within the **Engineering Products** segment, the company has established a niche in the production of **Cold Rolled Stainless Steel Strips**, **Tubes**, and **Pipes**. With a strategic pivot toward ultra-thin materials and high-value specialty steel, the company is positioning itself to capitalize on India’s industrial expansion and infrastructure modernization. --- ### **Manufacturing Infrastructure & Specialized Capabilities** The company operates two sophisticated manufacturing facilities located in **Hisar, Haryana**. Its production model is characterized by high-precision cold rolling technology, allowing for the customization of steel thickness and strength. | Facility Type | Location | Equipment & Capacity Highlights | | :--- | :--- | :--- | | **Strips Plant** | Near I.D.C., Delhi Road, Hisar | **2 Nos.** 6 Hi-Cold Rolling Mills; **3 Nos.** 4 Hi-Cold Rolling Mills; **1 No.** 20Hi Cold Rolling Mill | | **Tubes & Pipes Plant** | Sector 27-28, Industrial Area, Hisar | **10 Specialized Tube Mills** | * **The 20Hi Foil Mill Expansion:** A critical milestone was achieved on **March 21, 2024**, with the commissioning of a **20Hi Foil Mill**. This facility enables the production of **ultra-thin material (foils)**, moving the company up the value chain into high-precision engineering applications. * **Operational Resilience:** Following a fire incident in October 2023 that temporarily disrupted the Cold Rolling Mills, the company successfully restored full production capacity by **January 2024**. --- ### **Strategic Market Positioning & Growth Catalysts** Hisar Metal operates at the intersection of the **Indian Steel Industry**—projected to reach a demand of **20-21 crore tonnes by 2030**—and high-growth end-user sectors. * **Target Sectors:** The company’s output is critical for **Infrastructure, Housing, Automotive, Railways, and Consumer Durables**. * **Macroeconomic Tailwinds:** Growth is supported by an expected **8% steel demand growth in 2025** and massive government capital expenditure, including: * **₹2.4 lakh crore** allocation for **Railways**. * **₹75,000 crore** for **100+ critical transport infrastructure projects**. * **₹10,000 crore annual fund** for urban development. * **Policy Support:** The company is a beneficiary of the **Production-Linked Incentive (PLI) Scheme** for specialty steel, which aims to add **25 MT** of capacity by **2030-31**. It also aligns with the **National Green Hydrogen Mission** to transition toward "Green Steel" and lower carbon emissions. --- ### **Financial Performance & Shareholder Value** While the company has maintained consistent sales volumes, it has faced margin compression due to global pricing pressures and rising input costs. | Metric | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | :--- | | **Sales Volume** | **7,993 MT** | **7,959 MT** | **7,912 MT** | | **Turnover (Revenue)** | **Rs. 24,483 Lacs** | **Rs. 24,143 Lacs** | **Rs. 27,602 Lacs** | | **Profit After Tax (PAT)** | **Rs. 318 Lacs** | **Rs. 647 Lacs** | **Rs. 1,095 Lacs** | | **Earnings Per Share (EPS)** | **Rs. 5.89** | **Rs. 11.97** | **-** | | **Book Value per Share** | **Rs. 116** | **Rs. 111** | **-** | * **Equity & Reserves:** As of August 2025, **Reserves and Surplus** grew to **Rs. 5,741 Lacs** (up from **Rs. 5,477 Lacs**). * **Dividend Policy:** The Board proposed a dividend of **Rs. 1/- per share (10%)** for **FY 2024-25**, demonstrating a commitment to consistent shareholder returns despite lower PAT. * **Efficiency:** Despite a slight dip in production to **7,990 MT** in the latest cycle, sales volume remained robust at **7,993 MT**, indicating effective inventory liquidation. --- ### **Risk Landscape & Mitigation Framework** The company operates in a volatile global commodity environment, facing both trade-related and operational risks. * **The "China Factor":** Low-priced imports from China rose **12% in FY2024-25** to **0.28 crore tonnes**, putting downward pressure on domestic prices. To counter this, the company relies on a **12% safeguard duty** (implemented **April 21, 2025**) and focuses on **R&D** to create differentiated, high-margin products. * **Input Volatility:** Exposure to raw material price swings is managed through **forward booking**, **strategic inventory management**, and **proactive vendor development**. * **Operational Safety & Insurance:** Following the 2023 fire, the company demonstrated its robust insurance framework by settling a claim of **₹1,65,22,108** on **November 19, 2024**, covering plant, machinery, and buildings. --- ### **Corporate Governance & Ownership Structure** Hisar Metal Industries is listed on both the **NSE** and **BSE**, maintaining high standards of transparency and promoter commitment. * **Promoter Stability:** As of March 31, 2026, the promoter group holds **61.20% (33,05,025 shares)** of the equity. Notably, there is **0% encumbrance**, meaning no promoter shares are pledged. * **Digital Integration:** **98.53%** of equity shares are held in **dematerialized form** as of March 2025. * **Internal Oversight:** * **Audit Systems:** The company employs an internal auditor to maintain controls commensurate with its scale. * **Whistle Blower Policy:** A formal mechanism allows employees to report operational or financial concerns directly to the **Audit Committee**. * **Compliance:** While a minor penalty of **₹5,000** was incurred in **FY 2022-23** for a one-day delay in RPT filings, the company has since reinforced its disclosure timelines. * **Statutory Audit:** For **FY 2023-24**, audit fees totaling **₹6.00 lakhs** were paid to **M/s. RAM SANJAY & CO**.