PRINCEPIPE - Prince Pipes and Fittings Limited Share Price

Industrial Products

₹252.89-10.60(-4.02%)

Market Closed as of Apr 25, 2025, 15:30 IST

What does Prince Pipes and Fittings Limited do?

Plastic Products - Industrial•Capital Goods•Small Cap

Prince Pipes and Fittings Limited manufactures and sells piping solutions in India. It offers chlorinated polyvinyl chloride (CPVC) hot and cold potable water plumbing systems, unplasticized polyvinyl chloride (UPVC) plumbing systems, and reclaim piping systems; CPVC and poly propylene random copolymer plumbing and industrial systems; poly propylene (PP) drainage system; low noise PP drainage system; low noise soil, waste, and rainwater (SWR) piping system; SWR sealing pipes; and roof water piping systems. The company also provides underground drainage piping system, UPVC underground drainage piping system, inspection chambers, underground double wall corrugated pipes, and FRP manhole and chamber covers; agriculture pressure pipes and fittings, borewell systems, and high density poly ethylene pipes, fitting, and valves; and linear low density poly ethylene water storage tanks. In addition, it offers electrical conduit pipes and fittings, cable ducting pipes, surface drainage systems and pipes; polytetra methylene terephthalate bathware-faucets and showers; and sanitaryware. The company provides its products under the Prince, Trubore, and Aquel brand names. Prince Pipes and Fittings Limited was incorporated in 1987 and is headquartered in Mumbai, India.

Industry Group:Industrial Products

Employees:1,787

Website:www.princepipes.com

Summary of Latest Earnings Report from Prince Pipes and Fittings

Summary of Prince Pipes and Fittings's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Nov 24

The management of Prince Pipes and Fittings outlined the following outlook and key points:

Outlook:

Targeting 8"“10% volume growth for FY25, driven by improved demand, normalization of channel inventory post-PVC price stabilization, and expansion in Eastern India.
Begusarai plant (Bihar), with ~50,000-tonne capacity, is on track for production by Q4 FY25, enhancing supply chain efficiency in the fast-growing East market.
Bathware segment (Aquel) aims for pan-India presence by H2 FY25, with Q2 revenue at Rs.7 crore and full-year revenue expected to exceed Rs.25 crore; breakeven projected by Q3 FY26.

Major Points:

Volume & Realizations: Q2 saw 4% YoY volume growth (43,301 MT), led by plumbing and SWR segments. Realizations remained stable despite a 16% PVC price drop.
Margins: Q2 EBITDA impacted by ~~Rs.12"“15 crore inventory losses, trade incentives, and Bathware losses (~~Rs.3"“4 crore). Targeting 12"“13% EBITDA margins as pricing power, operating leverage, and product mix (CPVC growth) improve.
Capex: FY25 capex of Rs.330"“350 crore, focusing on Bihar plant expansion, debottlenecking, and Bathware integration (Phase 2 pending Rs.43 crore outflow).
Market Strategy: Aggressive branding (metro/bus campaigns) and plumbing workforce upskilling initiatives. Eastern India remains a priority for growth.
Raw Material Trends: PVC price volatility caused destocking, but recent stabilization and anti-dumping duty announcements may drive restocking in H2.

Management remains confident in long-term prospects, emphasizing volume-driven growth and margin recovery.

Q&A Session

Last updated: Nov 24

Major Questions and Answers:

Q1: How would your new plant in the East change the volume trajectory of the company?
The Begusarai plant (Bihar) targets fast-growing Eastern markets, reducing freight costs and strengthening supply chains. With 50,000 tonnes capacity by Q4 FY25, it will support volume growth aspirations. Initial capacity utilization may be low but aligns with long-term demand in underpenetrated regions.

Q2: Have PVC price hikes been passed on to customers? What were inventory losses in Q2?
October saw muted demand due to festive delays and price volatility. Two PVC price hikes were implemented: one already passed, the second planned for November. Inventory losses were Rs.12"“15 crore in Q2.

Q3: What is the revised EBITDA margin guidance after weak H1 performance?
Q2 margins were impacted by ~~2.5% inventory losses~~, 2% trade incentives, and ~0.5% Bathware losses. Long-term EBITDA guidance remains 12"“13%, driven by pricing power, product mix (CPVC growth), and operating leverage.

Q4: How is competitive intensity affecting pricing and margins?
Competition remains rational; trade incentives were temporarily increased to counter destocking. No predatory pricing. Organized players (top 4) focus on brand-driven growth, with unorganized share shrinking due to quality consciousness.

