(x) Provisions:

Provisions are recognised when the Company has a
present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources
will be required to settle the obligation and the amount
can be reliably estimated. Provisions are not recognised
for future operating losses.

Provisions are measured at the present value of
management's best estimate of the expenditure
required to settle the present obligation at the end of the
reporting period.

In case of onerous contracts, the company recognizes
the impairment losses if any, occurred on assets used in
fulfilling the contract.

(y) Contingent liabilities:

A contingent liability is a possible obligation that arises
from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the
Company or a present obligation that is not recognized
because it is not probable that an outflow of resources
will be required to settle the obligation. A contingent
liability also arises in extremely rare cases where there
is a liability that cannot be recognized because it cannot
be measured reliably. The Company does not recognize
a contingent liability but discloses its existence in the
financial statements.

Contingent liabilities, contingent assets and
commitments are reviewed at each Balance Sheet date.

(z) Earnings per share:

Basic earnings per share is computed by dividing the
profit / (loss) after tax by the weighted average number
of equity shares outstanding during the year. Diluted
earnings per share is computed by dividing the profit /
(loss) after tax as adjusted for dividend, interest and
other charges to expense or income relating to the
dilutive potential equity shares, by the weighted average
number of equity shares considered for deriving basic
earnings per share and the weighted average number
of equity shares which could have been issued on
the conversion of all dilutive potential equity shares.
Potential equity shares are deemed to be dilutive only
if their conversion to equity shares would decrease the
net profit per share from continuing ordinary operations.
Potential dilutive equity shares are deemed to be
converted as at the beginning of the period, unless they
have been adjusted prospectively, if appropriate.

(za) Borrowings:

Borrowings are initially recognised at fair value, net of
transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between
the proceeds (net of transaction costs) and the
redemption amount is recognised in Statement of Profit
and Loss over the period of the borrowings. Fees paid
on the establishment of loan facilities are recognised
as transaction costs of the loan to the extent that it is
probable that some or all of the facility will be drawn
down. In this case, the fee is deferred until the draw
down occurs. To the extent there is no evidence that it
is probable that some or all of the facility will be drawn
down, the fee is capitalised as a prepayment for liquidity
services and amortised over the period of the facility to
which it relates.

Borrowings are removed from the Balance Sheet when
the obligation specified in the contract is discharged,
cancelled or expired. The difference between the
carrying amount of a financial liability that has been
extinguished or transferred to another party and the

consideration paid, including any non- cash assets
transferred or liabilities assumed, is recognised in
Statement of Profit and Loss as other gains/(losses).

Borrowings are classified as current liabilities unless the
Company has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting
period. Where there is a breach of a material provision
of a long-term loan arrangement on or before the end
of the reporting period with the effect that the liability
becomes payable on demand on the reporting date,
the company does not classify the liability as current, if
the lender agreed, after the reporting period and before
the approval of the financial statements for issue, not to
demand payment as a consequence of the breach.

(zb) Impact of new IND AS or amendments issued:

There are no new IND AS or amendments thereto
notified by the Ministry of Corporate Affairs (MCA) under
section 133 of the Act, having any effect on the accounts
as at March 31, 2015 and/or in future.

12.1 Term and conditions of compound financial instruments - Preference Shares

0 % Series A Redeemable Non Cumulative Preference Shares

33,16,200 .0% Series A Redeemable Non Cumulative Preference Shares of Rs. 10 each
Terms and conditions

i) The 0% Series A Redeemable Preference Shares of Rs. 10/- be redeemed at par, without any premium, and shall be redeemed by
the Company at any time within 20 years from the date of issue.

ii) The 0% Series A Redeemable Preference Shares of Rs. 10/- shareholders are vested with right of put option for redemption of
share at any time, before the company calls for redemption.

iii) These preference shareholders have voting rights only in respect of certain matters as per the provisions of Section 47(2) of
the Act.

iv) The RNCPS are non-participating shares in the surplus funds;

v) The RNCPS carry a preferential right vis-a-vis Equity Shares of the Company with respect to repayment in case of winding up or
repayment of capital.

