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Prince Pipes & Fittings Results: Latest Quarterly Results & Analysis

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Prince Pipes & Fittings Ltd. 06 Aug 2025 18:44 PM
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Q1FY26 Quarterly Result Announced for Prince Pipes & Fittings Ltd.

Plastic Products company Prince Pipes & Fittings announced Q1FY26 results

  • Revenues: Rs 580 crore compared to Rs 604 crore during Q1FY25, change -4%.
  • EBITDA: Rs 40 crore compared to Rs 58 crore during Q1FY25, change -31%.
  • EBITDA Margin: 7% for Q1FY26.

Parag Chheda, Joint Managing Director of Prince Pipes and Fittings, said: - “During the quarter, polymer prices remained stable at lower levels; however, a continued drop in PVC resin prices resulted in inventory losses that affected margins. Despite this, we maintained strong operational discipline with effective cost controls and focused market efforts. We enhanced brand visibility through a strategic partnership with Indian Railways, significantly increasing our presence across premium trains nationwide.

Our strategic focus continues to remain on strengthening our distribution network and adding new products to the portfolio, alongside sustained investments in capacity and infrastructure. We are confident that these initiatives will strengthen our growth strategy and contribute to delivering sustained value for our stakeholders. With government commitment to increase its spending on infrastructure, we are optimistic about demand recovery going forward.”

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Plastic Products company  Prince Pipes & Fittings announced Q3FY25 results

  • Revenue: Rs 578 crore compared to Rs 619 crore during Q3FY24, change -7%.
  • EBITDA: Rs 3 crore compared to Rs 76 crore during Q3FY24, change -96%.
  • PAT: Rs -20 crore compared to Rs 38 crore during Q3FY24.

Parag Chheda, Joint Managing Director, Prince Pipes and Fittings, said: “Our performance in Q3 was impacted by weak demand environment adversely which impacted Company and industry volumes. Low PVC prices in the open market led to low channel inventory by dealers. We expect medium term demand to remain healthy. We are implementing a wide range of multi-channel marketing strategies, brand reinforcement, and customer loyalty initiatives on Pan-India basis to enhance customer engagement and actively support the company’s sales and marketing efforts.

Aquel by Prince, our Bathware vertical continues to expand presence across markets and ramping up well across North and West India. Several manufacturing and capex-led growth-oriented efforts including Bihar plant, which will be commissioned in Q4 are underway. Looking ahead, we are optimistic about the future and confident that our strategic initiatives will drive growth and further strengthen our market position.”

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Plastic Products company Prince Pipes & Fittings announced Q2FY25 results

  • Revenue: Rs 622 crore compared to Rs 656 crore during Q2FY24, change -5%.
  • EBITDA: Rs 46 crore compared to Rs 94 crore during Q2FY24, change -51%.
  • PAT: Rs 15 crore compared to Rs 71 crore during Q2FY24, change -79%.

Parag Chheda, Joint Managing Director, Prince Pipes, and Fittings, said: “Our performance for the quarter was led by volume expansion and a good progression in our Plumbing and SWR segments. A continuous fall in PVC prices over the months of July and August led to incessant de-stocking by channel partners which impacted on volume and profitability. Despite the fall in PVC prices, realizations remained stable QoQ on account of better sales mix. With price volatility easing out, stocking cycles have been resuming, which makes us optimistic of a more resilient performance in H2.

The Bathware segment continues to progress well as we launched our first retail showrooms in Hisar and New Delhi. Our strategic marketing efforts are now directed towards establishing Aquel by Prince as a pan-India brand, by the end of this fiscal year.

We continue to focus on key adjacencies to growth including building deeper customer relationships, knowledge of customers’ pain points, leveraging capabilities – all of which are positioning us well to capitalize on inherent industry growth opportunities.”

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Plastic Products company Prince Pipes & Fittings announced Q1FY25 results:

  • Operating results continue to reflect vitality and sustained playout of several strategic growth-oriented initiatives being undertaken.
  • Sharp increase in PVC resin prices impacted volume traction in June, as channels kept maintained sub-normal inventory.
  • Volume Growth of 14% YoY - primarily led by growth in Plumbing and SWR segments.
  • EBITDA at Rs 58 crore as compared to Rs 45 crore in Q1FY24, grew by 29% YoY.
  • PAT improved by 25% YoY to Rs 25 crore as compared to Rs 20 crore in Q1FY24.

