{"id":183554,"date":"2026-05-20T02:45:43","date_gmt":"2026-05-20T06:45:43","guid":{"rendered":"https:\/\/alphastreet.com\/india\/prince-pipes-and-fittings-ltd-princepipe-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-20T02:49:11","modified_gmt":"2026-05-20T06:49:11","slug":"prince-pipes-and-fittings-ltd-princepipe-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/prince-pipes-and-fittings-ltd-princepipe-q4-2026-earnings-call-transcript\/","title":{"rendered":"Prince Pipes and Fittings Ltd (PRINCEPIPE) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Prince Pipes and Fittings Ltd (NSE: PRINCEPIPE) Q4 2026 Earnings Call dated May. 20, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anand Gupta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Nihar Chheda<\/strong> \u2014 Vice President – Strategy<\/em><\/p>\n

Parag J. Chheda<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Sumeet Khaitan<\/strong> \u2014 Analyst<\/em><\/p>\n

Keshav Lahoti<\/strong> \u2014 Analyst<\/em><\/p>\n

Karan Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Shravan Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Praveen Sahay<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4 and FY26 earnings conference call of Prince Pipes and Fittings Limited hosted by MUFG in time. As a reminder, all participant lines will be in the lesson only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. I now hand the conference over to Mr. Sumit Kaitan from MUFG in time.<\/p>\n

Thank you. And over to you.<\/p>\n

Sumeet Khaitan<\/strong> \u2014 Analyst<\/em><\/p>\n

Good morning everyone. I welcome you all to the earnings conference call to discuss Q4 and FY26 results of Rinse Pipes and Fittings Limited. To discuss the result we have from the management, Mr. Parag Cheda,<\/p>\n

Keshav Lahoti<\/strong> \u2014 Analyst<\/em><\/p>\n

Joint<\/p>\n

Sumeet Khaitan<\/strong> \u2014 Analyst<\/em><\/p>\n

Managing Director, Mr. Nihar Cheddar, Vice President Strategy and Mr. Anand Gupta, Chief Financial Officer. They will take you through the results and the business performance after which we will proceed for Q and A session. Before we proceed with the call, I would like to mention that some of the statements made in the today’s call may be forward looking in nature and may involve risk and uncertainties. For more details, kindly refer to investor presentation and other filings that can be found on the company’s website.<\/p>\n

With this, I now hand over the call to the management for their opening remarks. Thank you. And over to you, sir.<\/p>\n

Karan Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you Sumit. Good morning and thank you all for joining us for our quarter four and FY26 financial results. The presentation and the press release have been issued to the stock exchanges and uploaded on our website. I hope everyone has been able to go through the same. FY26 was a challenging year for the industry shaped by volatile raw material prices, extended unseasonal rainfall and subdued demand across key end user categories. Additionally, significant fluctuations in PVC prices disrupted channel sentiment and created added uncertainty across the value chain.<\/p>\n

Despite these external headwinds, our focus remains steadfast on strengthening operational resilience while consistently advancing our long term strategic agenda. We achieved our highest ever quarterly volumes delivering a healthy volume growth of 23% YoY in quarter four. For the full year FY26, our volume growth stood at 8%. This performance reflects the resilience of our business Model the strength of our brand and distribution ecosystem combined with unwavering emphasis on operational efficiency, cost optimization and focused growth initiatives.<\/p>\n

Innovation and portfolio diversification continue to be the key drivers of our long term growth journey. During the quarter, we further expanded our product portfolio with the launch of Desilo, an advanced low noise PP pipe solution engineered with mineral filled polypropylene technology. Decilo delivers superior strength, durability and chemical resistance while significantly reducing noise and improving flow performance. Designed specifically for modern infrastructure needs, this innovative solution is expected to enhance our product mix, deepen customer engagement and reinforce our value proposition across key stakeholder groups.<\/p>\n

Alongside product innovation, we intensified our demand generation efforts in under penetrated markets to expand our geographic reach and accelerate volume growth. These strategic initiatives are enabling us to enhance competitiveness, remain agile in a dynamic marketplace and strengthen our customer centric approach. Basic Sharp increase in polymer prices during this quarter, the company passed on inventory gains to the distributors and channel partners thereby fostering distributor relationship and supporting faster inventory movement which in turn enhanced working capital efficiency and reduced inventory holding costs.<\/p>\n

I am also delighted to share that we successfully completed the second phase of of our asset purchase agreement with Glass Warren Fixture limited for the strategic acquisition of the bathwear brand Aquare. The acquisition includes land building machinery, manufacturing equipment and associated infrastructure at Bhuj, Gujarat which will serve as a dedicated manufacturing base for our bathware operations. This strategic milestone significantly strengthens our diversification roadmap, expands our manufacturing capabilities and positions us strongly to scale the Aquil portfolio in the growing bathware segment.<\/p>\n

We also continue to strengthen our market footprint across high potential regions. During the quarter in our pathway segment, we inaugurated a new experience center in Vadhotara, Gujarat, further enhancing our customer outreach, market visibility and brand positioning. These strategic investments reflect our commitment to establishing ACWELL as a meaningful growth engine within our diversified business portfolio. Portfolio Looking ahead, we remain cautiously optimistic about a gradual recovery supported by improving PVC price stability.<\/p>\n

