Aamara Capital17 Oct 2026 · For internal use only
Prince Pipes and Fittings Ltd
NSE: PRINCEPIPE · BSE: 542907 · ISIN INE689W01016 · Plastic pipes & fittings · Standalone
CMP
₹282
Mcap
₹3,122 cr
P/E TTM
30.6x
52W H/L
₹332 / ₹205

Prince Pipes and Fittings Ltd

NSE: PRINCEPIPE · BSE: 542907 · ISIN INE689W01016 · Listed 30 Dec 2019 (IPO ₹178) · Market data: 16 Oct 2026 close, read 17 Oct 2026 · Financials: FY26 audited, Q1 FY27 (Jun-26). Q2 FY27 not yet reported.

Market dataValueNote
CMP₹282Screener, 16 Oct 2026 close (NSE close ₹282.35 per heard.md; ₹282 used throughout)
Market cap₹3,122 cr110.65 mn shares
52-week high / low₹332 / ₹205Low set around Mar–Apr 2026
P/E (TTM)30.6xTTM PAT ₹102 cr (Screener shows 30.0x; basis differences)
P/B1.90xBV ₹148.7/share
EV/EBITDA (TTM)11.1x / 11.6xMar-26 BS incl. ST investments / net cash ~0 at Jun-26
Dividend yield0.35%FY26 DPS ₹1
Price returns1Y –13.5% · 3Y CAGR –26% · 5Y CAGR –18%Screener; up ~37% since Mar-26 (₹206)
HQ / Regd office
The Ruby, 8th Floor, 29 Senapati Bapat Marg, Dadar (W), Mumbai / Athal, Silvassa (DNH). CIN L26932DN1987PLC005837 (earlier Goa-registered).
Founded / promoter
1987, Jayant S. Chheda (CMD, 80). Chheda family 60.95%, 0% pledged.
Scale
2,372 employees · 9 facilities (8 piping + Bhuj bathware) · 435,222 MTPA · 7 warehouses · 1,500+ channel partners.
Brands
Prince Piping Systems, Trubore (South), SmartFit Plus (CPVC), Storefit, DECILO, Aquel by Prince (bathware).
Credit
CRISIL A+/Negative · A1+ (₹768 cr, reaffirmed 7 Aug 2026). Negative since 20 Feb 2025.
Rank
#5 Indian plastic-pipe processor, ~5% value share of ~₹50,000 cr market (FY25, ICICI).
What it does. Prince Pipes makes plastic pipes, fittings and water tanks (uPVC, CPVC, PPR, HDPE, PP) for plumbing, drainage (SWR), agriculture and some infrastructure, sold mainly through 1,500+ distributors to retailers, plumbers and farmers, plus a 25–30% projects channel. It added a loss-making bathware line (Aquel) in 2024. Resin is ~73% of revenue, so earnings swing with PVC prices. After a trough in FY25 (PAT ₹43 cr), margins recovered to ~13% in Q4 FY26 and Q1 FY27, but returns stay low (FY26 RoE 4.5%) because capacity is only ~52% used.
₹2,598 crFY26 Revenue (+2.9%)
₹73.2 crFY26 PAT (adj. ₹75.2 cr)
8.9%FY26 EBITDA margin (Q1 FY27 12.6%)
4.5% / 6.1%FY26 RoE / RoCE

Quick verdict scorecard

BusinessMedium

#5 brand, no resin edge, 52% utilised

ManagementMedium

Delivers capex; over-promises volume; pay dissent

FinancialMedium

Clean BS; weak returns; 5-yr FCF ₹90 cr

ValuationFair

30.6x TTM; ~18–26x FY27E

OverallNeutral

Margins proven; volumes unproven

Headline KPIFY25FY26Q1 FY27
Revenue (₹ cr)2,5242,598609.4
Volume (MT)177,202191,23840,729
EBITDA (₹ cr)16323277
EBITDA margin6.5%8.9%12.6%
EBITDA/kg (₹, derived)9.212.118.9
PAT (₹ cr)43.173.233.7
OCF (₹ cr)118.9526.5n.p.
NWC days (company)984571

Data freshness: prices 16 Oct 2026 close; SHP Jun 2026 (Sep 2026 SHP due ~21 Oct); Q2 FY27 results expected early–mid Nov 2026 (MarketScreener projects 14 Nov, unconfirmed; prior Q2s on 7 Nov 2024 and 7 Nov 2025).

Analyst Notes

[Analyst View] First-person synthesis across all six inputs. Read this before the data tabs.

What just happened. Prince has printed two clean quarters after three bad years. EBITDA margin was 12.9% in Q4 FY26 and 12.6% in Q1 FY27, against 0.9% in Q3 FY25 and 4.9% in Q3 FY26. EBITDA/kg hit ₹17.7 and then ₹18.9, the best in recent history. Q1 FY27 gross margin reached 33.9% with management saying there was no inventory gain. The FY26 working-capital release (₹278 cr) turned the balance sheet from ₹197 cr of cash-basis net debt in FY25 to roughly neutral. The stock is up ~37% from its Mar-26 low of ~₹206.

What the market is pricing. At ₹282 the stock sits on 30.6x trailing earnings and ~11x EV/EBITDA, but on forward numbers it is a range, not a point: ~18x on MarketChacha's FY27E EPS of ₹15.48, ~26x on the Bloomberg consensus of ₹10.8 cited by BOBCAPS. The street is a "show-me" Buy: 5 Buy / 1 Hold in the last six months, median target ₹349.5 (+23.9%). The spread in targets comes from EPS dispersion (FY27E ₹10.2 to ₹15.6), not multiples. The market is paying for margin repair and leaving volume unpriced.

The volume problem. FY27 guidance is +12–15% volume. Q1 fell 7% to 40,729 MT, so Q2–Q4 need +17.6% to +21.5% YoY against a base that includes the record Q4 FY26 (62,167 MT). Management itself said that quarter was bought with "aggressive pricing" and inventory gains passed to the channel, and called that "one-time, tactical". MOFSL models 3%. Management started FY26 at "double-digit" volume and ended at 8%. A volume-guidance cut at Q2 or Q3 is, in my view, the most likely negative event over the next six months.

Why the margin needs checking. The 13% margins came with a mix shift (agri fell sharply in Q1, so plumbing carried the quarter) and a policy floor: the DGFT US$766/t minimum import price on suspension PVC runs from 24 Jul 2026 for six months only, to about late Jan 2027. Policy has already failed twice: the S-PVC anti-dumping duty was dropped on 18 Nov 2025 and the BIS QCO was withdrawn on 12 Nov 2025. Inventory was 100 days at Jun-26 against a 65–75 guide. If the MIP lapses into Q4 FY27 peak stocking with that inventory, an inventory loss is a dated risk. CRISIL's downgrade line is OPM below 8% sustained, and FY26 was 8.93%.

The cash flow is not what it looks like. FY26 OCF of ₹526 cr (7.2x PAT) and FCF of ₹312 cr look like a 10% FCF yield. Over FY22–FY26, cumulative FCF was only ₹90 cr (₹18 cr a year, 0.6% of market cap) against ₹670 cr of PAT. Capex of ₹929 cr absorbed nearly all OCF, fixed-asset turns fell from 4.1x to 2.4x and D&A almost doubled to ₹131 cr. Creditor days at 76 (COGS) are the highest since FY22 and some payables may be LC-backed acceptances. Governance.md calls FY26 "net cash"; on a cash-only basis it was roughly neutral (debt ~₹140–145 cr vs cash ~₹128–129 cr), and only the ₹148 cr of short-term investments makes it ~₹133 cr net cash.

Governance is adequate, not clean. Promoters hold 60.95% with zero pledge and no dilution since IPO. But at the 16 Sep 2026 AGM, 39.0% of non-promoter votes went against Nihar Chheda's pay and 31.5% against Heena Chheda's. Promoter-director pay ceilings rose ~21% to ~₹10.5 cr a year with a Schedule V minimum clause, against FY26 actual pay of ₹1.26 cr. The board sits exactly at the 50% independence floor, the CS and CHRO left in 2026, and CRISIL has carried an unusual promoter-litigation trigger. FIIs have fallen from 7.27% to 3.06%.

What tempers and what amplifies. Tempering: Prince is a #5 processor with ~5% share, buys resin at the price Reliance and imports set, and earns about half Astral's EBITDA/kg. Amplifying: industry consolidation (top-5 share 38% to ~46%), the in-house CPVC compound (SmartFit Plus, ~6–7% cost saving, currently passed to the channel), and operating leverage from ~52% utilisation. The Lubrizol FlowGuard exit is real and primary-sourced; whether the Corzan industrial supply continues is still open.

Net. Neutral. The balance sheet is safe and margin repair is evidenced, but the earnings base, the cash conversion and the volume guide are all unproven, and the ₹282 price already discounts a good part of the recovery. Q2 FY27 volume and inventory days, the Sep-26 SHP and the MIP's fate decide the next move.

Reconciliations applied in this report. (1) CMP ₹282 / Mcap ₹3,122 cr / P/E 30.6x / 52W ₹332–₹205 everywhere; broker upsides recomputed against ₹282 (narrative.md's ₹387.9 high is not used). (2) FY26 net debt: roughly neutral on cash basis; ~₹133 cr net cash only if ST investments are counted (Baroda ₹137 cr). (3) CPVC: Lubrizol FlowGuard exited Q3 FY26; older "exclusive Lubrizol" text in broker notes and market.md is superseded; Corzan open. (4) CRISIL Negative since 20 Feb 2025 (~20 months), not "since 2023–24". (5) Q1 FY27 EBITDA margin 12.6% (₹77/₹609.4; some sources 12.7%). (6) FY26 RoE 4.5% (market.md 4.7%). (7) Shares 110.65 mn. (8) FII Jun-26 3.06%.

Business Deep-Dive

Source: business.md (Q1 FY27 and Q4 FY26 decks, four call transcripts, CRISIL, FY25 BRSR, ICICI). [Est.] = analyst-derived.

History and milestones

YearMilestone
1987Incorporated by Jayant S. Chheda
1989First PVC fittings unit
1995Athal injection-moulding unit
2000Dadra extrusion unit
2008Haridwar plant (first northern plant)
2012Acquired Trubore brand plus Chennai and Kolhapur plants from Chemplast Sanmar group
2014"Asset-light" entry into East India
2018Akshay Kumar signed as brand ambassador
2019Jaipur (Jobner) plant; IPO (30 Dec 2019)
2020Lubrizol FlowGuard Plus tie-up (Aug); Storefit tanks; Tooling Holland collaboration
2021Sangareddy (Telangana) plant
2022Hauraton / Skolan Safe (German technology)
2023Modern Plumbing vertical launched
2024Aquel bathware brand and assets bought for ₹55 cr (Mar)
2025Begusarai (Bihar) plant: Phase 1 Q4 FY25, Phase 2 Sep 2025
2026Bhuj bathware plant completed (7 Apr); SmartFit Plus, DECILO, "India Ki Pragati Ka Taj" campaign

Products by vertical (four verticals: Piping, Modern Plumbing Solutions, Water Storage, Bathware)

Plumbing and industrial

BrandPolymerWhat it does
SmartFit PlusCPVCHot/cold potable plumbing pipes, fittings, solvent cement. Own brand since Q3 FY26, replacing Prince FlowGuard Plus (Lubrizol). CPVC for Navi Mumbai International Airport. CII GreenPro certified.
GreenfitPP-RFusion-welded plumbing/industrial piping; hot water, projects
EasyfituPVCCold-water plumbing
Easyfit REuPVC (reclaim)Reclaim piping systems
OnefitCPVC (industrial)Chemical/process piping and valves, "with Corzan CPVC technology" (Corzan is a Lubrizol brand; continuation unconfirmed)
Easyfit iNuPVCIndustrial piping

SWR, drainage and underground

BrandWhat it does
SilentfitLow-noise SWR systems
UltrafitSWR piping
FoamfitFoam-core underground drainage
DrainfituPVC underground drainage
CorfitDouble-wall corrugated sewer pipes
DurafitFRP manhole and chamber covers
DECILO (new, Q4 FY26)Mineral-filled PP low-noise drainage (12.9 dB), "German technology, Made in India", made at Haridwar; residential, hospital, hotel projects
Aerator (new)Aerator fittings for high-rise stacks
Biofit (new)Septic tanks

Agriculture, storage, wire protection, tapware

BrandWhat it does
AquafituPVC irrigation pipes
SafefitBorewell column and casing pipes
PEfit AquaHDPE water supply / irrigation
Storefit "Paani Ka Bank"PE water tanks (2/3/4-layer; HYDRA 4-layer, COOL UFC) made at Dadra, Haridwar, Chennai, Jaipur, Sangareddy, Begusarai
RainfitRainwater systems
TerrafitPerforated corrugated sub-surface agri drainage
CablefitCable ducting (also Navi Mumbai Airport)
WirefitElectrical conduits
DuratapPTMT taps

Modern Plumbing Solutions and Bathware

How it is made

Facilities (Q1 FY27 deck, slide 13)

PlantCapacity MTPAStateYearProducts / notes
Athal (Silvassa)12,079DNH1995Fittings; regd office; IMEXL prize
Dadra (Silvassa)83,268DNH2000Pipes, tanks; IMEA silver
Haridwar95,474Uttarakhand2008Pipes, fittings, tanks, DECILO; largest; Frost & Sullivan IMEA
Chennai49,874Tamil Nadu2012Pipes, tanks; ex-Trubore; IGBC Gold
Kolhapur21,780Maharashtra2012Pipes; ex-Trubore
Jaipur (Jobner)51,063Rajasthan2019Pipes, tanks; IGBC Platinum; NAMC Gold 2021; land bank
Sangareddy56,304Telangana2021Pipes, fittings, tanks; under-utilised; land bank
Begusarai65,380Bihar2025~35 acres; capex ~₹240 cr; ~60% utilised Q4 FY26; subsidy cap ₹10 cr (₹6.5 cr booked Q3 FY26)
Bhujn.d.Gujarat2026Bathware (Aquel)
Total piping435,222Per-plant figures sum exactly

market.md cites variants (Athal 12,072; Haridwar 95,904; Chennai 51,372; Jaipur 51,084; Begusarai 52,188); deck figures above used. Warehouses: Ghaziabad, Morbi, Nagpur, Palakkad, Bhubaneswar, Howrah, Guwahati. Branches: Delhi, Pune, Hyderabad, Kolkata, Patna, Gujarat.