Commenting on the performance, Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited said, “In the current quarter, our improved performance is attributed to growth in our topline, led by volume growth in Plumbing and SWR segments. This reflects our focused execution of various growth-oriented initiatives. However, in June, the industry experienced a significant and unexpected increase in PVC resin prices, which led to some deferment in volume offtake in our channel. PVC resin prices have adjusted to previous levels in July and will lead to normalizing of channel inventory. Overall, we have maintained a strong operational focus through efficient cost management and increased competitive efforts. Additionally, we launched Greenfit PPR for HVAC which is the ideal material for hot & cold-water plumbing systems used in hotels, commercial spaces, malls, hospitals, and industrial applications.

The Union Budget 2024-25 has outlined a roadmap for Viksit Bharat, emphasizing agriculture, rural development, regional growth, and infrastructure development, as well as nine priority areas for focused advancement. These priorities bode well for the pipes and fittings industry. We remain committed to driving volume growth and making disciplined investments across our diverse portfolio to strengthen our business progress.”

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Plastic Products company Prince Pipes & Fittings announced FY24 results:

  • Delivered Revenue performance at Rs 2,569 crore, post successfully navigating volume loss issues earlier this year.
  • EBITDA improved by 23% YoY to Rs 307 crore as compared to Rs 250 crore, margins at 12%.
  • PAT was higher by 51% YoY at Rs 183 crore as compared to Rs 121 crore.
  • The Board of Directors of the Company at its meeting held on 16th May 2024 has recommended a final dividend of Rs 1 per equity share of Rs 10/- each for the year ended 31st March 2024.

Commenting on the performance, Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said, “This fiscal we laid primary focus on implementing growth strategies, further building on our strong fundamentals and orienting efforts to drive volume growth. We achieved 16% volume expansion in Q4, driven by our operational assertiveness, efficient supply chain management, robust distribution network, and brand equity. All corporate initiatives undertaken this fiscal are aligned with our growth-led vision backed by the tremendous potential of India’s economic progress.

In line with our expansion goals, the construction of our Begusarai plant is progressing on course as this marks Prince Pipes’ dynamic expansion in East India – which is a major frontier of growth for us. We also strengthened our bathware platform through the acquisition of the iconic brand Aquel. This allows us to build greater depth for Prince’s bathware segment, and we have already launched the brand Aquel by Prince this quarter. The build-out of this segment has also gained momentum as we achieve the first full quarter of sales and undertake key staff appointments across disciplines, in all regions.

Prince is building several levers of growth that will give greater play to our strategies to become a stronger, greater, and more resilient enterprise. With this acquisition, the overall addressable market for Prince would be over ~Rs. 60,000 crores spread over Pipes, Water Tanks and Bathware, where we have several differentiating strengths.

In a dynamic landscape, Prince Pipes is well poised to leverage industry opportunities. As we progress, we will continue to focus on quick response, agility, and implementation to unlock greater value in the business.” 

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Plastic Products company Prince Pipes & Fittings announced Q3FY24 results:

Financial Highlights

  • Revenue: Rs 619 crore in Q3FY24, a decrease of 12% from Rs 706 crore in Q3FY23.
  • Volume: 42,665 MT in Q3FY24, down by 2% from 43,693 MT in Q3FY23.
  • EBITDA: Rs 76 crore in Q3FY24, a 9% increase year-over-year with margins expanding by 240 basis points to 12.3%.
  • Profit After Tax (PAT): Rs 38 crore in Q3FY24, showing a 6% year-over-year improvement.

Business and Operating Highlights

  • Introduction of Duratap range and PTMT faucets, showcasing in key Indian markets.
  • Launch of Terrafit subsurface drainage pipes aimed at the agricultural and infrastructure sectors.

New Initiatives and Capital Expenditure

  • Capex Increase: Proposed increase in capital expenditure from ~Rs 150 crore to ~Rs 220 crore for adding a fittings line at the Bihar facility.

