Prakash Pipes financials and balance sheet

NSE: PPLBSE: 542684Industrial ProductsSmall Cap

₹207.70₹5.50 (2.58%)BSE ₹205.65

Share price at the NSE close on 23 Oct 2026. Previous close ₹213.20.

52-week range of traded prices to 23 Oct 2026

₹163.21Low, 30 Mar 2026₹334.40High, 30 Jun 2026

Market cap: ₹497 Cr1,841st largest listed
P/E: 10.1
P/B: 1.0
Dividend yield: 1.64%
ROE: 10.7%
ROCE: 10.7%
Debt to equity: 0.04
Volume, NSE: 44,29455.5% delivered

7 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Prakash Pipes annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹789 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue789
Materials and goods−590
Employee costs−46
Other expenses−86
Operating profit66
Depreciation−15
Other income+9.4
One-off items0.0
Finance costs−2.9
Profit before tax58
Tax−15
Net profit43

What the company owns

Plant, investments and other assets₹366 Cr
Receivables₹97 Cr
Inventory₹84 Cr
Cash and bank₹56 Cr

What pays for it: net worth and liabilities

Net worth₹479 Cr
Owed to suppliers₹56 Cr
Other liabilities₹50 Cr
Borrowings₹19 Cr

Prakash Pipes business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them.Prakash Pipes segment results by quarter

Revenue by segment

₹789 CrTotal

PVC PIPE AND FITTINGS₹424 Cr53.8% of total
FLEXIBLE PACKAGING₹364 Cr46.2% of total

Profit by segment

PVC PIPE AND FITTINGS₹49.9 Cr86.0% of total
FLEXIBLE PACKAGING₹8.1 Cr14.0% of total

Segment results by year

Standalone, ₹ crore, years to March.

PVC PIPE AND FITTINGS
Revenue, ₹ crore
331
349
408
423
410
413
424
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
39
50
67
87
98
79
50
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
FLEXIBLE PACKAGING
Revenue, ₹ crore
54
127
209
287
259
367
364
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−3
2
3
6
17
42
8
Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	385	476	617	709	669	780	789
Company revenue, as in its results	385	476	617	709	669	780	789
Revenue	331	349	408	423	410	413	424
Revenue growth	–	5.6%	16.7%	3.6%	−3.0%	0.8%	2.7%
Profit	39	50	67	87	98	79	50
Profit growth	–	27.9%	34.5%	30.3%	12.0%	−19.4%	−36.7%
Margin	11.8%	14.3%	16.4%	20.7%	23.9%	19.1%	11.8%
Return on capital	55.2%	47.5%	55.0%	48.7%	35.2%	27.8%	49.4%
Assets	93	121	144	206	338	334	148
Liabilities	22	16	23	27	60	50	47
Capital employed	71	105	122	179	278	283	101
Revenue	54	127	209	287	259	367	364
Revenue growth	–	134.1%	64.9%	37.1%	−9.5%	41.6%	−0.8%
Profit	−3	2	3	6	17	42	8
Profit growth	–	–	77.0%	84.6%	167.6%	149.3%	−80.5%
Margin	−5.5%	1.5%	1.6%	2.2%	6.4%	11.3%	2.2%
Return on capital	−5.7%	2.2%	2.7%	5.3%	14.2%	22.0%	4.1%
Assets	63	101	140	134	151	242	261
Liabilities	11	15	15	16	33	53	64
Capital employed	52	87	125	119	118	189	197

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.Prakash Pipes quarterly results

₹ crore	Mar 2020Filed 30 Jun	Mar 2021Filed 18 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Revenue from operations	385	476	617	709	669	780	789
	347	418	539	626	562	663	722
Materials and goods bought	293	355	468	532	462	542	590
Employee costs	19	23	26	31	35	40	46
Other expenses	35	40	45	63	66	80	86
Operating profit before depreciation	38	58	77	83	107	118	66
Operating margin	10.0%	12.3%	12.5%	11.7%	16.0%	15.1%	8.4%
Materials, % of revenue	76.0%	74.5%	75.9%	75.1%	69.0%	69.5%	74.9%
Employee costs, % of revenue	4.9%	4.9%	4.3%	4.4%	5.2%	5.1%	5.8%
Other expenses, % of revenue	9.1%	8.3%	7.2%	8.8%	9.8%	10.3%	10.9%
Depreciation and amortisation	6	8	11	12	10	11	15
Operating profit after depreciation	32	50	66	71	98	107	52
Other income	4	2	3	22	16	13	9
Finance costs	2	1	2	3	4	7	3
One-off items	0	0	0	0	0	0	0
Profit before tax	34	51	67	89	110	112	58
	10	15	20	18	20	29	15
Current tax	10	15	18	19	27	27	13
Deferred tax	0	0	2	−1	−7	2	2
Net profit	25	36	47	71	90	83	43
Other comprehensive income	0	0	0	0	0	0	0
Total comprehensive income	25	36	47	71	89	83	43
Net margin	6.4%	7.5%	7.6%	10.1%	13.4%	10.6%	5.5%