Certifications, IP, exports

USP / moat

[Analyst View] Narrow moat: brand recall (piping is <1–2% of project cost), SKU breadth, 1,500+ distributors, nine plants with freight economics (South, East). No resin integration (unlike Finolex), no CPVC premium of Astral's scale, no Supreme-level procurement. Pricing parity with leaders claimed in PVC and CPVC.

Segment Analysis

No Ind AS 108 segment split found; one P&L reported. Bathware disclosed orally on calls. Pipes ex-bathware = [Est.].

Pipes vs Bathware (₹ cr)

₹ crFY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26FY26Q1 FY27
Bathware revenue30~10–11121316~51 [Est.]13
Bathware EBITDAloss (Q4 –4.5)~(5)(5)~(8) [Est.](5)~(23) [Est.](5)
Pipes revenue [Est.]~2,494~570~583~560~834~2,547~596
Pipes EBITDA [Est.]n.a.~45~60~36~115~255~82
Pipes EBITDA margin [Est.]—~7.9%~10.3%~6.4%~13.8%~10.0%~13.8%

financials.md: Q1 FY26 bathware revenue ₹11 cr; Q2/Q3 not disclosed (business.md cites 12 and 13 from calls). 9M FY26 bathware loss ₹18 cr. Annualised drag ~₹20–23 cr EBITDA (~0.7–0.9 pp margin).

Mix indicators

MetricValueSource
Plumbing + SWR~two-thirds of portfolio; ~60% of revenue Q1 FY26May 2026 call; ICICI
Agri (value)30–35% annual ("less than 30%" May 2026); Q1/Q4 agri-heavy; "degrew sharply" Q1 FY27Calls
Infra / storage / others~4% / ~1% / ~5% (Q1 FY26)ICICI
Pipes vs fittings~70 / 30ICICI Oct 2025
PVC vs CPVC (volume)~80 / 20 (CPVC 20–22%)ICICI Oct 2025
Value-added (CPVC+PPR+PP)23–24% FY26 → 27–28% FY27 targetMay 2026 call
Retail vs projects~70/30; projects 25–30% Q1 FY27 (~15% a few years ago)Calls
Polymer growth ranking FY26CPVC > PVC > PPR > HDPEMay 2026 call

Annual trajectory (company)

₹ crFY22FY23FY24FY25FY26
Volume (MT)~139,000~158,000~173,000177,202191,238
Volume growth~0.5%~13.4%~9.6%~2.4% [Est.]+7.9%
Realisation ₹/kg [Est.]~191~172~148142.4135.9
EBITDA/kg ₹ [Est.]~29.9~15.8~17.79.112.1
RoCE (company)27.1%12.2%13.8%3.6%6.2%
WC days (D/I/C)68 (60/85/77)57 (56/57/56)95 (83/62/50)98 (61/88/51)45 (51/70/76)

FY24 PAT includes ₹17.93 cr exceptional gain (adj. ~₹165 cr). heard.md cites FY25 volume growth 2.6%.

Fastest grower / under pressure

Growing: Bathware ~+70% (₹30 → ~₹51 cr [Est.], ~2% of revenue). CPVC/SmartFit Plus "high double-digit" in Q3 FY26 and ahead of company in Q4. DECILO new. Projects target +20–25% a year.
Pressure: Agri/PVC (major Q1 FY27 degrowth; PVC volumes fell Q3 FY26). Bathware losses ~₹5 cr/qtr. South utilisation (Sangareddy, Chennai): "South has lagged our peers".

Management focus and guidance by segment

Financials: P&L

Standalone (no consolidated accounts exist). ₹ cr. Sources: Screener (EBITDA, D&A, interest, PBT, other income), S&P/StockAnalysis (gross profit, PAT).

₹ crFY21FY22FY23FY24FY25FY26TTM Jun-26
Revenue2,0722,6572,7112,5692,5242,5982,627
YoY26.7%28.3%2.0%–5.2%–1.7%2.9%—
Gross profitn.a.765615749640704—
Gross marginn.a.28.8%22.7%29.2%25.4%27.1%—
EBITDA364416250307163232270
EBITDA margin17.6%15.7%9.2%12.0%6.5%8.9%10.3%
Other income155934131110
D&A59708391107131135
EBIT32035117625070112144
EBIT margin15.4%13.2%6.5%9.7%2.8%4.3%5.5%
Finance cost211411611108
PBT29933716524459102136
PBT margin14.4%12.7%6.1%9.5%2.3%3.9%5.2%
Tax rate26%26%26%25%27%26%—
PAT (reported)222249.4121.4182.543.173.2102.0
PAT margin10.7%9.4%4.5%7.1%1.7%2.8%3.9%
EPS ₹20.1622.6210.9816.513.906.629.23
DPS ₹~3.5*3.5nil1.00.51.0—
Payout17%16%0%6%13%15%—
Revenue (bars, ₹ cr) and EBITDA margin (line), FY21–FY26 2,0722,6572,7112,5692,5242,598 FY21 17.6%FY22 15.7%FY23 9.2%FY24 12.0%FY25 6.5%FY26 8.9%

Volume and unit economics

MetricFY25FY26Q1 FY27
Volume (MT)177,202191,238 (+8%)40,729 (–7%)
Realisation ₹/kg (derived, incl. bathware)142.4135.9149.6
EBITDA ₹/kg (derived)9.212.118.9

Last 8 quarters

₹ crQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue622.1577.7719.7580.4594.6573.3850.1609.4
YoY–5.2%–6.6%–2.8%–4.0%–4.4%–0.8%+18.1%+5.0%
QoQ+2.9%–7.1%+24.6%–19.4%+2.4%–3.6%+48.3%–28.3%
Gross margin27.0%21.6%25.0%25.5%28.3%25.0%28.8%33.9%
EBITDA4655540552811077
EBITDA margin7.4%0.9%7.6%6.9%9.2%4.9%12.9%12.6%
EBITDA YoY–51%–93%–40%–31%+20%+460%+100%+93%
EBITDA QoQ–21%–89%11x–27%+38%–49%+293%–30%
PAT14.7–20.424.24.814.6–2.456.133.7
PAT YoY–79%loss–56%–80%–1%loss narrowed+132%+600%
PAT QoQ–40%lossn.m.–80%+204%lossn.m.–40%
Volume (MT)~43,360~41,33550,45443,73542,76142,57562,16740,729
Volume YoYn.a.n.a.n.a.+4%~–1%+3%+23%–7%
EBITDA/kg ₹10.61.210.99.112.96.617.718.9
Quarterly volume (bars, kt) and EBITDA margin (line) Q2F25 7.4%Q3 0.9%Q4 7.6%Q1F26 6.9%Q2 9.2%Q3 4.9%Q4 12.9%Q1F27 12.6%62.2kt40.7kt

Base quarters

QuarterRevenueEBITDAPAT
Q1 FY25604.55824.7
Q2 FY24656.59470.6
Q3 FY24618.67637.6
Q4 FY24740.19254.7

One-offs and quarter notes

Earnings quality: does PAT become cash?

Flag. Cumulative FY22–FY26 OCF ₹1,019 cr vs PAT ₹670 cr looks fine (1.52x), but OCF/PAT swung –0.08x (FY22), 2.97x, 0.18x (FY24), 2.76x, 7.19x (FY26). FY26 is a one-off ₹278 cr working-capital release; underlying pre-WC OCF ~₹248 cr. Bad-debt provisions/write-offs rose to ₹12.6 cr in FY26 (17% of PAT). See Tab 6.

Financials: Balance Sheet, Cash Flow & Ratios

Five-year balance sheet (31 March)

₹ crFY22FY23FY24FY25FY26
Net fixed assets6466817989611,066
CWIP2324352026
Goodwill0.30.30.30.30.3
Other intangibles2.65.38.56.66.9
Investments12923827148
Inventory618.8425.6437.9609.5495.3
Trade receivables442.0417.1587.0437.7371.0
Cash & equivalents31.6121.576.180.2128.3
Cash + ST investments66.7213.2114.0106.9278.0
Trade payables398.6320.2249.1261.1392.2
Total debt (incl. leases)151.962.9129.6276.8145.3
— ST borrowings150.058.195.5146.327.5
— LT borrowings——18.988.462.5
— leases/current maturities1.94.815.242.155.3
Net cash/(debt), cash only(120.3)58.6(53.5)(196.6)(17.0)
Net cash/(debt), incl. ST inv.(85.2)150.3(15.6)(169.9)132.7
Net worth1,2661,3641,5451,5771,645
BVPS ₹114.4123.4139.7142.6148.7
Total assets1,9391,9292,1232,3192,424
Net-debt reconciliation [Fact/Est.]. FY26 was roughly net-debt-neutral: gross debt ~₹140 cr (business.md: ₹62 cr LT + ₹78 cr ST; S&P ₹145.3 cr incl. leases) vs cash ~₹128–129 cr (CRISIL ₹129 cr). Only counting ~₹148–150 cr of short-term investments gives ~₹133 cr net cash (Baroda ₹137 cr). governance.md's "net cash" is corrected. Jun-26 (CFO, unaudited): gross debt ~₹120 cr, "net cash almost neutral". Implied Q1 WC absorption ~₹30–190 cr depending on basis; H1 FY27 cash flow will settle it.

Five-year cash flow

₹ crFY22FY23FY24FY25FY265-yr
PAT249.4121.4182.543.173.2669.6
D&A70.383.091.2107.1131.1482.7
Δ receivables–109.3+16.8–178.6+154.1+48.6–68.4
Δ inventory–391.5+193.2–12.2–171.6+114.1–268.0
Δ payables+72.0–77.7–69.1+13.5+128.8+67.5
Δ other operating+75.9+15.3+43.6–28.3–13.4+93.1
Total WC change–352.9+147.4–216.3–32.2+278.2–175.8
OCF–19.5360.232.9118.9526.51,019.0
Capex–169.2–94.7–193.6–256.8–214.8–929.1
FCF–188.7265.5–160.7–137.9311.789.9
Net securities (sale)/purchase–184.6+53.1–58.6–14.6+114.8—
Dividends paid–38.5–22.10–11.1–5.5–77.2
Net debt raised/(repaid)+63.9–95.3+53.8+143.1–131.2+34.3
Equity issued+10.7————+10.7
Year-end mcap (S&P)7,0125,9986,0732,7122,278—
FCF yield (YE mcap)–2.7%4.4%–2.6%–5.1%13.7%—
OCF/PAT–0.08x2.97x0.18x2.76x7.19x1.52x
OCF/EBITDA–5%144%11%73%227%74%
PAT (black), OCF (gold), FCF (grey), ₹ cr; zero line dashed FY22FY23FY24FY25FY26 OCF 526

Divergence flags

Bad-debt provisions/write-offsFY22FY23FY24FY25FY26
₹ cr5.53.28.97.912.6

Working capital

DaysFY22FY23FY24FY25FY26Q1 FY27
Debtor (revenue)605683615140
Inventory (COGS, Screener)119748811895—
Inventory (revenue)8557628870100
Creditor (COGS)7756505176—
Creditor (revenue)5543353855~70
CCC (Screener, COGS)1027412112971—
CCC (revenue)907011011166~70
Company NWC daysn.a.n.a.n.a.984571
Screener WC days7060888251—

Ratios

RatioFY22FY23FY24FY25FY26TTM
RoE21.6%9.2%12.5%2.8%4.5%6.3%
RoCE (EBIT/avg CE)27.5%12.4%16.1%4.0%6.1%~7.9%
RoCE (Screener)28%12%15%4%6%6.03%
D/E0.120.050.080.180.09~0.07
Net debt/EBITDA (incl. ST inv.)0.20net cash0.051.04net cash~0
EBIT/interest25.116.041.76.411.218
EBITDA/interest29.722.751.214.823.2—
Interest cover (CRISIL)n.a.21.2948.0315.7021.51—
Current ratio1.892.242.432.121.96—
Quick ratio0.781.181.370.900.97—
Asset turnover1.511.401.271.141.10—
Fixed-asset turnover4.14.03.22.62.4—
Inventory turnover4.474.014.213.603.43—
ROIC (S&P)21.7%9.6%11.7%2.6%4.6%6.65%

ICICI's RoE series FY23–FY26: 8.9% / 10.7% / 2.7% / 4.5%. Utilisation ~52–53% vs 60–65% target. Even at 13% margin, ₹131–140 cr D&A caps RoCE in low teens without volume.

