Prince Pipes and Fittings (PRINCEPIPE) Q4 25/26 earnings summary

Executive summary

• Achieved record quarterly sales volume of 62,167 MT in Q4 FY26, up 23% YoY, and annual sales volume of 191,238 MT, up 8% YoY, despite industry headwinds from volatile raw material prices and subdued demand.

• Q4 FY26 revenue rose 18% YoY to INR 850 crore (Rs 8,500.73 million); FY26 revenue grew 3% to INR 2,598 crore (Rs 25,983.32 million).

• Q4 FY26 EBITDA doubled to INR 110 crore (13% margin); FY26 EBITDA up 43% to INR 232 crore (9% margin).

• Q4 FY26 PAT surged 133% YoY to INR 56 crore (Rs 561.05 million); FY26 PAT up 70% YoY to INR 73 crore (Rs 731.82 million), including an exceptional item related to employee benefits.

• Launched DECILO, a low-noise PP pipe, and completed the acquisition of the Aquel bathware brand, expanding product portfolio and manufacturing capabilities.

Financial highlights

• Q4 FY26 revenue: INR 850 crore (+18% YoY); volumes: 62,167 MT (+23% YoY); FY26 revenue: INR 2,598 crore (+3% YoY); volumes: 191,238 MT (+8% YoY).

• Q4 FY26 EBITDA: INR 110 crore (+100% YoY, 13% margin); FY26 EBITDA: INR 232 crore (+43% YoY, 9% margin).

• Q4 FY26 PAT: INR 56 crore (+133% YoY, 7% margin); FY26 PAT: INR 73 crore (+70% YoY, 3% margin), with an exceptional item of INR 2.05 crore net of tax for New Labour Code.

• Bathware segment Q4 revenue: INR 16 crore; loss: INR 5 crore.

• EPS (basic, including exceptional items) for FY26 was Rs 6.62, up from Rs 3.90 in FY25.

Outlook and guidance

• FY27 guidance: EBITDA margin expected at 11%-13% and volume growth at 12%-15%.

• Value-added product share to rise from 23%-24% to 27%-28% next year, driven by CPVC, PPR, and DECILO.

• CapEx planned at INR 200-210 crore for FY27, targeting 58%-60% capacity utilization.

• Bathware segment expected to break even at INR 20-25 crore quarterly run rate by Q2/Q3 FY27.

• The company will re-evaluate the impact of the new Indian Labour Codes once further guidance is available.