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2020Filed 30 Jun	Mar 2021Filed 18 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
	132	192	235	279	365	444	479
Share capital	20	24	24	24	24	24	24
Reserves	112	168	211	255	341	420	455
	5	1	5	10	40	39	19
Repayable after a year	0	1	0	0	8	7	3
Repayable within a year	5	1	5	9	32	32	16
	44	46	57	63	115	121	117
Trade payables	19	23	24	25	43	43	56
Other financial liabilities	8	6	6	6	7	19	33
Other liabilities	1	1	2	3	2	2	3
Provisions	1	1	2	2	3	3	4
Tax owed	11	15	19	17	28	22	4
	3	3	4	4	13	13	8
Other financial liabilities	0	0	0	0	0	–	–
Provisions	2	3	3	4	4	6	5
Total assets	179	241	297	346	493	578	604
	80	102	121	85	90	146	357
Plant in use, after depreciation	55	77	101	68	71	127	136
Plant being built	0	0	4	5	9	7	18
Intangible assets	1	0	0	0	0	0	0
Loans given	0	0	0	0	0	0	194
Other financial assets	2	1	2	6	3	3	3
Deferred tax	23	19	12	5	4	2	1
Other assets	–	4	2	1	3	6	5
	99	140	175	261	402	432	247
Inventories	30	55	59	49	55	67	84
Trade receivables	43	44	59	75	75	87	97
Cash and cash equivalents	1	16	32	91	190	228	19
Other bank balances	11	16	14	30	27	29	37
Current investments	0	0	0	0	42	13	0
Other financial assets	7	3	0	0	0	0	0
Other assets	7	5	11	15	14	9	9
Net debt	−7	−31	−41	−111	−218	−231	−37

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 18 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
	30	51	42	120	73	20
	36	63	57	130	109	51
	−24	−16	−27	21	−18	−18
Receivables	−2	−15	−17	0	−12	−10
Inventories	−26	−4	10	−6	−11	−18
Payables	2	4	1	19	2	18
Other working capital	2	0	−22	9	4	−7
Tax paid	−7	−11	−15	−10	−36	−31
Capital spending	34	38	7	19	59	24
Free cash flow	−4	13	36	100	14	−4
	−33	−36	16	−46	−26	−197
Plant and property sold	0	0	18	0	0	0
Interest received	1	2	4	2	3	7
	18	0	1	26	−10	−32
Borrowings raised	−4	4	4	31	0	34
Borrowings repaid	0	0	0	0	−1	−53
Interest paid	−1	0	−1	−2	−4	−4
Dividends paid	3	–	–	3	4	8
Shares bought back	0	0	0	0	0	0
Shares issued	4	0	0	0	0	0
Net change in cash	15	16	59	99	38	−209

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the year to Mar 2020. Dividends paid is left blank for the years to Mar 2022 and Mar 2023: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Standalone, ₹ per share, years to March.Prakash Pipes dividend history

₹ per share	Mar 2020Filed 30 Jun	Mar 2021Filed 18 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Earnings per share	₹12.12	₹17.08	₹19.57	₹29.81	₹37.48	₹34.74	₹18.09
Diluted earnings per share	₹11.58	₹16.41	₹18.88	₹29.81	₹37.48	₹34.74	₹18.09
Dividend per share	₹1.20	₹1.20	₹1.20	₹1.20	₹1.80	₹2.40	₹3.40
Book value per share	₹64.81	₹80.09	₹98.37	₹116.48	₹152.66	₹185.50	₹200.15
Dividend payout	9.9%	8.0%	6.1%	4.0%	4.8%	6.9%	18.8%
Shareholder yield	–	−0.2%	–	–	0.3%	0.4%	2.1%
Market cap at the year end (₹ crore)	48	261	371	331	845	973	393

Shareholder yield is left blank for the years to Mar 2022 and Mar 2023: the cash-flow statement states no dividends paid, while the company's own dividend record shows one paid in the period, so the line is not given.