Commenting on the results, Parag Chheda, Joint Managing Director, Prince Pipes and Fittings, said, “Our performance in Q3 was muted with a steady growth in profitability and margins. The quarter was a fair challenge in terms of volatility in driving the volume movement. However, our performance was maintained despite the high base effect of Q3 in the last fiscal which witnessed strong re-stocking in the distributor channel after the stabilization of PVC prices following a period of steep correction.

We continue to aggressively focus on expanding distribution, strengthening the channel network, adding new products to build portfolio depth, strengthening our brand equity, and building a robust presence in the projects segment. Aligned with our vision to expand, we’re happy to share that our new plant at Begusarai in Bihar is underway and we conducted the ceremonial Bhoomi Pujan for our new integrated manufacturing facility and work has started in full swing. Prince Bathware continues to make steady progress across North and West India breaking through key projects.

We’re excited about India’s inherent potential and Prince Pipes’ vision is well-aligned with the tremendous opportunity of transforming the country’s water infrastructure. As we progress, we will continue to build operational muscle and undertake strategic initiatives to expand our distributor base, as we create long-term value for our customers and other stakeholders.”

 

 

 

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Plastic Products company Prince Pipes & Fittings announced Q1FY24 results:

  • Revenue of Rs 554 crore in Q1FY24 compared to Rs 604 crore in Q1FY23, down (8)% YoY
  • Healthy volume growth of ~19% YoY
    • Operating results showed resilience, despite performance being materially disrupted, due to transitioning challenges arising from the ERP implementation
  • EBITDA at Rs 45 crore as compared to Rs 44 crore in Q1FY23, margins at 8.1%
    • Margins were under pressure due to unfavorable product mix and pipe-fitting ratio, due to ERP issues relating to the dispatch of fittings
  • PAT improved by 25% YoY at Rs 20 crore as compared to Rs 16 crore in Q1FY23
  • Company continues to be long-term Debt Free with efficient working capital utilization

Commenting on the performance, Parag Chheda, Joint Managing Director, Prince Pipes and Fittings said, “Our performance this quarter has been resilient, reporting a volume growth of ~19% YoY. At the start of this fiscal, our operations were materially disrupted as we migrated to a new ERP system. As operations normalized, we were quick to enhance focus and improve execution. We are aligned with our vision to aggressively grow the Piping Systems business while diversifying into complementary verticals. We are delighted to share that June 2023 saw the roll-out of Prince Bathware – a world-class range of faucets and sanitaryware. With a strong team in place, we are actively building our presence in this competitive segment.

To be future fit, we are strengthening our manufacturing footprint and capacity with the upcoming new facility in Bihar. On an overall basis, our business outlook continues to be positive as PVC prices remain affordable and economic activity remains healthy. As we work hard in further strengthening our fundamentals, we will continue to focus on volume growth and operational excellence and use our advantages to grow faster and deliver greater shareholder value.”

 

 

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Plastic products company Prince Pipes & Fittings announced Q4FY23 & FY23 results:

  • Revenue at Rs 764 crore as compared to Rs 706 crore in Q3FY23
  • Focused efforts in brand premiumisation and optimized product mix of plumbing and SWR categories, led to improved realisations QoQ
  • EBITDA at Rs 148 crore as compared to Rs 69 crore, grew by 114% QoQ, margin at 19.4%
  • PAT at Rs 94 crore as compared to Rs 35 crore in Q3FY23, grew by 168% QoQ
  • The Company has delivered marginally improved Revenue performance at Rs 2,711 crore
  • EBITDA at Rs 250 crore as compared to Rs 415 crore, margins at 9%
  • PAT at Rs 121 crore as compared to Rs 249 crore
  • Improvement in Net Working capital days – 57 days in March 2023 as compared to 68 days in March 2022
  • Strong cash conversion as Inventory at 57 days in March 2023 as compared to 85 days in March 2022
  • Net Cash position ~ Rs 158 crore as of March 2023
  • Company continues to remain long term debt free

Commenting on the performance, Mr. Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said, “The year saw an unprecedented volatility in input costs in PVC prices which led to significant inventory losses adversely affecting our profitability in H1FY23. We were able to mitigate the situation by cost and inventory optimization efforts. This trend reversed moderately from December 2022 and our resilient performance of Q3FY23 strongly bounced back in Q4FY23 with significant improvement in operational margins. In Q4, we reported a healthy profitability led by stable input prices and an improving product mix.

