PRINCEPIPE - Prince Pipes and Fittings Limited Share Price
Industrial Products
Valuation | |
|---|---|
| Market Cap | 3.73 kCr |
| Price/Earnings (Trailing) | 86.41 |
| Price/Sales (Trailing) | 1.47 |
| EV/EBITDA | 22.3 |
| Price/Free Cashflow | -27.3 |
| MarketCap/EBT | 63.4 |
| Enterprise Value | 3.91 kCr |
Fundamentals | |
|---|---|
| Revenue (TTM) | 2.54 kCr |
| Rev. Growth (Yr) | -2.7% |
| Earnings (TTM) | 43.14 Cr |
| Earnings Growth (Yr) | -55.8% |
Profitability | |
|---|---|
| Operating Margin | 2% |
| EBT Margin | 2% |
| Return on Equity | 2.74% |
| Return on Assets | 1.86% |
| Free Cashflow Yield | -3.66% |
Price to Sales Ratio
Revenue (Last 12 mths)
Net Income (Last 12 mths)
Growth & Returns | |
|---|---|
| Price Change 1W | -0.60% |
| Price Change 1M | -7.5% |
| Price Change 6M | -10.6% |
| Price Change 1Y | -44.2% |
| 3Y Cumulative Return | -18.9% |
| 5Y Cumulative Return | 22.5% |
Cash Flow & Liquidity | |
|---|---|
| Cash Flow from Investing (TTM) | -234.65 Cr |
| Cash Flow from Operations (TTM) | 118.94 Cr |
| Cash Flow from Financing (TTM) | 119.8 Cr |
| Cash & Equivalents | 80.22 Cr |
| Free Cash Flow (TTM) | -136.68 Cr |
| Free Cash Flow/Share (TTM) | -12.36 |
Balance Sheet | |
|---|---|
| Total Assets | 2.32 kCr |
| Total Liabilities | 742.93 Cr |
| Shareholder Equity | 1.58 kCr |
| Current Assets | 1.29 kCr |
| Current Liabilities | 607.01 Cr |
| Net PPE | 941.47 Cr |
| Inventory | 609.48 Cr |
| Goodwill | 29.6 L |
Capital Structure & Leverage | |
|---|---|
| Debt Ratio | 0.11 |
| Debt/Equity | 0.17 |
| Interest Coverage | 5.08 |
| Interest/Cashflow Ops | 13.3 |
Dividend & Shareholder Returns | |
|---|---|
| Dividend/Share (TTM) | 1 |
| Dividend Yield | 0.29% |
| Shares Dilution (1Y) | 0.00% |
| Shares Dilution (3Y) | 0.00% |
Risk & Volatility | |
|---|---|
| Max Drawdown | -37.3% |
| Drawdown Prob. (30d, 5Y) | 31.62% |
| Risk Level (5Y) | 43.1% |
Summary of Latest Earnings Report from Prince Pipes and Fittings
Summary of Prince Pipes and Fittings's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.
Last updated:
The management of Prince Pipes and Fittings outlined the following outlook and key points:
Outlook:
- Targeting 8"“10% volume growth for FY25, driven by improved demand, normalization of channel inventory post-PVC price stabilization, and expansion in Eastern India.
- Begusarai plant (Bihar), with ~50,000-tonne capacity, is on track for production by Q4 FY25, enhancing supply chain efficiency in the fast-growing East market.
- Bathware segment (Aquel) aims for pan-India presence by H2 FY25, with Q2 revenue at Rs.7 crore and full-year revenue expected to exceed Rs.25 crore; breakeven projected by Q3 FY26.
Major Points:
- Volume & Realizations: Q2 saw 4% YoY volume growth (43,301 MT), led by plumbing and SWR segments. Realizations remained stable despite a 16% PVC price drop.
- Margins: Q2 EBITDA impacted by
Rs.12"“15 crore inventory losses, trade incentives, and Bathware losses (Rs.3"“4 crore). Targeting 12"“13% EBITDA margins as pricing power, operating leverage, and product mix (CPVC growth) improve. - Capex: FY25 capex of Rs.330"“350 crore, focusing on Bihar plant expansion, debottlenecking, and Bathware integration (Phase 2 pending Rs.43 crore outflow).
