Prince Pipes and Fittings Limited hosted an earnings call on May 20, 2026, to discuss its performance for Q4 and FY ’26. The company reported strong volume growth of 23% year-on-year in Q4 and 8% for the full year. EBITDA saw a significant 100% increase in Q4. Management expressed optimism for future growth driven by market consolidation, product innovation, and strategic expansion.
Prince Pipes Reports Strong Q4 and FY ’26 Performance
Prince Pipes and Fittings Limited held its earnings conference call on May 20, 2026, to discuss the financial results for the fourth quarter (Q4) and the full fiscal year (FY) ’26. The call featured insights from Joint Managing Director Mr. Parag Chheda, Vice President (Strategy) Mr. Nihar Chheda, and Chief Financial Officer Mr. Anand Gupta.
Key Financial Highlights
Q4 FY ’26 Performance
- Revenue from operations: INR850 crores, an 18% year-on-year growth.
- Volumes: 62,167 metric tons, a robust 23% year-on-year growth.
- EBITDA: INR110 crores, a remarkable 100% year-on-year growth, with margins at 13% (a 500 basis point increase).
- Profit After Tax (PAT): INR56 crores, a 133% year-on-year growth, with PAT margins at 7% (a 400 basis point increase).
Full Year FY ’26 Performance
- Revenue from operations: INR2,598 crores, a 3% year-on-year growth.
- Volumes: 1,91,238 metric tons, an 8% growth compared to 1,77,202 metric tons in the previous year.
- EBITDA: INR232 crores, a 43% year-on-year growth, with margins at 9%.
- Profit After Tax (PAT) after exceptional items (INR2.05 crores net of tax for employee benefits): INR73 crores, a 70% year-on-year growth, with PAT margins at 3%.
Strategic Initiatives and Outlook
Product Innovation and Market Expansion
The company launched DECILO, an advanced low-noise PP pipe solution engineered with mineral-filled polypropylene technology. This product aims to enhance product mix, deepen customer engagement, and reinforce value propositions. Prince Pipes also intensified demand generation efforts in underpenetrated markets to expand its geographic reach and accelerate volume growth.
Acquisition and Diversification
Prince Pipes successfully completed the second phase of its asset purchase agreement with Klaus Waren Fixtures Limited for the strategic acquisition of the Bathware brand, Aquel. This acquisition includes manufacturing facilities in Bhuj, Gujarat, strengthening the company’s diversification roadmap and manufacturing capabilities in the growing Bathware segment. An experience center in Vadodara, Gujarat, was also inaugurated.
Market Dynamics and Future Guidance
Despite a challenging industry year marked by volatile raw material prices and subdued demand, Prince Pipes maintained its focus on operational resilience and strategic agenda. Management expressed cautious optimism, expecting a gradual recovery supported by improving PVC price stability. The company guided for an annual operating margin of 11% to 13% and a volume growth of 12% to 15% for the upcoming financial year.
In Q4, the company experienced strong volume growth, partly driven by passing on inventory gains to channel partners. CPVC was highlighted as the highest growing polymer, followed by PVC, PPR, and HDPE, a trend expected to continue. Management also emphasized a shift towards a secondary-oriented approach, focusing on increasing retail penetration and adding new distributors, particularly in ‘white spaces’.
Bathware Segment Performance
The Bathware segment reported revenue of INR16 crores and a loss of INR5 crores in the quarter. The company targets to achieve a breakeven run rate of INR25-30 crores quarterly in FY ’27.
Capacity Utilization and Capex
The company’s overall production capacity utilization stood at approximately 52% in FY ’26, with the new plant in Bihar operating at around 60%. Prince Pipes plans to invest INR200 to INR210 crores in FY ’27 for capex, including maintaining existing plants, debottlenecking, and building stronger infrastructure and storage capacities. The company aims to reach a gross asset turn of 2.5x over the long term.
Working Capital Management
Prince Pipes has focused on improving working capital efficiency, with debtor days reduced to around 50 days and inventory days maintained within the guided range of 65 to 75 days. The company aims to further reduce debtor days by another 10 days within the next four quarters.
Future Growth Drivers
Future growth is expected to be driven by network expansion, stronger retailer penetration, innovative value-added products like DECILO, and consistent investment in brand-building activities. The contribution of value-added products to revenue is projected to increase from 23-24% in FY ’26 to 27-28% in the next fiscal year.
Source: BSE
