Prince Pipes - Multiple Growth Levers At Play, Attractive Valuation: IDBI Capital Initiates Coverage

In a sweet spot to benefit from industry consolidation:

Prince Pipes PVC Plumbing fittings for hot and cold water. (Image: Company website)
Prince Pipes PVC Plumbing fittings for hot and cold water. (Image: Company website)

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IDBI Capital Report

We are structurally positive on pipes segment of building material products given its-

  1. multiple demand drivers viz agricultural, plumbing, soil, waste and rainwater pipe, industrial infrastructure,

  2. industry consolidation driving market share gain by organised players,

  3. robust demand outlook of the industry.

After a challenging H1 FY23 (on account of inventory loss and destocking by channel partners), we believe things should normalise eventually on PVC pricing front as well as inventory restocking.

We like Prince Pipes and Fittings Ltd. amongst the organised players owing to its-

  1. legacy of over three decades in the business,

  2. comprehensive product portfolio across four key polymers,

  3. strategically located manufacturing plants,

  4. extensive distribution reach, and

  5. consistent efforts on creating strong brand equity.

Click on the attachment to read the full report:

IDBI Capital Prince Pipes Inititating Coverage.pdf


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