Capex

Debt structure and rating

Facility (CRISIL, 7 Aug 2026)₹ crRatingLenders (₹ cr)
Cash credit / WCDL223A+/NegativeAxis 50, QNB 50, DBS 40, HDFC 38, Federal 32, ICICI 13
LC / BG420A1+ICICI 162, Axis 75, DBS 60, Federal 53, HDFC 50, QNB 20
Term loan125A+/NegativeAxis 125, maturity 1 May 2028 (Begusarai)
Total768
DateAgencyAction
Jan 2021CAREA-/Positive (superseded)
Jul 2021CRISILUpgraded to A/Positive (from A-/Stable)
Jan 2022CRISILA+/Stable; A1+; CP A1+
Jan 2023CRISILA+/Stable reaffirmed; CP withdrawn
Feb 2024CRISILA+/Stable/A1+ reaffirmed (promoter-litigation trigger listed)
3 Feb 2025CRISILRating update: "awaiting adequate information" (resolved 17 days later)
20 Feb 2025CRISILOutlook to Negative: weak PVC, 9M FY25 margin <6% (vs 11.77%), inventory 71 → 102 days
9 Dec 2025CRISILA+/Negative/A1+ reaffirmed; expects OPM 8–9.5%
7 Aug 2026CRISILA+/Negative/A1+ reaffirmed, 3 days after Q1 FY27
SensitivityFeb 2025Aug 2026
UpgradeOPM >11% with volume growthOPM >10% with volume growth, efficient WC
DowngradeOPM <6% sustained or gearing >1xOPM <8% sustained, gearing >1x, large dividend/buyback/debt-funded acquisition, loans to promoters

FY26 OPM 8.93% sits in the band (~90 bps above downgrade). CRISIL is sole active rater (no ICRA, current CARE, India Ratings).

Equity dilution and share count

DateEventShare cap ₹ crEffect
FY15–16Pre-IPO48—
FY17Capital reduced (unverified mechanism)45–6%
FY18Doubled (consistent with 1:1 bonus; unverified)90non-dilutive
Dec 2019Pre-IPO: 5,96,500 CCPS to South Asia Growth Fund LLP, ₹106.18 cr
Dec 2019IPO ₹177–178, ₹500 cr (fresh ₹250 cr + OFS ₹250 cr); 2.21x (QIB 3.54x); anchors ₹150 cr110+22%; promoters 90.06% → 63.25%
FY22₹10.7 cr equity issued (likely ESOP ~0.5 mn shares)111~0.5%; promoters 62.94%
FY23Promoter secondary sale: Vipul 13,27,500 + Parag 8,23,000 shares to Norges Bank at ₹585 (17 Feb 2023 block)111none; promoters 60.94%
Q4 FY26/Q1 FY27110.56 → 110.65 mn (ESOP)110.65 mn+0.08%

No QIP, preferential, rights, warrants, buyback or split ever. ESOP overhang not verified (<0.5% implied). The FY23 mechanism unverified in financials.md is matched to heard.md's bulk-deal log [Fact].

Other financial items

Management, Promoters & Governance

Grade: Adequate. Family-run; watch-points are promoter-family pay and related-party roles. No fraud, SEBI/MCA enforcement, auditor resignation or qualification found. Corrected: FY26 balance sheet was roughly net-debt-neutral on cash basis, not "net cash" as governance.md §1 states.

Promoter profiles

NameRoleAgeEducationBackground
Jayant S. Chheda (DIN 00013206)Founder, Chairman & MD80 (b. 31-07-1946)SSCDirector since 13-11-1987; five decades in plastics; Vinyl India Lifetime Achievement 2014; CSR chair; no other directorships
Parag J. Chheda (DIN 00013222)Joint MD (WTD)55Associate, Oakland Community College (USA)Director since 1996; marketing, HR, IT, strategy; de facto operating head; ET Inspiring Business Leader 2016; AC, SRC, RMC, CSR
Vipul J. Chheda (DIN 00013234)Executive Director (WTD)51HSCDirector since 1997; project sales, key accounts; SRC; re-appointed 2026 (0.22% against)
Tarla J. ChhedaPromoter (non-board)——Founder's wife; 11.02% direct + Lotus Trust 4.70%
Heena P. ChhedaPresident-HR (office of profit)~55B.Com, BombaySince 2009; board 1 Oct 2016–28 Nov 2019; ₹8.59 L/m (2023) → ₹11.91 L → ₹12.51 L from 1 Oct 2026
Nihar P. ChhedaVP Corporate Strategy (office of profit)~29BS Ind. Eng., PurdueSince 2019; anchors Lubrizol, Hauraton, Aquel deals; ₹7.93 L/m (2023) → ₹11.91 L → ₹12.51 L (+58% in 3 yrs)

Promoter group (17 entries): also Ashwini V. Chheda, Vaishali H. Shah, Jayantilal and Gunvanti Gada, Mansukh K. Shah; six trusts (Sunflower, Lotus, Peace, Unity, Harmony, VS). Linked entities: Prince Marketing, Albright Aluminium Industries (rent), Amardeep Udyog (purchases), Prince Foundation (CSR). Succession: no formal plan disclosed; 2nd generation runs ops, 3rd (Nihar) groomed.

Key management

PersonRoleSinceNotes
Jayant ChhedaCMD1987Re-appointed 21-08-2026 to 20-08-2029 (0.89% against)
Parag ChhedaJMD1996To 20-08-2029 (2.11% against; 7.57% of institutions)
Vipul ChhedaED1997To 20-08-2029 (0.23% against)
Anand GuptaCFO~Nov 2023Prior employers not established
Shyam ShardaFormer CFOpre-IPO–2023H1 FY23 salary ₹5.28 mn
Jyoti SanchetiCS (FCS 9639)19-05-2026—
Shailesh BhaskarFormer CS~2019–24-02-2026Personal reasons / better prospects; post vacant ~3 months
Ajay KumarFormer CHROto 20-08-2026Letter 20-07-2026; no successor; HR under Heena Chheda
"Change in senior management"Filing 20-08-2026—Details not retrieved

Executive remuneration

DirectorBase 2023–26 ₹L/mBase 2026–29 ₹L/mChangeFY26 actual ₹LH1 FY23 actual ₹L
Jayant27.9533.89+21%46.29135.6
Parag23.2828.23+21%41.89116.5
Vipul20.9525.40+21%38.22104.8
Total (annual)₹8.66 cr₹10.50 cr+21%₹1.26 cr≈₹7.1 cr annualised

Plus up to 0.75% of net profit commission each, allowances, perquisites, PF/gratuity, annual revision, Schedule V minimum-remuneration clause (payable in loss years), 3-month notice. Reversion risk: ₹1.3 cr → ₹10.5 cr+ plus ~₹3 cr for Heena/Nihar vs FY26 PAT ₹73 cr.

Board (Jun 2026 CG report; no change through 17 Oct 2026)

NameCategoryAppointedTermCommitteesBackground
Jayant S. ChhedaExec, Chair, MD1987to 2029CSR (Chair)Founder
Parag J. ChhedaExec, JMD1996to 2029AC, SRC, RMC, CSRSon
Vipul J. ChhedaExec, ED1997to 2029SRCSon
Rajendra V. Gogri (00061003)Independent25-06-2020to 24-06-2028NRC (Chair), ACCMD Aarti Industries; MS Chem Eng (Iowa), UDCT; Aarti Pharmalabs board
Amisha N. Vora (00089193)Independent (woman)10-08-2023to 09-08-2028AC (Chair), NRC, RMC, CSRCMD Prabhudas Lilladher; CA; 35+ yrs markets
Ankur M. Bansal (03082396)Independent16-05-2024to 15-05-2029SRC & RMC (Chair), AC, NRC, CSRCo-founder BlackSoil (>₹6,000 cr deployed); ex-JPM, Citi, MS; CA, CFA

Shareholding trend

QuarterPromoterFIIDIIof which MFInsurancePublicHolders
Sep 202360.945.0118.56n/an/a15.492,05,896
Mar 202460.945.1518.5315.600.5515.372,05,460
Sep 202460.947.2717.52n/an/a14.251,87,981
Mar 202560.946.1914.9714.790.1817.881,99,682
Jun 202560.943.7515.7315.380.1819.572,00,249
Sep 202560.943.7215.9515.600.1819.391,97,742
Dec 202560.943.5415.6115.540.0419.901,93,422
Mar 202660.953.5515.5415.470.0419.981,87,493
Jun 202660.953.0615.3315.260.0420.661,85,165
FII (gold), DII (black), Public (grey), % — Sep-23 to Jun-26 Sep-23Sep-24Jun-25Jun-263.0615.3320.66

FPI Jun-26: Cat I 2.38% + Cat II 0.68% (55 holders per SHP; heard.md: headcount 49 → 63). Small holders (≤₹2 lakh) 15.10%. Promoter pledge: 0% (trivial 400-share pledge by M.K. Shah HUF in Mar 2024). Pre-IPO pledge of ~35% + 16% NDU securing ₹200 cr promoter bonds released Jan 2020 from OFS proceeds. Sep-26 SHP due ~21 Oct.

Promoter holding structure (Jun 2026)

HolderShares%
Parag J. Chheda1,24,56,18211.27
Tarla J. Chheda1,21,85,83211.02
Sunflower Family Trust (Parag)83,04,1217.51
Vipul J. Chheda83,04,1217.51
Jayant S. Chheda66,52,4056.02
Lotus Family Trust (Tarla)52,00,0004.70
Peace Family Trust (Vipul)51,90,0764.69
Unity Family Trust (Vipul)41,52,0613.76
Harmony Family Trust (Vipul)31,14,0452.82
VS Family Trust (Jayant)12,00,0001.09
Vaishali H. Shah5,06,1500.46
Gada family, Heena, Ashwini, M.K. Shah1,20,2320.11
Total6,73,85,22560.95

Institutional and notable holders

Investor%ChangeRead
Mirae Asset MF (SHP as Large & Midcap Fund; AMC total)9.83 (1,08,67,860 sh)9.97 (Mar-24) → 9.65 → 9.93 → 9.87 → 9.83Low-weight core holding (0.2–0.3% of scheme)
DSP MF (Small Cap)5.19 (57,41,012 sh)3.98 (Mar-24) → 4.73 → 5.02 → 5.19; crossed 5% May 2025 (bought 42,441 sh 27 May 2025)Scheme weight 0.68% → 0.55% (Tickertape, undated): possible trim, unconfirmed
Aditya Birla SL Small Cap<11.52% Mar-24 → <1%Exited above disclosure
Madhulika Agarwal1.30 (14,42,530)Unchanged since ≥Mar 2024Long-held HNI
Eastspring India Consumer Equity Open<1 (was 1.68%)18,57,482 sh Jun-25–Mar-26; cut below 1% Jun-26 qtrCoincides with FPI Cat I 3.52 → 2.38
Norges Bank (GPFG)<1Bought 9,02,000 at ₹585 (Feb 2023); 2.37% Mar-24, 2.01% Mar-25; <1% by Jun-25Exit during 2025 drawdown (inferred)
Oman India Joint Investment Fund II (AIF)<1Sold 8,59,494 at ₹405.17 (Mar 2021); 1.53% Mar-24Pre-IPO investor exit
Pooja Unichem LLP<1 (LLP bucket 0.57%)Bought 1,90,000 at ₹274.1 (3 Mar 2025); pledged 3,90,000 (28 Mar 2025)Relationship unverified
Insurance0.040.55 (Mar-24) → 0.04Exited

Tickertape scheme-level: Mirae Large & Midcap 3.92% of company (0.27% of scheme, –0.02 pp); DSP Small Cap 3.78% (0.55%, –0.13 pp, rank 53 → 66); Mirae ELSS 1.88% (0.22%). Groww also lists Mirae Midcap, Equity Savings, Balanced Advantage. Two AMCs ≈98% of MF holding; 88.9% of institutional holdings voted at AGM.

