Hi-Tech Flow Solutions IPO

Hi-Tech Flow Solutions Ltd. IPO is a Book Building Issue consisting of a Fresh Issue worth ₹300.00 crores.

The equity shares are proposed to be listed on NSE and BSE. Incred Capital Financial Services Private Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the registrar of the issue. Key details such as IPO dates, IPO price bands, and lot size are yet to be announced.

About Hi-Tech Flow Solutions Limited

Hi-Tech Flow Solutions Limited operates in the steel pipes and tubes manufacturing industry, with a primary focus on manufacturing Submerged Arc Welded (SAW) pipes, particularly Helical Submerged Arc Welded (HSAW) pipes. Hi-Tech Flow Solutions Limited was originally incorporated as Apex Foils Private Limited on April 21, 1993, under the Companies Act, 1956, with its certificate of incorporation issued by the Registrar of Companies, Delhi and Haryana.

The company subsequently changed its name to Gujrat Hi-Tech Steels Private Limited on May 25, 1998, and later to Hitech Saw Private Limited on November 2, 2018. It was converted into a public limited company in 2021, following which its name changed to Hitech Saw Limited, with a fresh certificate of incorporation issued on September 1, 2021. The company is primarily engaged in the manufacture and sale of Submerged Arc Welded (SAW) pipes, with its core product portfolio focused on Helical Submerged Arc Welded (HSAW) pipes.

It operates on a business-to-business model and primarily caters to private Engineering, Procurement and Construction (EPC) contractors involved in large-scale pipeline and infrastructure projects. Its HSAW pipes are used in bulk water-supply systems, irrigation networks, inter-basin river-link pipelines, municipal water-distribution networks, dam-based irrigation systems, transport-linked utility corridors, sewerage, and urban-infrastructure projects. Its products are also used in infrastructure applications such as airports, flyovers, power projects, and heating, ventilation, and air-conditioning utility networks.

The company manufactures large-diameter HSAW pipes ranging from 406 millimeters to 2,540 millimeters in diameter, with wall thicknesses ranging from 5 millimeters to 20 millimeters. Its manufacturing process includes coil forming, spiral pipe welding, beveling, hydrotesting, inspection, and quality assurance.

The company also provides coating and lining solutions based on customer specifications, including liquid epoxy coating, cement-mortar lining, polyurethane exterior coating, external varnish, and epoxy-based painting. These coating activities are undertaken through third-party service providers, typically within the company's manufacturing facilities. The company is also planning to expand its product portfolio into API-grade HSAW pipes to address demand from the oil and gas sector.

The company operates two manufacturing facilities located in Sanand, Gujarat, and Nagpur, Maharashtra. It commenced commercial production at its Sanand facility in February 2019, initially with an installed capacity of 24,000 metric tonnes per annum. The capacity was increased to 40,000 metric tonnes per annum in Fiscal 2024.

Its Nagpur facility commenced commercial production in January 2025 and has an installed capacity of 120,000 metric tonnes per annum. As of the date of the DRHP, the company's total installed manufacturing capacity stood at 160,000 metric tonnes per annum. During Fiscal 2026, the Sanand and Nagpur facilities recorded production of 32,454 metric tonnes and 39,736 metric tonnes, respectively.

The company is undertaking an expansion at its Nagpur facility, which is expected to add 30,000 metric tonnes per annum to its HSAW pipe manufacturing capacity. Upon completion, the Nagpur facility's installed capacity is expected to increase to 150,000 metric tonnes per annum, taking the company's total installed capacity to 190,000 metric tonnes per annum.

The company supplies its products across 17 states and 2 union territories in India. Its customer base primarily comprises EPC contractors, dealers, and distributors. EPC contractors procure its pipes for large-scale water-supply pipeline and infrastructure projects undertaken for government utilities, water-supply departments, and project authorities.

The company's manufacturing facilities hold ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certifications, relating to quality management, environmental management, and occupational health and safety, respectively.

Industry Outlook

• The Indian steel pipes and tubes industry caters to multiple end-user sectors, including oil and gas, infrastructure and construction, automotive, water and sewage, engineering, and other industrial applications. Demand is driven by infrastructure development, industrial activity, and investments in pipeline networks.
• Finished steel consumption in India increased at a compound annual growth rate (CAGR) of 8.7%, from 100 million tonnes in Fiscal 2020 to 164 million tonnes in Fiscal 2026, reflecting growth in domestic steel demand.
• The Indian market for Helical Submerged Arc Welded (HSAW) pipes expanded from USD 953 million in Calendar Year (CY) 2019 to USD 2,097 million in CY 2025. The market is projected to reach USD 3,039 million by CY 2030.
• The HSAW pipe market is expected to grow at a CAGR of 7.0% to 8.8% between CY 2025 and CY 2030. The 24–48-inch diameter category is projected to record the highest growth rate of 8.8%, supported by demand from large-diameter pipeline applications in the oil and gas and industrial sectors.
• Oil and gas is expected to remain the largest end-user segment of the Indian steel pipes and tubes industry, although its share is projected to decline from 44% in CY 2020 to 40% in CY 2030. Infrastructure and construction is expected to account for 18% of demand, while water and sewage is projected to account for 8% by CY 2030.
• Government-led water and sanitation initiatives are expected to support demand for steel pipes, particularly HSAW pipes. Programmes such as the Atal Mission for Rejuvenation and Urban Transformation (AMRUT), AMRUT 2.0, the Jal Jeevan Mission, and the Inter-Linking of Rivers programme are expected to drive investments in urban water supply, irrigation, sewerage, and water-distribution networks.
• Demand from the oil and gas sector is expected to be an important growth driver for API-grade HSAW pipes. Expansion of the National Gas Grid, City Gas Distribution networks, cross-country hydrocarbon pipelines, refinery connectivity, and offshore and onshore energy projects is expected to create additional demand for these pipes. The oil and gas segment of the HSAW pipe market is projected to grow at a CAGR of 10% between CY 2025 and CY 2030.

Hi-Tech Flow Solutions IPO Objectives

The Company proposes to utilise the Net Proceeds from the Issue towards the following objectives:

• Funding the proposed expansion by setting up API-grade HSAW pipe manufacturing unit along with a 3LPE coating unit within the existing Nagpur Facility.
• Repayment or pre-payment, in part or full of certain borrowings availed by the Company from banks.
• Towards general corporate purposes.

Financial Performance of Hi-Tech Flow Solutions Limited

Hi-Tech Flow Solutions Limited Peer Details Comparison