Our continued focus on expanding geographic presence, accelerating innovation, enhancing operational efficiencies and driving strategic diversification gives us confidence in our ability to to navigate uncertainties effectively. We remain committed to capitalizing on emerging opportunities, delivering sustainable long term growth and consistently creating enhanced value for all our stakeholders. In conclusion, despite external headwinds, we are confident that our strong fundamentals, diversified product portfolio and customer centric approach position us well for a sustained long term growth.<\/p>\n

Thank you for your time. I will now hand it over to our CFO Mr. Anand Gupta to take you through the key financial highlights.<\/p>\n

Anand Gupta<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Thank you Paragbhai and good morning everyone. I’ll be Taking you through the quarter four and FY26 financials now starting with quarterly highlights. Revenue from operations stood at 850 crores, a strong growth of 18% YoY. Our volumes for the quarter stood at 62,167 metric ton. A robust growth of 23% YoY. EBITDA for the quarter stood at rupees 110 crores, an exceptional growth of 100% YoYo while margin stood at 13% registering a 500 basis point growth. Profit after tax for the quarter stood at Rs.56 crores, a remarkable growth of 133% YoY.<\/p>\n

PAT margins for the quarter stood at 7%, a 400 basis point growth. Now for the full year FY26 highlights revenue from operations stood at rupees 25.98crores. It grew by 3% YoY. Our volumes for the full year FY26 stood at 1.91238 metric ton as compared to 177202 metric ton same period last year a growth of 8% EBITDA for the foliar stood at rupees 232 crores up by 43% YoYo while margin stood at 9%. In FY26 we have taken an exception of rupees 2.05 crores net of tax towards estimated increase in provision for employee benefits arising from the implementation of the new Labor Code.<\/p>\n

Profit after tax after exceptional Items stood at rupees 73 crores registering a healthy growth of 70% yoy. PAT margin stood at 3. During the year we maintained strong momentum in expanding our distribution network and further strengthen our product portfolio through the addition of new products to support long term growth. Our working capital efficiency improved significantly in FY26 driven by Sharp reduction in inventory and receivable days. Working capital day stood at 45 days in FY26 compared to 98 days in the corresponding period last year.<\/p>\n

Receivable days improved to 51 days from 61 days in the same period last year while inventory days stood at 70 days as of 31st March 2026. With this I now end my speech and open the forum for question and answer session.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press STAR and one on your touchstone telephone. If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment While the question queue assembles, The first question comes from the line of Shravan Shah with Daulat Capital. Please go ahead.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah, thank you, sir. And first of all, congratulations on robust performance across the board. Couple of questions, sir. So first we’ll, we’ll try to get a broader guidance and then we’ll try to come to understand what supported such a robust performance. So now from here on for 27, 28, how one can look at on the volume growth and on the margin front.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, thank you for your question. I think if I have to look at guidance for next financial year, or current financial year rather, I think EBITDA should be closer to our normal guidance of in the band of 11 to 13% for the full year there could be few quarters of inventory gain and loss, but annualized we see 11 to 13% kind of operating margin and 12 to 15% kind of a volume.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay, so first try to understand that this quarter the entire growth that we have seen 23 kind of a growth. So if you can bifurcate both on the CPVC PVC front and also maybe at a couple of places as you highlighted that you try to penetrate the market to get the volume. And also at the same time in April and May, given the volatility in the CPVC prices and now again we are seeing, again it is increasing. So how the, the volume is there in April and May till now, whether that kind of a momentum is, is there.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So if I look at last the fourth quarter, the encouraging thing is that the volume growth was robust across the three months. So of course the disruption due to the war happened in March month. But even if I look at the first 60 day period of the quarter, the volume growth was extremely high and in line with the overall volume growth of the quarter. So first thing I would like to highlight is January, February, March, all three months we have seen high volume growth. This has been a reflection of the aggressive pricing that we have now done.<\/p>\n

And also in March we passed on the inventory gains to the channel partners to ensure that they are also competitive in the market. And the market, you know, we are not interested in one or two quarters of inventory gain, but we are interested in sustainable increase of market share, which in such times of volatility it becomes easier for a large player like us to gain market share when we have a strong supply chain of raw material. So we have seen many such cycles and I think few players tried to pass on costs overnight, which we felt was not the right strategic decision.<\/p>\n

And that actually paid off because in April we saw a strong correction of prices also. So our channel partners had inventory and in April they have also done destocking. But our channel partners have not faced heavy inventory losses like the channel partners of other industry players have. And as a result of that we have not only improved our retail penetration, but we have also been able to add a lot of key channel partners in the past couple of months from smaller players and from some peers as well.<\/p>\n

Coming to your question of category wise, you know volume growth, CPVC continues to be our highest growing polymer followed by pvc, PPR and HDP. And we see that trend going forward in the current financial year as well.<\/p>\n

