After a challenging FY25 and a subdued start to FY26, the domestic pipes sector appears to be at the cusp of recovery. With DGTR's recommendation on implementing Anti-Dumping Duty and PVC prices stabilizing at bottom levels, a gradual price uptick is expected. Coupled with an improving demand environment, these factors are set to drive a gradual rebound from Q2 FY26 onwards.
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Motilal Oswal Report
Though Q1 FY26 was weighed down by weak macros, muted demand, and inventory losses from PVC volatility, we expect the PVC pipes industry to see a gradual recovery from Q2 FY26 (on a low base), with a further pickup in momentum from H2 FY26.
This will be supported by improving PVC prices (with the implementation of anti dumping duty), leading to channel restocking, a pickup in government infrastructure push, and improving housing demand.
Additionally, companies across the sector are signaling a healthy recovery in volumes from Jul-Aug'25 and retaining their FY26 guidance with double-digit volume growth.
We reiterate our Buy rating on Supreme Industries (target price: Rs 5,350), Astral (target price: 1,650), and Prince Pipes (target price: Rs 440).
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