Prince Pipes & Fittings , a leading player in the Indian piping industry, reported mixed results for the first quarter. Despite challenging market conditions, the company managed to achieve volume growth while facing pressure on revenue and profitability.

Key Financial Highlights

• Revenue declined by 4% year-on-year to ₹580.00 crores
• Volume increased by 4% to 43,735 metric tons
• EBITDA stood at ₹40.00 crores with a margin of 7%
• Profit After Tax (PAT) was ₹5.00 crores

Market Challenges and Company Response

The company faced headwinds due to persistent inflationary pressures and subdued demand across core end-user segments. Volatility in PVC resin prices exerted pressure on both volume growth and profitability. Despite these challenges, Prince Pipes maintained its focus on operational resilience and long-term strategic priorities.

Parag Chheda, Joint Managing Director, commented, "Our deliberate efforts to enhance brand visibility, deepen channel engagement, and accelerate marketing initiatives are beginning to translate into tangible volume-led growth."

Strategic Initiatives

Prince Pipes is actively pursuing several strategic initiatives to drive growth:

1. Brand Building: The company is expanding consumer touchpoints across high-visibility travel corridors, including a collaboration with Indian Railways for branding in premium trains.

2. Capacity Expansion: The eighth manufacturing facility in Bihar, which commenced operations last quarter, continues to operate efficiently. Phase 2 expansion at this plant is expected to be completed by Q2.

3. Product Innovation: The company remains focused on enhancing its product portfolio with innovative offerings while strengthening its distribution network across regions.

4. Bathware Segment Expansion: The Aquel bathware segment has expanded to the South region following successful launches in the North and West.

Segment Performance and Outlook

• CPVC segment showed high single-digit growth, with its revenue contribution increasing from 15% to over 25% in the past five years.
• The company expects high single-digit to low double-digit volume growth.
• Management anticipates margin improvement from Q2 onwards.

Financial Management

• Working capital improved to 93 days from 98 days in the previous quarter.
• Capex spending totaled ₹75.00 crores in Q1, with ₹160.00-170.00 crores planned for the remainder of the year.
• The Bihar plant capacity is expected to reach 60,000 tons by September 2025, with anticipated 60-70% utilization.

Future Outlook

Nihar Chheda, Vice President of Strategy, expressed optimism about a gradual recovery in demand, supported by the government's renewed thrust on infrastructure spending. The company's strategic focus on geographical expansion, product innovation, and operational excellence is expected to help navigate near-term market uncertainties and capture long-term growth opportunities.

Prince Pipes & Fittings remains confident that its strong fundamentals, diversified product portfolio, and customer-centric approach position it well for sustained long-term growth in the Indian piping industry.

Prince Pipes & Fittings , a leading Indian manufacturer of pipes and fittings, has outlined its growth projections and strategic goals for the fiscal year 2026 (FY26). The company anticipates a robust performance with several key targets in place.

Volume Growth and Margin Improvement

Prince Pipes expects to achieve volume growth between high single-digit and low double-digit figures for FY26. This projection reflects the company's confidence in its market position and demand for its products. Additionally, the company foresees a sequential improvement in margins, with Q2 expected to outperform Q1, and H2 projected to surpass H1.

EBITDA Margin Target

The company has set an ambitious target for its EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) margins. Prince Pipes aims to reach EBITDA margins of 12.00% by Q3 or Q4 of FY26. This target suggests the company's focus on improving operational efficiency and profitability.

Bathware Segment Revenue

Prince Pipes is also betting big on its bathware segment. The company has set a revenue target of Rs. 50-60 crores from this segment for FY26. This indicates the company's efforts to diversify its product portfolio and tap into the growing bathware market.

Bihar Plant Performance

For its Bihar plant, Prince Pipes has set a volume target of 20,000-25,000 tonnes in FY26. This target highlights the company's expansion efforts and its strategy to strengthen its presence in the eastern region of India.

Financial Performance in Q1 FY26

The company recently released its unaudited standalone financial results for the quarter ended June 30, 2025 (Q1 FY26):

The company's performance in Q1 FY26 shows a slight decline in revenue and a significant decrease in profitability compared to the same quarter in the previous year. However, Prince Pipes remains optimistic about its future performance, as reflected in its growth targets for FY26.

Prince Pipes continues to focus on strategic growth initiatives while navigating market challenges. The company's forward-looking targets for volume growth, margin improvement, and expansion into new product segments demonstrate its commitment to long-term value creation for its stakeholders.