Shravan Shah<\/strong><\/p>\n

So so April and May also we are witnessing the similar kind of the way we are looking at 12, 15%. So the similar kind of broadly directionally, I’m not asking the specific number but directionally the same momentum is there. So the main point is whatever the price increase which has happened in, in the Q4, obviously that would have helped the all the companies to shift the inventory from company to the dealers. But actually now whether it is actually demand is happening from dealer to the customer level or not, that’s the point I am trying to understand.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So I’ll answer your question in two parts. So first is April of course we saw heavy destocking and April volumes were obviously not good. But in May we have seen a strong primary pickup because dealers have been able to liquidate their material. And as a company we have also shifted our focus from being a primary oriented organization to now being a secondary oriented organization. What I mean by that is a strong focus on increasing retail penetration and we, you know a lot of our schemes are now purposed towards the retailer where we are able to do direct bank transfers from the company directly to the retailers to ensure that whatever market share gains are there are more sustainable in nature.<\/p>\n

So we have added thousands of retailers in the past couple of quarters and as a result of that now our dealers are able to liquidate material at a faster rate and hence that will also improve primary volumes in the long term. So I hope that answers.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah, and lastly in terms of margin, so now obviously it’s good to see that we are, we are again saying 11 to 13% so hopefully we should be kind of a middle level we should be able to achieve. But there the point I want to understand is is that obviously also if you can specify in Q4 what was the inventory gain and the prices which have fallen since first April and some four rupees hike has happened in May, but broadly directionally can we see there will be inventory loss and maybe Q1 one can see much lower margin and then from Q2 onwards we should be witnessing the the kind of a margin improvement or it is the way you said that you did not pass on the prices so fast so that the margin, the current margin, the what we are trying to achieve 11, 13% broadly should be on.<\/p>\n

On a quarterly basis also should be the similar in the similar range,<\/p>\n

Nihar Chheda<\/strong><\/p>\n

No? So one if you’re able to see our working capital management has been very strong specifically from disciplined inventory. We have guided for 65 to 75 days of inventory and we are in that range as we speak. So what this means is not only better capital management but also means that any inventory gain or loss shocks will be very very low and range bound from here on. And we have done this since the past couple of quarters. So in Q4 inventory gain was I would say close to zero because it was passed on to the channel which is why we were able to deliver a 23% kind of a volume growth.<\/p>\n

So going forward, even if there is, I’m not saying there will never be inventory gain or loss that is nature of the business that will happen, but it will be extremely range bound which was not the case in the past. So we have, you know, I would be candid enough to say we have learned from our mistakes and now we have an extremely tight control on inventory as a result of which on an annual basis, you know, the core profitability of the company will be very apparent. Quarterly there could be up and down, but on an annual basis it will definitely even out from the.<\/p>\n

And specifically to answer the margin part, apart from, you know, inventory gain or loss, the mix of value added products is very very important. So our focus has been on growing CPVC PPR and apart from that now we have, you know, also started in house manufacturing of low noise polypropylene pipes. Complete in house manufacturing and and state of the art best in class quality product that we have known as decilo. So from this year onwards revenue contribution from decilo also would start which will help improve product mix and as a result help gross margins also improve in the long term.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay, great sir, thank you and all the best.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants, please limit your questions to two per participant. The next question comes from the line of Neha from. Please go ahead.<\/p>\n

Parag J. Chheda<\/strong><\/p>\n

Hi team, congratulations, some great numbers and thanks a lot for the opportunity. Just a couple of questions from my end. One you said that you know, you’re looking at margins sustaining within 11 to 13%. What I’m able to understand is you did not, you said that you don’t have any inventory in this particular quarter. Could you tell us that the reason why your margin then you know, on a quarter, on quarter basis or even compared to nine months basis have improved substantially and what is the reason that it could sustain at around similar levels?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So in Q4 we did not have any inventory losses, Sneha. And in the first nine months of course we had huge inventory loss. So as a result of no inventory loss. So three reasons. One is no inventory loss. Second is very strong volumes, record high volumes for the company of 60 to KT per quarter. So that obviously got in a lot of superior cost absorption. And third is a very strong product mix specifically coming in from CPVC and PPR for the fourth quarter. So product mix mix, operating leverage and lack of inventory loss helped us have a strong operating margins in the March quarter.<\/p>\n

Parag J. Chheda<\/strong><\/p>\n

Understood. And your confidence, the volume growth part, are we seeing strong demand uptake at this point of time? On the agri side, plumbing side, where is the demand coming from? Because volatility in PVC still continues.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Volatility in PVC continues. April was weak for the industry because channel partners had high inventory. But because our finished good was competitively priced, even what we sold in March, the secondary sales of channel partners continued to be strong in April. Which is why from May we have seen strong demand across global plumbing and agriculture. But specifically for us anyway, plumbing and drainage is two thirds of the portfolio. So that part of the demand continues to be strong in the current month and we foresee that over the next couple of months and beyond that.<\/p>\n

Also demand should remain strong for the larger players because what we have also seen is significant consolidation in the kind of volatility that we saw not only in fourth quarter but even the nine months before that. Small players were struggling because of the large inventory losses and subdued demand environment. And then in the fourth quarter when there was this kind of a chaos of the war and one way increase in prices, smaller players were not able to serve the demand as a result of which we also had market share gains and some lot of new distributors also we have been able to add.<\/p>\n

