Prince Pipes And Fittings Limited — Investor Meet, 14-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Prince Pipes & Fittings (PRINCEPIPE) discussed its Q2 & H1 FY'26 financial results. Q2 revenue stood at INR595 crore with 42,761 MT volumes, EBITDA at INR55 crore (9% margin), and PAT at INR15 crore (2% margin). H1 revenue was INR1,175 crore, volumes grew 1% YoY to 86,496 MT, EBITDA at INR95 crore (8% margin), and PAT at INR20 crore (2% margin). Working capital days improved to 85.

Management noted a challenging PVC market due to price volatility and weak demand from extended monsoon impacts on infrastructure, real estate, and agriculture. Despite headwinds, the company achieved volume growth in key regions and maintained market share against industry degrowth. Phase 2 of the Bihar unit, a significant capacity expansion, was commissioned, completing its pan-India manufacturing footprint.

The company anticipates demand recovery in H2 FY'26, driven by restocking and improved sentiment from the imminent anti-dumping duty. It targets high single-digit volume growth for FY'26 and aims for double-digit EBITDA margins from Q4. Strategic focus includes product innovation, strengthening distribution, and enhancing operational resilience. Aquel bathware revenue was INR12 crore in Q2, with breakeven expected in four quarters. The company is diversifying CPVC raw material sourcing and launching its own CPVC brand.