12.2 Issue of Shares on conversion of Share warrants:

The Company had issued a total of 33,55,625 Share Warrants, each convertible into one Equity Share of face value Rs. 10, at a
premium of Rs. 335 per share, upon fulfillment of the terms and conditions of the allotment. As per the terms of issue, 25% of the
consideration was received upfront as application money, with the balance 75% payable within 18 months from the date of allotment.
Pursuant to receipt of the balance consideration, the Company allotted 12,46,747 equity shares during the financial year ended March
31, 2024, and 21,02,163 equity shares during the financial year ended March 31, 2025, at a premium of Rs. 345 per equity share.
However, 6,715 Share Warrants were not exercised within the stipulated period. Accordingly, the upfront amount of 25% received on
such warrants has been forfeited in line with the terms of the issue.

12.3 Nature and purpose of creation and utilisation of reserves

12.3.1 Capital Reserve: Capital reserve is created out of capital profits which are not earned through the normal course of business
operations. These include profits from forfeiture of shares, gain on sale of fixed assets, government grants treated as promoter
contribution, or other capital nature transactions. The reserve is not available for distribution as dividend but may be utilised for
specific purposes such as issue of fully paid bonus shares, in accordance with applicable laws.

12.3.2 Securities Premium: Securities premium is created on excess amount received over and above the face value on issue of the shares
and securities. The securities premium can be utilised in accordance with the provisions of Section 52 of the Companies Act 2013.
These include issue of bonus shares and writing of expenses incurred such as commission etc. on issue of shares/securities.

12.3.3 Capital Redemption Reserve(CRR): The Companies Act, 2013 requires that when a Company purchases its own shares out of free
reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital
redemption reserve. The reserve is utilised in accordance with the provisions of Section 69 of the Companies Act, 2013.

12.3.4 Retained Earnings: Retained earnings are the profits (including Other Comprehensive income) that the company has earned till date,
less any transfer to general reserve, dividends or other distribution or the distributions paid to the shareholders.

31 DISCLOSURE PURSUANT TO IND AS 19 “EMPLOYEE BENEFITS”

(a) Defined contribution plans:

The Company makes Provident Fund contributions which are defined contribution plans, for qualifying employees. Under the
schemes,the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The company
recognised Rs.145.87 Lakhs (Year ended March 31, 2024 Rs.125.71 Lakhs) for Provident Fund contributions in the statement of
profit and loss. The contributions payable to these plans by the company are at rates specified in the rules of the schemes. The
obligation of the company is limited to the amount contributed and it has no further contractual nor any constructive obligation.

(b) Defined benefit plans: :

Employee benefit Obligation :

The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees. The plan provides
for a lump sum payment to vested employees at retirement, death while in employment or on termination of employment of an
amount equivalent to 15 to 30 days salary payable for each completed year of service. Vesting occurs upon completion of five
years of service. The Company makes annual contributions to gratuity funds established as trusts or insurance companies. The
Company accounts for the liability for gratuity benefits payable in the future based on a year end actuarial valuation.

Movement of defined benefit obligation: The amounts recognised in the balance sheet and the movements in the net defined
benefit obligation over the year are as follows:

34 SEGMENT REPORTING

Based on the management approach as defined in IND AS 108 - Operating Segments, the Chief Operating Decision Maker ("CODM")
evaluates the company's performance and allocates resources based on an analysis of various indicators of business segment/s in
which the company operates. The Company is primarily engaged in the business of Manufacturing & selling of Steel Products, which
the management and CODM recognise as the sole business segment. Hence disclosure of segment-wise information is not required
and accordingly not provided.

The other applicable information applicable where there is only one segment as required in accordance with IND AS 108 - Operating
Segments, are as under:

(a) The company does not have the information in respect of the revenues from external customers for each product and service,
or each group of similar products and services, and the cost to develop such system will be highly excessive. Accordingly such
information is not disclosed as allowed by para 32 of IND AS 108.