So we see consolidation also happening at a faster pace in the past year and those we should yield those dividends in this short term and long term future.<\/p>\n

Parag J. Chheda<\/strong><\/p>\n

Sure. One last one, Nihar, if I may. This is regards to your distribution network. You said that you know you’ve added distribution Network. Would you tell us then you know how many distributors you would have added Net Net in this particular year. And also in case you can highlight if because you know you’re going more towards the detail is there any loss of distribution network also in the field,<\/p>\n

Nihar Chheda<\/strong><\/p>\n

I think Net Net we have been had addition of distributors and especially what is encouraging is in our white spaces which were typically weaker markets in some pockets of south and East India and as well of our stronger markets of North, Central and West across we have been able to add distributors in white spaces during this kind of volatility.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Keshav Lahouti with HDSE Securities. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Hello. Hi. Thank you for the opportunity. Firstly, congratulations on the strong set of number. I want to get a sense last quarter I remember the margin guidance was 10 to 12%. Now in a way you have upgraded it to 11 to 13%. So the reason for the same you have a better confidence on margin now. And secondly, this margin guidance is including or excluding pathway losses.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

It is including of all. I would not read too much into it. It is no<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Longer being recorded.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Am I audible?<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Yeah, you’re audible.<\/p>\n

Operator<\/strong><\/p>\n

Yes sir, you’re audible. Please go ahead.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, I think the margin guidance is in that same range. So I would not reach read too much into it. I think we are confident of achieving that kind of a 1112 kind of EBITDA including the bathware losses.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Understood, got it. How is the channel inventory Jan to March and April and just want to without getting a number possibly because as you highlighted there has been destroying in April. So. So whether due to restocking, whether the volume have degrow.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, we have seen. So April was challenging for the entire industry which was expected due to high restocking in March. But we have, you know, over the past 12 months and we continue to focus a lot on improving our retail penetration and improving our sustainable market share at the secondary level. As a result of which in May we have seen a strong revival and a strong demand in the first 15 days of the month, which we continue will continue for the rest of the quarter and for the time ahead as well<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

As you have now, you know, launched your own CPVC band four five months back. So how are the things going on that side on both, you know, margin side and the volume growth? Can you give some sense how has been your CPV see volume growth for Q4 and as well as for FY26?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, volume growth has been higher than what our company volume growth is. So you Know that for the annual year it is 8%. For the quarter it is 23%. And this has been higher for CPVC. So post our own brand of Smart Fit plus in CPVC we have seen extreme competitiveness in our finished good which was a conscious strategy and as a result of which we are seeing the market reward us in terms of better acceptance across retail and projects we have made better than what we had expected in the first couple of quarters after leaving Lubrizol, we have seen a very strong volume growth and we believe that this will continue going forward.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Understood. And secondly, your prices are more competitive. I understand you have passed on the gains also. So you have passed them entirely. Now possibly this is also helping you in aiding you in better margin also.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, it is one of the levers which is helping us improve margin as well. We have retained some of the benefits, but most of the benefits have been passed on with a view to gain market share in cpvc.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Last question from my side. How has been. I’m sorry to interrupt sir.<\/p>\n

Operator<\/strong><\/p>\n

I would request you to please come back in the queue for further questions. Thank you. The next question comes from the line of Anuparak from Arundhati. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. Hi sir. So I just wanted to understand that our volume sales volume has grown at just 5.7% at just 5.7% CAGR over the last six years. And our EBITDA margin is around 9% banned for the last four years. So just wanted to get a sense as to what has changed at the industry level that gives us the confidence of giving such a robust guidance on both volume and margin front.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

If you see last year we have posted volume growth of 8%. If you see March quarter we have posted volume growth of 23%. We are seeing immense consolidation in the industry where not only smaller players are struggling but some of the larger players are also struggling because of lack of control on the the market. And as I’ve stated, we have added a lot of new products along with that added a lot of new channel partners. Due to this consolidation and as a result of both, we believe that the kind of growth that we have had in the past year, we will be able to build on that for the next couple of years.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, how has been our agri type demand in Q4 and how it is shaping up in the current quarter?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

If you see our see we are majorly a plumbing and drainage pipe company. Agri is less than 30% of our revenue and agri tends to be more price sensitive than the plumbing. So Our bandwidth is purely on the plumbing and drainage part of the portfolio where there is better level of brand consciousness and we can, you know, keep adding new products, focusing on adding channel partners and grow the business. Agree is important from a cost absorption and a reach, especially in rural India point of view.<\/p>\n

So I would say that demand has been healthy but majorly the demand tailwinds have been in the building material part of the portfolio.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

