Broker’s call: Prince Pipes (Buy)

Target: ₹497

CMP: ₹365.20

Established in 1987, Prince Pipes & Fittings Ltd (PPFL) is one of India’s leading piping solution providers, with manufacturing capabilities across five key polymers: UPVC, CPVC, HDPE, LLDPE, and PPR. This makes it one of the few players with a comprehensive multi-polymer portfolio catering to agricultural, residential, and industrial segments.

As of FY25, the company operates eight manufacturing facilities across the country, including a recently commissioned plant in Bihar, taking its total installed capacity to 3,97,559 MTPA. PPFL holds about 5 per cent market share of the total Indian plastic pipes industry, positioning it among the top 5 organised players. In FY23, the company forayed into the bathware segment, further strengthened by the acquisition of Aquel in FY24.

Although this segment currently contributes about 1 per cent to revenue and remains loss-making, the company continues to invest in expanding its presence in this complementary segment.

With PVC resin prices stabilising and sales volumes expected to recover, the company is well-positioned to deliver improvement in both revenue and profitability. We initiate coverage on PPFL with a BUY rating and a target price of ₹497 (30x FY27E EPS),

Published on July 4, 2025