Prince Pipes & Fittings Ltd(PRINCEPIPE)

NSE: PRINCEPIPEBSE: 542907

₹ 253.4+0.98%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 2,802 crWebsite: www.princepipes.comUpdated: 24 Oct 2026

About

Prince Pipes and Fittings Ltd manufactures and sells PVC, CPVC, PPR and polypropylene piping systems and fittings for plumbing, drainage and agriculture across India. The company reported FY26 revenue of ₹2,598 crores with total installed capacity of 4,35,222 MTPA across eight plants. It is expanding into bathware through its Aquel brand, acquired from Klaus Waren Fixtures.^[1][2][3]

Business segments

Pipes and fittings (PVC, CPVC, PPR) form the core business; project sales accounted for ~25% of revenue mix in H1 FY26, up from ~15% historically, with retail and distribution making up the remainder.^[2]
Bathware (Aquel brand) is a nascent segment generating ₹13 cr revenue in Q1 FY27, still loss-making at an EBITDA of -₹5 cr, well below the ₹25-30 cr quarterly revenue needed for breakeven.^[4]
Value-added products (CPVC, PPR, PP) accounted for ~23-24% of revenue in FY26; management targets 27-28% in FY27 driven by CPVC, PPR and the new DECILO PP drainage system.^[3]

Products and brands

Core piping portfolio covers PVC, CPVC (branded SmartFit Plus with in-house compounding launched Q3 FY26), PPR and polypropylene systems for plumbing, drainage and agriculture.^[5][3]
DECILO is a mineral-filled polypropylene low-noise drainage system launched in Q4 FY26 and manufactured at the Haridwar plant; being installed in residential, hospital and hotel projects.^[3][4]
Water tanks are sold under the Storefit brand; new variants Storefit HYDRA (4-layered) and Storefit COOL (UFC Technology) were introduced in Q3 FY26.^[5]
Bathware is sold under the Aquel brand, acquired through an asset purchase of land, building, machinery and equipment at Bhuj, Gujarat from Klaus Waren Fixtures Limited.^[3]

Manufacturing operations

Total installed capacity is 4,35,222 MTPA across eight plants as of Q1 FY27, giving the company a pan-India manufacturing footprint.^[2][4]
Bihar (Begusarai) plant Phase 2 was commissioned in the first week of September 2025, bringing that site's installed capacity to 65,380 MT and completing the pan-India network.^[2]
DECILO PP drainage pipes are manufactured at the Haridwar facility; CPVC compounding is done in-house following the move away from sole Lubrizol sourcing in Q3 FY26.^[4][5]
Bhuj (Aquel) Bathware plant: second tranche of the asset purchase was completed in Q1 FY27, with ₹40-42 cr deployed in that quarter.^[4]

Key operating numbers

Sales volume was 40,729 MT in Q1 FY27 (-7% YoY) following aggressive channel destocking triggered by the temporary suspension of PVC resin import duty from April 2026.^[4]
Full-year FY26 volume was 1,91,238 MT (+8% YoY vs 1,77,202 MT in FY25), with a record Q4 FY26 of 62,167 MT (+23% YoY).^[3]
Capacity utilisation was 52-53% in Q1 FY27; the Bihar plant had reached ~60% utilisation by FY26 year-end while the South plant remained the key underperforming asset.^[4][3]
EBITDA margin was 13% in Q1 FY27 (+600 bps YoY) driven by product mix improvement: higher CPVC/PPR/PP share vs PVC, and building materials vs agri.^[4]
Gross profit margin was 34% in Q1 FY27 vs 25% in Q3 FY26, reflecting the shift toward higher-margin value-added products.^[4][5]

Working capital and receivables

Debtor days were 40 days at 30 June 2026, down from 51 days at FY26 year-end and 61 days at FY25 year-end; management targets further reduction to 30 days over the next two years.^[4][3]
Working capital days were 71 days in Q1 FY27 with inventory at 100 days (elevated due to Q1 destocking); inventory expected to correct to 65-75 days by end of September 2026.^[4]
Distribution Management System (DMS) and Sales Force Automation (SFA) are fully deployed, providing retailer-level secondary sales visibility and enabling direct-to-retailer scheme disbursements.^[4][2]

Customers and distribution

Revenue mix in H1 FY26 was approximately 25% project segment and ~70%+ retail and distribution; the project share has risen from ~15% historically.^[2]
Channel partner addition was accelerated in Q1 FY27 by targeting district/taluka white spaces; new partners were won from both organised and unorganised competitors.^[4]
The price gap between organised and unorganised players had virtually disappeared by Q3 FY26, facilitating market share consolidation by large organised players including Prince.^[5]

Expansion and capex

FY27 capex plan is ₹200-210 cr, covering maintenance, debottlenecking across eight plants, and completion of the Aquel Bhuj manufacturing unit; ₹40-42 cr was spent in Q1 FY27.^[4][3]
No major new PVC/CPVC piping capacity addition is planned for FY27; the next capacity expansion trigger is ~65% utilisation.^[5][3]
Management targets 15-20% ROCE at 60-65% capacity utilisation, a level historically achieved at those utilisation rates.^[4]

Recent developments

Temporary suspension of PVC resin import duty from April to June 2026 caused a sharp price correction and industry-wide destocking, with April 2026 described by management as a 'washout'; volumes partially recovered in May-June.^[4]
Second tranche of the Aquel Bhuj asset purchase (land, building, machinery from Klaus Waren Fixtures) was completed in Q1 FY27; Aquel Bathware breakeven is targeted for Q3 FY27 (December 2026 quarter).^[4][3]
SmartFit Plus CPVC brand under in-house compounding was launched in Q3 FY26, diversifying away from sole Lubrizol dependency and passing ~6-7% cost benefit to channel partners.^[5]
Prince Pipes received a GST Show Cause cum Demand Notice of ₹65,93,632 from Karnataka's Commercial Tax Officer for FY 2022-23; the company assesses the demand as not maintainable and foresees no relevant financial impact.^[6]

Market Cap

₹2,802 Cr

High / Low

₹328 / 205

Stock P/E

27.1

Price / Book

1.7

Book Value

₹149

EPS

₹6.6

No. of Shares

11.06 Cr

ROCE

6.1%

ROE

4.5%

OPM

4.3%

Debt / Equity

0.09

Sales

₹2,598 Cr

Net Profit

₹73 Cr

Promoter holding

61.0%

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