Prince Pipes and Fittings Ltd - Stock Valuation and Financial Performance

BSE: 542907 | NSE: PRINCEPIPE | Plastic Products | Small Cap

Prince Pipes & Fitti Share Price

276.35 5.15 1.90%
as on 21-Feb'25 16:59

DeciZen - make an informed investing decision on Prince Pipes & Fitti

Overall Rating
Bole Toh

1. Quality

2. Valuation

Undervalued

3. Price Trend

Prince Pipes and Fittings stock performance -

P/E Ratio (SA):
41.51
Market Cap:
3,055.4 Cr.
52-wk low:
262.4
52-wk high:
721

Is Prince Pipes and Fittings Ltd an attractive stock to invest in?

1. Is Prince Pipes and Fittings Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Prince Pipes and Fittings Ltd is a good quality company.

2. Is Prince Pipes and Fittings Ltd undervalued or overvalued?

The key valuation ratios of Prince Pipes and Fittings Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

3. Is Prince Pipes and Fittings Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Prince Pipes and Fittings Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Prince Pipes & Fitti:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Prince Pipes and Fittings Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE %
12.5%16%25.1%21.1%21.4%20.5%28.7%27.6%12.4%16.3%-
Value Creation
Index
-0.10.10.80.50.50.51.11.0-0.10.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales
9571,0091,2471,3151,5721,6362,0722,6572,7112,5692,544
Sales YoY Gr.
-5.4%23.5%5.5%19.5%4.1%26.7%28.3%2%-5.2%-
Adj EPS
1.83.28.38.28.810.620.622.81115.36.7
YoY Gr.
-81%154.6%-0.6%6.7%21%94.2%10.7%-51.7%39.3%-
BVPS (₹)
16.719.926.935.144.175.994.6114.4123.4139.7140.4
Adj Net
Profit
17.231.174.373.978.811622625212216974
Cash Flow from Ops.
12387.996.8162219102292-19.536032.9-
Debt/CF from Ops.
2.43.43.32.31.42.50.3-7.70.23.5-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 11.6%10.3%7.4%-5.2%
Adj EPS 26.9%11.8%-9.4%39.3%
BVPS26.6%25.9%13.9%13.2%
Share Price - 8.8% -25.1% -52.8%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity %
11.317.734.226.42218.824.121.89.211.64.8
Op. Profit
Mgn %
910.313.212.711.714.417.815.89.312.17.8
Net Profit
Mgn %
1.83.165.657.110.99.54.56.62.9
Debt to
Equity
1.91.61.31.20.80.30.10.100.1-
Working Cap
Days
12712611714714615212813114314983
Cash Conv.
Cycle
9175717752563751698248

Recent Performance Summary

No data to display

Return on Equity has declined versus last 3 years average to 4.80%

Sales growth has been subdued in last 3 years 7.43%

Net Profit has been subdued in last 3 years -9.36%

Sales growth is not so good in last 4 quarters at -1.46%

Latest Financials - Prince Pipes and Fittings Ltd.

Standalone Consolidated
TTM EPS (₹) 6.7 -
TTM Sales (₹ Cr.) 2,544 -
BVPS (₹.) 140.4 -
Reserves (₹ Cr.) 1,442 -
P/BV 1.97 -
PE 41.51 -
From the Market
52 Week Low / High (₹) 262.40 / 721.00
All Time Low / High (₹) 75.00 / 896.65
Market Cap (₹ Cr.) 3,055
Equity (₹ Cr.) 110.6
Face Value (₹) 10
Industry PE 35.6

Quarterly Results

 Mar'24 YoY Gr. Rt. %Jun'24 YoY Gr. Rt. %Sep'24 YoY Gr. Rt. %Dec'24 YoY Gr. Rt. %
Sales (₹ Cr.) 0 N/A0 N/A0 N/A0 N/A
Adj EPS (₹) -0.1 -107.4-0 -250-0 N/A-0.1 N/A
Op. Profit Mgn % 0.00 00.00 00.00 00.00 0
Net Profit Mgn % 0.00 00.00 00.00 00.00 0

