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Screener Research Unlisted Startup Funding

Meghna Rathod    

Mumbai, India

An individual with masters degree in IT. Working as an computer teacher in school from last 5 years. I am highly interested in equity market and value investing. Looking forward to learn more in this sector and enhance my knowledge.

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Contributor since: 2023







Prince Pipes & Fittings Ltd

Prince Pipes & Fittings Ltd

About Company

Prince Pipes and Fittings Limited is an Indian manufacturer of polymer pipes and fittings for plumbing, irrigation and sewage disposal.

It ranks amongst the top 5 companies in the piping industry thanks to its massive production capacity and a wide distribution network. PPFL is considered the Industry’s Most Trusted Brand and has the Largest Range of SKUs.

Having operated for more than three decades, the company has numerous manufacturing units located strategically across the country. It is promoted by the Chedda family and is recognised for its extensive range of products and their pristine quality.

Business Strategy

Company At Glance

Company's Business Strategy

Organic Growth

The company generate organic growth by focusing on innovation, market proximity, digitalization and our industrial potential.

Promoting clean energy at Manufacturing units

We cater to new product segments and invest in deepening our market penetration.

Operational Excellence

We achieve cost reductions by continuously optimizing our production processes and organizational structures.

Company's Journey So Far

Company's Manufacturing Facility

Distribution Network

The Road Ahead

Industry Overview

  • Industry growth outlook remains strong driven by Government’s focus on expanding areas under irrigation and increasing urban infrastructure spending.
  • Growing penetration of branded plumbing pipes in affordable housing project segment would further led to demand among the pipe segment.

Management of the company

Mr. Jayant S. Chedda (Founder and MD)

He has an extensive industry knowledge, more than four decades of experience and has been associated with the company since its incorporation. He was conferred with the Lifetime Achievement Award at the Vinyl India Conference, 2014.

Mr. Parag J. Chedda (Joint MD)

Associated with the company since 1996 and was awarded Inspiring ‘Business Leader Award 2016’ at the Economic Times Summit.

Mr. Vipul J. Chedda (Executive Director)

His honed skills and dedication towards our vision for 20 years have made him a vital part of our growth story.

Shareholding Pattern

Financial Performance

Investment Rationale

  • A management team of experienced and skillful professionals with proven leadership skills.
  • A nationwide robust distribution network.
  • Strategic placement of manufacturing plants running on clean energy.
  • Portfolio of 7200+ SKUs, one of the largest amongst the peers.
  • Long-term partnerships to ensure smooth and cohesive operations.
  • UPVC pipes (64-65% of Industry Demand)
    • The UPVC pipe segment is expected to grow at 10-11% CAGR over FY20-24 largely led by agriculture and plumbing segments.
      As per industry estimates, the segment reported a market size of ~Rs 254bn in FY21. About 65% of demand for UPVC pipes
      comes from Irrigation and Agricultural related activities and the balance from residential/commercial plumbing. Being the most
      widely used plastic pipes for cold water transportation systems, they also find extensive application in swimming pools, industrial process lines, saltwater lines and sectors like food & beverages, chemical and are appropriate for residential plumbing.
      Being a cost effective and low maintenance product, with better longevity and durability than Galvanised Iron (GI) pipes,
      this segment has seen rapid replacement of GI pipes that has supported the demand growth of UPVC in the past decade.
      Unorganised industry players have an active presence in this segment with almost 50% of the industry retailing unbranded
      UPVC products. The UPVC segment is expected to see healthy offtake driven by the Government’s several watercentric initiatives as well as focus on irrigation and agricultural infrastructure development. 
  • CPVC pipes (15-16% of Industry Demand)
    • Chlorinated polyvinyl chloride (CPVC) is a thermoplastic product produced by chlorination of polyvinyl chloride (PVC) resin used
      for hot and cold-water lines. CPVC pipes are the first choice of material for potable water supply across the world and has been
      in use across the world for several years.
    • Since the late 2000s, CPVC found rapid growth in the Indian market. Today, nearly half the plumbing systems in India are made of CPVC and this segment has been the fastest growing in the plastic pipes industry in the last decade. In FY21, the segment saw a market size of Rs 65 bn. CPVC pipes became a preferred choice for developers once they were convinced of its advantages as better hot water sustenance due to the chlorine content, ease of Installation, faster turnaround time and less wastage of material. CPVC pipes find extensive use in plumbing applications, as well as hot and cold, potable water distribution systems. 


  • Organized players continue to derive an edge – This is led by plumber education initiatives, consumer awareness, preference for trusted brands & better quality, adherence to BIS standards and a better quality of balance sheet

Industry Growth Drivers

  • Plastic pipes find application in irrigation, real estate construction for both residential, commercial and water supply and sanitation (WSS) development. In FY21, the industry size is estimated at Rs 400bn-420bn showcasing a ~10% CAGR over FY16-FY21 on account of increasing demand from irrigation and WSS sectors, and continuous replacement demand from metal pipes in residential real estate. 
  • Pipes will continue to form an integral part of infrastructure development as they are a cost-effective way to transport water. As per multiple estimates, the industry is scheduled to grow by 11-12% CAGR over FY21-FY25E and is expected to reach Rs 550bn-600bn by FY25E led by the Government’s continued focus on increasing farmer income via better irrigation facilities and infrastructure, creation and improvement of WSS infra and implementation of ‘Housing For All’ schemes. Secondly there is a continuous expansion of newer applications for CPVC and HDPE pipes and increasing acceptance of UPVC pipes into other applications. Recent correction across polymers prices could lead to lower industry growth in value terms, as a decrease in raw material prices would impact realisations. 









I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Business relationship disclosure:

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Stocx Research Club). I have no business relationship with any company whose stock is mentioned in this article.

Additional disclosure:

Source - Company's presentation and annual reports. Disclosure - Company given in the article is not for an recommendation as it for a knowledge purpose only.

Disclosure legality:

I am not a SEBI Registered individual/entity and the above research article is only for educational purpose and is never intended as trading/investment advice.


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