Q5: What is the FY25 volume growth and margin outlook post-destocking?
Volume growth guidance remains 8"“10% for FY25, with H2 expected to improve as channel restocks post-PVC price stabilization. Margins will recover with reduced trade incentives, lower inventory losses, and higher utilization.

Q6: What is the status of Bathware (Aquel) and capex plans?
Aquel revenue: Rs.7 crore in Q2, targeting Rs.25+ crore for FY25. Losses (~Rs.4 crore/quarter) expected to breakeven by Q3 FY26. Capex for FY25: Rs.330"“350 crore (Begusarai plant: Rs.170 crore, Aquel: Rs.43 crore, debottlenecking: Rs.30"“35 crore).

Q7: How will working capital days normalize?
Working capital (93 days in Q2) will improve with inventory correction (target: 70 days) and receivables reduction (target: <50 days). Channel finance programs expanded to 150+ partners to ease liquidity.

Q8: What is the ROE target amid capacity expansion?
ROE dipped due to aggressive capex (new plants, Bathware). Long-term target: 15"“20% post-stabilization, driven by volume growth, margin recovery, and reduced capital intensity after FY25.

Q9: What drives Bathware losses, and when will it breakeven?
Losses stem from upfront costs (team expansion, channel buildup). Breakeven expected by Q3 FY26 as pan-India presence completes. Losses remain controlled at Rs.16"“18 crore annually.

Q10: How competitive are water tanks and Bathware segments?
Tanks face regional unorganized competition but benefit from brand consolidation. Bathware competition includes established players, but differentiation through branding and distribution is prioritized.

Pros

Buy Backs: Company has bought back it's stock in the past which is a good thing.

Balance Sheet: Strong Balance Sheet.

Cons

Technicals: SharesGuru indicator is Bearish.

Smart Money: Smart money is losing interest in the stock.

Growth: Poor revenue growth. Revenue grew at a disappointing -1.9% on a trailing 12-month basis.

The Good, Bad and Ugly

Growth

Profitability

Size

Dilution Rank

Balance Sheet

Momentum

Technicals

Smart Money

Insider Trading

Sector Comparison: PRINCEPIPE vs Industrial Products

Comprehensive comparison against sector averages

Comparative Metrics

PRINCEPIPE metrics compared to Industrial

Category	PRINCEPIPE	Industrial
PE	37.98	35.42
PS	1.09	2.77
Growth	-1.9 %	2 %

Performance Comparison

PRINCEPIPE vs Industrial (2021 - 2025)

Key Insights

1. PRINCEPIPE is among the Top 10 Plastic Products - Industrial companies but not in Top 5.
2. The company holds a market share of 5.4% in Plastic Products - Industrial.
3. In last one year, the company has had a below average growth that other Plastic Products - Industrial companies.

Share Holdings

Understand Prince Pipes and Fittings ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.

Holding Pattern

Major Shareholders

Share Holding Details

As of 2025-03-31

Shareholder Name	Holding %
Parag Jayant Chheda	18.78%
Vipul Jayant Chheda	18.78%
Tarla J Chheda	15.73%
Mirae Asset Large & Midcap Fund	9.65%
Jayant Shamji Chheda	6.02%
Dsp Small Cap Fund	4.73%
Government Pension Fund Global	2.01%
Madhulika Agarwal	1.3%
Jayant Shamji Chheda (Trustee of VS Family Trust)	1.09%
Vaishali Hitesh Shah	0.45%
Jayantilal Kalyanji Gada	0.05%
Gunvanti Jayantilal Gada	0.04%
Ashwini Vipul Chheda	0.01%
Heena Parag Chheda	0.01%
Jayant Shamji Chheda HUF (Karta)	0%
Mansukh Koovarji Shah	0%
Mansukh Koovarji Shah HUF	0%

Overall Distribution

Distribution across major stakeholders

Ownership Distribution

Distribution across major institutional holders

Cash Flow for Prince Pipes and Fittings

Standalone figures (in Rs. Crores)

