Prince Pipes and Fittings (PRINCPIP) reported a steady quarter amid the ongoing challenges of volatile pricing and the extended monsoon, affecting demand. The company reported a marginal decline in revenue (~4% YoY), with volumes declining only 1% YoY to 42.8k MT. However, its EBITDA/kg grew 22% YoY/42% QoQ to INR12.9, mainly led by a better product mix (higher sales of CPVC pipes)
OutlookWe expect PRINCPIP to clock a 13%/37%/72% CAGR in revenue/EBITDA/PAT over FY25-28. We value the stock at 25x Sep’27 EPS to arrive at our TP of INR430. Reiterate BUY.
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