The carrying amounts of trade receivables, trade payables, capital creditors and cash and cash equivalents and other bank balances are
considered to be the same as their fair values, due to their short-term nature.

The fair values of non-current borrowings are based on discounted cash flows using a current borrowing rate. They are classified as level 3
fair values in the fair value hierarchy due to the use of unobservable inputs, including own credit risk.

For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

35.2 Fair Value Measurement
(i) Fair Value hierarchy

Level 1 - Quoted Prices (Unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as
prices) or indirectly (i.e. derived from price)

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

NOTE 36 FINANCIAL RISK MANAGEMENT

The Company's activities expose it to a variety of financial risks namely

• Market risk,

• Credit risk and

• Liquidity risk."

The Board of Directors has established a Risk Management Committee to oversee the company's Risk Management Framework. This
committee is responsible for developing and monitoring the company's risk management policy. These policy aim to ensure timely
identification and evaluation of risks, establish acceptable risk thresholds, map controls against these risks, monitor risks and their limits,
enhance risk awareness and transparency. Regular reviews of risk management policy and systems are conducted to reflect changes in
market conditions and company activities, providing reliable information to management and the board for evaluating the adequacy of the
risk management framework in relation to the risks faced by the company.

i. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual
obligations. The company is exposed to the credit risk from its trade receivables, financial assets and other current assets. The
maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit
risk is to prevent losses in financial assets.

The history of trade receivables shows no provision for bad and doubtful debts. Therefore, the Company does not expect any material
risk on account of nonperformance by any of the Company's counterparties. The assessment is carried out considering the segment
of customer, impact seen in the demand outlook of these segments and the financial strength of the customers.

ii. Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that
are settled by delivering cash or another financial asset. The Company's approach to managing liquidity is to ensure, as far as possible,
that it will have sufficient liquidity to meet its liabilities when they are fallen due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Company's reputation

Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of
committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying businesses, Company treasury
maintains flexibility in funding by maintaining availability under committed credit lines.

Management monitors rolling forecasts of the Company's liquidity position (comprising the undrawn borrowing facilities) and cash and
cash equivalents on the basis of expected future cash flows. This is generally carried out at unit level and monitored through corporate
office of the Company in accordance with practice and limits set by the Company. These limits vary by location to take into account
requirement, future cash flow and the liquidity in which the entity operates. In addition, the Company's liquidity management strategy
involves projecting cash flows and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity
ratios against internal and external regulatory requirements and maintaining debt financing plans.

(a) Maturities of financial liabilities

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, and exclude contractual interest payments and the impact of netting agreements.

iii. Market risk

Market risk is the risk of any loss in future earnings, in realisable fair values or in future cash flows that may result from a change
in the price of a financial instrument. The value of a financial instrument may change as result of changes in interest rates, foreign
currency exchange rates, liquidity and other market changes. Future specific market movements can not be normally predicted
with reasonable accuracy.

iv. Foreign currency risk

The functional currency of the company is Indian Rupees (INR), but it engages in transactions denominated in foreign currencies,
thereby exposing it to exchange rate fluctuations. These fluctuations impact the company's costs of imports, particularly
concerning raw materials. Adverse movements in the exchange rate between the Rupee and foreign currencies increase the
company's overall debt position in Rupee terms without the company incurring additional debt.

There has been no significant impact in Company's financial postition with change in exchange rates.

v. Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in
market interest rates. The Company is exposed to interest rate risk because funds are borrowed at both fixed and floating interest
rates. Interest rate risk is measured by using the cash flow sensitivity for changes in variable interest rate. The borrowings of the
Company are principally denominated in rupees with a mix of fixed and floating rates of interest.

Currently the Company's borrowings are within acceptable risk levels, as determined by the management, hence the Company
has not taken any swaps to hedge the interest rate risk.