Management X-Ray of Prince Pipes & Fitti:

Shareholding Pattern

JavaScript chart by amCharts 3.21.5
JavaScript chart by amCharts 3.21.5Promoters:60.94%Institutions:22.5%Non-Institutions:16.55%

Promoter's Holding & Share Pledging

JavaScript chart by amCharts 3.21.5Sep22Dec22Mar23Jun23Sep23Dec23Mar24Jun24Sep24Dec240%10%20%30%40%50%60%70%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Prince Pipes & Fitti

MRP
spaceLock icon
MOS
spaceLock icon%
DP
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Base EPS
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DPS
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MRP: ₹ 0
DP: ₹0
Base EPS ₹:
DPS ₹:
MOS (%):
Expected EPS Growth Rate:
0%
Base 0%
50%
Expected Rate of Return:
0%
Base 0%
50%
Future PE:
0
Base 0
200
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max
YTD 1Y 3Y 5Y 10Y Max

Event Update

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Analyst's Notes

Prince Pipe: Revised growth estimates - 04 Apr 2024

We are revising our growth assumption for Prince Pipe on account of the following reason:

Recent performance & Challenges: In 9MFY24 Prince Pipe's revenue has declined by 6.1% YoY, attributed to a 13% YoY drop in realization. Volume growth remained modest at 7% YoY compared to industry growth of mid-teen. The Q3FY24 further highlighted challenges with a 2.4% decline in volume and a 12.4% decrease in revenue largely due to market share erosion from pricing issues and ERP transition challenges. 

Management Response: In response to these challenges, management is implementing corrective measures, including ERP system normalization and competitive pricing strategies. The management is hopeful that these initiatives will realign the company's revenue growth with industry standards by FY25.However, the effectiveness of these measures in the face of intensified competition and market share recovery remains uncertain. Below is the commentary from management regarding growth.

  (Source: Q3FY24 Earning transcript)

Valuation & MRP Update: Reflecting our cautious outlook on Prince Pipe's ability to navigate these challenges and regain market share, we are revising our EPS growth assumption earlier 28% (on a lower base) to industry growth rate of 15%, thus valuing the company at a P/E of 22x FY26 earnings, leading to a revised MRP of Rs. 521.

Prince Pipe: Q2FY24 result update - 17 Nov 2023

Particulars

Q2FY24

(Rs. Cr)

YoY Trend

Comments

Revenue

656

+3%

Driven by volume increase of 8%
EBITDA

94

Not comparable extremely low base

 
EBITDA Margin

14%

stabilisation in raw material prices led to margin expansion
PAT

71

 

Robust Performance. Management has given margin guidance of 12-14% over medium term.

Prince Pipes: Q4FY23 Result Update - 26 May 2023

 

Particulars

Q4FY23

YoY Growth

Comments

Revenue

764

-15%

Volumes in Q4 FY23 at 44,317MT as compared to 45,287 MT in Q4 FY22

EBITDA

148

6%

 

EBITDA Margin

19.4%

380 bps

 

PAT

94

7%

 

Below par result as Q4 is a seasonally strong quarter.

We have recently included this company in our coverage. Click to read detailed Coverage Note

 

Initiating Coverage: Prince Pipes & Fittings Ltd. - 24 Apr 2023

About the Company:

Prince Pipes and Fittings Limited (PRINCEPIPE) is an integrated piping solution & multi polymer manufacturer. It was established in 1987 and initially manufactured PVC products. It is currently engaged in the manufacturing of polymer piping solutions in four types of polymers CPVC, UPVC, HDPE, PPR.

In Dec 2019, the co. raised 500 Cr via IPO comprising 50% as OFS of 250 Cr by existing shareholders and 50% Fresh Issue of 14.04 million equity shares at an offer price of 178 per share. PRINCEPIPE is a pure pipe industry play, as it has 100% of its revenue linked to the pipe industry. Prince has a distribution model and doesn’t sell retail directly. It has ~6% market share in Pipes & Fitting market.

