BSE: 544351
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Manufacture and sale of plastic pipes and fittings, Distribution of power tools and agri-equipment. Small-cap, single-plant industrial plastic-products manufacturer with recent diversification into imported power tools distribution
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 141 | 163 |
| EBITDA (ex other income) | — | — |
| margin % | — | — |
| Owners' profit | — | — |
| EPS, as reported (₹) | 9.68 | 8.38 |
| ROE % · ROCE % | — · 24.3 | — · 23.8 |
| Debt / equity (x) | — | — |
| Cash from operations | (14) | 16 |
| Capex | (6) | (5) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|
| Revenue | 83 | 70 | 93 |
| Profit before tax | 7 | 5 | 7 |
| Net profit | — | — | — |
| EPS (₹) | 5.89 | 3.60 | 4.78 |
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) | 3.9 | 14.2 | 5 of 46 | 91% |
| ROCE | 18.4 | 7.0 | 7 of 56 | 89% |
| Market cap | 60 | 122 | 36 of 55 | 35% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Reg 74(5) certificate filed for quarter ended Sep 30, 2026; all shares held in demat form | compliance | minimal | — | — |
| 30 Sept 2026 · 9th AGM results: all 3 resolutions passed, Mohit Malpani re-appointed | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 9th AGM held via VC; FY26 revenue up 15.59% to Rs 16,385 lakhs | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Insider trading window closed ahead of half-yearly results | compliance | minimal | — | — |
| 7 Sept 2026 · Newspaper ad confirming dispatch of 9th AGM notice | compliance | minimal | — | — |
| 4 Sept 2026 · Notice of 9th AGM on September 29, 2026 | board shareholder meetings | low | — | — |
| 4 Sept 2026 · Malpani Pipes FY26 Annual Report: Revenue up 16%, PAT up 12% | compliance | low | — | — |
| 1 Sept 2026 · Board appoints cost auditor, fixes AGM on September 29, 2026 | management changes | medium | — | — |
| 1 Sept 2026 · Board Outcome: Cost Auditor appointed, 9th AGM on Sept 29, 2026 | management changes | low | — | — |
| 14 Jul 2026 · Certificate under regulation 74(5) of SEBI (LODR) Regulations, 2015 for the quarter ended on June 30, 2026 | compliance | minimal | — | — |
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.