Prince Pipes and Fittings Ltd
NSE:PRINCEPIPE
Prince Pipes and Fittings Ltd
Prince Pipes & Fittings Ltd. manufactures plumbing-pipes, irrigation, and provides sewerage technologies. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2019-12-30. The firm distributes its products under two brands: Prince Piping Systems and Trubore Piping. The firm is engaged in manufacturing and selling of polyvinyl chloride (PVC), chlorinated polyvinyl chloride (CPVC), polypropylene random (PPR) and high-density polyethylene (HDPE) pipes and fittings primarily in India. Its product range includes FlowGuard Plus CPVC plumbing systems, Easyfit UPVC pipes, EasyFit iN, Easy Fit RE, Greenfit pipes, Silentfit pipes, Rainfit pipes, Ultrafit pipes and fittings, Drainfit pipes, Foamfit pipes, Corfit double-walled corrugated (DWC) pipes, Aquafit pipes and fittings, Safefit pipes, Storefit water tanks and Cablefit pipes.
Prince Pipes & Fittings Ltd. manufactures plumbing-pipes, irrigation, and provides sewerage technologies. The company is headquartered in Mumbai, Maharashtra. The company went IPO on 2019-12-30. The firm distributes its products under two brands: Prince Piping Systems and Trubore Piping. The firm is engaged in manufacturing and selling of polyvinyl chloride (PVC), chlorinated polyvinyl chloride (CPVC), polypropylene random (PPR) and high-density polyethylene (HDPE) pipes and fittings primarily in India. Its product range includes FlowGuard Plus CPVC plumbing systems, Easyfit UPVC pipes, EasyFit iN, Easy Fit RE, Greenfit pipes, Silentfit pipes, Rainfit pipes, Ultrafit pipes and fittings, Drainfit pipes, Foamfit pipes, Corfit double-walled corrugated (DWC) pipes, Aquafit pipes and fittings, Safefit pipes, Storefit water tanks and Cablefit pipes.
Challenging Environment: Q3 saw subdued demand across plumbing, agriculture, and infrastructure, leading to low single-digit revenue growth.
Revenue & EBITDA: Q3 revenue was INR 573 crores with a 3% YoY volume increase; Q3 EBITDA margin was 5%.
Inventory & Working Capital: Significant improvement in inventory and receivables days, with inventory days dropping to 76 (from 102) and receivables at 49 (from 53).
Cost Pressures: Q3 included an INR 18–20 crores inventory loss and a provision of INR 2.05 crores related to new labor code.
CPVC Growth: CPVC segment delivered high double-digit volume growth and is now compounded in-house, resulting in 6–7% cost savings passed on to channels.
Margin Guidance: Management now targets a sustainable 10–12% EBITDA margin, down from earlier 12%, citing increased competition but expects potential positive surprises.
Positive Outlook: January saw double-digit volume growth driven by restocking and improved sentiment as PVC prices stabilized. Management expects strong Q4 and aims for double-digit volume growth in FY27.
CapEx & Bathware: FY26 CapEx expected at INR 225–230 crores, with further planned investment in bathware; bathware segment loss at INR 18 crores for 9M, breakeven expected between September and December FY27.
