Prince Pipes and Fittings (PRINCEPIPE) Q4 24/25 earnings summary

Executive summary

• Navigated a challenging macro environment with muted demand, subdued government spending, and high PVC resin price volatility, impacting volumes and margins.

• Achieved sales volume growth of 3% YoY for FY25 to 177,202 MT, but Q4 volumes declined 2% YoY to 50,454 MT.

• Revenue from operations for FY25 was ₹25,239.16 million, slightly down from ₹25,687.48 million in FY24.

• Focused on operational capabilities, strategic priorities, and capacity expansion, including commissioning phase I of the Begusarai plant.

• Expanded bathware retail footprint and enhanced brand visibility through partnerships and certifications.

Financial highlights

• Q4 FY25 revenue: ₹7,196.54 million; Q4 volume: 50,454 MT (down 2% YoY); EBITDA: ₹552 million (down 40% YoY); PAT: ₹241.78 million; PAT margin: 3.3%.

• FY25 revenue: ₹25,239.16 million (down 2% YoY); volume: 177,202 MT; EBITDA: ₹3,040.10 million (down 47% YoY); EBITDA margin: 6.0%; PAT: ₹1,824.97 million; PAT margin: 2.0%.

• Net cash from operating activities improved to ₹1,189.48 million in FY25 from ₹328.98 million in FY24.

• Bathware segment FY revenue: ₹300 million; Q4 revenue: ₹105 million; Q4 loss: ₹45 million; FY loss: ₹170-180 million.

• Water tank segment FY revenue: ₹480 million (up ~20% YoY).

Outlook and guidance

• Expecting double-digit volume growth in FY26, supported by expanded capacity and favorable base.

• Long-term EBITDA margin guidance maintained at 12%; significant margin improvement expected in FY26.

• Focus on expanding distribution network and introducing value-added products to enhance market share.

• Bathware segment expected to break even in four to five quarters.