Prince Pipes and Fittings Ltd

Material ESG & governance highlights

• BRSR for FY2025-26 filed; forms part of the Annual Report.
• CSR turnover Rs 25,983.32 million and net worth Rs 16,445.09 million.
• Rooftop solar capacity ~8.4 MWp; renewables ~20% of total energy.
• Total Scope 1 emissions: 1,105 tCO2e; Scope 2: 61,257 tCO2e.
• Total Scope 1+2 intensity: 2.12 g CO2e per Rs turnover; PPP-adjusted 48.73 g/Rs.
• Total energy consumed: 352,094,565.19 units (renewables 74,042,305.2; non-renewables 278,052,259.99).
• Total waste: 19,369.33 tonnes; ~99% of internal production waste recovered and reused.
• Water withdrawal: 153,794.67 KL; consumption: 137,838.46 KL; water intensity 0.0038 L per turnover.
• ZLD in all facilities; STPs in place; treated water reused for gardening.
• LTIFR 0; no fatalities; ISO 45001 across all manufacturing units.

AGM details

• AGM to be held on 16 September 2026 at 11:30 IST via VC/OAVM.
• Record date for voting: 9 September 2026.
• Register and transfer books closed 10–16 September 2026.
• Remote e-voting window: 13–15 September 2026.
• Voting at AGM available through e-voting.

Ordinary business

• Adopt Audited Financial Statements for year ended March 31, 2026.
• Declare final dividend of Re 1 per share.
• Re-appoint Vipul J Chheda by rotation.
• Re-appoint Statutory Auditors M/s N.A. Shah Associates LLP.

Special business

• Remuneration ratification for Ketki D Visariya, Cost Auditor, for 2026-27, ₹3,99,300 per annum.
• Re-appoint Jayant S Chheda as Chairman and MD for three years.
• Re-appoint Parag J Chheda as Joint Managing Director for three years.
• Re-appoint Vipul J Chheda as Executive Director for three years.
• Re-appoint Heena P Chheda as President HR with monthly ₹12,50,649.
• Re-appoint Nihar P Chheda as VP Strategy with monthly ₹12,50,549.

Financial snapshot

• Revenue from operations ₹25,983.32m in FY26, +3% YoY.
• EBITDA ₹2,316.03m (excl. exceptions).
• PAT ₹731.81m after exceptional items.
• EPS ₹6.62 per share for FY26.
• Net worth ₹16,445.09m; total assets ₹24,238.52m.
• Total debt ₹1,399.92m; debt/equity 0.09x.
• Debt service coverage 1.07x; current ratio 1.96x.
• Debtors turnover 6.61x; inventory turnover 4.70x.
• Operating margin 4.29%; net margin 2.82%.

Expansion & strategy

• Phase II commissioning at Begusarai increased capacity to 65,380 MTPA.
• Aquel bathware assets acquired; portfolio expanded.
• Aquel retail presence across Tier II/III markets; 200+ touchpoints.
• New brand campaign launched: INDIA KI PRAGATI KA TAJ.

Dividend & capital allocation

• Final dividend ₹1 per share recommended for FY26.
• Dividend total ₹1,105.61 million; record date 9 Sep 2026.
• No transfer to General Reserve for FY26.
• Paid-up capital unchanged at ₹1,105.61 million.

Debt & liquidity

• Total debt ₹1,399.92m; debt/equity 0.09x.
• Cash and cash equivalents ₹1,282.98m year-end.
• Current liabilities ₹6,661.70m; current ratio 1.96x.

Governance & risk

• Statutory auditors M/s NA Shah Associates LLP reappointed for 2026-2029.
• Strong internal controls; ISO 45001/14001/50001 across locations.
• Board meetings held: 4; independent directors’ declarations verified.
• RPT policy in place; related party transactions audited quarterly.

ESG and CSR

• CSR spend ₹47.13m; 2% base profit target ₹31m; 47 spent.
• Renewable energy accounts for 22% of total energy; intensity improved.
• Zero Liquid Discharge across plants; STPs; water recycling.
• 99% of internal process waste recycled; water-management enhancements.

Outlook & risks

• FY26 global growth ~3.1%; India ~6.8-7% in FY27.
• Raw material volatility and PVC price risk near term.
• Expansion in adjacencies and digital channels to drive growth.
• Strong distribution network and brand equity support momentum.

Operations & capacity

• Nine manufacturing plants; total installed capacity ~435,222 MTPA.
• Chennai plant expansion and Aquel integration broaden portfolio.
• Prince Pipes brands: Prince Piping, Trubore, Aquel; broad polymer mix.

Resignation of Chief Human Resource Officer

• Ajay Kumar, Chief Human Resource Officer, resigned; cessation effective August 20, 2026.
• Reason: personal reasons (per resignation letter dated 20 July 2026).
• Date of cessation: close of business hours on 20 August 2026.
• Resignation letter dated 20 July 2026 submitted to management.
• Annexure A provides cessation details.

Financial Performance

• Revenue from operations INR 609 crores, up 5% YoY.
• Volumes 40,729 MT, down 7% YoY.
• EBITDA INR 77 crores, up 93% YoY; margin 13%.
• PAT INR 34 crores, up 580% YoY; PAT margin 6%.
• Working capital days 71; receivable 40 days; inventory 100 days.
• Bathware revenue INR 13 crores; Bathware EBITDA -INR 5 crores; no inventory gain this quarter.
• Q1 capex ~ INR 40-42 crores; mainly Bhuj plant second tranche.
• Net cash almost neutral; gross debt around INR 120 crores.

Growth and Operating Levers

• Strategy pillars: product innovation, distributor expansion, retailer expansion.
• DECILO PP drainage launched; Haridwar manufacturing; installed in residential and commercial projects.
• DMS and SFA in place; shift to pull-based demand with retailer visibility.
• June quarter added new channel partners; expansion planned in September quarter.
• Brand-building campaigns across trains and buses to strengthen recall.

Capital and Liquidity

• Net cash almost neutral; gross debt around INR 120 crores.
• Q1 capex ~ INR 40-42 crores; Bhuj plant second tranche.
• Capex plan unchanged; rest of year capex to flow in next nine months.
• Working capital: 71 days; debtors 40; inventory 100; payables ~70 days.

Bathware and Segment Mix

• Bathware Q1 revenue INR 13 crores; EBITDA -INR 5 crores; no inventory gain.
• PVC price floor around $766/ton reduces destocking; Q2 inventory gain unlikely.
• Margin drivers: CPVC/PPR mix and DECILO; phased pass-through of CPVC hikes.

Guidance and Outlook

• FY27 EBITDA margin guidance remains 11-13%.
• Volume growth guidance remains 12-15%; unchanged.
• Capex plan: Sangareddy & Begusarai plants; Jaipur completed; rest over nine months.
• Utilization currently 52-53%; target 60-65%.
• Debtor days target toward 30 days.
• Inventory days 100; plan to return to 65-75 by Sep quarter.

Meeting Details

• Date and time: Tue, Aug 4, 2026 at 04:30 PM IST
• Event: Q1 FY27 conference call; Organizer: MUFG Intime India on behalf of Prince Pipes
• Mode: virtual; Type: group conference call

Participants

• Joint Managing Director
• Vice President (Strategy)
• Chief Financial Officer

Purpose

• Discuss Q1 FY27 unaudited results following release
• Investor and analyst engagement