PRINCE PIPES FITTINGS LTD

Manufactures and sells plastic pipes and fittings used in plumbing, drainage and agriculture applications. Sells pipes in multiple polymers including CPVC (the fastest-growing polymer in the range), polypropylene and PVC, along with the in-house SmartFit Plus brand. Recently launched DECILO, a low-noise PP pipe with German technology, and expanded into bathware via the Aquel brand whose manufacturing facility at Bhuj, Gujarat was acquired. In FY26, total volume sold was 191,238 MT, with Q4 FY26 alone delivering a record 62,167 MT (+23% YoY). Building-material customers (plumbing, drainage) form the larger end market, while agriculture accounts for less than 30% of revenue. The cost base is heavily raw-material driven — materials made up 68.5% of FY26 revenue, with employees at 7.1% and other operating costs at 11.1% — exposing margins to PVC/CPVC price swings. FY27 capex is planned at INR 200-210 crore (including the Bhuj completion) and management is targeting capacity utilisation of 58-60% by FY27 end.