- Market Strategy: Aggressive branding (metro/bus campaigns) and plumbing workforce upskilling initiatives. Eastern India remains a priority for growth.
- Raw Material Trends: PVC price volatility caused destocking, but recent stabilization and anti-dumping duty announcements may drive restocking in H2.
Management remains confident in long-term prospects, emphasizing volume-driven growth and margin recovery.
Last updated:
Major Questions and Answers:
Q1: How would your new plant in the East change the volume trajectory of the company?
The Begusarai plant (Bihar) targets fast-growing Eastern markets, reducing freight costs and strengthening supply chains. With 50,000 tonnes capacity by Q4 FY25, it will support volume growth aspirations. Initial capacity utilization may be low but aligns with long-term demand in underpenetrated regions.
Q2: Have PVC price hikes been passed on to customers? What were inventory losses in Q2?
October saw muted demand due to festive delays and price volatility. Two PVC price hikes were implemented: one already passed, the second planned for November. Inventory losses were Rs.12"“15 crore in Q2.
Q3: What is the revised EBITDA margin guidance after weak H1 performance?
Q2 margins were impacted by 2.5% inventory losses, 2% trade incentives, and ~0.5% Bathware losses. Long-term EBITDA guidance remains 12"“13%, driven by pricing power, product mix (CPVC growth), and operating leverage.
Q4: How is competitive intensity affecting pricing and margins?
Competition remains rational; trade incentives were temporarily increased to counter destocking. No predatory pricing. Organized players (top 4) focus on brand-driven growth, with unorganized share shrinking due to quality consciousness.
Q5: What is the FY25 volume growth and margin outlook post-destocking?
Volume growth guidance remains 8"“10% for FY25, with H2 expected to improve as channel restocks post-PVC price stabilization. Margins will recover with reduced trade incentives, lower inventory losses, and higher utilization.
Q6: What is the status of Bathware (Aquel) and capex plans?
Aquel revenue: Rs.7 crore in Q2, targeting Rs.25+ crore for FY25. Losses (~Rs.4 crore/quarter) expected to breakeven by Q3 FY26. Capex for FY25: Rs.330"“350 crore (Begusarai plant: Rs.170 crore, Aquel: Rs.43 crore, debottlenecking: Rs.30"“35 crore).
Q7: How will working capital days normalize?
Working capital (93 days in Q2) will improve with inventory correction (target: 70 days) and receivables reduction (target: <50 days). Channel finance programs expanded to 150+ partners to ease liquidity.
Q8: What is the ROE target amid capacity expansion?
ROE dipped due to aggressive capex (new plants, Bathware). Long-term target: 15"“20% post-stabilization, driven by volume growth, margin recovery, and reduced capital intensity after FY25.
Q9: What drives Bathware losses, and when will it breakeven?
Losses stem from upfront costs (team expansion, channel buildup). Breakeven expected by Q3 FY26 as pan-India presence completes. Losses remain controlled at Rs.16"“18 crore annually.
Q10: How competitive are water tanks and Bathware segments?
Tanks face regional unorganized competition but benefit from brand consolidation. Bathware competition includes established players, but differentiation through branding and distribution is prioritized.
Share Holdings
Understand Prince Pipes and Fittings ownership landscape with insights into key distribution patterns, offering investors a clear view of stakeholder dynamics.
