1. Opening Hook
If monsoons had an HR rating, Prince Pipes would’ve marked it “Needs Improvement.” Extended rains, soggy demand, and PVC price volatility — yet management insists it’s all “temporary.” While the industry cried over resin, Prince quietly expanded Bihar and flirted with new geographies.
And just when everyone thought pipes couldn’t get more boring, ADD (anti-dumping duty) turned into the new suspense thriller. The CFO swears margins are “healthy” — investors are still checking the X-ray. Stick around — it gets leak-proof and sarcastically optimistic from here. 💧
2. At a Glance
- Revenue ₹595 Cr (↓2%) – Blame monsoon, not management — classic seasonal scapegoat.
- Volume 42,761 MT (Flat) – Pipes went nowhere, literally.
- EBITDA ₹55 Cr (↑20%) – Margins flexed while sales coughed.
- EBITDA Margin 9% (↑200 bps) – PVC gods finally smiled.
- PAT ₹15 Cr (↑15%) – Small profit, big sigh of relief.
- H1 Revenue ₹1,175 Cr (Flat) – Rain soaked growth but not optimism.
- Working Capital 85 Days (↓8 days) – CFO’s real victory lap.
3. Management’s Key Commentary
Parag Chheda: “PVC volatility and weak infra demand impacted us, but we remain focused on efficiency.”
(Translation: We couldn’t grow, so we’re calling it “strategic resilience.”) 😏
Nihar Chheda: “Industry degrew 9% in PVC; we held market share.”
(Translation: Everyone sank, we just sank slower.)
Anand Gupta: “EBITDA margin improved 200 bps to 9%.”
(Translation: Margins went to the gym; revenue stayed on the couch.)
Nihar Chheda: “ADD announcement should improve sentiment.”
(Translation: We’re waiting for government magic — again.)
Parag Chheda: “Bihar Phase 2 is commissioned, now a pan-India footprint.”
(Translation: Finally, East India can get piped without delay.)
Nihar Chheda: “Bathware brand Aquel is expanding to North and East.”
(Translation: Because toilets sell even when pipes don’t.) 🚿
Anand Gupta: “Working capital days reduced from 93 to 85.”
(Translation: Fewer days chasing payments — rare corporate