Bulk/block deals and insider/SAST

DateParty / eventDetail
31 Dec 2019Morgan Stanley Asia (Singapore)Sold 6,57,630 at ₹160.52 (listing flip)
23 Mar 2021Oman India JIF IISold 8,59,494 at ₹405.17
17 Feb 2023Norges buy / Vipul & Parag sell9,02,000 bought; 13,27,500 / 8,23,000 sold at ₹585 (~1.9%)
08 Nov 2023Graviton; NK SecuritiesIntraday HFT churn (9,58,518 at ~₹698; 5,69,713 at ~₹713)
21 Oct 2024SEBI SAST exemptionInter-se transfers to family trusts
19–20 Jun 2025Inter-se transfer 2,59,60,303 sh (23.48%)Tarla 52,00,000 → Lotus; Parag 83,04,121 → Sunflower; Vipul 1,24,56,182 → 3 trusts (named Ruby/Emerald/Diamond in filing, now Peace/Unity/Harmony); SAST filings 1 & 11 Jul 2025
Feb–Sep 2025Employees (Tejal Mehta, Manish Solanki)Small sales, pledge revocations
Dec 2025–Jun 2026Vaishali H. Shah5,00,000 → 5,06,150 (token)
24 Sep 2026Trading windowClosed 1 Oct to 48h after Q2 FY27

No bulk/block deal since Nov 2023; no promoter open-market sales Sep-23–Jun-26; VS Trust origin open; PIT Reg 7 log not retrievable.

Related-party transactions (latest itemised: H1 FY23, ₹213.4 mn incl. dividends)

CounterpartyNatureH1 FY23 ₹ mn
Jayant / Parag / VipulRemuneration13.56 / 11.65 / 10.48
Jayant, Parag, Vipul, Tarla, AshwiniRent (premises)1.40/2.79/2.79/1.40/2.79 = 11.17 (~₹2.2 cr/yr)
Same fiveRent deposits outstanding10.8
Heena / Nihar / Ashwini / VaishaliSalary4.13 / 3.17 / 0.73 / 0.38
Prince FoundationDonation10.00
Albright Aluminium / Amardeep UdyogRent / purchases0.04 / 0.04
Promoters / groupDividends~139
CFO / CSSalary (CS staff loan 0.5)5.28 / 1.31
IDsSitting fees1.91

Auditors

RoleNameTenure / fee
StatutoryN.A. Shah Associates LLP (peer-reviewed)FY22–FY26; re-appointed 39th–44th AGM (2031), 0.0003% against; FY27 fee ~₹48 lakh
Pre-2021Not confirmedRotated at 2021 AGM
CostKetki D. Visariya (M. 16028)FY24–FY27; ₹3.63 lakh → ₹3.99 lakh
ScrutiniserSanjay Dholakia & Associates2023–26; secretarial auditor unconfirmed

No qualification/adverse opinion found; FY26 KAMs, EOM, CARO, MR-3 not verified.

Subsidiaries and acquisitions

YearDealConsiderationWorking?
2012Trubore + Kolhapur, Chennai plants (Chemplast Sanmar)n.d.Yes
Aug 2020Tooling Holland BV (3-yr technical; CEO Chris Bus)n.d.Likely lapsed 2023
Aug 2020Lubrizol FlowGuard Plus processor agreement—Exited Q3 FY26 (in-house SmartFit Plus); Corzan (Onefit) status open
Dec 2022Skolan Safe / Hauraton—Small
Mar 2024–Apr 2026Aquel (Klaus Waren Fixtures, Narshi Mulji Shah): Phase 1 brand/moulds; Phase 2 Bhuj₹55 cr (brokers ~₹60 cr)Not yet: Phase 2 due 15 Oct 2024, closed 7 Apr 2026; ₹5 cr/qtr loss

No subsidiaries, associates, JVs or cross-holdings. FY26 ₹148 cr investments are treasury/liquid. Registered office moved Goa → Silvassa (Jul 2024–Feb 2025).

Governance red flags

Supply Chain

↑ Upstream — What Prince Depends On

InputSuppliersCountry dependenceNotes
PVC suspension resin (largest)Reliance (price-setter), Chemplast Sanmar; imports (North America, Japan); DCM Shriram domestic (industry)India ~50–55% imported (Taiwan, Japan, Korea, China ~36%, US)Shifted to more domestic sourcing FY26 to cut lead times
CPVC resin / compoundBefore Q3 FY26: Lubrizol (USA) exclusive (FlowGuard Plus). Since Q3 FY26: multiple domestic and import vendors, compounded in-houseFour global resin makers (Korea, Japan, China, Europe); domestic supply rising; ADD on China/Korea CPVC to 2029Single-source risk removed; compounding-quality and brand-acceptance risk added. CPVC–PVC RM spread ~25%
HDPE, PP-R, PP (incl. mineral-filled)Not namedn.d.DECILO uses mineral-filled PP
MouldsTooling Holland BVNetherlandsFittings
Traded premium drainageOstendorf Kunststoffe GmbH; HauratonGermanyImported finished goods
Bathware assetsKlaus Waren FixturesIndiaOne-off
Inserts, seals, additives, packagingn.d.; ~10% from MSMEs; >70% "sustainably sourced"Largely domestic [Est.]
CPVC sourcing — reconciled view. Primary sources (Q3 FY26 call, Q1 FY27 deck) confirm Prince "moved on to our own in-house compounding" for SmartFit Plus, saving ~6–7% (mostly passed to channel). ICICI Securities (Oct 2025), market.md and early forum notes still describe exclusive Lubrizol sourcing: superseded. Open: the Q1 FY27 deck still markets "Prince OneFit with Corzan CPVC technology" (a Lubrizol industrial brand); whether that supply continues is unconfirmed. Arihant calls the transition "the most underappreciated development".

Policy and price regime

DateMeasureEffect
14 Aug 2025DGTR final findings: ADD US$22–339/t on S-PVC (China, Indonesia, Japan, Korea, Taiwan, Thailand, US)Aug-25 stock rally
12 Nov 2025BIS QCOs on PVC homopolymer (IS 17658:2021) withdrawnRemoved barrier to cheap imports
18 Nov 2025Government decided not to impose S-PVC ADD (CommoPlast)No structural floor
2 Apr–30 Jun 2026BCD on PVC cut to nil (Notification 12/2026-Customs; West Asia relief)PVC crash, destocking; Q1 volume –7%
Mid-Jun/Jul 2026Exemption ended (exact date unverified: 16 Jun per brokers / 16 Jul per Supreme)Supportive
24 Jul 2026DGFT Notification 25/2026-27: S-PVC (HS 39041020) restricted below US$766/t CIF for 6 months; EOU/SEZ/AA exemptFloor to ~late Jan 2027
27 Jul 2026Reliance +₹4/kg to ~₹91.5/kgPVC +₹12–13/kg after MIP
Aug 2026Reported new ADD probe on S-PVC (China, Indonesia, Japan, Korea; single source)Possible successor

PVC ₹/kg: ~71 (Q1 FY21) → 156 (Q3 FY22) → ~81 (Q3 FY24) → low 60s (Nov–Dec 2025) → ~70 (Feb 2026) → war spike (Mar 2026) → April crash → MIP rise. Business Standard editorial (4 Aug 2026): MIP will raise costs.

Pass-through

↓ Downstream — Who Depends On Prince

End-marketShareEnd-products
Residential & commercial real estate~60–65%Hot/cold lines, SWR stacks, low-noise drainage in high-rises/hospitals/hotels, tanks, conduits, Aquel bathroom fittings
Agriculture~30–35% (value)Irrigation mains, borewell columns/casings, Terrafit drainage
Infrastructure / industrial~4–5%Corfit/Drainfit sewerage, Hauraton airport/campus drainage, cable ducting, Onefit chemical lines
Water storage~1%Storefit tanks

Value-chain map

CRUDE / GAS / SALT / ETHYLENE / PROPYLENE
   v
POLYMER PRODUCERS: Reliance, Chemplast Sanmar; importers (Taiwan/Japan/Korea/US/China); CPVC makers
   [Pricing power HIGH: oligopoly + import parity; Reliance list, MIP US$766/t, ADD/BCD]
   v
PRINCE PIPES: in-house CPVC compounding -> extrusion / injection moulding / tanks / Bhuj bathware
   8 piping plants, 435,222 MTPA, ~52% utilised (production basis)
   [MODERATE in plumbing/CPVC/SWR; LOW in agri PVC; GM ~25-34%, EBITDA Rs12-19/kg]
   v
1,500+ DISTRIBUTORS -> RETAILERS (DMS-tracked)   [MODERATE: shares gains/losses, destocks]
   v
INFLUENCERS: plumbers, contractors, architects
   v
END-USERS: homeowners, developers (25-30% projects), farmers (30-35%), infra
   [LOW individually; piping <1-2% of project cost so brand > price]
Where pricing power sits. Upstream resin producers hold most of it; Prince's ~₹1,894 cr resin bill is price-taker. Prince defends a spread through scale, brand and range (1–2 week pass-through, peer price parity, CPVC saving given away; leaders can engage in "predatory pricing", Feb 2026 call). Consolidation (top-5 38% → ~46%; unorganised price gap from 15–25% to "virtually gone") and value-added mix are the levers to capture more.

Competitive Position

Market share (FY25 revenue share of ~₹50,000 cr plastic pipes, ICICI)

PlayerShareNotes
Supreme Industries14%#1; FY27 piping volume guide 15–17%; capex >₹1,000 cr; discounting, 30–40% distributor growth
Ashirvad (Aliaxis)11%South CPVC leader; Hyderabad greenfield ~₹400 cr; ~₹1,000 cr plan to ~5.5 LTPA
Astral8%Premium CPVC; margin-first
Finolex Industries8%Agri-heavy; resin-integrated
Prince Pipes5%#5; 5.0–5.4% over FY21–FY25; West/North strong; South via Trubore; building East
Others54%Apollo, Kisan, regionals

Top-5 share 38% (FY20) → ~46–47% (FY24–25); top-5 revenue CAGR 12% vs industry 8%. Tickertape ~2.6% on a different base (not used).

Peer comparison FY26 (Prince standalone; peers consolidated; 16 Oct 2026)

CompanyRevenueGrowthEBITDAEBITDA%PATPAT%RoEP/EEV/EBITDAMcapMoat
Prince Pipes2,598+2.9%2328.9%73.2 (adj. 75)2.8%4.5%30.6x11.1–11.6x3,122Narrow: brand + distribution, 9 plants; no resin integration; in-house CPVC compound since Q3 FY26
Supreme11,218+7.4%1,55313.8%9548.5%*15.8%44.2x27.7x45,673Wide: scale (~7.54 LTPA), procurement, Wavin, net cash
Astral6,569+12.6%1,06216.2%5358.1%13.8%64.7x34.0x38,347Wide: premium CPVC; plumbing EBITDA 18.9–22.9%; CPVC integration Q4 FY27
Finolex4,113–0.7%67916.5%59914.6%**8.6%15.5x10.0x (7.2x all inv.)9,533Moderate: only resin-integrated; agri; treasury
Apollo1,105–6.5%676.1%50.5%–0.9% to 0.6%n.m.~50x2,335Weak: sub-scale; Kisan loss-making
Ashirvad (unlisted)~5,500 (impl.)n.a.n.a.n.a.n.a.n.a.n.a.———Wide in South

Screener P/E: Supreme 44.2x, Astral 64.7x (market.md recompute 44.3x / 66.6x). *Supreme PAT includes Supreme Petrochem associate. **Finolex PAT includes ~₹260 cr other income. Astral company EBITDA ₹1,109 cr (16.9%). Other peer metrics: P/B Supreme 7.4x, Astral 9.5x, Finolex 1.54x, Apollo 2.85x; div yield 1.00% / 0.28% / 1.30% / 0.13%; ROCE 20.7% / 19.2% / 11.8% / 1.2%; Mcap/Sales Prince 1.20x (lowest) vs 4.07x / 5.84x / 2.32x / 2.11x.

Q1 FY27: the PVC-volatility quarter

CompanyVolume MTVol YoYRev YoYEBITDA YoYEBITDA%₹/kgEBITDA ₹/kg
Prince40,729–6.9%+5.0%+92.5%12.6%149.518.9
Supreme (piping)125,812–15.4%flat (₹1,791 cr)+24.8%14.6% cons.; piping 16.8%142.4~23.9
Astral (plumbing)~56,000~flat+15.9%+24.9%14.6–15.5%; plumbing 18.9%~187.5~35.4
Finolex67,699–26.5%–15.2%+13.8%12.1%130.615.8
Apollo24,477–3.3%+7.3%–85.7%1.0%120.71.2
Industry (CLSA)—~–10%

Management's "decline smaller than peers" holds only vs Supreme and Finolex. Prince's share of five listed peers' volume ~11.9% → ~12.9% [Est., Astral ~56 kt both quarters]. FY26: Prince +8%; Finolex –4.4% (332.7 kt, 71% of 492 kt); Supreme piping +14% (CPVC +38%); Apollo ~1 LTPA; Astral Q4 plumbing 84,041 MT (+24%), capacity 4.18–4.21 LTPA. Supreme says industry volume –9% in FY26 (single source), implying Prince gained share.