Industry Overview:

The plastic pipes industry in India comprises of four main segments: UPVC (Unplasticized Polyvinyl Chloride) pipes, CPVC (Chlorinated polyvinyl chloride) pipes, HDPE (High Density Polyethylene) pipes, and PPR (Polypropylene Random) pipes.

UPVC pipes account for the largest share of the industry demand at 64-65% and are expected to grow at a CAGR of 10-11% over FY20-24, driven mainly by agriculture and plumbing segments.

CPVC pipes account for 15-16% of the industry demand and have been the fastest-growing segment in the last decade with a CAGR of 15-17% expected over the next 3-4 years. They are expensive than UPVC with better quality & durability. The more resistant properties of CPVC make it useful for commercial and industrial applications.

HDPE pipes account for 15% of industry demand and are popularly used in irrigation, sewerage & drainage, city gas distribution, and chemical & processing industries, with a projected CAGR of 10-11%.

PPR pipes account for 4-5% of industry demand and are considered the best carrier of potable water due to their low thermal conductivity, long service life, efficient inner surface, and chemical & mechanical endurance. The PPR segment is expected to grow at a CAGR of 6-7% over FY20-24.

Branded players have a strong foothold in the CPVC segment, whereas unorganized industry players have an active presence in the UPVC segment with almost 50% of the industry retailing unbranded products.

As per multiple estimates, the industry is scheduled to grow by 11-12% CAGR over FY21-FY25E and is expected to reach ~Rs 600bn by FY25E led by the Government’s continued focus on increasing farmer income via better irrigation facilities and infrastructure, creation and improvement of Water supply system infra and implementation of ‘Housing For All’ schemes. Secondly there is a continuous expansion of newer applications for CPVC and HDPE pipes and increasing acceptance of UPVC pipes into other applications.

Plastic Pipe Industry (Rs. Bn)

(Source: Equirus Securities)

Business Performance:

PRINCEPIPE has achieved strong revenue growth, with a 35% volume growth in Q3 FY23 and revenue of Rs. 706 Crores. The company has launched new products, including modern plumbing products and surface drainage products, which have seen good acceptance. The company aims to outpace industry growth by 2-4% through network expansion, entry into projects vertical, and new product range. The sales are broadly divided into 2/3 building material, 1/3 Agri, and 2-3% infrastructure, with growth seen across all segments. PRINCEPIPE hasmaintained fiscal prudence, remains long-term debt-free, and has no capex plans currently, with a focus on maintenance and debottlenecking. The company aims to improve receivables and achieve a long-term sustainable EBITDA margin of 12-14% with healthy volume growth.

Key Ratios of Prince Pipes & Fitti

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Company Name CMP(₹)
Change ₹(%)
Market Cap
Net Sales (₹ Cr.)
Latest EPS (₹)
Net Profit Margin %
Latest P/E
Latest P/BV
Finolex Inds 186.5 -2.7 (-1.4%) Small Cap 4,317 12.7 9.6 14.9 1.7
EPL 237.8 2.7 (1.1%) Small Cap 3,916 8.4 6.3 28.1 3.3
Jain Irrigation Sys 61.2 -2 (-3.1%) Small Cap 3,821 0.3 1.3 196.2 0.9
Nilkamal 1,628.4 -21.7 (-1.3%) Small Cap 3,196 72.2 3.7 22.8 1.7
Time Technoplast 399.3 -5 (-1.2%) Small Cap 2,633 7.9 5.8 51.3 5
Prince Pipes & Fitti 276.4 5.2 (1.9%) Small Cap 2,569 6.7 6.6 40.7 1.9
Huhtamaki India 197.7 -3.2 (-1.6%) Small Cap 2,549 11.7 5.8 17.2 1.3
Ddev Plastiks Ind. 262.9 -3.2 (-1.2%) Small Cap 2,431 18.9 7 14.1 3.5
Cosmo First 675.6 -10.6 (-1.5%) Small Cap 2,391 28.4 1.1 24.2 1.5
Garware Hi-Tech 4,195.8 181.9 (4.5%) Small Cap 1,582 139.2 10.5 28.8 4.2
Shows rows:

