Prince Pipes & Fittings Ltd. share price target

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...

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.

Quarterly Update Q1FY26

Prince Pipes' Q1FY26 result was below our estimates on key parameters. A major factor influencing the industry was the heightened volatility in PVC resin prices, which negatively impacted both volume growth and profitability across the sector. A sharp correction in these prices further resulted in inventory losses for the company in the trade channel, temporarily compressing margins in Q1FY26. The management has guided high single-digit to low double-digit volume growth for FY26E. EBITDA Margin is projected to improve going forward. Q2FY26 is expected to be better than Q1 on margin front, and the second half of...

Prince Pipes and Fittings (PRINCPIP) reported a muted quarter amid the ongoing challenges of volatile pricing and the early onset of monsoon, affecting demand.

Initiating Coverage Report

PPFL is maintaining elevated inventory levels to strategically capture market opportunities, complemented by increased distributor incentives now set at 3%. However, a spillover in inventory loss is expected in Q1FY26 as well. PPFL navigated a challenging FY25, marked by heightened PVC price volatility, channel destocking, and subdued demand due to reduced government spending....

PRINCPIP's Q1 result came broadly in line with our estimate; gained market share even after tightening credit period in Q1

MM: Growth trajectory captured in the valuations. EIM: Powering growth momentum with new launches. VGRD: Early summer sparks a robust quarter. AMBER: Ongoing challenges; maintain SELL. PRINCPIP: Mixed Q4FY24; positive demand outlook

PRINCPIP: Faucetware acquisition to accelerate bathware growth engine

PRINCPIP acquired the faucetware brand Aquel and the manufacturing facility from Klaus Waren Fixtures for Rs 600mn