Prince Pipes and Fittings Limited (NSE: PRINCEPIPE, BSE: 542907) reported steady operating volumes in the December quarter, with a sharp year-on-year improvement in EBITDA despite marginally lower revenue, according to the company’s Q3 & 9M FY26 investor presentation shared ahead of its analyst call.
Q3 FY26 operating performance
Sales volumes in Q3 FY26 stood at 42,575 metric tonnes, up 3% year on year. Revenue from operations was ₹573 crore, broadly flat compared with ₹578 crore a year earlier.
EBITDA for the quarter rose to ₹28 crore from ₹5 crore in Q3 FY25, reflecting better operating leverage and cost control. The EBITDA margin improved to 5% from 1% a year earlier.
Profit after tax (after exceptional item) stood at a loss of ₹2 crore, compared with a loss of ₹20 crore in Q3 FY25. The quarter included an exceptional item of ₹2.05 crore (net of tax) related to a higher provision for employee benefits following the implementation of new labour codes, which weighed on reported PAT.
Nine-month FY26 snapshot
For the nine months ended Dec. 31, 2025, sales volumes rose 2% year on year to 129,071 metric tonnes. Revenue from operations declined 3% to ₹1,748 crore, compared with ₹1,804 crore in 9M FY25.
EBITDA increased 12% year on year to ₹122 crore, with the EBITDA margin improving to 7% from 6% a year earlier. PAT for 9M FY26 stood at ₹17 crore, with a PAT margin of about 1%, compared with ₹19 crore in the year-ago period. The company cited pricing pressure and input cost volatility as factors impacting topline and profitability in the period.
Cost structure and working capital
Raw material consumption in Q3 FY26 stood at ₹430 crore, while gross margin improved to 25% from 22% a year earlier, reflecting a favorable product mix and cost actions. Employee expenses and other operating expenses remained broadly stable year on year.
Working capital days stood at 56 days as of 9M FY26, reflecting improvement from elevated levels seen in FY24, aided by tighter receivables management and inventory optimization, according to the presentation.
Product launches and brand initiatives
During the quarter, Prince Pipes expanded its product portfolio. The company launched “Smartfit Plus” CPVC pipes and introduced CPVC solvent cement in new co-extruded packaging with a four-year shelf life. It also rolled out two new variants under the Storefit water tank range, including Storefit Hydra (four-layer tank) and Storefit Cool with UFC technology.
The company launched a new brand campaign, “India Ki Pragati Ka Taj,” across dealer meets, shop signages and transit media. It also expanded plumber engagement programs in the bathware segment through a cashback initiative linked to QR codes on select product packaging.
Manufacturing footprint and distribution
Prince Pipes operates eight manufacturing facilities across India, with a total installed capacity of over 435,000 MTPA, and a pan-India distribution network of more than 1,500 channel partners. The company continues to expand its presence across piping systems, water storage and bathware, including products under the Aquel by Prince brand.
Outlook
Management said it remains focused on volume-led growth, premiumisation of the product mix, and distribution expansion across key markets. The company continues to invest in new product introductions and brand building to support demand across plumbing, water storage and bathware categories.
Summary
Prince Pipes delivered stable volumes and a sharp year-on-year improvement in EBITDA in Q3 FY26, even as revenue remained largely flat. Margin expansion over the nine-month period reflects cost actions and operating leverage. New product launches and brand initiatives are aimed at supporting medium-term growth across plumbing, water storage and bathware segments.