Prince Pipes was once the cool kid of polymer plumbing—selling CPVC, UPVC, HDPE, and PPR pipes like jalebis at a shaadi. Today, they’re expanding into bathware, luxury faucets, and sanitaryware. But when your EPS is just ₹2.1 and P/E is 153, you’re basically asking investors to pay Gucci rates for a Kurta from Palika Bazaar.
2. Introduction
Established in 1987, Prince Pipes began as a humble PVC product manufacturer. Fast-forward, and they now boast eight plants, 7,200+ SKUs, and 1,500+ channel partners. On paper, they’re among India’s top six players in piping solutions with a ~5% market share. In reality, Supreme Industries and Astral are hogging the spotlight while Prince is desperately trying to upgrade from “supporting actor” to “hero material.”
The company’s strategy screams diversification: irrigation pipes, cable ducts, underground sewage solutions, fancy “silent” drainage systems, and now—luxury bathware under brands like Aurum, Titanio, and Marquise. Because when your EBITDA margin falls from 14% to 6%, the natural solution is obviously selling bathroom taps with German names.
But here’s the kicker: despite ₹2,500 Cr+ in annual sales, PAT collapsed from ₹182 Cr in FY24 to just ₹23 Cr in FY25. That’s a 87% erosion. Imagine going from ordering full thalis to surviving on one vada pav a day.
3. Business Model – WTF Do They Even Do?
Prince Pipes basically sells anything through which water, waste, or ego can flow. Their product universe includes:
Bathware – Aquel acquisition + luxury brands like Aurum & Titanio.
They also flaunt foreign collaborations: Lubrizol (CPVC compounds), Hauraton (drainage), Skolan Safe (German silent systems), and Tooling Holland. Basically, “foreign ka thappa” is their USP.
But here’s the desi twist: 92% of revenues still come from pipes and fittings. Bathware is just the new garnish on their piping thali.
Question: would you trust a luxury tap brand from the same guys who sell borewell pipes in Bihar? Or is this classic jugaad diversification?
4. Financials Overview
Quarterly Comparison
Metric
Jun ’25
Jun ’24
Mar ’25
YoY %
QoQ %
Revenue (₹ Cr)
580
604
720
-4%
-19%
EBITDA (₹ Cr)
40
58
55
-31%
-28%
PAT (₹ Cr)
4.8
24.7
24.2
-81%
-80%
EPS (₹)
0.44
2.23
2.19
-80%
-80%
Commentary: Prince Pipes’ EPS collapsed like a poorly fitted drainage joint. Going from ₹2.2 to ₹0.44 in a year is not “margin pressure”—it’s financial constipation.
5. Valuation – Fair Value Range Only
(i) P/E Method
EPS (TTM): ₹2.1
Industry P/E: ~24x
Fair Value: ₹50 – ₹80
(ii) EV/EBITDA Method
EV: ~₹3,746 Cr
EBITDA (TTM): ~₹143 Cr
EV/EBITDA = 26x (ouch)
Fair Range (10–15x): ₹1,400 – ₹2,100 Cr EV → per share ₹125 – ₹190
👉 Fair Value Range (educational only): ₹125 – ₹225/share
Disclaimer: For educational purposes only, not investment advice.
6. What’s Cooking – News, Triggers, Drama
Begusarai Plant – New Bihar facility (24,000 MT capacity) started FY25. Management says it will unlock demand in North & East India. Investors say: “Show profits first.”
Bathware Bet – Acquired Aquel brand for ₹55 Cr. Added 200+ retail touchpoints. From CPVC pipes to luxury taps—it’s like your plumber trying to sell
