Malpani Pipes & Fittings Limited announced significant changes to its internal audit function following a board meeting held on March 10, 2026. The company has transitioned its internal auditor role for the financial year 2025-26, accepting one resignation and making a new appointment to ensure continuity in its audit processes.

Board Meeting Outcomes

The Board of Directors convened at the company's registered office on March 10, 2026, from 04:00 P.M. to 04:30 P.M. to address internal audit matters. The meeting resulted in two key decisions regarding the internal auditor position for the ongoing financial year.

Internal Auditor Resignation

CA Aman Jain (M. No. 471675) submitted his resignation as Internal Auditor of the company, effective from closing business hours of March 10, 2026. The resignation was attributed to his pre-occupancy with other assignments, preventing him from conducting the internal audit for financial year 2025-26.

CA Aman Jain confirmed in his resignation letter that there are no other material reasons for his resignation beyond those mentioned. He expressed gratitude to the management and committed to ensuring a smooth transition of responsibilities to facilitate the changeover to a new auditor.

New Internal Auditor Appointment

Upon recommendation of the audit committee, the board appointed CA Aditya Parwal (M. No. 471304) as the new Internal Auditor, effective March 11, 2026. The appointment covers the conduct of internal audit for the financial year 2025-26.

Professional Background of New Auditor

CA Aditya Parwal brings substantial expertise to the role with over 6 years of progressive experience in taxation, audit, and financial compliance. He currently serves as proprietor of M/s. Aditya Parwal & Associates, Ratlam, where he provides real-time financial advisory services and leads concurrent audits.

Regulatory Compliance

The company has fulfilled all disclosure requirements under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, in accordance with SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023, and SEBI Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The transition ensures uninterrupted internal audit coverage for the company's operations during the financial year 2025-26.

Malpani Pipes & Fittings Limited , a key player in the plastic pipes industry, has announced robust financial results for the first half of fiscal year 2026, demonstrating significant growth and improved profitability.

Financial Highlights

For the six months ended September 30, 2025, Malpani Pipes & Fittings reported:

All financial figures in lakhs

Operational Performance

The company's revenue growth of 20.49% year-over-year reflects strong demand for its products across various sectors. The EBITDA margin improved to 9.96%, indicating enhanced operational efficiency and cost management.

Capacity Utilization and Expansion

Malpani Pipes & Fittings has achieved a total installed capacity of 16,800+ MTPA, including a new PVC line with a capacity of 1,700 MTPA added in FY26. The company reports high capacity utilization rates:

• Overall utilization expected to reach 90-95% by Q1 FY27, up from 85% in FY26
• PVC utilization projected to rise from the current 20% to 60%

This increased capacity and utilization are positioned to meet the rising demand from sectors such as agriculture, housing, and telecommunications.

IPO Proceeds Utilization

The company has fully utilized the ₹2,592 lakhs raised through its Initial Public Offering (IPO). The funds were allocated as follows:

• ₹1,700 lakhs for repayment of outstanding borrowings
• ₹350 lakhs for capital expenditure towards plant and machinery expansion
• ₹348.36 lakhs for general corporate purposes
• ₹193.64 lakhs for issue-related expenses

Balance Sheet Highlights

As of September 30, 2025:

• Shareholders' funds increased to ₹5,053.43 lakhs from ₹4,665.44 lakhs on March 31, 2025
• Inventory levels rose to ₹4,285.32 lakhs from ₹3,615.25 lakhs
• Cash and cash equivalents improved to ₹216.94 lakhs from ₹43.52 lakhs

Management Commentary

Rohit Malpani, Managing Director, stated, "We are pleased with our performance in H1FY26, which reflects the growing demand for our products and our ability to execute efficiently. Our strategic capacity expansion and high utilization rates position us well to capitalize on the opportunities in the infrastructure and agriculture sectors. The complete utilization of our IPO proceeds has strengthened our balance sheet and operational capabilities."

Future Outlook

Malpani Pipes & Fittings is poised for continued growth, supported by government initiatives like the National Infrastructure Pipeline and Jal Jeevan Mission. The company's focus on operational efficiency and strategic expansion in power tools and agri-equipment through partnerships with international brands like Yongkang Gaocheng is expected to drive further growth and diversification.

The plastic pipes industry in India is projected to grow at a CAGR of 5.81% from 2023 to 2030, presenting significant opportunities for established players like Malpani Pipes & Fittings.

As the company continues to expand its product portfolio and market presence, it remains well-positioned to benefit from the ongoing infrastructure development and rural growth in India.