We continued to expand our product portfolio with the launch of state-of-the-art products in the Piping division, aligned to the Company’s growth strategy of bringing innovative and global products to the domestic market. Our roll out of Modern Plumbing products is on course with encouraging response from channel partners. Simultaneously, we are also implementing new, improved technologies to be future-ready, and all these efforts are key growth-oriented strategic measures towards better performance in FY 23-24. We are also set to launch the Bathware range towards the end of Q1 and are excited to deliver quality products and backed by a robust service network.

On an overall basis, with industry potential being intact, Prince Pipes will continue to take definite strides towards innovation, in building a robust portfolio and implementation to capitalize on opportunities, where the Prince brand can bring its expertise, knowhow, and service quality.”

 

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Prince Pipes & Fittings announced Q3FY23 results:

  • Q3FY23:
    • Revenue growth of 6% YoY on account of healthy volume growth across Plumbing, Agriculture, and SWR
    • EBITDA at Rs 69 crore as compared to Rs 111 crore, margin at 9.8%
    • PAT at Rs 35 crore as compared to Rs 67 crore
    • Improvement in Net Working capital days – 44 days as of Q3FY23
      • Strong cash conversion as Receivables at 48 days and Inventory at 61 days
      • Net Cash position ~ Rs 158 crore as of December end
    • The company continues to remain long-term debt free during the quarter

Commenting on the results, Mr. Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said, “Our volume performance this quarter has been very heartening as we continued to face pressure on PVC prices until November, which started showing upward trend in December, leading to improvement in sentiment and re-stocking in the distributor channel. This stability supported by underlining demand momentum from real estate, agriculture, and infrastructure sectors, provided strong growth impetus. I am happy to share that we achieved a very strong 35% volume growth for Q3. Our focus continues to be on innovation and market expansion as we launched two key products with superior German technology in Modern Plumbing division which marks the start of the next chapter of our growth. We understand India’s evolving needs and with the launch of a premium line of products, we are bringing home the finest in manufacturing, design and end-to-end solutions to offer high-performance drainage & piping solutions to builders, homeowners, and consultants across the nation.

The Union Budget 2023-24 is a well-balanced Budget that has finely pushed up the capex spending without compromising on fiscal discipline. It continues to maintain thrust on the real estate, infrastructure, agriculture, social infrastructure sectors and key themes of inclusive development, green growth, sanitation, health, drinking water connections - which are measures to ensure comprehensive economic growth. PM Jal Jeevan Mission - budgeted allocation of Rs 700 billion and PM Awas Yojana allocation of Rs 790 billion are initiatives that augur well for the building materials industry.

On an overall basis, we continue to be bullish on the medium to long term prospects of the industry particularly with the Government’s strong intent of ushering in greater development and faster progress in the areas of sanitation, water availability and agriculture. We believe that industry potential along with the growing depth of our product portfolio, effective marketing strategies and alignment to our ESG goals, will support us in leveraging exciting opportunities over the coming years.”

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Prince Pipes & Fittings announced Q2FY23 results:

  • Performance adversely impacted by a sharp correction in PVC prices
  • EBITDA for Q2FY23 at Rs -11 crore
  • PAT for Q2FY23 at Rs -24 crore
  • The company continues to be Long Term Debt Free

Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Ltd, said, “Our performance this quarter factors the impact of an unprecedented inventory loss led by a steep fall in raw material prices adversely impacting margins. This has been an unprecedented, one-off development since our three-decade presence, that we are navigating with all resilience. I would like to highlight that our volume performance in H1 has improved and our market share as well as volume performance on an annual basis remains intact. With recent price correction, we believe prices have largely hit the bottom and we will see a gradual improvement in performance from Q3.

Overall, our volume growth in H1 has been healthy. The CPVC segment continues to deliver strong numbers, while we have maintained our focus on optimizing our product mix, which has been serving our customers well. Our expansion into the Bathware segment continues to progress as we build a lean and credible team. As we move into the second half of the fiscal, we expect the current price regime to stabilise. This shall lead to a strong demand environment for the industry across Plumbing, SWR as well as Agri, which we are very well placed to capitalize on.”

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