BSE: 544072
AIK Pipes and Polymers Limited
Manufactures HDPE, MDPE and PPR pipes used in water supply, gas distribution, telecom ducting and agricultural irrigation, operating from Jaipur and selling primarily to government contractors and infrastructure projects in India. The company's main product lines are HDPE pipes manufactured to IS4984 standard, and it sells these directly to EPC contractors; in November 2025 it received an order of approximately Rs. 8.80 crores for HDPE pipe supply to the Isarda-Dausa water supply project (Package-4) through an AA-class contractor working under the Public Health Engineering Department (PHED), Government of Rajasthan. It also markets agri-irrigation products under a brand called 'BANAS'. Revenue from operations for FY2026 was Rs. 545.09 lakhs (down from Rs. 2,505.70 lakhs in FY2025), with profit after tax at Rs. 8.71 lakhs and EBITDA margin compressed to approximately 4.1% versus 9.4% the prior year. The biggest cost is raw materials at 93.4% of revenue, with employee costs at 12.2% and other operating expenses at 6.6% of revenue. The company is listed on the BSE SME Emerge platform and is small enough that several SEBI compliance obligations (Large Corporate disclosure, Regulation 24A secretarial compliance report) do not apply to it. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. HDPE, MDPE and PPR pipe manufacturing, Government / public infrastructure supply orders, Agri-irrigation products. Small, order-driven industrial pipe manufacturer with high raw material intensity.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 37 | 25 | 9 |
| EBITDA (ex other income) | — | — | — |
| margin % | — | — | — |
| Owners' profit | — | — | — |
| EPS, as reported (₹) | 6.69 | 2.01 | 0.14 |
| ROE % · ROCE % | — · 18.8 | — · 10.2 | — · 3.7 |
| Debt / equity (x) | — | — | — |
| Cash from operations | (10) | 0 | (1) |
| Capex | — | (1) | (0) |
Exhibit 2: Quarterly performance, last 5 quarters
| ₹ crore | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|
| Revenue | 16 | 16 | 9 | 2 | 8 |
| Profit before tax | 1 | 2 | 0 | (1) | 1 |
| Net profit | — | — | — | — | — |
| EPS (₹) | 3.14 | 1.89 | 0.11 | 1.17 | 1.31 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 41,906 | 40.4 | 6.79 | 25.8 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,014 | 64.2 | 9.12 | 33.4 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,546 | 42.7 | 6.23 | 32.9 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,213 | 40.8 | 6.58 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,719 | 14.2 | 1.40 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,051 | 15.8 | 1.93 | 9.1 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,776 | 27.2 | 1.69 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,132 | — | 2.39 | 28.3 | 0.5 | 1.0 | — | 1.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 5.7 | 14.2 | 8 of 46 | 84% |
| ROCE | 1.3 | 7.0 | 39 of 56 | 31% |
| Revenue growth | (52.7) | 10.6 | 45 of 49 | 8% |
| Market cap | 16 | 122 | 46 of 55 | 17% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 10 Oct 2026 · Routine SEBI compliance certificate for quarter ended September 2026 | compliance | minimal | — | — |
| 2 Oct 2026 · AGM Results: 4 resolutions passed, RPTs saw 33% votes against | board shareholder meetings | low | — | — |
| 30 Sept 2026 · AIK Pipes 09th AGM held via video conferencing; 4 resolutions tabled | board shareholder meetings | low | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 ahead of H2 results | compliance | minimal | — | — |
| 15 Sept 2026 · Corrigendum to AGM Notice - Related Party name typo corrected | board shareholder meetings | low | — | — |
| 15 Sept 2026 · Corrigendum to AGM Notice and Annual Report fixes related party name typo | board shareholder meetings | medium | — | — |
| 6 Sept 2026 · Newspaper notice published for 9th AGM to be held on 30 September 2026 | compliance | minimal | — | — |
| 5 Sept 2026 · 9th AGM on Sep 30, 2026: FY25-26 results, director reappointment, RPT approvals | board shareholder meetings | medium | — | — |
| 5 Sept 2026 · AGM notice and annual report submitted for FY 2025-26 | board shareholder meetings | medium | — | — |
| 30 Jul 2026 · BSE query on price movement - company says no undisclosed info | regulatory legal | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.