NSE: PRINCEPIPE · BSE: 542907
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. 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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
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) | 28.0 | 14.4 | 37 of 46 | 20% |
| P/B | 1.7 | 1.6 | 22 of 42 | 49% |
| ROCE | 5.6 | 7.0 | 33 of 56 | 42% |
| ROE | 4.5 | 7.6 | 29 of 45 | 36% |
| Debt / Equity | 0.1 | 0.2 | 18 of 45 | 61% |
| 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 | 2861 | 126 | 7 of 55 | 89% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Analyst and investor call set for November 4, 2026 | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results | results | low | — | — |
| 13 Oct 2026 · Quarterly Demat Compliance Certificate filed with Exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · GST demand notice for Rs 2.74 crore from Rajasthan tax authority for FY23 | regulatory legal | high | — | — |
| 30 Sept 2026 · Prince Pipes gets GST show cause notice for Rs 65.94 lakh from Karnataka | regulatory legal | high | — | — |
| 24 Sept 2026 · Trading Window closed from Oct 1 until Q2 results declared | compliance | minimal | — | — |
| 23 Sept 2026 · Prince Pipes schedules analyst and investor meetings | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Schedule of analyst and investor meetings on Sept 28 and 30, 2026 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Re-appointments of CMD, two directors and statutory auditor approved at AGM | management changes | medium | — | — |
| 18 Sept 2026 · Prince Pipes re-appoints promoter family directors and statutory auditor | management changes | medium | — | — |
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.