Prince Pipes and Fittings (PRINCEPIPE) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue rose 38% YoY to Rs8,208.14m; volume increased 22% to 52,080 MT, EBITDA rose 82% to Rs100 crore and PAT was Rs477.64m.

• H1 FY27 revenue increased 22% to Rs14,302.31m; volume rose 7% to 92,809 MT, EBITDA grew 86% to Rs177 crore and PAT was Rs815.12m.

• Strategy prioritizes market-share gains, retailer reach, value-added products and disciplined debtor and inventory management.

Financial highlights

• Q2 revenue from operations was Rs8,208.14m versus Rs5,945.74m YoY; EBITDA was Rs100 crore versus Rs55 crore.

• Q2 PAT after exceptional items was Rs477.64m versus Rs146.33m YoY.

• H1 revenue from operations was Rs14,302.31m versus Rs11,749.90m; EBITDA was Rs177 crore versus Rs95 crore.

• H1 PAT was Rs815.12m versus Rs194.53m; H1 volume was 92,809 MT, up 7% YoY.

Outlook and guidance

• FY27 double-digit volume growth target is unchanged and depends on a strong H2 and supportive demand; capacity has been added ahead of growth.

• EBITDA margin guidance remains 11%-13%, reflecting product mix, input-price volatility and bathware growth costs.

• October volume growth was described as similar to Q2 against a lower prior-year base; management expects momentum to continue.

• Bathware is expected to approach breakeven in Q3 and reach breakeven by Q4, at quarterly revenue of Rs24-25 crore.

• Receivables are targeted at 35-40 days and inventory at 70-80 days; FY27 capex guidance is around Rs200 crore.