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	-45%	6.5	11	14
Change in inventories	-106.9%	-12.25	193	-391.48
Depreciation	9.8%	91	83	70
Unrealised forex losses/gains	101.8%	1.03	-0.65	0.33
Dividend income	-1%	0	0.01	-0.01
Adjustments for interest income	45.2%	6.46	4.76	-4.56
Net Cashflows from Operations	-73.7%	106	400	77
Income taxes paid (refund)	84.6%	73	40	96
Net Cashflows From Operating Activities	-91.1%	33	360	-19.5
Proceeds from sales of PPE	1246.7%	2.72	0.85	0.52
Purchase of property, plant and equipment	95.8%	187	96	169
Purchase of intangible assets	706.9%	6.28	0.13	0
Purchase of intangible assets under development	-130.6%	0	4.27	0
Dividends received	-1%	0	0.01	0.01
Interest received	45.2%	6.46	4.76	4.56
Other inflows (outflows) of cash	-107.5%	-0.73	24	194
Net Cashflows From Investing Activities	15%	-125.76	-148.12	20
Proceeds from issuing shares	-	0	0	0.54
Proceeds from borrowings	-	56	0	65
Repayments of borrowings	-101.1%	0	92	0
Payments of lease liabilities	135.5%	2.24	-2.49	0.89
Dividends paid	-104.8%	0	22	39
Interest paid	-63.9%	4.61	11	12
Other inflows (outflows) of cash	-	-1.63	0	8.55
Net Cashflows from Financing Activities	138.2%	48	-122.18	22
Net change in cash and cash eq.	-152.1%	-45.33	90	23

Balance Sheet for Prince Pipes and Fittings

Standalone figures (in Rs. Crores)

Description	(%) Q/Q	Sep-2024	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022
Cash and cash equivalents	-60%	31	76	99	121	7.74	32
Current investments	10.8%	42	38	129	92	51	10
Loans, current	-6.8%	0.37	0.41	0.39	0.48	0.53	0.55
Total current financial assets	-30.1%	491	702	652	634	452	514
Inventories	34.3%	588	438	407	426	438	619
Current tax assets	36750%	8.37	1.02	-	-	12	-
Total current assets	0.5%	1,253	1,247	1,122	1,125	991	1,227
Property, plant and equipment	2.5%	793	774	711	680	661	642
Capital work-in-progress	55.9%	54	35	24	19	23	23
Investment property	0%	15	15	3.72	-	6.05	1.46
Goodwill	0%	0.3	0.3	0.3	0.3	0.3	0.3
Non-current investments	0%	0.29	0.29	0.29	0.29	0.14	1.69
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	33.3%	17	13	9.44	8.98	8.89	9.35
Total non-current assets	9%	956	877	788	729	723	712
Total assets	4.1%	2,209	2,123	1,910	1,854	1,714	1,939
Borrowings, non-current	244.4%	63	19	0	0	0	0
Total non-current financial liabilities	153.6%	72	29	2.53	3.07	3.8	0
Provisions, non-current	-17.6%	15	18	22	14	13	13
Total non-current liabilities	61.5%	106	66	40	30	26	25
Borrowings, current	-1.1%	95	96	55	58	134	150
Total current financial liabilities	-2.2%	404	413	391	420	427	601
Provisions, current	271.8%	7.06	2.63	3.15	1.95	1.95	2.2
Current tax liabilities	-	-	-	2.16	17	-	15
Total current liabilities	3.3%	530	513	422	460	453	649
Total liabilities	9.9%	636	579	461	490	479	674
Equity share capital	0%	111	111	111	111	111	111
Total equity	1.9%	1,573	1,544	1,449	1,364	1,234	1,265
Total equity and liabilities	4.1%	2,209	2,123	1,910	1,854	1,714	1,939

Income Statement for Prince Pipes and Fittings

Standalone figures (in Rs. Crores)

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020
Revenue From Operations	-5.2%	2,569	2,711	2,657	2,072	1,636
Other Income	98.7%	16	8.55	5.47	18	6.94
Total Income	-4.9%	2,585	2,719	2,662	2,089	1,643
Cost of Materials	-11.4%	1,754	1,979	1,913	1,299	1,167
Purchases of stock-in-trade	-7.7%	73	79	67	35	48
Employee Expense	27.8%	148	116	116	100	90
Finance costs	-45%	6.5	11	14	21	33
Depreciation and Amortization	9.8%	91	83	70	59	52
Other expenses	16.7%	294	252	234	231	190
Total Expenses	-7.7%	2,359	2,555	2,325	1,790	1,492
Profit Before exceptional items and Tax	37.2%	226	165	337	299	151
Exceptional items before tax	-	18	0	0	0	0
Total profit before tax	48.2%	244	165	337	299	151
Current tax	31.7%	55	42	89	77	39
Deferred tax	1117.1%	5.99	1.41	-1.09	-0.1	-1.34
Total tax	42.9%	61	43	87	77	38
Total profit (loss) for period	50.8%	182	121	249	222	113
Other comp. income net of taxes	-90.1%	-2.06	-0.61	0.19	0.31	-0.65
Total Comprehensive Income	49.2%	180	121	250	222	112
Earnings Per Share, Basic	39.1%	14.88	10.98	22.62	20.16	11.77
Earnings Per Share, Diluted	39.1%	14.88	10.98	22.62	20.15	11.77
Debt equity ratio	-	-	-	-	-	031