Ratios

Standalone, years to March.Prakash Pipes PE ratio and valuation

Ratio	Mar 2020Filed 30 Jun	Mar 2021Filed 18 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 30 May
Revenue growth	–	23.6%	29.5%	15.0%	−5.6%	16.6%	1.1%
Operating profit growth	–	52.4%	32.3%	7.5%	29.1%	9.6%	−43.5%
Net profit growth	–	44.6%	30.7%	52.3%	25.7%	−7.3%	−47.9%
Earnings per share growth	–	40.9%	14.6%	52.3%	25.7%	−7.3%	−47.9%
	18.7%	22.1%	21.9%	27.7%	27.8%	20.5%	9.4%
	–	3.4 pts	−0.2 pts	5.8 pts	0.1 pts	−7.3 pts	−11.2 pts
From the net margin	–	3.2 pts	0.2 pts	7.1 pts	9.2 pts	−5.7 pts	−10.0 pts
From asset turnover	–	1.1 pts	0.3 pts	−1.1 pts	−10.2 pts	−1.9 pts	−0.9 pts
From borrowing	–	−0.9 pts	−0.6 pts	−0.2 pts	1.1 pts	0.3 pts	−0.3 pts
Return on capital employed	23.2%	26.0%	27.6%	24.6%	24.1%	22.1%	10.4%
Cash conversion	–	83.7%	109.4%	59.6%	133.5%	88.2%	46.3%
Interest cover	19.3	34.1	27.5	22.8	26.0	15.3	17.6
Debt to equity	0.04	0.01	0.02	0.03	0.11	0.09	0.04
Receivable days	41	34	35	39	41	41	45
Inventory days	37	57	46	34	44	45	52
Payable days	24	23	19	17	34	29	35
Cash conversion cycle, days	54	67	62	55	51	56	62
Working capital days	45	47	45	44	34	34	42
Asset turnover	2.15	2.27	2.29	2.21	1.60	1.46	1.33
Assets per rupee of net worth	1.35	1.30	1.26	1.25	1.30	1.32	1.28
Sales per rupee of plant	7.04	6.16	6.10	10.50	9.48	6.12	5.80
Capital spending to depreciation	–	4.05	3.46	0.56	1.97	5.32	1.63
Plant being built, % of plant in use	0.1%	0.4%	4.0%	7.1%	13.0%	5.1%	13.4%

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.3%
Cash from operations against operating profit: 30.2%

Measure	5 years	3 years
Revenue growth, yearly rate	10.6%	3.6%
Profit growth, yearly rate	3.9%	−15.3%
Return on equity, average	21.5%	19.3%
Return on capital employed, average	21.8%	18.9%
Operating margin, average	12.8%	13.2%
Net margin, average	9.4%	9.8%
Asset turnover, average	1.78	1.46
Cash conversion cycle, days, average	57	56
Interest cover, average	21.8	19.6
Debt to equity, average	0.06	0.08

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	307	213	20
Cash from investing	−289	−269	−197
Cash from financing	−15	−16	−32
Capital spending	147	102	24
Dividends paid	–	15	8
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	72	64	34
Borrowings repaid	55	55	53

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	6	7	6	5	4
Altman Z-scorePublished threshold 1.81	4.68	7.79	7.96	7.63	7.77	8.05	4.83
Beneish M-scorePublished threshold −1.78	–	−2.35	−2.36	−2.04	−3.10	−2.24	2.27
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	18.45	11.64	4.12	3.81	6.70	37.32
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	0.80	1.03	0.96	0.99
Receivables growth less revenue growthOur threshold 0 percentage points	–	−21.38	3.56	13.03	5.37	−0.47	10.52
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	65.23	−24.61	−30.61	25.73	2.98	18.03
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	−1.27	0.49	0.63	−0.19	−0.67	0.00
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.01	0.12	–	0.72	0.10	0.79
Effective tax ratePublished threshold 17.16 per cent	27.84	29.51	30.28	20.33	18.21	25.92	25.72
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	13.21	3.90	9.15	−5.85	−26.72

A threshold marked as ours has no published figure; it is the line we read the check against.