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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Plastic pipes and fittings, Bathware (Aquel brand). Asset-heavy plastic pipe and fittings manufacturing, with margins sensitive to polymer price volatility.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,657 | 2,711 | 2,569 | 2,524 | 2,598 |
| EBITDA (ex other income) | 416 | 250 | 325 | 162 | 229 |
| margin % | 15.6 | 9.2 | 12.7 | 6.4 | 8.8 |
| Owners' profit | 249 | 121 | 182 | 43 | 73 |
| EPS, as reported (₹) | 22.62 | 10.98 | 14.88 | 3.90 | 6.62 |
| ROE % · ROCE % | 19.7 · 27.2 | 8.9 · 12.6 | 11.8 · 15.5 | 2.7 · 4.0 | 4.5 · 6.2 |
| Debt / equity (x) | 0.12 | 0.04 | 0.07 | 0.17 | 0.09 |
| Cash from operations | (20) | 360 | 33 | 119 | 526 |
| Capex | (169) | (96) | (187) | (256) | (211) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 622 | 578 | 720 | 580 | 595 | 573 | 850 | 609 |
| Profit before tax | 20 | (25) | 30 | 6 | 20 | (2) | 76 | 43 |
| Net profit | 15 | (20) | 24 | 5 | 15 | (2) | 56 | 34 |
| EPS (₹) | 1.33 | (1.85) | 2.19 | 0.44 | 1.32 | (0.21) | 5.07 | 3.05 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SUPREME INDUSTRIES LTD | 42,745 | 41.2 | 6.93 | 26.3 | 15.5 | 17.9 | 12.0 | 15.0 |
| ASTRAL LIMITED | 37,967 | 65.9 | 9.36 | 34.3 | 13.2 | 16.9 | 15.6 | 15.5 |
| GARWARE HI-TECH FILMS LTD | 16,077 | 41.5 | 6.05 | 31.9 | 12.7 | 16.4 | 16.5 | 30.3 |
| FINOLEX INDUSTRIES LTD | 9,504 | 15.4 | 1.53 | 11.1 | 9.6 | 11.8 | 3.5 | 20.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · TDS communication on final dividend of Rs 1 per share for FY 2025-26 | compliance | minimal | — | — |
| 2 Sept 2026 · Prince Pipes sets Sept 9, 2026 as record date for final dividend FY26 | corporate actions | medium | — | — |
| 25 Aug 2026 · Prince Pipes 39th AGM notice published; Re 1 dividend proposed | compliance | minimal | — | — |
| 24 Aug 2026 · Prince Pipes files BRSR for FY25-26 reporting zero work injuries | compliance | low | — | — |
| 24 Aug 2026 · 39th AGM Notice: Dividend, Director Re-appointments on Sept 16 | board shareholder meetings | low | — | — |
| 24 Aug 2026 · 39th AGM Notice and Annual Report FY26 | board shareholder meetings | low | — | — |
| 21 Aug 2026 · Newspaper ad on pre-despatch of 39th AGM Annual Report | compliance | minimal | — | — |
| 20 Aug 2026 · CHRO Ajay Kumar resigns from Prince Pipes for personal reasons | management changes | high | — | — |
| 20 Aug 2026 · Prince Pipes CHRO Ajay Kumar resigns due to personal reasons | management changes | medium | — | — |
| 20 Aug 2026 · CHRO Ajay Kumar resigns citing personal reasons | management changes | medium | — | — |
| 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 |
| TIME TECHNOPLAST LTD. | 8,934 | 17.6 | 2.14 | 10.0 | 11.4 | 14.0 | 15.2 | 13.3 |
| KINGFA SCI & TEC IND LTD. | 8,422 | 37.3 | 6.02 | — | 13.2 | 17.7 | — | 16.9 |
| PRINCE PIPES FITTINGS LTD ◆ | 2,950 | 28.9 | 1.79 | — | 4.5 | 5.6 | — | 13.3 |
| APOLLO PIPES LIMITED | 2,444 | — | 2.74 | 32.3 | 0.5 | 1.0 | — | 1.8 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 28.9 | 15.2 | 42 of 54 | 23% |
| P/B | 1.8 | 1.8 | 21 of 43 | 50% |
| ROCE | 5.6 | 7.1 | 34 of 57 | 41% |
| ROE | 4.5 | 7.6 | 31 of 48 | 36% |
| Debt / Equity | 0.1 | 0.1 | 21 of 48 | 57% |
| EBITDA margin | 13.3 | 11.6 | 15 of 43 | 67% |
| Revenue growth | 5.0 | 10.6 | 30 of 49 | 40% |
| Profit growth | 600.0 | 20.7 | 5 of 47 | 91% |
| Market cap | 2950 | 130 | 7 of 56 | 89% |
| 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 |
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