MALPANI PIPES AND FITTINGS LIM

Manufactures and sells plastic pipes and fittings (primarily PVC) from a plant in Ratlam, Madhya Pradesh, with an installed capacity of 16,800+ MTPA. Revenue comes almost entirely from these industrial plastic products, sold to customers tied to government infrastructure spending, agricultural use, and plumbing/water-management applications. The company recently diversified into distribution of power tools and agri-equipment under an exclusive India tie-up with Chinese firm Yongkang Gaocheng, valid until August 2030, with first supplies received in November 2025. It also entered telecommunications-adjacent products and is in the process of acquiring Terex Industries Private Limited, a related-party manufacturer of plastic products, pipes, fittings and agricultural commodities with FY26 turnover of Rs. 2,142.16 lakh. The order book stood at Rs. 70+ crores as of Q3 FY26. Materials (resins and other inputs) account for 71.1% of revenue, making raw-material pricing the dominant cost driver, while employee and other operating costs together are under 10% of revenue.