New Research Reports

CPVC piping in India. As of FY25, it has 26 manufacturing units with an aggregate capacity of 5.49 lakh TPA (3.8 lakh TPA Pipes, Water tanks & Bathware, 1.3 lakh TPA Adhesives & Sealants, 36000 TPA Paints). It has a strong network of over 2.5...

Prince Pipes' Q2FY26 result was below our estimate on net sales, however, EBITDA and PAT were beat to our estimates. The management reiterated that the market continued to face a challenging environment primarily due to volatility in PVC resin prices and weak overall demandr conditions. Key end-user segments like infrastructure and real estate saw subdued activity, largely affected by an extended and uneven monsoon season that disrupted construction schedules. The agriculture segment also experienced softer demand as erratic rainfall patterns impacted farmrelated activities. Further, the delay in implementing the anti-dumping duty created uncertainty among channel partners, adding pressure on domestic PVC prices....

Nilkamal Ltd.'s (NILK) Q2FY26 result was ahead of our estimates on key parameters. The B2B segment of the Company achieved a growth of 18% in value & 13% in volume terms. Material Handling Business grew by 20%. The Mattress and Foam Business grew by 65% in Q2FY26 through diverse product offerings, brand engagement initiatives and market presence through higher channel partners. The Bubbleguard business grew by 23%, Nilkamal Edge - Institutional furniture business witness de growth of 2% while furniture trade business grew by 6%. The Retail & E-commerce segment clocked turnover of Rs110crs a growth...

We maintain our BUY recommendation on the stock.

Astral Ltd.'s Q2FY26 result was above our estimates on key parameters. The management guided that overall demand was weak in the industry, and the second quarter was particularly challenging due to very high and extended monsoon, low government spending, and slow construction activity. Despite challenging business environment, Astral delivered healthy performance in Q2FY26, achieving 20% volume growth and 15% value growth on a consolidated basis. The company's decentralized plant structure helped gain market share and resulted in strong growing demand, despite the overall industry weakness....

About the stock: Supreme Industries Ltd. (SIL) is the largest domestic Q2FY26 performance: Supreme Industries reported consolidated revenue of 2,409 crore (up 5.3% YoY, down 8.2% QoQ) for Q2FY26, led by 12% YoY volume growth (down 16% QoQ) at 1,54,431 MT (Plastic piping volumes were up 17% YoY at 1,19,860 MT). EBITDA margins came in lower than estimates at 12.4% (lower 170 bps YoY, almost flat QoQ) at 12.4%. Consequently, EBITDA and net profit declined 7% YoY and 20% YoY at 297 crore and 165 crore. Share of revenues from value added products increased to 45% at 1073 crore (up 18.3% YoY) from...

Supreme Industries (SI) reported Q2FY26 blended plastics volume growth of 11.8% YoY with pipes segment reporting 17.2% YoY volume growth (6-year CAGR of 10%), partly aided by Wavin acquisition.

Supreme Industries (SI) reported muted operating performance (EBITDA down 7% YoY), led by volatile PVC prices, a lower VAP mix, and weak demand (due to extended monsoon).

Demand revival and capacity augmentation to drive 10%/12% CAGR in sales volume/revenue growth over FY25-FY28: Prince Pipes has been consistently augmenting its capacities (~11% CAGR over FY21-FY25, 4.24 LTPA as on Q1FY26) through both brownfield and greenfield expansions, enabling it to retain an average market share of ~5%. We believe revival in housing completions from PMAY (Urban+Rural), extension of JJM scheme with enhanced outlay and robust residential sales during CY20-CY23 entering delivery phase would drive plastic piping industry over the next two to three years (Indian...

The company plans to start its CPVC resin plant in Sep’26, leveraging low-cost operational capacity in India, where supply is currently limited.

We are initiating coverage on Prince Pipes & Fittings Ltd (PRINCEPIPE) with a BUY recommendation and a target price of Rs 400/share, which implies an upside of 18% from the CMP.

Prince Pipes and Fittings (PRINCPIP) hosted an analyst meet on 18th Sep’25, where it highlighted the current demand-supply and pricing scenarios in the PVC pipes industry.

We recommend a BUY on the stock with a target price of Rs 1,570/share, implying an upside of 10% from the CMP.

PVC pipe demand is expected to rebound from Q2FY26 after a subdued start in Q1, which was hit by declining PVC prices, early monsoons, lower government spending and inventory losses.

at 50% discount to consensus target market value. We recently met the management of Finolex Industries (FNXP) to gauge volume growth outlook, market share dynamics, PVC resin availability, and price trends post DGTR's final findings on ADD on PVC resin. The company reiterated its 10% volume growth guidance in Pipes & Fittings (P&F) for FY26 and expects margin improvement ahead. We believe FNXP stands to benefit from 1) imposition of ADD on PVC resin given its backward integration, 2) GST rate revision on agri pipes, 3) expanding dealer/distribution network, and 4) gradual expansion in...

Astral Ltd (ASTRA) has reported flat volume growth of 0.5% in the plastic pipe segment due to weak demand scenario and delays in ADD on PVC resin. Its plumbing EBITDA margin contracted by 150bps YoY to 16.4%, with EBITDA per kg for the plastic pipe segment at Rs 27.9 after inventory loss of Rs 250mn in Q1FY26. During the quarter, PVC prices declined by 14% YoY. However, from Q2FY26, prices stabilized, and volumes began to recover. In July'25, the company recorded a 30% YoY volume growth. We anticipate ASTRA will...

Astral Ltd.'s Q1FY26 result was below our estimates on key parameters. Though Q1 typically sees higher PVC volume due to agricultural demand, this quarter was impacted due to early monsoon which reduced CPVC volume and valueadded products. Further, plumbing segment volume remained flat in Q1 due to low demand, early monsoon, and low government spending. During the quarter polymer prices were volatile resulting into inventory losses and affected on realization. Despite headwinds, the management is confident of achieving double-digit growth for FY26. We have reduced our net sales/EBITDA estimates by 6%/14% and 6%/11% respectively over FY26E/FY27E. Maintain BUY with a...

Quarterly Update Q1FY26

Astral reported a lower-than-expected Q1FY26 with pipe volume growth of 0.5% YoY (6-year CAGR of 10%). Consol. revenue fell 1.6% YoY with pipes/adhesives segments being -6.7%/+8.6% YoY. Pipes’ reported EBITDA/kg declined 14.3% YoY to INR 27.9/kg (adjusted for inventory losses of INR 250mn, it was flat YoY).

We maintain our BUY recommendation on the stock.