Prince Pipes and Fittings Limited is an integrated piping solution & multi polymer manufacturer. It was established in 1987 and initially manufactured PVC products. It is currently engaged in the manufacturing of polymer piping solutions in four types of polymers CPVC, UPVC, HDPE, PPR. Presenting below are its Q1 FY26 earnings results.
Q1 FY26 Earnings Results
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Revenue: ₹580 crores, down 4% YoY (Q1 FY25: ₹607 crores) and down 20% QoQ (Q4 FY25: ₹725 crores).
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Finished Goods Volume: 43,735 MT, up 4% YoY.
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EBITDA: ₹40 crores, margin at 7% (vs 11% last year), affected by resin price volatility and inventory losses.
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Profit After Tax (PAT): ₹4.8 crores, down 80% YoY (Q1 FY25: ₹24.7 crores); similar sequential fall (Q4 FY25: ₹24.2 crores).
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EPS: ₹0.44, down from ₹2.23 YoY and ₹2.19 QoQ.
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Working Capital Days: Improved to 93 from 98 in Q4 FY25.
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Capex: ₹75 crores spent in Q1; FY26 guided for ₹160–170 crores; major Bihar plant capacity ramp soon.
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CPVC Segment: High single-digit growth, revenue now over 25% (was 15% five years ago).
Key Management Commentary & Strategic Highlights
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Management highlighted ongoing macro challenges: subdued infra demand, persistent inflation, and high PVC resin price volatility curbed profitability despite volume growth.
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Growth focus is on brand building (Indian Railways tie-up), manufacturing expansion (Bihar plant, Phase II due by Q2), and channel depth across geographies.
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Bathware (Aquel) expansion continues, though segment losses impacted margins by about 1%; improvement anticipated from H2 FY26.
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Medium-term volume guidance is high single to low double-digit growth, with expected margin uptick as inventory losses abate.
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The company is strategically positioned for long-term industry growth, with product innovation and strong channel networks.
Q4 FY25 Earnings Results
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Revenue: ₹725 crores.
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PAT: ₹24.2 crores.
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EPS: ₹2.19.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.