Financial Performance Highlights - Q1 FY27

Operational Metrics

  • Sales Volume: 40,729 MT (7% YoY decline)
  • Revenue from Operations: ₹609 crore (5% YoY growth, 28% QoQ decline from Q4 FY26's ₹850 crore)

Profitability Metrics

  • EBITDA: ₹77 crore (93% YoY growth from ₹40 crore, 30% QoQ decline from ₹110 crore)
  • EBITDA Margin: 13% (vs 7% in Q1 FY26 and 13% in Q4 FY26)
  • Gross Profit: ₹206 crore (vs ₹148 crore YoY)
  • Gross Profit Margin: 34% (vs 26% YoY and 29% in Q4 FY26)
  • Profit Before Tax: ₹43 crore (617% YoY growth from ₹6 crore)
  • PBT Margin: 7% (vs 1% YoY)
  • Profit After Tax (before exceptional item): ₹34 crore (580% YoY growth from ₹5 crore)
  • PAT Margin: 6% (vs 1% YoY)
  • EPS (before exceptional item): ₹3.05 (vs ₹0.44 YoY)

Cost Structure

  • Raw Material Consumed: ₹403 crore (vs ₹432 crore YoY)
  • Employee Expenses: ₹51 crore (vs ₹41 crore YoY)
  • Other Expenses: ₹78 crore (vs ₹67 crore YoY)
  • Depreciation: ₹35 crore (vs ₹31 crore YoY)
  • Finance Cost: ₹3 crore (vs ₹5 crore YoY)
  • Tax Expense: ₹9 crore (vs ₹1 crore YoY)

Comparative Performance

Year-over-Year (Q1 FY27 vs Q1 FY26)

All major profitability metrics showed significant improvement: Revenue (+5%), EBITDA (+93%), PBT (+617%), PAT (+580%)

Quarter-over-Quarter (Q1 FY27 vs Q4 FY26)

Sequential decline across metrics: Revenue (-28%), EBITDA (-30%), PBT (-43%), PAT (-39%)

Company Overview & Business Operations

Business Scope

  • Integrated piping solutions provider across plumbing, irrigation, storage, and sewerage systems
  • Operations span agriculture, plumbing, borewell categories with expanding sewerage range and underground drainage solutions
  • Nine manufacturing units strategically located across India
  • Pan-India distribution network of over 1,500 channel partners

Management Team

  • Mr. Jayant S. Chheda: Founder, Chairman and Managing Director (4+ decades experience)
  • Mr. Parag J. Chheda: Joint Managing Director
  • Mr. Vipul J. Chheda: Executive Director (28 years with company)
  • Mrs. Amisha Vora: Independent Director (CMD of Prabhudas Lilladher Group)
  • Mr. Ankur Bansal: Independent Director (Co-Founder of BlackSoil)

Strategic Initiatives & Growth Drivers

Product Portfolio Expansion

  • Launch of Prince Onefit with Corzan CPVC technology
  • Expansion into Prince Bathware segment
  • Building presence across water infrastructure product chain

Acquisition Strategy

  • Acquisition of Aquel brand provides direct access to iconic bathware brand and state-of-the-art facility
  • Access to distribution channel in major markets across India
  • Enables increased participation in high-growth real estate segment

Marketing & Branding

  • Mumbai AC local train branding campaigns
  • Bus route branding across Madhya Pradesh, Rajasthan, Gujarat
  • Participation at Plumbex exhibition in Bengaluru (2026)
  • Focus on premiumisation and demand-pull strategies

Manufacturing & Operational Excellence

  • Nine manufacturing units across India
  • Focus on cost reduction through production process optimization
  • Energy efficiency initiatives and green energy adoption
  • Third-party energy audits to curb energy leakages

ESG Initiatives & Corporate Social Responsibility

Water Access & Conservation

  • Partnership with Ambuja Foundation in Rajasthan creating 56,000 m³ water storage capacity
  • Benefits 3,194 people directly and nearly 40,000 indirectly
  • Contributes to SDG 6 (Clean water & sanitation), SDG 13 (Climate Action), SDG 15 (Life on Land)

Education & Women Empowerment

  • Partnership with Mahita Organisation in Telangana supporting girls' education and sustainable livelihoods
  • Scholarships, career guidance, farmer training, and women entrepreneurship programs
  • Contributes to SDG 4 (Quality Education), SDG 5 (Gender Equality), SDG 8 (Decent work)

Healthcare Initiatives

  • Partnership with Empower Foundation in Bihar (Swasthya Sathi Programme)
  • 57 health camps reaching 5,100+ individuals, 1,918 tele-consultations
  • Support for 500 beneficiaries accessing government health insurance schemes
  • Contributes to SDG 3 (Good Health & Well-being)

Community Development

  • Partnership with Ambuja Foundation in Uttarakhand: 200 saplings planted, 3 e-loaders for waste management, 100 streetlights installed
  • Smart school development with improved learning and drinking water facilities
  • Contributes to SDG 3, SDG 4, SDG 11 (Sustainable Cities), SDG 13

Education Transformation

  • Partnership with Learning Link Foundation in Bihar (Gyan Shakti Programme)
  • Benefits 2,250 students and 45 teachers across 9 government schools
  • Focus on foundational literacy and numeracy through teacher training
  • Contributes to SDG 4 (Quality Education)

Future Outlook

  • Legacy pipe manufacturing remains core competency with growing piping business
  • Commitment to transforming India's water infrastructure through innovation
  • Significant growth potential with low per capita PVC consumption in India compared globally
  • Long-term demand visibility led by real estate, industrial agriculture, and infrastructure sectors
  • Strong domain expertise of promoters with execution prowess

Investor Relations Contacts

  • IR Advisors: MUFG Intime India Private Limited (Sumeet Khaitan, Omkar Bagwe)