Prince Pipes and Fittings Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Prince Pipes and Fittings Ltd filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Prince Pipes reported Q4 FY26 revenue of Rs 850 crore, up 18% year-on-year, with EBITDA of Rs 110 crore at a 13% margin and volumes of 62,167 metric tons, up 23% year-on-year. For the full year FY26, revenue grew 3% to Rs 2,598 crore with volume growth of 8%, while EBITDA rose 43% to Rs 232 crore. Management said the quarter's growth was aided by rising PVC prices, passed-on inventory gains to channel partners, and continued expansion of the Bathware business through the Aquel acquisition and a new experience center in Vadodara.
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Numbers mentioned
Revenue from operations: INR850 crores (Q4 FY26)
p. 5
“Revenue from operations stood at INR850 crores, a strong growth of 18% Y-o-Y.”
Anand Gupta, page 5 of the filed PDF · View the filing
Volume: 62,167 metric tons (Q4 FY26)
p. 5
“Our volumes for the quarter stood at 62,167 metric tons, a robust growth of 23% Y-o-Y.”
Anand Gupta, page 5 of the filed PDF · View the filing
EBITDA: INR110 crores (Q4 FY26)
p. 5
“EBITDA for the quarter stood at INR110 crores, an exceptional growth of 100% Y-o-Y, while margins stood at 13%, registering a 500 basis point growth.”
Anand Gupta, page 5 of the filed PDF · View the filing
Profit after tax: INR56 crores (Q4 FY26)
p. 5
“Profit after tax for the quarter stood at INR56 crores, a remarkable growth of 133% Y-o-Y.”
Anand Gupta, page 5 of the filed PDF · View the filing
Revenue from operations: INR2,598 crores (FY26)
p. 5
“Now for the full year FY '26 highlights. Revenue from operations stood at INR2,598 crores. It grew by 3% Y-o-Y.”
Anand Gupta, page 5 of the filed PDF · View the filing
Volume: 1,91,238 metric tons (FY26)
p. 5
“Our volumes for the full year FY '26 stood at 1,91,238 metric tons as compared to 1,77,202 metric tons same period last year, a growth of 8%.”
Anand Gupta, page 5 of the filed PDF · View the filing
EBITDA: INR232 crores (FY26)
p. 5
“EBITDA for the full year stood at INR232 crores, up by 43% Y-o-Y, while margin stood at 9%.”
Anand Gupta, page 5 of the filed PDF · View the filing
Profit after tax: INR73 crores (FY26)
p. 5
“Profit after tax after exceptional items stood at INR73 crores, registering a healthy growth of 70% Y-o-Y.”
Anand Gupta, page 5 of the filed PDF · View the filing
Working capital days: 45 days (FY26)
p. 5
“Working capital days stood at 45 days in FY '26 compared to 98 days in the corresponding period last year.”
Anand Gupta, page 5 of the filed PDF · View the filing
Receivable days: 51 days (FY26)
p. 5
“Receivable days improved to 51 days from 61 days in the same period last year, while inventory days stood at 70 days as of 31st March 2026.”
Anand Gupta, page 5 of the filed PDF · View the filing
Bathware revenue: INR16 crores (Q4 FY26)
p. 11
“Revenue is INR16 crores and loss is INR5 crores for this quarter.”
Anand Gupta, page 11 of the filed PDF · View the filing
Overall capacity utilization: 52% (FY26)
p. 17
“Yes. On production capacity, 52%.”
Anand Gupta, page 17 of the filed PDF · View the filing
Bihar plant capacity utilization: 60%
p. 13
“In fact, Bihar, our capacity utilization is healthy as we speak. So kind of 60%, kind of, utilization we have already hit at Bihar.”
Nihar Chheda, page 13 of the filed PDF · View the filing
Value-added product revenue share: 23%, 24% (FY26)
p. 18
“So, this would be in the range of 23%, 24% in FY '26, and this has to move towards 27% to 28% next year.”
Nihar Chheda, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin — 11% to 13% · FY27
stated firmly by Nihar Chheda
p. 5
“I think if you have to look at guidance for next financial year -- or current financial year rather, I think EBITDA should be closer to our normal guidance of in the band of 11% to 13% for the full year.”
Nihar Chheda, page 5 of the filed PDF · View the filing
Volume growth — 12% to 15% · FY27
stated firmly by Nihar Chheda
p. 5
“There could be a few quarters of inventory gain and loss, but annualized, we see 11% to 13% kind of operating margin and 12% to 15% kind of a volume growth.”
Nihar Chheda, page 5 of the filed PDF · View the filing
Inventory days — 65 to 75 days
stated firmly by Nihar Chheda
p. 7
“We have guided for 65 days to 75 days of inventory. And we are in that range as we speak.”
Nihar Chheda, page 7 of the filed PDF · View the filing
Debtor days — reduce by 10 to 15 days · end of this financial year
stated as an aspiration by Nihar Chheda
p. 12
“So our endeavor is to bring this further down by another 10 days to 15 days by the end of this financial year.”
Nihar Chheda, page 12 of the filed PDF · View the filing
Capex — INR200 crores to INR210 crores · FY27
stated firmly by Anand Gupta
p. 20
“Around INR200 crores to INR210 crores is the planning for FY 2027. That includes the second tranche of Bhuj as well.”