Strengths and weaknesses vs each peer

PeerPrince strongerPrince weaker
SupremeSmaller base, faster % growth; Q1 resilience (–7% vs –15%); plumbing focus; cheaper (11.6x vs 27.7x)~1/3 Supreme's piping volume; weaker buying; margin ~5 pts lower; Supreme net cash, >₹1,000 cr capex, discounting, Wavin; RoE ~3x
AstralP/E 30.6x vs 64.7x; broader PVC agri/SWR; margin catch-upEBITDA/kg ~₹35 vs ₹19; flat Q1 volumes; CPVC integration Q4 FY27; ~1.7x ad intensity (3.5% vs ~2%); adhesives, paints, bathware at scale
FinolexPlumbing/CPVC skew; FY26 volume +8% vs –4%; pan-India footprintResin integration; ₹2,600 cr+ net liquidity; 16.5% vs 8.9% margin; stronger agri brand
Apollo1.7x volume; 12.6% vs 1.0% margin; profitable; brandApollo Q1 –3%; capacity 226.5 → ~288 kt; may undercut
AshirvadNational vs South-concentrated; PVC breadth; listedDominates South CPVC where Sangareddy/Trubore under-used; Aliaxis backing; Poddar entry

Industry size and trends

Porter's Five Forces

ForceIntensityComment
New entrantsMediumGreenfields ₹400–758 cr; brand/distribution protect plumbing more than agri
Supplier powerHighResin 65–70% of cost; Reliance + policy-driven imports; few CPVC resin makers (Prince now compounds in-house); Finolex integrated, Astral integrating
Buyer powerMediumFragmented, but channel destocks when PVC falls; projects price-sensitive
SubstitutesLowMetal losing share; intra-plastic mix risk
RivalryHighTop-5 ~46%; Supreme chasing share; capacity > demand
Moat durability [Analyst View]: narrow and eroding at the margin. Barriers are brand, network, loyalty, fittings breadth (moulds), BIS and working capital. In falling-PVC phases mid-tier players suffer more (Prince 0.9% Q3 FY25, 4.9% Q3 FY26). RoE below ~12% cost of equity every year FY23–FY26: no excess returns.

Risks & Red Flags

#RiskCategorySeverityExplanationMitigant
1PVC price collapse / inventory lossBusiness/MacroHighResin ~73% of revenue; 100 inventory days at Jun-26; past falls cut margin to 0.9% (Q3 FY25), 4.9% (Q3 FY26)65–75 day guide; 1–2 week pass-through; MIP (temporary)
2MIP expiry ~late Jan 2027RegulatoryHighUS$766/t floor lapses after 6 months; ADD dropped Nov 2025, QCO withdrawn; lapse into Q4 peak stocking risks 11–13% guideNew ADD probe (single source); possible extension
3Duty whiplash (BCD cuts)Regulatory/MacroHighApr–Jun 2026 nil BCD triggered destocking (–7% Prince, ~–10% industry)Scale players weather better
4Structurally low RoE/RoCEFinancialHighFY26 RoE 4.5%, RoCE 6.1%; 5-yr PAT CAGR –20%11–13% margin guide; ICICI RoE 9.4% FY28E
5Excess capacityExecutionHigh~52–53% production utilisation, ~44% installed (FY26), ~37% Q1 annualised; D&A +44% FY24–26No new pipe capacity FY27; 60–65% target
6CompetitionBusinessHighShare flat ~5%; Supreme discounting, Ashirvad/Poddar, Apollo, OPVCWhite-space distribution, DMS, mix
7FY27 volume guidance missExecutionHighNeeds +17.6–21.5% in Q2–Q4 after Q1 –7%; Q4 FY26 base was channel-bought; MOFSL models 3%July "good growth"; consolidation
8CPVC compounding quality / deflation; Corzan openBusinessMedium-HighCPVC 20–22% of sales and key margin lever; in-house compound since Q3 FY26 carries quality and brand-acceptance risk vs FlowGuard; domestic CPVC resin and Astral integration may compress premiumSingle-source Lubrizol risk removed; 6–7% saving; GreenPro; PPR/DECILO diversification
9Mix-driven margin reversalBusinessMediumQ1 margin helped by plumbing-heavy mix; agri recovery dilutesValue-added 27–28%
10Rating downgradeFinancialMediumA+/Negative since Feb 2025; OPM <8% trigger vs 8.93% FY26Gearing 0.09x; ICR 21.5x; ~13% recent margins
11WC reversal / cash qualityFinancialMediumFY26 OCF incl. ₹278 cr release; payables ₹261 → ₹392 cr; possible LC-backed acceptances; inventory 100 daysDebtors 40 days; ~30 target
12Agri / monsoonMacroMedium30–35% of sales; Q1 agri fell; unseasonal rain FY26Plumbing/SWR 60%+
13JJM / PMAY slowdownMacroMediumFY26 JJM RE cut ~75%; O&M shiftLow JJM exposure; FY27 BE ₹67,670 cr
14Bathware lossesExecutionMedium~₹5 cr/qtr loss; breakeven deferred 5 times; Q1 revenue fell to ₹13 cr₹25 cr/qtr target by Q3 FY27
15Related-party payGovernanceMedium39.0% / 31.5% against; pay ceilings ₹10.5 cr + Schedule VResolutions passed; NRC fully independent
16Key-person / churnGovernanceMediumFounder 80; CS (Feb) and CHRO (Aug) exits 2026; no professional CEOCFO since 2023
17Institutional exitMarketMediumFII 7.27 → 3.06; DII 17.52 → 15.33; insurers out; holders 2.06 → 1.85 lakhPromoter 60.95%, no pledge
18Retail overhangMarketMediumTradingView 2021–24 setups at ₹580–1,000: holders 50–70% underwater; supply toward ₹330–350—
19Crude / West AsiaMacroMediumDrove duty relief and resin volatilityPass-through
20FXMacroLow-MediumImported resin in US$Pass-through
21Tax / GST litigationRegulatoryLow~₹45 cr aggregate (below)Contested; ~2.7% of NW
22Promoter-litigation covenantGovernanceMediumCRISIL trigger on loans to promoters for personal litigation; litigation undisclosedNo loans to promoters evidenced
23Technology obsolescenceBusinessLowOPVC, PPR, low-noise PPDECILO, Skolan, Hauraton
24Counterfeit / brand dilutionBusinessLowCited for FY24 marketing revampAd ~2%
25ESG / EPRESGLowLong-tail plastics regulationLong-life products; ZLD
26Interest rateFinancialLowGross debt ~₹120 crNear neutral net debt

Tax demands (Reg 30)

DateAuthority / periodAmountBasis
27-02-2025CGST Dehradun, Sec 73 DRC-07, FY21₹14.46 crGSTR-3B vs e-way bills; appeal under evaluation
17-03-2025ACIT Mumbai, Sec 143(3) r/w 147, AY 2019-20₹26.50 crCredit not given for ₹25.31 cr advance tax/TDS + ₹1.19 cr refund; rectification; IPO-year reassessment worth tracking
30-09-2025 / 30-03-2026Rajasthan SGST Sec 74, FY20SCN ₹1.59 cr → order ₹0.31 crIneligible ITC Sec 17(5)
28-11-2025Kerala (Palakkad), Sec 73, FY22₹0.24 crGSTR-1 vs e-way bill; appeal
29/30-09-2026Rajasthan DRC-01, FY23₹2.74 crE-way bill vs 3B; ITC vs 2A/2B/9
29/30-09-2026Karnataka DRC-01, FY23₹0.66 cr (₹65.94 lakh)Same + Sec 17(5); "₹65.93 crore" headlines are a unit error
Total since Feb 2025~₹45 crIT item ~59%; GST ex-Dehradun ~₹4 cr

All contested ("not maintainable", "no material impact"). Stock –2.5% to ₹249.35 on 1 Oct 2026 news.

Red-flag checklist

FlagStatusDetail
Rising debtNo₹277 → ₹145 → ~₹120 cr; gearing 0.09x
Margin deteriorationStructural yes, easing17.6% FY21 → 8.9% FY26; ~13% now leans on MIP
Auditor concernsNone foundN.A. Shah re-appointed; CARO unread
Related-party abuseWatchPay dissent; Prince Marketing history; promoter rent
Promoter selling / pledgeNoFlat 8 quarters; Feb-2023 block sale is the last
DilutionNo~₹111 cr capital
Customer lossNoChannel destocking is the volume risk
Cash-flow qualityYes5-yr FCF ₹90 cr vs PAT ₹670 cr
CreditWatchNegative ~20 months
WC slippageWatchInventory 70 → 100 days
Capacity under-useYes~52–53%
Key-personMediumCS, CHRO exits

Concall Highlights & Guidance

Six calls, Q4 FY25 (May 2025) to Q1 FY27 (Aug 2026). Q2 FY27 not reported.

CallKey numbersManagement stance / quotesTone
Q4 FY25 · 22 May 2025Rev ₹720 cr (–2%); vol 50,454 MT; EBITDA ₹55 cr (7.6%); PAT ₹24 cr. FY25 rev ₹2,524 cr, EBITDA ₹162 cr, PAT ₹43 cr (–76%). WC 99 days; debtors 61; inventory 88. Bathware ₹30 cr, Q4 loss ₹4.5 cr. Begusarai Ph1 (+24 kt; 397,500 MTPA); CPVC GreenPro; BioFITDouble-digit FY26 volume; LT margin ~12%; "cautious about speculation on anti-dumping duties"; "grow market share profitably"; avoids institutional salesCautious-confident; stock rallied
Q1 FY26 · 7 Aug 2025Rev ₹580 cr (–4%); vol 43,735 (+4%); EBITDA ₹40 cr (7%); PAT ~₹5 cr (EPS ₹0.44). WC 93; inventory 83. Capex ₹75 cr. Bathware ~–₹5 crVolume "high single to low double"; revenue +2–3% (realisation –8–9%); 12% margin by Q3/Q4 FY26; FY26 capex ₹160–170 cr; Bihar 60 kt by 30 Sep; bathware ₹50–60 cr; Indian Railways tie-upCautious; first trim
Q2 FY26 · 10 Nov 2025Rev ₹595 cr (–4%); vol 42,761 (flat); EBITDA ₹55 cr (9%); PAT ~₹15 cr; H1 vol ~+1%; industry PVC demand –9%. Bihar Ph2 → 435,222 MTPA; Navi Mumbai AirportCFO admitted slower growth than peers, share "maintained"; FY26 "high single digit"; double-digit margin by Q4; FY27 12%; bathware breakeven 4 quarters; ADD delay hurt channel. Parag: "demand to recover in H2"Defensive
Q3 FY26 · 11 Feb 2026Rev ₹573 cr; vol 42,575 (+3%); EBITDA ₹28 cr (4.9%); inventory loss ₹18–20 cr; PAT –₹2 cr. 9M rev ₹1,748 cr, vol 129,071, EBITDA ₹122 cr, PAT ₹17 cr. WC 66; debtors 49; inventory 76. Gross debt ~₹160 cr. Bathware 9M –₹18 crIn-house CPVC (SmartFit Plus), 6–7% saving; "Q4 the best quarter"; January "primarily restocking"; PVC ~₹70/kg; margin guide 10–12%; FY27 vol min 8–10%; FY27 capex ₹115–120 cr; FY26 capex ₹225–230 cr; bathware breakeven Sep–Dec 2026 at ₹25–30 cr/qtrDefensive → optimistic
Q4 FY26 · 20 May 2026Rev ₹850 cr (+18%); vol 62,167 (+23%); EBITDA ₹110 cr (12.9%); GM 29%; PAT ₹56.1 cr (+132%). FY26 PAT ₹73 cr, EPS ₹6.62. WC 45; OCF ₹526 cr; cash ₹128 cr; ₹1 dividend. Bhuj done; DECILO; utilisation 52%Q4 from "aggressive pricing, passing inventory gains to channel"; April destocking. FY27: vol +12–15%, EBITDA 11–13% incl. bathware (ICICI: 11–12%), capex ₹200–210 cr, VAP 27–28%, bathware breakeven Q2/Q3 FY27 at ₹20–25 cr (ICICI) / ₹25–30 cr (GuruFocus); bathware ₹300–400 cr in ~4 yrsConfident; stock +6.15% to ₹269
Q1 FY27 · 4 Aug 2026Rev ₹609 cr (+5%); vol 40,729 (–7%); GP ₹206 cr (34%); EBITDA ₹77 cr (12.6%); PAT ₹33.7 cr. Bathware ₹13 cr / –₹5 cr. WC 71; debtors 40; inventory 100. Gross debt ~₹120 cr. Capex ₹40–42 cr. Utilisation 52–53%"Very clear bottom of $766 per tonne"; "April was a washout"; "July showed good growth"; "no growth at the cost of using credit"; inventory "back to stated guidance by end of September quarter"; "We have not guided at 14% to 15%"; Q4 sharing "one-time/tactical"; ROCE 15–20% "historical norm"; bathware Q3 "close to breakeven" (~₹25 cr; transcript says "monthly", almost certainly quarterly)Confident on margin, defensive on volume/WC

Q1 FY27 participants: Parag Chheda, Nihar Chheda, Anand Gupta; host MUFG Intime (Sumeet Khaitan). Two Feb-2026 transcript filings on Screener (likely corrigendum). Earlier transcripts partly from secondary summaries (BSE PDFs 403).