How is the competitive intensity in the plastic pipe sector? Like earlier we were providing incentives to dealers because of the competitive pressure. So can you just quantify whether there’s been any change in the incentive structure in the current quarter? And also if we can quantify the incentive amount which we are currently providing to a dealer,<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Like I said, I think competitive intensity has reduced from a point of view that consolidation has happened. So of course large players like us continue to be aggressive in terms of pricing and the incentives that we give to the channel. But we see that if we are aggressive in pricing, the market is rewarding us with volumes because we are seeing immense consolidation with smaller players also moving out of the market and some of the larger players also struggling. We see that this is a very good time for someone like us who has put up capacity ahead of the curve to be able to make some sustainable market share gains across our product portfolio.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Varun Jalasriya with 361. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Yeah, Hi sir, thank you for the opportunity. Sir, could you just quantify the battery revenue and losses for this quarter?<\/p>\n

Anand Gupta<\/strong><\/p>\n

Revenue is 16 crores and loss is 5 crores for this quarter.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay. And sir, on the working capital like we saw fair bit of increase in the payable days as well and reduction in better days. So how sustainable is this kind of working capital? Like I’m just trying to understand like what is the sustainable debtor days and table days that we are aiming for. You mentioned about the inventory days. What are the two.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

See what is in our control is debtor days and inventory days. And I believe any sustainable decrease in working capital days and further optimization can come only from these two levers. Payables is a function of our whether we are importing more or buying domestic raw material. So it’s always going to be dynamic. But any sustained decrease in working capital can come only from debtors and inventory which we have seen in the March quarter. So debtor days now has, you know, come to around 50 days which used to be around 60 days.<\/p>\n

So our endeavor is to bring this further down by another you know 10 to 15 days by, by the end of this financial year.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay. And sir, on the gross margin front sir, like is there any thought process like how much do we issue maintain like obviously we reduce the price further but like any you know on a per kg basis or percentage basis that kind of gross margin that we you know on a PC side how much we want to maintain.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

See there are three or four levers for gross margin. One is of course the pricing apart from that which is also the product mix and more contribution from value added products like CPVC ppr. Now PP will be helpful going forward and our management bandwidth is towards how do we increase our share of value added products. And third is also we would have long term decentralization benefits as well with now our large plant in Bihar and you know we will have a lot of freight savings which right now we have passed on to the channel.<\/p>\n

But eventually once we hit the right capacity utilizations these benefits also will accrue to the company at the gross margin level itself. So I think pricing product mix and decentralization benefits and new product initiatives I think these are the four levers to you know have strong control on the margin going forward.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Yeah, that I mentioned. But sir, like I mean any thought process like you know we want to have this much of markup on PVC like you know this quarter we didn’t pass on. So I mean next quarter since there’s so much decline so I mean is there any per kg kind of a value add we want to mark up that we want to sustain?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

No, I don’t think we see it enough from that perspective. That’s a function of demand and supply for that particular quarter and also a function of how our costing is of raw material at that time. So it’s a function of multiple variables. Okay.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

And lastly on the availability. Mr.<\/p>\n

Operator<\/strong><\/p>\n

Varun, I would request you to please come back in the queue for further questions. The next question comes from the line of Praveen Chair with PL Capital. Please go ahead.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Yeah, hi sir. And many congratulations for a good set of numbers. My first question is related to the capacity utilization and I understand that you know the facility has now full capacity we have with us. So the utilization is on the lower side if I screw them back as well. Our utilization is not you know the, you know at the full level, 50% odd level. It’s a utilization if I just excluding the my baggage. So how you are, you know geographically give some indication that’s the ramp up of your capacity, you know, way forward.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So in fact Bihar or capacity utilization is healthy as we speak. So kind of 60% kind of utilization. We have already hit at PC so few other plants. We are working towards improving utilization and that’s obviously a direct function of market share. So traditionally you know south has been a market where we have lagged our peers and a lot of capacity expansion has come in in South. But maybe the market share growth has not been in line with the capacity expansion. So further focus will be towards growing south market which is a huge market and couple of the large players in south are struggling.<\/p>\n

So there is an opportunity to ramp up utilization and once that happens I think overall at a company level as well, the utilization numbers will be much better.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Thank you. Next question is related to the RM procurement. So if you can some highlight like how you are, how is your strategy of a domestic, international RM procurement or the continuous like from the large players or to some import dependency from the trader. How is the, you know the mix and the strategy for the RM procurement?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah we have, you know we want to be extremely disciplined with inventory management which we have already shown in the last financial year when there’s a very tight control on inventory especially in these volatile times. So we have a strong supply chain so as to we never have material insecurity and even when there is non linear surge in demand we should have the ability to serve that especially with the kind of capacity we have. So we need to balance between tight work, tight inventory days and a strong supply capability which we have demonstrated in the past year and the past quarter.<\/p>\n

So with our current mix of domestic and input we would be able to keep our inventory in the 65 to 75 day range.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

This<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Includes both raw material and finish.<\/p>\n

Praveen Sahay<\/strong><\/p>\n

Thank you sir.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, you are requested to limit your questions to two per participant. The next question comes from the line of Utkarsh with Anandrati. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