Anand Gupta, page 20 of the filed PDF · View the filing
Gross asset turn — 2.5x of gross block · long term
stated as an aspiration by Nihar Chheda
p. 14
“Correct. It would be over the long term.”
Nihar Chheda, page 14 of the filed PDF · View the filing
Bathware breakeven run rate — INR20 crores to INR25 crores quarterly revenue · Q2/Q3 FY27
stated conditionally by Nihar Chheda
p. 18
“No, I think quarter two, quarter three of next financial year -- FY '27 current financial year is what we target to hit that kind of run rate. We have done around INR16 crores in fourth quarter. And at around INR20 crores, INR25 crores, we will hit that breakeven mark.”
Nihar Chheda, page 18 of the filed PDF · View the filing
Capacity utilization — 58% to 60% · end of FY27
stated conditionally by Anand Gupta
p. 20
“So, of the production capacity, we intend to have around 58% to 60% if the guidance of 15% we achieve to get the volume.”
Anand Gupta, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management reiterated an EBITDA margin band and volume growth guidance for the coming year.
Answered by Nihar Chheda
Asked by Shravan Shah: What is the outlook for volume growth and margin for FY27-28?
p. 5
“I think EBITDA should be closer to our normal guidance of in the band of 11% to 13% for the full year.”
Nihar Chheda, page 5 of the filed PDF · View the filing
Management cited absence of inventory loss, record volumes, and a stronger product mix from CPVC and PPR.
Answered by Nihar Chheda
Asked by Sneha: What drove the sharp improvement in margins this quarter versus prior periods?
p. 8
“So product mix, operating leverage and lack of inventory loss, helped us have strong operating margins in the March quarter.”
Nihar Chheda, page 8 of the filed PDF · View the filing
Management said the guidance change should not be read into much and confirmed it includes bathware losses.
Answered by Nihar Chheda
Asked by Keshav Lahoti: Why was the EBITDA margin guidance raised from 10-12% to 11-13%, and does it include bathware losses?
p. 9
“Yes. I think the margin guidance is in that same range. So I would not read too much into it. I think we are confident of achieving that kind of 11%, 12% kind of EBITDA, including the bathware losses.”
Nihar Chheda, page 9 of the filed PDF · View the filing
Management gave the specific revenue and loss figures for the Bathware segment.
Answered by Anand Gupta
Asked by Varun Julasaria: What were Bathware revenue and losses this quarter?
p. 11
“Revenue is INR16 crores and loss is INR5 crores for this quarter.”
Anand Gupta, page 11 of the filed PDF · View the filing
Management gave a capex range for FY27 and said the gross asset turn target would be achieved over the long term.
Answered by Anand Gupta
Asked by Utkarsh: What is the capex guidance for FY27 and the target gross asset turn?
p. 14
“And the capex, which you asked about FY '27 plan, it will be in the range of INR200 crores, which includes capex to maintain for our existing plant and some of the debottlenecking plan which we have for our two or three plants.”
Anand Gupta, page 14 of the filed PDF · View the filing
Management said it did not see a correlation and named its main raw material suppliers.
Answered by Nihar Chheda
Asked by Sonal Minhas: Is there a pattern between rising creditor days and PVC price cycles?
p. 15
“I don't think there is any correlation between that.”
Nihar Chheda, page 15 of the filed PDF · View the filing
Management said demand growth is non-linear and that Prince has historically built capacity ahead of the curve, expecting utilization to rise as demand increases.
Answered by Nihar Chheda
Asked by Karan Gupta: What is limiting capacity utilization from rising further, and what is the plan to increase it?
p. 17
“So we are a debt-free organization with a very robust balance sheet. And we are extremely bullish on the growth that India will see and specifically in building materials, infrastructure, agriculture and water storage, the verticals that we operate in, we are extremely bullish over the long-term.”
Nihar Chheda, page 17 of the filed PDF · View the filing
Management acknowledged some restocking in March but said January and February volume growth was driven by price competitiveness and distribution initiatives, adding that 23% growth is not sustainable.
Answered by Nihar Chheda
Asked by Deepak: Is the current demand strength structural or driven by temporary restocking due to price volatility?
p. 20
“So, yes, 23% is not sustainable. Of course, the restocking has part to play in that.”
Nihar Chheda, page 20 of the filed PDF · View the filing
Risks flagged
Volatile raw material prices and unseasonal rainfall affected the industry during FY26
p. 3
“FY '26 was a challenging year for the industry, shaped by volatile raw material prices, extended unseasonal rainfall and subdued demand across key end user categories.”
Parag Chheda, page 3 of the filed PDF · View the filing
PVC price fluctuations disrupted channel sentiment
p. 3
“Additionally, significant fluctuations in PVC prices disrupted channel sentiment and created added uncertainty across the value chain.”
Parag Chheda, page 3 of the filed PDF · View the filing
April channel destocking weakened industry volumes after March price surge
p. 10
“Yes, we have seen, so April was challenging for the entire industry, which was expected due to high restocking in March.”
Nihar Chheda, page 10 of the filed PDF · View the filing
Sharp escalation in construction material costs for real estate developers
p. 14
“Yes, I would acknowledge that there is a major sharp escalation of costs for real estate developers.”
Nihar Chheda, page 14 of the filed PDF · View the filing
Smaller industry players facing supply issues and inventory losses amid volatility
p. 21
“So, big players will continue to get bigger from here.”
Nihar Chheda, page 21 of the filed PDF · View the filing
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