Analyst Q&A revealing hidden risk

CallAnalystIssueAnswerHidden risk
Q1 FY27Sunil Jain (Nirmal Bang)Does inventory-gain sharing continue?One-timeQ4 +23% partly bought; sits in FY27 base
Q1 FY27Pranit Mithari (SJ Investment)Timeline to 14–15%"Not guided"13% may be near-term peak
Q1 FY27Shravan Shah (Dolat)Bathware, GM, >15% margin11–13% focusBathware revenue fell 16 → 13
Q1 FY27Sneha Talreja (Nuvama)Margin drivers, Q2 inventoryMix-led; no quantification34% GM on –7% volume unvalidated
Q1 FY27Sushant Soni (Dhrishya); Sonal Minhas (Nirmal Bang/Prescient)ROCE, utilisation, inventory, debtors52–53%; 60–65% target; ROCE 15–20% normInstalled-basis utilisation far lower; ROCE 2–6% now
Q1 FY27Anu Parakh (Anand Rathi)FY27 GM, WC daysEBITDA guide onlyAvoids GM and payables commitments
Q1 FY27Roshan Nair (Antique)Channel normalised? Small players?"Back to normal"; small players supply-insecureRelies on MIP floor
Q2 FY26UnnamedVolume vs peersSlower; share "maintained"Persistent under-growth
Q3 FY26UnnamedJanuary restocking or demand?"Primarily restocking"Q4 partly channel fill
Q3 FY26UnnamedCPVC and LubrizolIn-house compoundingBrand/quality perception risk
Q1 FY26UnnamedRealisations–8–9%, "can't control"Revenue hostage to PVC
Q4 FY25UnnamedInstitutional salesAvoided (credit cycles)Limits project opportunity

Guidance vs actual

ItemWhenGuidanceActualVerdict
FY26 volumeMay 2025Double-digit+8%Miss
FY26 volumeAug 2025High-single to low-double+8%Low end
FY26 volumeNov 2025High single+8%Met via Q4 push
FY26 revenueAug 2025+2–3%+2.9%Met
12% margin by Q3/Q4 FY26Aug 202512%Q3 4.9%; Q4 12.9%Q3 miss; Q4 met
Double-digit margin Q4Nov 2025≥10%12.9%Beat
LT/FY27 marginMay 2025–Aug 2026~12% → 12% → 10–12% → 11–13%Q1 FY27 12.6%Range shifted
FY26 capexAug 2025₹160–170 cr₹225–230 cr guide; ₹215 cr S&POverrun
FY27 capexFeb 2026₹115–120 cr₹200–210 cr (May)Nearly doubled
Bihar capacityAug 202560 kt by Sep 2025Ph2 Q2 FY26; ~60% utilised Q4Met
Bathware FY26 revenueAug 2025₹50–60 cr~₹51 cr [Est.]Low end (unverified)
Bathware breakevenAug 2025–Aug 20264–6 qtrs → 4 → Sep–Dec 2026 → Q2/Q3 FY27 → Q3 "close to"Q1 FY27 –₹5 crDeferred
Inventory daysFeb 202670–7570 → 100Slipped
Debtor daysFeb 2026Mid-40s51 → 40Met
Working capitalFeb 202660–65 LT45 → 71Volatile
PVC priceMay 2025, Feb 2026Stable; ~₹70/kgApril 2026 crashWrong-footed
FY27 volumeFeb/May 20268–10% → 12–15%Q1 –7%At risk
Credibility: mixed. Delivers capacity execution, receivables, Q4-type margin promises; over-promises volume, bathware timing and capex size. Guidance is reactive: raised after good quarters, trimmed after weak ones. Tone: cautious-confident → cautious → defensive → defensive-to-optimistic → confident → confident on margin / defensive on volume. Recurring themes: PVC volatility, ADD/duty, "share maintained", white space, CPVC hero, bathware "soon", ~12% anchor. Contradictions: peer-lag framing; "no inventory gain" yet 34% GM above Q4's 29%; 45-day WC reversed to 71; bathware run-rate ₹20–25 vs ₹25–30 cr vs "monthly ₹25 cr"; 11–13% vs 11–12%.

News flow (Oct 2024 – Oct 2026)

DateEventSignificance
7 Nov 2024Q2 FY25Volume +4%, margin fell
15 Nov 2024Last ValuePickr post (FY25 guide cut to 8–10% volume, ~12% margin)Retail disengagement
1 Feb 2025Budget extends JJM to 2028Stock +3.4%
11 Feb 2025Q3 FY25: EBITDA ₹5 cr, PAT –₹20 cr–8% to ₹339; trough
3 & 20 Feb 2025CRISIL info-availability update; outlook NegativeCredit watch
21–22 May 2025Q4 FY25; Begusarai Ph1Rallied
7 Aug 2025Q1 FY26 PAT –80%–8.4% to ₹298
21 Aug 2025MOFSL sector-recovery call+5.5% to ₹346.5
11 Sep 202538th AGM (VC)—
19 Sep 2025Analyst meet; HDFC Sec Reduce, ICICI Sec Inst Add–1.9% to ₹330.75
23 Sep 2025Axis initiation Buy ₹400+1.8% to ₹347.2
7–10 Nov 2025Q2 FY26; Bihar Ph2; Navi Mumbai AirportAdmitted lag; BOBCAPS to Hold
9 Dec 2025CRISIL A+/Negative reaffirmedOPM 8–9.5% expected
10–11 Feb 2026Q3 FY26; margin guide 10–12%—
24 Feb 2026CS resignedKMP exit
Apr 2026BCD nil; PVC crash; 7 Apr Bhuj completedQ1 volume hit
19–22 May 2026Q4 FY26 record; ICICI Buy ₹370; IDBI to Buy+6% to ₹269
May 2026MarketsMojo SELL (score 47; fair value ₹180–200)Quant bear (data errors noted)
Jun–Sep 2026Analyst/investor meets 8–9 Jun, 25 Jun (Kotak), 10 Aug, 28 & 30 SepActive marketing
24 Jul 2026DGFT MIPFloor
4–7 Aug 2026Q1 FY27; CRISIL reaffirmed NegativeMargin beat, volume miss
20 Aug 2026CHRO resigned; senior-management change filingSecond KMP exit
24–25 Aug 2026FY26 BRSR; 39th AGM noticeESG; pay raises
16–18 Sep 2026AGM: dissent; auditor re-appointedGovernance watch
29 Sep–1 Oct 2026GST DRC-01 notices–2.5% to ₹249.35
1–16 Oct 2026Rebound to ₹282 (~+13%)No identified driver
13 Oct 2026Reg 74(5) certificateRoutine

Growth, Outlook & Valuation

Order book and visibility

Order book / book-to-bill: not applicable (channel-led; no disclosure). Proxies: retail ~70%, projects 25–30%, agri 30–35%; 1,500+ distributors; DMS-tracked retailers; named win Navi Mumbai International Airport; DECILO projects unnamed; repeat channel flow.

Capacity and utilisation

LTPAFY21FY22FY23FY24FY25FY26
Installed2.593.043.153.393.984.35
Production capacity1.982.342.432.613.08~3.68 [Est.]
Volume sold—~1.39~1.58~1.731.771.91
Utilisation by basis (%) Production capacity FY26~52% Installed FY26~44% Installed, Q1 FY27 annualised~37% Mgmt target (production)60–65%

Expansion, products, catalysts

Guidance-implied math [Est.]

ItemLowHigh
FY27 volume (MT)214,187219,924
Required Q2–Q4 volume (MT)173,458179,195
vs Q2–Q4 FY26 147,503 MT+17.6%+21.5%
FY27 EBITDA at 11–13% on ₹2,900–3,000 cr~₹320 cr~₹390 cr

Valuation (16 Oct 2026, ₹282)

MetricCurrentFY23 YEFY24 YEFY25 YEFY26 YE3-yr avg (FY24–26)
P/E (TTM)30.6x49.4x33.3x62.9x*31.1x42.4x (32.2x ex-FY25)
P/B1.90x4.40x3.93x1.72x1.39x2.35x
EV/EBITDA11.1x / 11.6x24.4x19.5x17.7x10.7x16.0x
EV/EBIT~20.8x36.0x27.3x47.2x23.4x32.6x
Mcap/Sales1.19x2.21x2.36x1.07x0.88x1.44x
FCF yield10.0% (non-recurring)4.4%–2.6%–5.1%13.7%—
Dividend yield0.35%nil0.18%0.20%0.48%0.29%

EV ₹2,989 cr (Mar-26 BS incl. ST inv.) / ₹3,122 cr (net cash ~0). *FY25 distorted (EPS ₹3.90). FY26 YE price ~₹206 (₹2,278 cr). Tickertape shows P/E ~41x on FY26 base; MarketsMojo 72x (May 2026). Street bands: MOFSL 1-yr fwd ~19.5x vs 48.1x since-listing avg (max 154.3x, min 3.8x); BOBCAPS 34.1x vs 5-yr avg 57.2x (May).

Forward P/E is contested. ~18.2x on MarketChacha/Yahoo FY27E EPS ₹15.48 (unverified; FY27E revenue ₹3,325 cr; next-qtr ₹767 cr) vs ~26x on Bloomberg consensus ₹10.8 (per BOBCAPS; FY28E ₹14.3 → ~20x). House FY27E EPS: BOBCAPS ₹10.2, ICICI ₹11.9, Arihant ₹13.65, MOFSL ₹14.3, IDBI ₹15.6 (39%/42% above consensus FY27E/28E). Guidance mid-point EBITDA ~₹355 cr → ~8.4–8.8x forward EV/EBITDA.

Street View (from heard.md; upsides recomputed vs ₹282)

HouseAnalyst(s)RatingTP ₹DateBasisUpsideWindow
ICICI Direct (Retail)Ronald Siyoni, Riddhi GuptaBuy37006 Aug 202623x FY28E (₹15.8; May note ₹16.5)+31.2%6M
BOBCAPSVineet Shanker, Harshit MundraHold31005 Aug 202620x Jun'28+9.9%6M
IDBI CapitalArchana Gude, Parth MandavganeBuy332 (from 312)05 Aug 202616x FY28E ₹20.7+17.7%6M
MOFSLAshish PoddarBuy318 (from 330)04 Aug 202620x FY28E ₹15.9+12.8%6M
Keynoten/aBuy367 (from 430)27 May 2026n/a+30.1%6M
ArihantRonak Osthwal, Abhishek JainBuy41621 May 2026~25x FY28E ₹16.65+47.5%6M
Geojitn/aBuy34618 Feb 2026n/a+22.7%12M
Axis Securitiesn/aBuy (init.)40023 Sep 2025FY25–28E 15%/35%/64% CAGR+41.8%Stale
HDFC Securitiesn/aReducen/d~19 Sep 2025Demand concerns—Stale
ICICI Securities Inst.n/aAdd (from Buy)n/d~19 Sep 2025H2 FY26 pickup—Stale
Nuvaman/aBuy83026 Jun 202433x FY26En/mStale

Excluded as unreliable: Univest preview listing YES (₹410), Emkay (₹400), MOFSL ₹420, JM. Aggregators: TradingView avg ₹346.62 (13; ₹257–450), Bitget ₹343.58 (₹187–460), Alpha Spread ₹369.39 (stale), Simply Wall St ₹608 → ₹502. IDBI note's "CMP ₹226" is a typo (~₹276). ICICI Direct retail and ICICI Securities institutional desks are separate.

Consensus setBuyHoldSellLowMedianMeanHigh
6-month (n=6)510310 (+9.9%)349.5 (+23.9%)352.2416 (+47.5%)
12-month (n=7)610310346.0 (+22.7%)351.3416
Incl. stale (n=10)71 (+Add)1————
Trendlyne (14 analysts)"Buy"———329.64 (+16.9%)——
Tickertape (13)85% Buy——————

Target-price paths

HousePathNet
MOFSLJun 2025 Buy 500 → Aug 440 → Aug 440 → Sep 440 → Nov 430 → Feb 2026 390 → May 330 (18x; PAT miss ₹56.1 vs ₹77.1 cr est.) → Aug 318–36%
ICICI DirectOct 2025 470 → Feb 2026 370 → May 370 → Aug 370–21%
BOBCAPSFeb 2025 Buy 375 → Aug 350 → Nov Hold 350 → Feb 2026 300 → Mar 260 → May 270 → Jun 300 → Aug 310+19% from trough
IDBIAug 2025 Hold 307 → Nov 333 → Feb 2026 305 → May Buy 312 → Aug 332 (margins 11.8%/12.8%)+8%
KeynoteJul 2025 497 → Aug 383 → Nov 379 → Feb 2026 430 → May 367–26%
TP paths ₹ (MOFSL black, ICICI gold, BOBCAPS grey, IDBI blue); dashed = CMP ₹282 Jun-25Nov-25May-26Aug-26CMP 282

Scenarios [Analyst View]

CaseFY28E EPS ₹MultipleValue ₹vs ₹282
Bull (guide met, MIP → ADD)~18–2020x~360–400+28% to +42%
Base (volume ~8–10%, margin ~11%)~14–1519x~265–285~–6% to +1%
Bear (MIP lapse, margin <9%)~9–1018x~165–180–36% to –41%

Final Verdict

Business QualityMedium

#5, ~5% share; narrow moat; 52% utilised

Management QualityMedium

Executes capex; reactive guidance; family-pay dissent

Financial QualityMedium

Low gearing; RoE 4.5%; weak 5-yr FCF

ValuationFair

30.6x TTM; 18–26x FY27E; 1.9x P/B

Overall ViewNeutral

Hold for Q2 FY27 evidence

Overall: Neutral.