My first question is regarding the plumbing pipe demand at the industry level. So what we are seeing that there has been a significant increase in the prices of the construction material across the board. So are you seeing any signs of slowdown in the pace of new projects on the ground? And can you also give some sense for the plumbing pipe demand at the industry level how it is shaping up in the rural and the urban pockets?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So we have seen good growth across urban and rural. Yes, I would acknowledge that there is a major sharp escalation of costs for real estate developers. Till now we have not seen any kind of postponement of demand pipe anyways are non discretionary product for any building material for any building. So we don’t foresee, you know I would say any slowness in real estate will be sort of subsidized by the kind of consolidation we are seeing in the industry. So I think larger players in piping will continue to do well and that is why we are optimistic about the current financial year kind of growth that we can see in the plumbing and SWR pipes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Lastly on the gross fit 10 side sir, like prior to the COVID we were hovering at around three times on the growth at that time which has now gone down to around one and a half times or 1.6 times in FY26. So just wanted your sense like what should be the normalized growth at certain on a sustainable basis and by when you expect to reach to that level and what would be our keeping guidance for this fiscal year for FY27.<\/p>\n

Anand Gupta<\/strong><\/p>\n

So as Nihar had mentioned that the south plant has not been operating at the optimal level. So once so if we consider that to reach at an optimal level our turnover should be around 2.5 times of the gross block. That should be the decent enough and with that we will be around 60 to 65% of our overall utilization. And and the CapEx which you ask about FY27 plan it will be in the range of 200 crores which includes CapEx to maintain for our existing plants and some of the debottlenecking plan which we have for our two or three plants and that includes the completion of actual as well which happened in April.<\/p>\n

So that that includes 40, 45 crores is included in 200 crores. 200210 crores,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

2.5x gross assert and which we are targeting by when we can expect to reach to that level. Maybe a certain time frame over next three years, five years.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Correct. It would be over the long term.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thanks a lot.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Sonal with Precision Capital. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

I hope I’m audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Sir, I just wanted to understand your working capital cycle from the context of creditors. When the last PVC cycle was up after FY20 in FY21 and 22 and the prices were up. We saw a surge in your creator days and you see it again now Is there something to read here in terms of buying behavior? Who are your creators? Basically just wanted to understand that.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

I don’t understand the question.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

I’ll repeat again the question sir. We saw an increase in the Credititor Date in FY21 as per the chart given on slide number 9 in FY21 and 22 we are seeing a surge again in FY26. Is there something to read here? Back in 21 and 22 the PVC prices were again up and hence. Just trying to make sense of this data.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

I don’t think there is any correlation between.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay, all right. Can you just explain who are your creditors? Are there some concentrating crater lines or some vendors who are large or small? If you could explain that.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, we have Reliance Templars locally and then we import from across the globe, North America.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Got it.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Shashankoel with Waimura Capital. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Thank you so much. Sir, My first question is how does our pricing today compare versus the market leaders in PVC and cpvc?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So in PVC and CPVC we are both at par with the market leader in terms of pricing. It could vary from geography to geography but at a pan India level, Pan India average we would be at Parenthood in PVC and in cpu.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

And sir, my next question is like what is the steady state of the margin like the operating margin profile for us? Like what should be steady for us? What percentage margin for operating leverage<\/p>\n

Nihar Chheda<\/strong><\/p>\n

At an annual level? 11 to 12% CAT of operating margin.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Answer one last question, sir. Over the last three years we have lost volume market share. So what was the primary reason behind dedex and what sort of plan we have going forward?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So see we have, I would not say that we have lost market share. Our growth has been slower than couple of peers but has always been higher than India industry average. So yes, there was hope to have better volume growth but we have not lost market share which if you see the past couple of quarters now we have, you know, we are back on track in terms of volume performance. And going forward basically focus remains on network expansion. Adding new, not only distributors but adding new retailers across the country.<\/p>\n

Having direct retailer schemes where company has direct bank transfers to lakhs of retailers across the country. A strong pipeline of new products which are value added in nature which we will completely manufacture in house. So it’s going to be a function of network expansion. Stronger retailer penetration, innovative products which help us improve our range and our product mix over the long term. And of course a consistent investment into brand building activities across the country.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Bhavesh with DV Investment Advisors. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello. Audible.<\/p>\n

Operator<\/strong><\/p>\n

Yes. Yes, hello.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, so if you can share the total inventory gain for the quarter and how much was retained and how much was passed on to the channel.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

We have had no inventory gain in quarter four. It has been passed on to the channel to improve our competitiveness.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, that was completely passed on.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah. And secondly, you stated that the demand was strong in throughout the quarter Jan 3 and March. So can you state the underlying reason? What has driven this demand throughout the quarter?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So one we saw in the first two months we saw stability of pricing which was helpful. And then of course in the last, in March we saw upsurge in pricing. So one is we had tailwinds as far as raw material was concerned. And apart from that, I think I’ve already stated the initiatives that we’re taking in terms of expanding the market reach and expanding our new product portfolio.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, understood. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Karan Gupta with acmil. Please go ahead.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Yeah. Hi. Am I audible?<\/p>\n

Karan Gupta<\/strong><\/p>\n

Yes.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Yeah. So my question is regarding the capacity utilization. So for the annual year, what was the capacity utilization is around 60% you said.<\/p>\n