Description	(%) Q/Q	Dec-2024	Sep-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023
Revenue From Operations	-7.1%	578	622	604	740	619	656
Other Income	-82.3%	1.52	3.94	2.57	5.33	3.01	3.95
Total Income	-7.5%	579	626	607	745	622	660
Cost of Materials	0.9%	464	460	475	460	423	422
Purchases of stock-in-trade	21.4%	35	29	13	23	25	19
Employee Expense	0%	45	45	38	38	37	40
Finance costs	251.6%	3.25	1.64	1.45	1.35	2.71	0.69
Depreciation and Amortization	-7.4%	26	28	26	24	23	23
Other expenses	-1.3%	77	78	71	88	74	71
Total Expenses	-0.3%	604	606	573	673	569	586
Profit Before exceptional items and Tax	-237.8%	-25.19	20	34	72	53	75
Exceptional items before tax	-	0	0	0	0	0	18
Total profit before tax	-237.8%	-25.19	20	34	72	53	93
Current tax	-220%	-4.64	5.7	8.96	16	14	18
Deferred tax	-14.3%	-0.12	0.02	0.03	1.46	1	4.28
Total tax	-222%	-4.76	5.72	8.99	18	15	22
Total profit (loss) for period	-253%	-20.42	15	25	55	38	71
Other comp. income net of taxes	16.7%	0	-0.2	0	3.61	0	-5.67
Total Comprehensive Income	-253%	-20.42	15	25	58	38	65
Earnings Per Share, Basic	-962.7%	-1.847	1.33	2.232	4.94	3.4	5.18
Earnings Per Share, Diluted	-962.7%	-1.847	1.33	2.232	4.94	3.4	5.18

Valuation
Market Cap	2.8 kCr
Price/Earnings (Trailing)	37.98
Price/Sales (Trailing)	1.09
EV/EBITDA	13.15
Price/Free Cashflow	-31.68
MarketCap/EBT	27.62

Fundamentals
Revenue (TTM)	2.56 kCr
Rev. Growth (Yr)	-6.82%
Rev. Growth (Qtr)	-7.47%
Earnings (TTM)	73.61 Cr
Earnings Growth (Yr)	-154.27%
Earnings Growth (Qtr)	-238.86%

Profitability
Operating Margin	3.96%
EBT Margin	3.96%
Return on Equity	4.68%
Return on Assets	3.33%
Free Cashflow Yield	-3.16%

Is Prince Pipes and Fittings Better than it's peers?

Detailed comparison of Prince Pipes and Fittings against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.

Ticker	Name	Mkt Cap	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
SUPREMEIND	Supreme IndustriesPlastic Products - Industrial	44.18 kCr	10.49 kCr	+1.82%	-19.19%	43.24	4.21	+7.22%	-4.89%
FINPIPE	Finolex IndustriesPlastic Products - Industrial	10.69 kCr	4.44 kCr	-2.08%	-36.46%	13.35	2.41	+1.06%	+68.42%
JISLJALEQS	Jain Irrigation SystemsPlastic Products - Industrial	3.65 kCr	5.76 kCr	-4.30%	-7.30%	-284.24	0.63	-6.72%	-101.06%
DUTRON	Dutron PolymersPlastic Products - Industrial	88.41 Cr	117.32 Cr	-7.29%	-23.32%	26.55	0.75	-5.33%	+31.23%

Investor Care
Dividend Yield	0.39%
Dividend/Share (TTM)	1
Shares Dilution (1Y)	0.00%
Diluted EPS (TTM)	6.66

Financial Health
Current Ratio	2.36
Debt/Equity	0.1
Debt/Cashflow	0.29

PRINCEPIPE - Prince Pipes and Fittings Limited Share Price

What does Prince Pipes and Fittings Limited do?

Summary of Latest Earnings Report from Prince Pipes and Fittings

Sector Comparison: PRINCEPIPE vs Industrial Products

Comparative Metrics

Performance Comparison

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Cash Flow for Prince Pipes and Fittings

Balance Sheet for Prince Pipes and Fittings

Income Statement for Prince Pipes and Fittings

Valuation

Fundamentals

Profitability

Is Prince Pipes and Fittings Better than it's peers?

Investor Care

Financial Health

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)