The following table provides a break-up of the Company's fixed and floating rate borrowings:

39 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment received
Indian Parliament approval and Presidential assent in September 2020. The Code has been published in the Gazette of India and
subsequently on November 13, 2020 draft rules were published and invited for stakeholders' suggestions. However, the date on which
the Code will come into effect has not yet been notified. The Company will assess the impact of the Code when it comes into effect and
will record any related impact in the period the Code becomes effective.

Additional Regulatory Information:

40 TITLE DEEDS OF IMMOVABLE PROPERTY NOT HELD IN NAME OF THE COMPANY:

The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are
duly executed in favour of the lessee), as disclosed in Note 2(a) on Property, plant and equipment to the financial statements, are held
in the name of the Company

41 There are no proceedings initiated or are pending against the Company for holding any benami property under the Prohibition of
Benami Property Transactions Act, 1988 and rules made thereunder.

42 WILFUL DEFAULTER:

i. The Company has not defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender

ii. The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority

43 The Company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956.

44 The Registration of charge in respect of secured loans filed to ROC beyond the statutory period is NIL

45 The Company has complied with the number of layers precribed under clause (87) of Section 2 of the Act, read with Companies
(Restriction on number of Layers) Rules 2017.

47 There is no scheme of arrangements approved by the competent authority in terms of section 230 to 237 of the companies Act, 2013
during the year.

48 The Company has not advanced or loaned or invested funds to any other person or entities, including foreign entities (Intermediaries)
with the understanding that the Intermediary shall (I) directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like to or on
behalf of the Ultimate Beneficiaries

49 The Company has not received any fund from any person or entities, including foreign entities (Funding Party) with the understanding
that the company shall (I) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever
by or on behalf of the company (Ultimate Beneficiaries) or (ii) provide any guarantee, security or the like to or on behalf of the
Ultimate Beneficiaries

50 The Company has not surrendered or disclosed as income or the previously unrecorded income and related assets during the year in
the tax assessments which are not recorded in the books of accounts of the company

51 The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year

52 DISCLOSURES UNDER RULE 11(F) OF THE COMPANY (AUDIT & AUDITORS) RULE, 2014 - DIVIDENDS

(a) Dividend is recognised as a liability in the books of account in the period in which it is approved by the shareholders. The
Company declares and pays dividends in Indian Rupees.

(b) During the year ended March 31, 2024, the Company declared and paid a dividend of Rs.185.75 Lakhs (Rs. 0.60 per equity
share), pursuant to the approval of shareholders at the Annual General Meeting held on September 23, 2024. The Company has
complied with the provisions of Section 123 of the Companies Act, 2013 in this regard.

(c) The Board of Directors, at its meeting held on May 09, 2025, recommended a final dividend of Rs.0.61 per equity share (subject
to applicable tax deduction at source) for the financial year ended March 31, 2025. The proposed dividend is subject to approval
of the shareholders at the ensuing Annual General Meeting. Upon approval, the total cash outflow on account of dividend would
amount to approximately Rs.188.90 Lakhs.

53 Previous year figures have been recasted/restated wherever necessary including those as required in keeping with revised Schedule
III amendments

As per our report of even date annexed hereto. On behalf of the Board

HARIOM PIPE INDUSTRIES LIMITED

FOR R KABRA & CO. LLP

Chartered Accountants

Firm Registration No: 104502W/W100721

Sd/- Sd/-

Rupesh Kumar Gupta Sailesh Gupta

(Managing Director) (Whole Time Director)

DIN 00540787 DIN 00540862

Sd/- Sd/- Sd/-

Deepa Rathi Amitabha Bhattacharya Rekha Singh

(Partner) (Chief Financial Officer) (Company Secretary)

Membership No: 104808 Membership No: A33986

UDIN : 25104808BMJHCA9890

Place : Hyderabad Place: Hyderabad

Date : May 09, 2025 Date : May 09, 2025