Anand Gupta<\/strong><\/p>\n

So 60% was mentioned. For the new plant which we operated for nine months, I’ll say for on a full, on a capacity, what we have building for overall, the number is around 52%.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

52%.<\/p>\n

Anand Gupta<\/strong><\/p>\n

Yeah. On production capacity, 52%.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

Okay, okay, okay. So you said the volume growth or the operating leverage this time, this time around for this quarter. So what was the capacity utilization before? I mean in quarter three and what is it utilization in quarter four? Just trying to understand. The operating leverage in terms of volume is also grown. So volume<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Is<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

What has benefited in, in the margin side, how much operation leverage we’ve got this time, this quarter.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So I cannot quantify operating leverage like that. But in quarter three, you see we have done 42kt and quarter four we have done 62kt. So obviously with such a. And in, in terms of revenue, net revenue also there is a large increase primarily driven by the volume growth. So as a result of that there is superior cost absorption. And as you know, most of our costs are variable or semi variable fixed or semi variable in nature. So as a result of which we have strong operating leverage. So with better volume growth we will always have better cost absorption.<\/p>\n

Keshav Lahoti<\/strong><\/p>\n

So what is the guidance on increasing the capacity utilization from here on 50, 52%. What is the constraint here to not able to take it maybe on 60, 65% or 70% on an overall basis?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So we have already guided for 12 to 15% kind of volume growth and our, you know, our aspiration is much Higher than that. And we do have the capacity. We are also building infrastructure. Infrastructure. This year we will be doing some capex towards improving our storage capacities across plants which will further help us increase our supply chain and our utilities. So you know the point is you need to understand that demand does not increase in a linear way. Upsurge in demand. And if you see the.<\/p>\n

One of the reasons that you know how Prince has become one of the top players in the piping segment is one of the core reasons has been putting up capacity ahead of the curve and having that risk appetite to put up the that capacity. And first couple of years it can look like low utilization but then whenever there is an uptrend in demand we are able to serve it. And I think quarter four also is a testament to that. So we are, you know we are a debt free organization with a very robust balance sheet.<\/p>\n

And we are extremely bullish on the growth that India will see. And specifically in building material infrastructure, agriculture and water storage, the verticals that we operate in. We are extremely bullish over the long term. So we are not, we don’t look at quarter to quarter kind of demand scenarios. We are adding capacity with an extremely long term view. And we do have the risk appetite and the strength of the balance sheet to be able to take these calls. And we are extremely optimistic in our ability to deliver that kind of volume over the long term.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Shravan Shah from Gaulat Capital. Please go ahead.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Yeah, thank you sir. On the bazaar front. So last time we were saying that we will be having a break even in Q2 or Q3 of FR27 when we will be reaching a 25 to 30 odd crore quarterly run rate. So is there any change in stand there?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

No, I think quarter two, quarter three of next financial year of FY27 current financial year is what we target to hit that kind of run rate. We have done around 16 crores in fourth quarter and at around 2025 crores we will hit that break even mark.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Got it. And sir in terms of Anand sir has mentioned that we will be having a 23 plants debottle making. So just trying to understand. So current installed capacity 4 lakh 35,000 odd. So how much one can look at by end of FY27 and maybe FY27 also some 5 10,000 KT increase.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So this is only for certain product categories at certain plants. And this also includes some civil investments that we are making in terms of warehouse management, state of the art Warehouse management at our plants so that during lean periods we still are able to ramp up inventory so that during the season we are able to deliver that kind of volume. So the debottlenecking is specific to couple of plants only for specific product categories where we feel that we need to do some slight debottlenecking.<\/p>\n

But majority of the capex is towards maintenance, improved storage capability and the acquisition which was already completed in the past month.<\/p>\n

Shravan Shah<\/strong><\/p>\n

Okay. And sir, broadly in terms of the value added, if, if I have to look at in terms of the share in revenue. So for Q4 or maybe FY27, FY26, what’s the broader share and how as you said that you we will be even Dilo will. Will also start increasing the revenue. So just trying to understand how this will keep on moving going forward.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

So this would be in the range of you know 23, 24% in FY26 and this has to move towards 27 to 28% next year. I don’t like to look at it in terms of contribution because our core segment of PVC also we will be growing. It’s just that the rate of growth will be higher in the value added segment. But basically improvement in value added contribution will come from stronger growth in cpvc, PPR and with DECILO launch. So I think by next year we should hit 27, 28%.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir. The next question comes from the line of Praneet with SJ Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hi management. Thank you for the opportunity. And in terms. So the company was mentioning about adding a lot of dealers during the quarter and during the year. Could you explain like how. How has been the dealer trend over the last few years and what is likely to be the trend going forward in terms of exact numbers on how many had and like are we expanding our team in terms of dealer acquisition and all of that? Could you just enlighten that too?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, I mean it’s in. You know the yield per distributor can vary. You know we have distributors doing 50 lakhs per annum and we have distributors doing 100 crores per annum. So number of distributors may not be the right correlation. What’s important is adding the right distributors who are, you know, who have the right infrastructure, right retail network, ability to invest in the business. And more importantly we want to add distributors in wide spaces which are weak markets, weak districts which we have mapped out at a taluka level.<\/p>\n

