This article first appeared on GuruFocus .
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Quarterly Revenue:INR 850 crores, 18% growth Y-o-Y.
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Quarterly Volume:62,167 metric tons, 23% growth Y-o-Y.
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Quarterly EBITDA:INR 110 crores, 100% growth Y-o-Y.
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Quarterly EBITDA Margin:13%, 500 basis point increase.
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Quarterly Profit After Tax (PAT):INR 56 crores, 133% growth Y-o-Y.
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Quarterly PAT Margin:7%, 400 basis point increase.
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Annual Revenue:INR 2,598 crores, 3% growth Y-o-Y.
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Annual Volume:1,91,238 metric tons, 8% growth Y-o-Y.
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Annual EBITDA:INR 232 crores, 43% growth Y-o-Y.
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Annual EBITDA Margin:9%.
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Annual Profit After Tax (PAT):INR 73 crores, 70% growth Y-o-Y.
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Annual PAT Margin:3%.
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Working Capital Days:Reduced to 45 days from 98 days last year.
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Receivable Days:Improved to 51 days from 61 days last year.
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Inventory Days:70 days as of March 31, 2026.
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Release Date: May 20, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Prince Pipes And Fittings Ltd ( BOM:542907 ) achieved its highest ever quarterly volumes with a 23% year-over-year growth in Q4.
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The company reported a strong revenue growth of 18% year-over-year for the quarter, reaching INR850 crores.
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EBITDA for the quarter doubled, showing a 100% year-over-year increase, with margins improving by 500 basis points to 13%.
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The strategic acquisition of the Bathware brand, Aquel, is expected to strengthen diversification and expand manufacturing capabilities.
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The company successfully reduced working capital days from 98 to 45 days, improving inventory and receivable management.
Negative Points
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FY26 was challenging due to volatile raw material prices, extended unseasonal rainfall, and subdued demand across key end-user categories.
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Significant fluctuations in PVC prices disrupted channel sentiment and created uncertainty across the value chain.
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April saw heavy destocking, leading to weaker volumes for the industry.
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The Bathware segment reported a loss of INR5 crores for the quarter, indicating challenges in achieving profitability.
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The company's capacity utilization remains low at 52%, indicating underutilization of existing resources.
Q & A Highlights
Q: What is the guidance for volume growth and margins for FY27 and FY28? A: Nihar Chheda, Vice President, Strategy, stated that the company expects EBITDA margins to be in the range of 11% to 13% for the full year, with anticipated volume growth between 12% to 15%.
Q: How did the company achieve a 23% volume growth in Q4? A: Nihar Chheda explained that the growth was due to aggressive pricing, passing inventory gains to channel partners, and strong demand across all months of the quarter. The company also focused on expanding its retail penetration and adding new channel partners.
Q: What is the outlook for the Bathware segment and its impact on margins? A: Nihar Chheda mentioned that the Bathware segment, with a revenue of INR16 crores and a loss of INR5 crores for the quarter, is expected to break even by Q2 or Q3 of FY27 when reaching a quarterly run rate of INR25 to INR30 crores.
Q: How is the company managing its working capital and inventory levels? A: Nihar Chheda highlighted that the company has improved its working capital efficiency, with inventory days maintained between 65 to 75 days. The focus is on reducing debtor days further by 10 to 15 days over the next year.
Q: What are the strategic initiatives for future growth? A: Nihar Chheda emphasized the importance of network expansion, adding new distributors and retailers, launching innovative products, and maintaining a strong focus on value-added products like CPVC and PPR to drive long-term growth.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
