Prince pipes & fittings Limited has announced a key leadership change with the resignation of its Company Secretary and Compliance Officer. The company informed stock exchanges about this development in compliance with regulatory disclosure requirements.

Leadership Transition Details

Mr. Shailesh Bhaskar, who served as Company Secretary and Compliance Officer, submitted his resignation effective from the close of business hours on February 24, 2026. The resignation was attributed to personal reasons and his pursuit of better career prospects.

Regulatory Implications

The resignation carries broader implications for the company's regulatory framework. Following his departure, Mr. Bhaskar will cease to hold multiple statutory positions:

• Nodal Officer under Section 125 of the Companies Act, 2013
• IEPF Authority coordination role under Rule 7(2A)
• Key Managerial Personnel authorized for materiality determination
• Designated person for SEBI disclosure requirements under Regulation 30

Compliance and Documentation

The company has fulfilled all regulatory disclosure obligations under Regulation 30 of SEBI Listing Regulations. The announcement includes comprehensive details as required under Schedule III and additional requirements specified in recent SEBI circulars dated November 11, 2024, and December 31, 2024.

The resignation letter, dated February 23, 2026, was formally accepted by the company with effect from February 24, 2026. Mr. Bhaskar expressed gratitude to the Board of Directors, management, and CFO for their support during his tenure with the organization.

Prince Pipes & Fittings Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, following board approval at a meeting held on February 10, 2026. The integrated piping solutions provider achieved a 3% year-on-year volume growth in Q3 FY26 despite challenging macroeconomic conditions affecting demand across plumbing, agriculture, and infrastructure segments.

Board Meeting and Regulatory Compliance

The company's Board of Directors convened on February 10, 2026, from 12:30 p.m. to 4:14 p.m., approving the unaudited financial results under Regulation 33 of SEBI Listing Regulations. The results were reviewed by the Audit Committee and statutory auditors N. A. Shah Associates LLP provided their limited review report confirming compliance with Indian Accounting Standards.

Q3 FY26 Financial Performance

The company's third quarter performance demonstrated operational resilience with volume growth offsetting revenue pressures in a subdued market environment.

The company reported a loss after tax of ₹23.75 million in Q3 FY26, primarily due to exceptional items worth ₹20.48 million net of tax towards estimated increase in provision for employee benefits arising from implementation of new labour codes.

Impact of New Labour Codes

Effective November 21, 2025, the Government of India consolidated multiple existing labour legislations into four unified labour codes. This resulted in an estimated increase in provision for employee benefits amounting to ₹20.48 million net of tax, presented under exceptional items for Q3 FY26.

Nine Months FY26 Performance

For the nine months ended December 31, 2025, Prince Pipes maintained consistent operational performance with improved profitability metrics.

Financial Highlights and Key Metrics

The quarter witnessed several notable financial developments including a writeback of ₹51.50 million towards excess scheme provision for earlier period, which was included in sales. Finance costs for the quarter were net of interest subvention for the Bihar plant aggregating to ₹64.44 million.

Product Innovation and Market Initiatives

During the quarter, Prince Pipes strengthened its product portfolio through strategic launches and enhanced customer engagement programs. The company successfully launched SmartFit Plus CPVC across markets and introduced CPVC solvent cement in co-ex packaging with a 4-year shelf life.

The company also rolled out a new brand campaign titled "INDIA KI PRAGATI KA TAJ – Celebrating the people powering India's progress" to mark its approximately 40 years journey. This campaign honors plumbers, contractors, engineers, and distributors who have contributed to India's infrastructure growth.

Strategic Initiatives and Management Commentary

Prince Pipes initiated the Aquel Cash Back Reward Program in its bathware segment, enabling plumbers to earn direct cash rewards on select bathware products. This initiative aims to strengthen channel loyalty and product adoption in the premium bathware category.

According to Joint Managing Director Parag Chheda, "The pipe industry witnessed a challenging operating environment during the quarter, marked by subdued demand across key applications of plumbing, agriculture and infrastructure. Despite these headwinds, we have achieved a volume growth of 3% YoY in the quarter."

The company maintains a disciplined approach towards operational resilience, prioritizing cost rationalization and targeted market initiatives. With sustained investments in capacity, innovation, and operational efficiency, Prince Pipes positions itself to drive long-term growth and deliver consistent value to stakeholders.