So adding that right reach of distribution is important with the right kind of partners. So the specific numbers may not be as important. But the reach has significantly increased and will continue to increase as the industry has seen major consolidation and we have added, we have strengthened our sales team in terms of numbers as well to ensure that we have a better reach of the network in the long term.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I understand that. I was just curious because of the numbers, because I understand broadly it can be very varied in terms of numbers but in terms of the sales channel expansion and all of that is just curious. Numbers would be easier for us to understand than just a broad based guidance on strengthening. Would that be possible members?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, I think offline you can connect with us and happy to share.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. And in terms of the inventory going forward. So you just mentioned the fact that we normalize. We are going to reduce the amount of overall basis and reduce the working capital. Could you explain when do you. Where do you see the inventory and overall working capital side normalizing? Specifically in terms of inventory, where do you think and remaining, where do you want? Where do you see it going forward? The next one year and the next three years also like where do you want it to come to?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

I think already we are in control as far as inventory. So inventory we are normalized 65 to 75 days is our guidance, has been our guidance and we are within that guidance. This includes both finished good and raw material inventory. Any sustainable decrease in working capital has to to be driven by discipline, inventory and reduction in debtor days which is a. I would say a KPI for the management and the CXOs. So currently we are at around 50 days and we would like to reduce this by another 10 days in the next four quarters.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Diya with Sapphire capital. Please go ahead.<\/p>\n

Parag J. Chheda<\/strong><\/p>\n

Hi sir. Thank you for taking the question. So what capex are we planning for this year?<\/p>\n

Anand Gupta<\/strong><\/p>\n

Around 200 to 210 crores is the planning for FY27. That includes the second trans of BoJ as well.<\/p>\n

Parag J. Chheda<\/strong><\/p>\n

Okay, so and what utilization are we expecting to end the year with?<\/p>\n

Anand Gupta<\/strong><\/p>\n

So of the production capacity we intend to have around 58 to 60%. If the guidance of 15% we achieve to get the volume.<\/p>\n

Parag J. Chheda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Deepak with wealth wise Vishal. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I. So I just wanted to understand. So what is the ratio of projects business to your overall business?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

I think as we stand it is around 70. 30. 70 retail and 30 projects.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And what, what would have been the growth of projects business since last quarter?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

I think quarter to quarter we would not track the ratio but I think over the. Maybe around one and a half, two years ago, projects used to be around 25%, which is now around 30% of the revenue.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Okay. And just a general question on how, you know, how the overall demand scenario in the building material sector, so considering the results, which other pipe companies have posted, electric wire companies have posted, you know, tile company has posted, look like building material has kind of turned around after, let’s say, seven, eight quarters. So is it the case or is it, you know, just a temporary demand, you know, because of this volatility in prices or raw materials? So dealers are stocking up, you know.<\/p>\n

But what is your opinion on that?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Of course, we have seen restocking, but like I said, that restocking happened only in March because of the price increases. But even in January and February, we had strong volume growth because of our price competitiveness and the initiatives that we’re taking in terms of expanding our distribution channel, retail channel, and our product portfolio. So, yes, 23% is not sustainable. Of course, the restocking has a part to play in that. But overall, we are seeing a lot of these initiatives that we’re driving along with consolidation, where larger players are doing well and smaller players are going through extremely tough time.<\/p>\n

Any kind of volatility, both upward and downward is tough for the smaller players to survive. So. And<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In terms of your. Yeah, in terms of. If you’re tracking secondary sales, primary, I understand, you know, there’s been a growth of 23% in volume. What would it be in terms of secondary sales?<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Yeah, secondary sales. Also. We have seen strong growth. And especially when in April when primary was weak, we have seen that distributors have been able to liquidate material into the retail market aggressively because we shared our inventory gains. We have seen, even in the. When prices reversed in April, distributors were able to liquidate material. And as I said, smaller players are still having supply issues over the past couple of months. So big players will continue to get bigger from here.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, thank you. Thank you. And all the best.<\/p>\n

Nihar Chheda<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, in the interest of time, that was the last question for today. I now hand the conference call over to the management for closing comments.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you, everyone.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Prince Pipes and Fittings Limited, that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Prince Pipes and Fittings Ltd (NSE: PRINCEPIPE) Q4 2026 Earnings Call dated May. 20, 2026 Corporate Participants: Anand Gupta \u2014 Chief Financial Officer Nihar Chheda \u2014 Vice President – Strategy Parag J. Chheda \u2014 Joint […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-183554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":148066,"url":"https:\/\/alphastreet.com\/india\/prince-pipes-and-fittngs-ltd-q4fy23-results-out-revenue-drops-by-over-15\/","url_meta":{"origin":183554,"position":0},"title":"Prince Pipes and Fittings Ltd Q4FY23 results out, revenue drops by over 15%","author":"Chirag Gupta","date":"June 2, 2023","format":false,"excerpt":"Prince Pipes and Fittings Limited is an integrated piping solution & multi polymer manufacturer. It was established in 1987 and initially manufactured PVC products. 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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. 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