Bull case

  • Margins near 13% with no inventory gain, EBITDA/kg ₹18.9; in-house CPVC and mix can hold 11–13%.
  • Operating leverage from ~52% utilisation with capex tapering; consolidation squeezes small players.
  • Clean balance sheet, de-rated multiples (P/B 1.9x, mcap/sales 1.2x, lowest in peers); CRISIL could move to Stable.

Bear case

  • FY27 volume needs +17.6–21.5% in Q2–Q4; Q4 FY26 was channel-bought; a guide cut is likely.
  • MIP lapses ~Jan 2027 with 100 inventory days → inventory loss, margin <8%, rating downgrade.
  • Cash conversion poor (5-yr FCF ₹90 cr), returns below cost of equity, governance drift (pay, KMP exits, FII exit).

Base case (12–18m)

FY27 volume ~8–10%, margin ~11%, EPS ~₹11–13; stock range-bound ₹250–320 until Q2/Q3 prove volume and the MIP/ADD question resolves.

Five things to remember

  1. FY26 OCF ₹526 cr was a one-off WC release; 5-yr FCF only ₹90 cr.
  2. FY26 was roughly net-debt-neutral (cash basis); ~₹133 cr net cash only with ST investments.
  3. Q1 FY27 margin 12.6% leans on mix and a six-month MIP.
  4. CPVC is now in-house (SmartFit Plus); Corzan open.
  5. Street 5 Buy / 1 Hold, median ₹349.5; FIIs 7.27% → 3.06%.

Five questions before investing

  1. Did Q2 FY27 volume grow double digits and inventory return to 65–75 days?
  2. What replaces the MIP after ~Jan 2027?
  3. How much of FY26's payables (76 days) is LC-backed and will reverse?
  4. Will promoter pay revert toward the ₹10.5 cr ceiling, and what is the promoter litigation CRISIL referenced?
  5. Does Aquel reach ₹25 cr/quarter and breakeven by Q3 FY27?
Final opinion [Analyst View]. Prince has repaired margins and its balance sheet, but at ₹282 the stock already prices a good part of the recovery while volume, cash conversion and the policy floor remain unproven. Overall: Neutral; reassess on Q2 FY27 results and the Sep-26 shareholding.

Sources

Merged and deduplicated from all six inputs. All accessed 17 Oct 2026 unless noted.

Company filings and documents

SourceURL
Q1 FY27 Investor Presentationhttps://www.princepipes.com/pdf/Investor-Presentation_Q1-FY27.pdf
Q1 FY27 Earnings Call Transcript (4 Aug 2026)https://www.princepipes.com/pdf/Earnings-Call-Transcript-Aug-2026.pdf
Q1 FY27 Press Releasehttps://www.princepipes.com/pdf/PPFL-Q1-FY27-press-release-final.pdf
Q4 FY26 Investor Deckhttps://www.princepipes.com/pdf/Prince-Pipes-Q4-FY26-investor-deck-final.pdf
Q4 FY26 Call Transcript (20 May 2026)https://www.princepipes.com/pdf/Earnings-Call-Transcript_June-2026.pdf
Q4 FY26 Press Releasehttps://www.princepipes.com/pdf/PPFL-Q4-FY26-press-release-final.pdf
Q3 FY26 Call Transcript (11 Feb 2026)https://www.princepipes.com/pdf/Earnings-Call-Transcript-feb-2026.pdf
Q2 FY26 Call Transcript (10 Nov 2025)https://www.princepipes.com/pdf/Earnings-Call-Transcript-nov-2025.pdf
Q2 FY26 Press Releasehttps://www.princepipes.com/pdf/Press-Release_Q2-FY2026.pdf
Quarterly earnings indexhttps://www.princepipes.com/investors/financials/quarterly-earnings
Financial results pagehttps://www.princepipes.com/investors/shareholders-corner/financial-results
FY26 Annual Report (not parsed)https://www.princepipes.com/pdf/Annual-Report-2025-2026.pdf
FY26 MGT-7https://www.princepipes.com/pdf/Annual-Return-MGT-7-FY-2025-26.pdf
39th AGM transcripthttps://www.princepipes.com/pdf/Prince_Pipes_39th_AGM_Transcript.pdf
39th AGM voting results (18 Sep 2026)https://www.princepipes.com/pdf/Voting-Results-and-Scrutinizer-Report-for-the-39th-AGM.pdf
39th AGM noticehttps://www.princepipes.com/pdf/Notice-of-39th-Annual-General-Meeting.pdf
36th AGM notice (2023)https://www.princepipes.com/pdf/FINAL-PRINCEPIPE-NOTICE.pdf
Postal Ballot 2024https://www.princepipes.com/pdf/Postal-Ballot-Notice-2024.pdf
General meetings indexhttps://www.princepipes.com/general-meeting
SHP 30-06-2026https://www.princepipes.com/pdf/Shareholding-pattern-as-on-30-06-2026.pdf
SHP 31-12-2025https://www.princepipes.com/pdf/Shareholding-pattern-as-on-31-12-2025.pdf
SHP 31-03-2024https://www.princepipes.com/pdf/SHP-REPORT-310324.pdf
Shareholders' cornerhttps://www.princepipes.com/shareholders-corner
CG Report Jun 2026https://www.princepipes.com/pdf/Corporate-Governance-Report-June-2026.pdf
CG Report Jun 2024https://www.princepipes.com/pdf/Corporate-Governance-Report-June-2024.pdf
CG reports indexhttps://www.princepipes.com/investors/corporate-governance-report
RPT Report H1 FY23https://www.princepipes.com/pdf/Related-Party-Transaction-Report-300922.pdf
Prince Marketing refund tranche 1 (Jan 2021)https://www.princepipes.com/pdf/Press-Release_First-tranche-of-₹-26.10-crore-received-by-Prince-Pipes.pdf
Prince Marketing refund tranche 2 (Mar 2021)https://www.princepipes.com/pdf/Second-and-final-tranche-of-13.9-crores-received-by-Prince-Pipes-from-Prince-Marketing.pdf
ID tenure completion Sep 2023https://www.princepipes.com/pdf/ID-Tenure-Completion-150923.pdf
Aquel acquisition PR (Mar 2024)https://www.princepipes.com/pdf/Prince-Pipes-Aquel-Press-Release.pdf
Bhuj completion PR (Apr 2026)https://www.princepipes.com/pdf/PR-Prince-Pipes-Completes-Acquisition_April-7-2026.pdf
Tooling Holland PR (Aug 2020)https://www.princepipes.com/pdf/Prince-Pipes-Tooling-Holland-BV-Press-Release.pdf
Latest updateshttps://www.princepipes.com/latest-updates
IT order ₹26.5 cr (Mar 2025)https://www.princepipes.com/pdf/receipt-of-order-it-170325.pdf
GST order ₹14.46 cr (Feb 2025)https://www.princepipes.com/pdf/receipt-of-order-gst-4910-001.pdf
GST SCN ₹1.59 cr (Sep 2025)https://www.princepipes.com/pdf/Receipt-of-Order-of-GST.pdf
GST order ₹31.12 L (Mar 2026)https://www.princepipes.com/pdf/Receipt-of-Order-GST_30-03-2026.pdf
CARE rating Jan 2021https://www.princepipes.com/pdf/Credit_rating_by_CARE_13012021.pdf
CRISIL upgrade A/Positivehttps://www.princepipes.com/pdf/CRISIL_Credit-Ratings-upgraded-to-CRISIL-APositiveCRISIL-A1.pdf
JM Financial note May 2024https://princepipes.com/pdf/JM-FIn-May24.pdf
SEBI DRHP Dec 2019https://www.sebi.gov.in/filings/public-issues/dec-2019/prince-pipes-and-fittings-limited_45524.html

Exchange filings (NSE)

SourceURL
Karnataka GST notice 30 Sep 2026https://nsearchives.nseindia.com/corporate/PRINCEPIPE_30092026171507_SE_Karnataka.pdf
Jaipur GST notice 30 Sep 2026https://nsearchives.nseindia.com/corporate/PRINCEPIPE_30092026171917_SE_Jaipur.pdf
GST intimation 1 Apr 2026https://nsearchives.nseindia.com/corporate/PRINCEPIPE_01042026155217_SEIntimation.pdf
GST intimation 28 Nov 2025https://nsearchives.nseindia.com/corporate/PRINCEPIPE_28112025151121_SEIntimation.pdf
Bhuj completion 7 Apr 2026https://nsearchives.nseindia.com/corporate/PRINCEPIPE_07042026162632_SE_Final.pdf
Q1 FY27 board outcomehttps://nsearchives.nseindia.com/corporate/PRINCEPIPE_04082026141200_OutcomeSE.pdf
CRISIL rating filing 8 Aug 2026https://nsearchives.nseindia.com/corporate/PRINCEPIPE_08082026123429_SE.pdf
Inter-se transfer 19 Jun 2025https://nsearchives.nseindia.com/corporate/PRINCEPIPE_19062025171107_Reg30_.pdf
FY25 BRSR (14 Aug 2025)https://nsearchives.nseindia.com/corporate/PRINCEPIPE_14082025112842_BRSRSE.pdf
FY26 BRSR (24 Aug 2026; timed out)https://nsearchives.nseindia.com/corporate/PRINCEPIPE_24082026181952_SE.pdf

Credit ratings

SourceURL
CRISIL 7 Aug 2026https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincePipesandFittingsLimited_August%2007_%202026_RR_401031.html
CRISIL 9 Dec 2025https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincePipesandFittingsLimited_December%2009_%202025_RR_385021.html
CRISIL 20 Feb 2025https://www.crisilratings.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincePipesandFittingsLimited_February%2020_%202025_RR_363067.html
CRISIL update 3 Feb 2025https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/Prince%20Pipes%20and%20Fittings%20Limited-RU-03-02-2025.pdf
CRISIL 20 Feb 2024https://www.crisil.com/mnt/winshare/Ratings/RatingList/RatingDocs/PrincePipesandFittingsLimited_February%2020,%202024_RR_337781.html
Business Standard: outlook Negativehttps://www.business-standard.com/markets/capital-market-news/crisil-ratings-revises-prince-pipes-rating-outlook-to-negative-125022100445_1.html

Financial databases and aggregators

SourceURL
Screener standalonehttps://www.screener.in/company/PRINCEPIPE/
Screener consolidated (shareholding)https://www.screener.in/company/PRINCEPIPE/consolidated/
Screener (BSE code)https://www.screener.in/company/542907/
StockAnalysis overviewhttps://stockanalysis.com/quote/nse/PRINCEPIPE/
StockAnalysis income statementhttps://stockanalysis.com/quote/nse/PRINCEPIPE/financials/
StockAnalysis quarterlyhttps://stockanalysis.com/quote/nse/PRINCEPIPE/financials/?p=quarterly
StockAnalysis balance sheethttps://stockanalysis.com/quote/nse/PRINCEPIPE/financials/balance-sheet/
StockAnalysis cash flowhttps://stockanalysis.com/quote/nse/PRINCEPIPE/financials/cash-flow-statement/
StockAnalysis ratioshttps://stockanalysis.com/quote/nse/PRINCEPIPE/financials/ratios/
MarketChachahttps://marketchacha.com/companies/PRINCEPIPE
MarketScreener calendarhttps://www.marketscreener.com/quote/stock/PRINCE-PIPES-AND-FITTINGS-105516407/calendar/
MarketScreener governancehttps://www.marketscreener.com/quote/stock/PRINCE-PIPES-AND-FITTINGS-103500017/company-governance/
Trendlyne board meetingshttps://trendlyne.com/equity/board-meeting/PRINCEPIPE/177142/prince-pipes-fittings-ltd-board_meeting/
Trendlyne shareholding (latest; Jun-26, Mar-26, Dec-25, Jun-25, Mar-25 pages)https://trendlyne.com/equity/share-holding/177142/PRINCEPIPE/latest/prince-pipes-fittings-ltd/
Trendlyne research reportshttps://trendlyne.com/research-reports/stock/177142/PRINCEPIPE/prince-pipes-fittings-ltd/
Trendlyne report postshttps://trendlyne.com/research-reports/post/PRINCEPIPE/177142/prince-pipes-fittings-ltd/
Trendlyne Keynote Q3 cardhttps://trendlyne.com/posts/5542164/whatsapp:/send
Trendlyne consensushttps://trendlyne.com/equity/consensus-estimates/177142/PRINCEPIPE/prince-pipes-fittings-ltd/
Trendlyne bulk/blockhttps://trendlyne.com/equity/bulk-block-deals/PRINCEPIPE/177142/prince-pipes-fittings-ltd/
Trendlyne insider/SASThttps://trendlyne.com/equity/insider-trading-sast/all/PRINCEPIPE/177142/prince-pipes-fittings-ltd/
Trendlyne transcripts listhttps://trendlyne.com/earnings-transcripts/177142/PRINCEPIPE/prince-pipes-fittings-ltd/
Trendlyne Q4 FY26 call posthttps://trendlyne.com/posts/5647695/prince-pipes-fittings-results-earnings-call-for-q4fy26-full-year
Tickertape overview / holdingshttps://www.tickertape.in/stocks/prince-pipes-and-fittings-PRCE (and /holdings)
Groww MF holdershttps://groww.in/stocks/prince-pipes-fittings-ltd
Zerodha / Reuters feedhttps://www.zerodha.com/markets/stocks/NSE/PRINCEPIPE/
Muthoot Securities board listhttps://www.muthootsecurities.com/CorporateInfo/Board-of-Directors/Prince-Pipes-and-Fittings-Ltd/542907
Quartr company / Q1–Q3 FY26 summarieshttps://quartr.com/companies/prince-pipes-and-fittings-limited_24079
TradingView ideas / forecasthttps://in.tradingview.com/ideas/princepipe ; https://www.tradingview.com/symbols/BSE-PRINCEPIPE/forecast
Bitget forecasthttps://www.bitget.com/stock/nse-princepipe/forecast
Trading Economics PVChttps://tradingeconomics.com/commodity/polyvinyl

