Prince Pipes & Fittings Ltd, incorporated in 1984, is a leading and highly trusted brand in the Indian plumbing and piping industry. Based in Mumbai, Maharashtra, it stands as one of India's largest integrated piping solutions and multi-polymer manufacturers. The company specializes in the manufacturing of polymer piping solutions using four types of polymers: CPVC, UPVC, HDPE, and PPR. With over three decades of experience, Prince Pipes has cultivated a robust reputation for quality and reliability, catering to both residential and industrial segments across the country.
The company was formally incorporated in 1987 and has since established itself as a prominent player in the Indian piping sector, offering comprehensive plumbing and piping solutions.
Prince Pipes & Fittings Ltd operates a widespread manufacturing and distribution network with a total installed capacity of nearly 3,15,000 MTPA. The company boasts 07 strategically located manufacturing plants across the country, situated in Haridwar (Uttarakhand), Athal (Dadra and Nagar Haveli), Dadra (Dadra and Nagar Haveli), Kolhapur (Maharashtra), Chennai (Tamil Nadu), Jobner (Rajasthan), and Sangareddy (Telangana). Additionally, it maintains 11 depots and collaborates with over 1,500 channel partners.
The company's operations encompass manufacturing, distribution, and retail segments. It specializes in producing a diverse array of plastic pipes and fittings, including PVC, CPVC, SWR, and UPVC pipes, along with a comprehensive range of accessories like valves, elbows, tees, and couplers. Prince Pipes also operates 9 warehouses and leverages a distribution channel with more than 1,500 partners. The water tanks plant in Haridwar was launched in February 2024, and the Chennai Plant commenced operations in July 2024, reflecting the company's commitment to expanding its production capacity and geographical reach.
Prince Pipes & Fittings Ltd offers a wide spectrum of plumbing solutions, including CPVC hot and cold potable water plumbing systems, UPVC plumbing systems, and reclaim piping systems. Its industrial piping solutions encompass CPVC industrial piping systems and industrial plumbing systems. The company's top products include its highly durable and corrosion-resistant UPVC pipes and fittings, marketed under popular brands such as Prince, Aqua Gold, and Plasto. These products find extensive application in residential, commercial, and industrial settings.
The company continuously innovates and expands its product portfolio to meet evolving market demands. In FY 2021-22, it introduced new products like PE-FIT Aqua - HDPE Piping Systems, suitable for various applications including potable water city pipe networks, drip, sprinkler, and lift irrigation, industrial effluents, infrastructure and government projects, and borewell applications. CORFIT Manhole Chambers were also launched.
Further diversification occurred in November 2022 and January 2023 with the introduction of three key products in the Modern Plumbing division: Skolan Safe, a Premium Polypropylene (PP) Silent Drainage System; Prince HT Safe PP Low Noise Drainage System; and Prince Hauraton, a modern range of surface drainage solutions. In 2023, the company ventured into the Bathware segment with the launch of Prince Bathware, featuring a new collection of faucets, showers, sanitaryware, and accessories.
As of July 09, 2025, 02:10 PM, the market capitalization of Prince Pipes & Fittings Ltd stood at ₹3,969 Crore. The company has experienced significant stock volatility, with a 1-year return of -46.79%. The 52-week high and low on NSE were ₹705.00 and ₹229.05, respectively, and on BSE were ₹702.30 and ₹210.00. Over the past five years, the company has delivered a poor sales growth of 9.06%.
Recent performance indicates a mixed trend. The stock price saw an increase of 27.57% in the last month and 14.83% in the last three months on BSE, though it declined by 46.62% over the last 12 months. The stock is currently trading at 2.55 times its book value.
- FY 2025 Full Year Performance:
- Revenue: ₹2,523.92 Crore
- Net Profit: ₹43.14 Crore (declined 76.36% year-on-year)
- Q4 FY25 Performance (ended March 2025):
- Revenue: ₹719.65 Crore (declined 2.77% year-on-year)
- Net Profit: ₹24.18 Crore (declined 55.75% year-on-year)
- Q3 FY25 Performance (ended December 2024):
- Revenue: ₹577.72 Crore (declined 6.61% year-on-year)
- Net Profit: Reported a net loss of ₹20.42 Crore (compared to a net profit of ₹37.63 Crore in the previous year)
Prince Pipes & Fittings Ltd has encountered significant headwinds in recent quarters. Profitability has been impacted by a decline in sales volumes and the carrying cost of inventory. Revenue from operations fell notably in Q3 FY25 due to a weak demand environment affecting industry volumes.
Crisil Ratings expects that weak pricing trends in polyvinyl chloride (PVC) resin and sluggish demand from end-user sectors will continue to affect the company's business risk profile in the medium term. The company has already witnessed subdued revenue growth and weakened profitability in the first nine months of FY25, with Q3 FY25 facing considerable challenges. During 9MFY25, Prince Pipes & Fittings faced margin erosion, with EBITDA margins falling below 6%, significantly lower than the 11.77% recorded in the same period of FY24.
Despite current challenges, there are positive indicators for the company's future prospects. A gradual recovery in demand, supported by improving real estate activity and increased infrastructure spending, could positively impact revenues and operating margins. The company's ratings continue to reflect its established market position, strong business risk profile, robust financial risk profile, and ample liquidity.
Prince Pipes & Fittings remains optimistic about future growth and has recommended a final dividend of ₹0.50 per share. In the quarter ending March 2024, the company declared a dividend of ₹1, translating to a dividend yield of 0.30%.
Prince Pipes & Fittings Ltd remains a significant player in India's piping industry, supported by its extensive manufacturing network, diversified product portfolio, and strong market position. While the company faces near-term challenges from weak demand and margin pressures, its established brand presence and ongoing capacity expansion provide a foundation for future growth as market conditions improve.