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales9571,0091,2461,3151,5721,6362,0722,6572,7112,569
Operating Expenses 8719061,0841,1521,3881,4071,7102,2412,4612,261
Manufacturing Costs41417783819588100121132
Material Costs7257458899211,1271,1241,3771,8912,0921,819
Employee Cost 47515868788686101110135
Other Costs 58686079102102158149138175
Operating Profit 86103163163184229362416250307
Operating Profit Margin (%) 9.0%10.2%13.0%12.4%11.7%14.0%17.5%15.6%9.2%12.0%
Other Income 212677185916
Interest 3735363636332114117
Depreciation 29293338445259708391
Exceptional Items 00000000018
Profit Before Tax 22419695111151299337165244
Tax 5102222293877874361
Profit After Tax 1731747382113222249121182
PAT Margin (%) 1.8%3.1%6.0%5.5%5.2%6.9%10.7%9.4%4.5%7.1%
Adjusted EPS (₹)1.83.28.28.19.110.220.222.611.016.5
Dividend Payout Ratio (%)0%0%0%0%0%10%17%16%0%6%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 1601912433163978351,0411,2651,3641,544
Share Capital 4848459090110110111111111
Reserves 1121431982263077259311,1551,2531,434
Minority Interest0000000000
Debt2782752953162512438515058114
Long Term Debt71891061461063900019
Short Term Debt206186189170146204851505896
Trade Payables7699102197215181314399320249
Others Liabilities 7983121151262254142125186215
Total Liabilities 5936497619801,1261,5131,5831,9391,9292,123

Fixed Assets

Gross Block3623993014134716467119211,0271,221
Accumulated Depreciation1381643369107157208275347424
Net Fixed Assets224235269345363489503646681798
CWIP 414181562877232435
Investments 0111111129238
Inventories113101174242201345227619426438
Trade Receivables212239237239250180331435415585
Cash Equivalents 691210222572305912278
Others Assets345050129226235214147170152
Total Assets 5936497619801,1261,5131,5831,9391,9292,123

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity 1238897162219102292-2036033
PBT 22419695111151299337165226
Adjustment 68637080779770938895
Changes in Working Capital 36-9-47461-108-13-353147-215
Tax Paid -3-8-22-16-31-37-65-96-40-73
Cash Flow From Investing Activity -30-51-68-170-105-368-7020-142-126
Capex -31-50-68-104-83-119-121-169-94-191
Net Investments 0-1100035185-5359
Others 10-1-67-22-24916556
Cash Flow From Financing Activity -95-35-266-105257-21422-12848
Net Proceeds from Shares 00000339-11100
Net Proceeds from Borrowing 00000000019
Interest Paid -34-31-35-35-36-33-21-14-11-6
Dividend Paid 00000-11-17-39-220
Others -61-4941-69-39-17664-9535
Net Cash Flow -333-29-982390-45
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)11.2917.6834.1826.0623.0318.2523.6521.639.2412.55
ROCE (%)12.4616.0225.1121.0821.4420.4928.7327.5812.416.25
Asset Turnover Ratio1.741.751.891.521.521.31.411.561.461.32
PAT to CFO Conversion(x)7.242.841.312.222.670.91.32-0.082.980.18
Working Capital Days
Receivable Days73766566564643515568
Inventory Days43363857505848566759
Payable Days31434159676466696357

Prince Pipes and Fittings Ltd Stock News

Prince Pipes and Fittings Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Prince Pipes & Fitti on 21-Feb-2025 16:59 is ₹276.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 21-Feb-2025 16:59 the market cap of Prince Pipes & Fitti stood at ₹3,055.4.
The latest P/E ratio of Prince Pipes & Fitti as of 21-Feb-2025 16:59 is 41.51.
The latest P/B ratio of Prince Pipes & Fitti as of 21-Feb-2025 16:59 is 1.97.
The 52-week high of Prince Pipes & Fitti is ₹721.0 and the 52-week low is ₹262.4.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Prince Pipes & Fitti is ₹2,544 ( Cr.) .

About Prince Pipes and Fittings Ltd

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