Annual report for the financial year 2024-25
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Malpani Pipes And Fittings Ltd, a Ratlam-based plastic pipe manufacturer (HDPE, MDPE, PVC, drip irrigation pipes under the 'Volstar' brand), has submitted its annual report for FY2024-25. Total income stood at Rs. 14,174.93 lakhs, up marginally by 0.42% from Rs. 14,116.23 lakhs in FY24. Profit before tax rose 8.49% to Rs. 1,088.20 lakhs, while profit after tax grew 9.55% to Rs. 806.95 lakhs. Operating EBITDA margin expanded to 10.34% from 9.43% in the previous year. The company recently went public on the BSE SME platform in February 2025 with an IPO of Rs. 25.92 crore that was oversubscribed 125+ times. Post-listing, the debt-to-equity ratio improved sharply from 2.04 to 0.64, and the current ratio strengthened to 1.67 from 1.31. The company added Rs. 3.8 crore in new machinery and launched PVC pipes with 1,800 MTPA capacity during the year.
For shareholders: Margin expansion and significant deleveraging post-IPO are positives, but near-flat revenue growth (0.42%) indicates weak top-line momentum. Return ratios (ROE 26.24%, ROCE 15.24%) have moderated due to equity infusion. Newly listed SME stock with capacity expansion plans may attract growth-focused investors, though execution and demand recovery remain key watchpoints.