Broker research

SourceURL
ICICI Direct Q1 FY27 (6 Aug 2026)https://mailcontent.icicidirect.com/mailcontent/idirect_princepipes_q1fy27.pdf
ICICI Direct Q4 FY26 (21 May 2026)https://mailcontent.icicidirect.com/mailcontent/idirect_princepipes_q4fy26.pdf
ICICI Direct Q3 FY26 (13 Feb 2026)https://www.icicidirect.com/mailcontent/idirect_princepipes_q3fy26.pdf
ICICI Securities Conviction Pick (3 Oct 2025)https://www.icicidirect.com/mailcontent/idirect_princepipes_convictionidea_oct25.pdf
ICICI Direct Q1 FY27 bloghttps://www.icicidirect.com/research/equity/blog/prince-pipes-and-fittings-limited-reported-a-mixed-q1fy27-performance
ICICI Direct Q4 newshttps://www.icicidirect.com/research/equity/trending-news/prince-pipes-q4-volume-hits-record-62-167-mt-pat-surges-132-to-56cr-with-1-dividend
ICICI Direct note via rakesh-jhunjhunwala.inhttps://rakesh-jhunjhunwala.in/prince-pipes-is-one-of-the-largest-domestic-manufacturers-of-pvc-pipes-with-a-market-share-of-5-target-price-is-%E2%82%B9370-37-upside-icici-direct/
BOBCAPS Q4 FY26 (20 May 2026)https://www.barodaetrade.com/Reports/PrincePipesFittings-Q4FY26ResultReview20May26-Research.pdf
BOBCAPS Q1 FY27 (5 Aug 2026)https://www.barodaetrade.com/Reports/PrincePipesFittings-Q1FY27ResultReview5Aug26-Research.pdf
IDBI Capital Q1 FY27 (5 Aug 2026)https://www.idbidirect.in/IDBIAdmin/Pdf/PRINCPIP_RR_05082026-05-August-2026-1308729294.pdf
IDBI Capital HOLD (8 Aug 2025)https://idbicapital.com/InstitutionReports/Uploads/PRINCPIP_RR_08082025.pdf
MOFSL 1Q FY27 (4 Aug 2026)https://investmentguruindia.com/editorial/uploads/news-pdf/f42790ad_PRINCPIP-20260804-MOFSL-RU-PG008.pdf
MOFSL Q4 FY26 TP ₹330https://investmentguruindia.com/newsdetail/buy-prince-pipes-and-fittings-ltd-for-the-target-rs-330-by-motilal-oswal-financial-services-ltd640779
DSIJ MOFSL / ICICI Sec Q1 FY27https://insights.dsij.in/markets/reports/report-details/prince-pipes-and-fittings-ltd/44976 ; …/45016
Arihant Q4 FY26 (21 May 2026)https://arihantresearch.arihantcapital.com/Mumbai_Research/Prince_Pipes_&_Fittings_Ltd_Q4FY26_Result_Update.pdf
Business Standard: Nuvama Jun 2024https://www.business-standard.com/markets/news/here-s-why-nuvama-remains-upbeat-on-prince-pipes-check-target-price-here-124062600111_1.html
Business Standard: Axis initiation Sep 2025https://www.business-standard.com/amp/markets/news/axis-securities-initiates-coverage-on-prince-pipes-eyes-18-upside-do-you-own-125092300499_1.html
Univest Q4 preview (excluded)https://univest.in/blogs/prince-pipes-and-fittings-q4-results-2026-preview

Concall summaries and news

SourceURL
AlphaStreet Q1 FY27 transcripthttps://alphastreet.com/india/prince-pipes-and-fittings-ltd-princepipe-q1-2027-earnings-call-transcript/
Investywise Q1 FY27 callhttps://www.investywise.com/prince-pipes-and-fittings-limited-q1-fy27-earnings-call-transcript/
Investywise Q4 FY26 resultshttps://www.investywise.com/prince-pipes-and-fittings-q4-fy26-financial-performance-results/
Investywise AGM re-appointmentshttps://www.investywise.com/?p=119488
Yahoo/GuruFocus Q1 FY27, Q4 FY26, Q2 FY26, Q1 FY26, Q4 FY25 highlightshttps://finance.yahoo.com/markets/stocks/articles/prince-pipes-fittings-ltd-bom-190032753.html (and -010400839, /news/…-010416100, sg…-070215763, /news/…-070028870)
GuruFocus Q4 FY26 transcript / Q3 FY26 highlightshttps://www.gurufocus.com/news/8873235/q4-2026-prince-pipes-and-fittings-ltd-earnings-call-transcript ; https://www.gurufocus.com/news/8608389/…
Investing.com Q4 FY26https://ca.investing.com/news/company-news/prince-pipes-and-fittings-ltd-bom542907-q4-2026-earnings-call-highlights-record-volume--4652555
Multibagg Q4 FY26 / Q3 FY26 / Q1 FY27 (two) / Q1 call previewhttps://www.multibagg.ai/market-pulse/articles/prince-pipes-q4-94358 ; …/prince-pipes-q3-fy26-analysis-91821 ; …/prince-q1fy27-margins-97134 ; …/prince-q1fy27-97134 ; …/prince-pipes-q1fy27-call-aug4-cmsei9evz001c0zp6f9wwhr8l
ScanX Q1 FY27 / FY26 board / Q2 FY26 / AGM / CS / GST / news feedhttps://scanx.trade/stock-market-news/companies/prince-pipes-fittings-reports-sharp-q1-turnaround-with-net-profit-surging-to-337m-rupees/47379220 (and related ScanX URLs in inputs)
Sahi Q1 / Q4 PAThttps://www.sahi.com/news/prince-pipes-reports-standalone-q1-net-profit-of-337m-rupees-versus-48m-yoy-3760-PE1_COR ; https://www.sahi.com/news/prince-pipes-q4-net-profit-surges-131-to-56-1-cr-as-margins-expand-to-12-89-3760-PE1_COR
MarketsMojo Q4 FY26https://www.marketsmojo.com/news/result-analysis/prince-pipes-q4-fy26-stellar-quarter-masks-deeper-structural-concerns-3999901
Whalesbook Q3 FY26https://www.whalesbook.com/news/English/industrial-goodsservices/Prince-Pipes-Posts-Q3-Loss-on-Inventory-Costs-Eyes-Q4-Recovery/69945447cffb93b3e9281d79
Indian Chemical News Q3 FY26https://www.indianchemicalnews.com/general/prince-pipes-reports-3-volume-growth-in-q3-fy26-amid-challenging-market-conditions-29283
Kalkine Q1 FY27https://www.kalkine.co.in/article/announcements/prince-pipes-nseprincepipe-what-did-q1-fy27-results-reveal
Business Standard turnaround Q4 (22 May 2025) / dismal Q3 (11 Feb 2025)https://www.business-standard.com/markets/capital-market-news/prince-pipes-soars-after-reporting-turnaround-q4-numbers-125052200570_1.html ; …/prince-pipes-slumps-after-reporting-dismal-q3-results-125021101225_1.html
Business Standard promoters repay ₹200 crhttps://www.business-standard.com/article/news-cm/prince-pipes-gains-after-promoters-repay-rs-200-cr-loan-120010100411_1.html
FilingReader Kerala GSThttps://filingreader.com/news-wire/mumbai/2025-11-28/prince-pipes-faces-gst-demand-plans-appeal
People Matters CHRO exithttps://www.peoplematters.in/news/leadership/ajay-kumar-steps-down-as-prince-pipes-chro-effective-august-20-51601
Business News Today Aquel / Angel One Klaus Warenhttps://business-news-today.com/prince-pipes-and-fittings-acquires-aquel-brand-and-assets-from-klaus-waren-fixtures/ ; https://www.angelone.in/news/share-market/prince-pipes-fittings-ltd-signed-agreement-acquire-klaus-waren-fixtures
IPO: Business Today / BS 2.21x / BS anchors / BloombergQuinthttps://www.businesstoday.in/markets/ipo-corner/prince-pipes-ipo-to-open-on-dec-18-price-band-set-at-rs-177-178-per-share/story/392134.html (and BS, BQ URLs in inputs)
BusinessWire Lubrizol FlowGuard (Aug 2020) / B2B Purchase licenseeshttps://www.businesswire.com/news/home/20200825005319/en/ ; https://b2bpurchase.com/lubrizols-flowguard-plus-processor-agreement-with-finolex-industries-limited-terminated/
ValuePickr thread / searchhttps://forum.valuepickr.com/t/prince-pipes-fittings-ltd/26665 ; https://forum.valuepickr.com/search.json?q=prince%20pipes

Peers, industry and policy

SourceURL
Screener Supreme / Astral / Finolex / Apollohttps://www.screener.in/company/SUPREMEIND/consolidated/ ; …/ASTRAL/ ; …/FINPIPE/ ; …/APOLLOPIPE/
Supreme: Sahi guidance, Multibagg Q1, Baroda Q1 & Q4, ScanX Q4 call, ICICI Q4https://www.sahi.com/news/supreme-industries-sets-15-17-plastic-pipe-and-12-13-overall-volume-growth-targets-for-fy27-273-PE1_CORP (and related)
Astral: Upstox, Kotak Neo, Indian Chemical News, PL Indiahttps://upstox.com/news/market-news/stocks/astral-shares-rally-9-as-q1-profit-soars-48-yo-y-here-s-what-analysts-at-citi-ubs-clsa-said/article-198590/ (and related)
Finolex: Sahi, PL India Q1/Q4, CompoundingAIhttps://www.plindia.com/pl-research/finolex-industries-fnxp-in-q1fy27-result-update-subdued-volume-recovery-expected-ahead-accumulate/ (and related)
Apollo: Multibagg, ScanX, Baroda, Univesthttps://www.barodaetrade.com/Reports/ApolloPipes-Q4FY26ResultReview11May26-Research.pdf (and related)
CommoPlast ADD not imposedhttps://commoplast.com/news/details/17925/
Polymerupdate DGTR / LKS case pagehttps://www.polymerupdate.com/News/Details/1409364 ; https://antidumping.lkslaw.com/cases/…
ChemAnalyst MIP US$766https://www.chemanalyst.com/NewsAndDeals/NewsDetails/india-sets-usd-766-minimum-import-price-on-pvc-resin-43517
ICICI Direct MIP / TaxTMI / ANIhttps://aninews.in/news/business/govt-restricts-low-priced-pvc-resin-imports-for-six-months-exempts-export-oriented-units20260724153640/ (and related)
Basis Point Insight DGFT; BS editorial (4 Aug 2026)https://www.basispointinsight.com/Story/dgft-s-restriction-on-import-of-pvc-resin-will-raise-cost_b9bbc6c91bd5.html ; https://www.business-standard.com/opinion/editorial/price-protection-minimum-import-price-for-pvc-will-increase-costs-126080401715_1.html
TaxGuru / ICIS / WorldTradeScanner duty waiverhttps://taxguru.in/custom-duty/customs-duty-waived-40-key-petrochemicals-products-30-june-2026.html (and related)
ELP Law QCO withdrawalhttps://elplaw.in/leadership/bis-update-withdrawal-of-quality-control-orders-for-certain-products-2/
PRS / Drishti / Kashmir Life JJMhttps://prsindia.org/budgets/parliament/demand-for-grants-2026-27-analysis-jal-shakti (and related)
Priyank Agarwal Substack (Jul 2025)https://priyanktheanalyst.substack.com/p/whats-really-happening-in-pipes-mdf
Deccan Herald Poddar / NewProjectsTracker / Tube & Pipe Ashirvadhttps://newprojectstracker.com/capex-news/ashirvad-aliaxis-to-invest-rs-400-crore-in-hyderabad-manufacturing-facility (and related)
Business Standard pipe stocks and ADD (Aug 2025)https://www.business-standard.com/markets/news/supreme-industries-astral-stock-outlook-pvc-anti-dumping-duty-125082101078_1.html
Coverage limits. Search budgets exhausted in all six input runs; NSE/BSE PDFs timed out or returned 403; FY26 annual report, BRSR, AGM transcript, FY26 RPT note, contingent liabilities and KAMs not read. Sep-26 SHP pending. Reddit/X not assessed. Q2 FY27 board date unconfirmed.