NSE: PPL · BSE: 542684
PRAKASH PIPES LIMITED
Manufactures PVC pipes and fittings and flexible packaging products. The PVC Pipe and Fittings division generated ₹424.26 crore of segment revenue in FY26 (53.8% of segment revenue), selling rigid plastic pipes and fittings to construction, agriculture, and infrastructure users. The Flexible Packaging division brought in ₹364.45 crore (46.2% of segment revenue), making films and laminates for packaging customers. PVC pipe volumes fell 13% year-on-year to 48,118 MT in FY26 due to raw material price volatility and unseasonal rainfall, while flexible packaging volumes fell 7% to 16,605 MT. Raw materials account for 75.4% of revenue, followed by other operating expenses at 10.9% and employee costs at 5.8%. The company also picked up a 26% equity stake in BECIS Solar 3 Private Limited in 2026, marking a diversification into solar energy. Q4 FY26 net sales were ₹223 crore and the board has recommended phased capacity expansion in the Flexible Packaging division. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PVC PIPE AND FITTINGS (54%), FLEXIBLE PACKAGING (46%). Two-segment industrial plastics manufacturer with PVC rigid pipes and flexible packaging films
Exhibit 1: Financial summary, – (all audited; no estimate years)
| ₹ crore · consolidated |
|---|
| Revenue |
| EBITDA (ex other income) |
| margin % |
| Owners' profit |
| EPS, as reported (₹) |
| ROE % · ROCE % |
| Debt / equity (x) |
| Cash from operations |
| Capex |
Exhibit 2: Quarterly performance, last 1 quarters
| ₹ crore | Q3 FY21 |
|---|---|
| Revenue | 127 |
| Profit before tax | 13 |
| Net profit | 9 |
| EPS (₹) | 4.50 |
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 | 41,024 | 39.5 | 6.65 | 25.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 36,600 | 63.5 | 9.02 | 33.0 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,621 | 42.9 | 6.26 | 33.0 | 12.7 | 16.4 | 16.5 | 30.3 |
| KINGFA SCI & TEC IND LTD. | 9,296 | 41.2 | 6.64 | — | 13.2 | 17.7 | — | 16.9 |
| FINOLEX INDUSTRIES LTD | 8,740 | 14.2 | 1.41 | 10.3 | 9.6 | 11.8 | 3.5 | 20.6 |
| TIME TECHNOPLAST LTD. | 8,001 | 15.7 | 1.92 | 9.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| PRINCE PIPES FITTINGS LTD | 2,861 | 28.0 | 1.74 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,122 | — | 2.38 | 28.1 | 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) | 47.8 | 14.4 | 42 of 46 | 9% |
| EBITDA margin | 12.8 | 11.6 | 19 of 43 | 57% |
| Market cap | 514 | 126 | 13 of 55 | 78% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate for share dematerialization for Q2 FY27 | compliance | minimal | — | — |
| 8 Oct 2026 · Prakash Pipes Company Secretary resigns citing personal reasons | management changes | high | — | — |
| 1 Oct 2026 · Prakash Pipes AGM 2026: All 4 resolutions passed; Rs 2.40 dividend approved | compliance | minimal | — | — |
| 30 Sept 2026 · 9th AGM held on 30 Sep 2026; dividend of Rs 2.40 per share proposed | board shareholder meetings | low | — | — |
| 28 Sept 2026 · Trading Window Closure from 1 October 2026 | compliance | minimal | — | — |
| 9 Sept 2026 · Prakash Pipes publishes 9th AGM notice, Record Date and E-voting in newspapers | compliance | minimal | — | — |
| 7 Sept 2026 · Prakash Pipes FY26 Sales Up, Profit Down | compliance | medium | — | — |
| 7 Sept 2026 · Prakash Pipes fixes 16 Sep 2026 record date for FY26 final dividend | corporate actions | high | — | — |
| 7 Sept 2026 · 9th Annual General Meeting scheduled for September 30, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Prakash Pipes 9th AGM scheduled on 30 September 2026 via video conferencing | board shareholder meetings | low | — | — |
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.