Revenue rose 34.69% qoq, but faster costs narrowed Prince Pipes’ margin
Net profit still rose 41.51% as interest fell 48.77%, while the tax rate increased to 28.18%.
Filed 03 Nov 2026, 13:32 IST · Prince Pipes & Fittings Ltd (PRINCEPIPE)
Key takeaways
- Standalone revenue rose +34.69% qoq to Rs 820.81 cr, but expenses grew faster at +35.33%.
- Operating margin narrowed by 0.42 percentage points to 12.24%, although it remained 0.97 percentage points above the 11.27% median for 94 Industrials peers.
- Net profit increased +41.51% qoq to Rs 47.76 cr as interest costs fell 48.77%, partly offset by a 6.86 percentage-point rise in the tax rate.
Price around the results
Growth accelerated, but expenses outpaced revenue
Prince Pipes reported standalone revenue of Rs 820.81 cr in Q2FY27, up +34.69% qoq from Q1FY27. Expenses grew faster at +35.33%, limiting operating profit growth to +30.27% and reducing operating margin by 0.42 percentage points. Net profit nevertheless rose +41.51% to Rs 47.76 cr.
Lower interest cushioned the margin pressure
Interest expense fell 48.77% qoq, while depreciation increased only 1.23%, helping pre-tax profit rise +55.03%. Tax rose +104.92% and the tax rate moved up 6.86 percentage points to 28.18%, which restrained the conversion of pre-tax profit into net profit. Other income contributed 4.69% of pre-tax profit, so it was not the main driver of earnings.
Margin remains above the Industrials peer median
The 12.24% operating margin was 0.97 percentage points above the 11.27% median among 94 Industrials peers that had reported the quarter. The available trend shows a sequential decline from 12.66% in Q1FY27, rather than a sustained multi-quarter direction.
Product launch adds to the company’s reported initiatives
Management said it launched Smartfit plus CPVC across markets. The company also described itself as among the top five processors in the piping industry and said it launched community and school transformation programmes in Haridwar and Begusarai.
Q2FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹821 cr | ₹609 cr | +34.69% |
| Other income | ₹3 cr | ₹4 cr | -22.00% |
| Expenses | ₹720 cr | ₹532 cr | +35.33% |
| Operating profit | ₹101 cr | ₹77 cr | +30.27% |
| Operating margin (%) | 12.24% | 12.66% | — |
| Interest | ₹2 cr | ₹3 cr | -48.77% |
| Depreciation | ₹35 cr | ₹35 cr | +1.23% |
| Profit before tax | ₹67 cr | ₹43 cr | +55.03% |
| Tax | ₹19 cr | ₹9 cr | +104.92% |
| Net profit | ₹48 cr | ₹34 cr | +41.51% |
| EPS (₹) | ₹4.32 | ₹3.05 | +41.64% |
Operating margin of 12.24% compares with a Industrials sector median of 11.27% across 94 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
New products
- The company launched Smartfit plus CPVC across markets.
New initiatives
- The company launched an Integrated Community Development Programme in Haridwar, Uttarakhand.
- The company launched the Gyan Shakti Whole School Transformation Programme in Begusarai, Bihar.
Competition
- The company describes itself as among the top five processors in the piping industry.
What to watch
- Whether operating margin holds above 12.24% after the 0.42 percentage-point qoq decline.
- Whether expenses continue to grow faster than revenue, after +35.33% versus +34.69% qoq.
- Whether the tax rate moves below or remains near 28.18% after rising 6.86 percentage points qoq.