Holding Pattern
Share Holding Details
| Shareholder Name | Holding % |
|---|---|
| Parag Jayant Chheda | 11.27% |
| Tarla J Chheda | 11.02% |
| Mirae Asset Large & Midcap Fund | 9.93% |
| Vipul Jayant Chheda | 7.51% |
| Parag Jayant Chheda (Trustee of Sunflower Family Trust) | 7.51% |
| Jayant Shamji Chheda | 6.02% |
| Dsp Small Cap Fund | 5.02% |
| Tarla Jayant Chheda (Trustee of Lotus Family Trust) | 4.7% |
| Vipul Jayant Chheda (Trustee of Ruby Family Trust) | 4.69% |
| Vipul Jayant Chheda (Trustee of Diamond Family Trust) | 3.76% |
| Vipul Jayant Chheda (Trustee of Emerald Family Trust) | 2.82% |
| Eastspring Investments India Consumer Equity Open Limited | 1.68% |
| Madhulika Agarwal | 1.3% |
| Jayant Shamji Chheda (Trustee of VS Family Trust) | 1.09% |
| Vaishali Hitesh Shah | 0.45% |
| Jayantilal Kalyanji Gada | 0.05% |
| Gunvanti Jayantilal Gada | 0.04% |
| Ashwini Vipul Chheda | 0.01% |
| Heena Parag Chheda | 0.01% |
| Jayant Shamji Chheda HUF (Karta) | 0% |
Overall Distribution
Distribution across major stakeholders
Ownership Distribution
Distribution across major institutional holders
Is Prince Pipes and Fittings Better than it's peers?
Detailed comparison of Prince Pipes and Fittings against industry peers, highlighting key financial metrics, valuation ratios, and performance indicators to provide competitive context within the sector.
Ticker | Name | Mkt Cap | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|---|
| SUPREMEIND | Supreme Industries | 54.22 kCr | 10.47 kCr | +0.10% | -14.10% | 60.93 | 5.18 | - | - |
| FINPIPE | Finolex Industries | 12.22 kCr | 4.3 kCr | -6.70% | -31.80% | 30.64 | 2.84 | - | - |
| JISLJALEQS | Jain Irrigation Systems | 3.33 kCr | 5.86 kCr | -13.70% | -25.00% | 54.46 | 0.57 | - | - |
| DUTRON | Dutron Polymers | 78 Cr | 102.96 Cr | -5.40% | -22.20% | 34.3 | 0.76 | - | - |
Sector Comparison: PRINCEPIPE vs Industrial Products
Comprehensive comparison against sector averages
Comparative Metrics
PRINCEPIPE metrics compared to Industrial
| Category | PRINCEPIPE | Industrial |
|---|---|---|
| PE | 86.41 | 47.25 |
| PS | 1.47 | 3.12 |
| Growth | -1.8 % | 1.8 % |
Performance Comparison
PRINCEPIPE vs Industrial (2021 - 2025)
- 1. PRINCEPIPE is among the Top 10 Plastic Products - Industrial companies but not in Top 5.
- 2. The company holds a market share of 5.3% in Plastic Products - Industrial.
- 3. In last one year, the company has had a below average growth that other Plastic Products - Industrial companies.
Income Statement for Prince Pipes and Fittings
Balance Sheet for Prince Pipes and Fittings
Cash Flow for Prince Pipes and Fittings
What does Prince Pipes and Fittings Limited do?
Prince Pipes and Fittings Limited manufactures and sells piping solutions in India. It offers chlorinated polyvinyl chloride (CPVC) hot and cold potable water plumbing systems, unplasticized polyvinyl chloride (UPVC) plumbing systems, and reclaim piping systems; CPVC and poly propylene random copolymer plumbing and industrial systems; poly propylene (PP) drainage system; low noise PP drainage system; low noise soil, waste, and rainwater (SWR) piping system; SWR sealing pipes; and roof water piping systems. The company also provides underground drainage piping system, UPVC underground drainage piping system, inspection chambers, underground double wall corrugated pipes, and FRP manhole and chamber covers; agriculture pressure pipes and fittings, borewell systems, and high density poly ethylene pipes, fitting, and valves; and linear low density poly ethylene water storage tanks. In addition, it offers electrical conduit pipes and fittings, cable ducting pipes, surface drainage systems and pipes; polytetra methylene terephthalate bathware-faucets and showers; and sanitaryware. The company provides its products under the Prince, Trubore, and Aquel brand names. Prince Pipes and Fittings Limited was incorporated in 1987 and is headquartered in Mumbai, India.