India · Delayed Price · Currency is INR Prince Pipes and Fittings Earnings Call Transcripts
Fiscal Year 2027
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Q1 FY27 saw 5% revenue growth and strong margin expansion, driven by improved product mix and higher value-added product contribution, despite a 7% volume decline. Guidance for 12%-15% volume growth and 11%-13% margins is maintained, with continued focus on innovation, network expansion, and digitization.
Fiscal Year 2026
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Q4 and FY 2026 saw record volume growth and strong financial performance, driven by product innovation, expanded distribution, and operational efficiency. Guidance for FY 2027 includes 11%-13% EBITDA margin and 12%-15% volume growth, with continued focus on value-added products and disciplined capital allocation.
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Q3 FY26 saw modest revenue growth amid subdued demand, with strong CPVC performance and improved working capital metrics. Double-digit volume growth is expected in Q4 and FY27, with sustainable EBITDA margins targeted at 10%-12%.
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Q2 and H1 FY 2026 saw muted volume growth amid PVC price volatility and weak demand, but operational efficiencies and a favorable product mix supported margin improvement. The Bihar plant expansion, bathware growth, and new CPVC strategy position the company for double-digit growth and margin normalization in H2 and beyond.
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Q1 FY26 saw 4% YoY volume growth but a 4% revenue decline due to lower realizations from PVC price volatility. Margins were compressed by inventory losses, but improvement is expected from Q2 as volumes rise and losses subside. High-single-digit to low-double-digit volume growth is guided for FY26.
Fiscal Year 2025
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Revenue and margins declined YoY due to muted demand and PVC price volatility, but capacity expansion and product innovation position the company for double-digit volume growth and margin recovery in FY 2026. CPVC and water tank segments showed strong growth, while bathware remains loss-making but is expected to break even in the next year.
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Q3 FY25 saw revenue and profitability decline due to PVC price volatility, inventory losses, and sluggish demand, but management expects volume and margin recovery from March and June quarters. CapEx focus remains on Bihar facility, with Bathware and water tank segments showing growth.
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Q2 FY25 saw 4% YoY volume growth despite a 16% drop in PVC prices, with plumbing and SWR segments leading. H2 is expected to be stronger, targeting 8%-10% volume growth for FY25, while new capacity in Bihar and ongoing expansion in bathware support long-term growth.
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Q1 FY25 saw 15% YoY volume growth and 9% revenue growth, with EBITDA up 29% and PAT up 25%. Margins were impacted by higher agri mix and branding costs, but long-term EBITDA margin guidance remains at 12%-13%. Capacity expansion and strong demand are expected to drive future growth.