Prince Pipes & Fittings Ltd

Message from the Chairman & Managing Director

Dear Shareholders,

As we reflect on the fiscal year FY25, I extend my heartfelt gratitude to all our stakeholders—customers, employees, partners, and investors—for your continued trust, support, and valuable contributions. Your steadfast commitment has not only propelled the growth of Prince Pipes and Fittings Limited but has also contributed meaningfully to the progress of India's building materials sector.

The year under review was marked by a complex and challenging macroeconomic environment. Persistent inflationary pressures, subdued demand across key end-user industries, and reduced government expenditure on infrastructure projects led to inventory rationalisation by our channel partners in major markets. These challenges were further intensified by significant volatility in PVC resin prices, which impacted both volumes and profitability across the sector.

Amidst these headwinds, your company remained resilient and focused. By strengthening our operational capabilities and maintaining focus on long-term strategic priorities, we navigated the year's disruptions effectively.

Despite the operating challenges, your company achieved a volume growth of 3% and our EBITDA margin stood at 6%. These outcomes are a testament to our agile operations, prudent cost management, and strong customer focus. Strategic marketing, timely cost efficiencies, and focused expansion into new categories—particularly our growing bathware segment—helped us sustain momentum. Additionally, we significantly enhanced our distribution network and strengthened brand visibility across key markets.

Driving Scalable and Inclusive Growth

To sustain and build on our growth trajectory, your company undertook several initiatives aimed at expanding capacities, improving efficiencies, and deepening market presence.

A major milestone was the commencement of commercial operations at our new integrated manufacturing facility in Begusarai, Bihar. With a planned total installed capacity of ~60,000 metric tonnes per annum (to be developed in phases over the next 6-9 months), the first operational phase currently adds 24,000 metric tonnes of annual capacity for PVC and CPVC pipes and fittings.

With this addition, our manufacturing footprint now spans eight strategically located facilities across India, reinforcing our pan-India presence. The Begusarai plant will play a vital role in bolstering our reach in eastern India—an increasingly important strategic region—while enabling faster market access, improved local deliveries, and greater freight efficiency.

To complement this capacity expansion, your company has also scaled up our distribution network. Our pan-India base now includes over 1,500 distributors, supported by targeted engagement initiatives across all product categories. Strategic brand partnerships and high-impact marketing campaigns further enhanced visibility and customer trust.

In our Bathware segment, Aquel - by Prince, your company continues to expand its presence in Tier II and Tier III cities across North, West, South, and Central India. With over 200 retail touchpoints, Aquel is steadily gaining traction with homeowners, interior designers, architects, and builders. The brand's growing equity aligns well with our goal of scaling up in the real estate segment, where Prince Pipes already enjoys a strong reputation.

As part of product innovation efforts, your company introduced a new line of "Bio-fit" septic tanks during the year. Engineered for efficient and environmentally responsible wastewater management, these tanks utilize natural filtration methods to ensure safe effluent disposal. This initiative not only promotes groundwater preservation but also reflects our broader commitment

to sustainable infrastructure and eco-conscious solutions.

With a strong pipeline of strategic initiatives to capture greater market share, our priority remains on flawless in-market execution. By equipping our teams with effective sales and marketing tools, we aim to continue driving revenue growth and delivering value consistently across all operating geographies.

Our Sustainability Journey

At Prince Pipes, sustainability is embedded in our strategic DNA. Our commitment to Environmental, Social, and Governance (ESG) standards guides our efforts to create long-term, responsible value.

We are proud to have earned Green Pro certification for our CPVC range-recognition of our efforts to adopt environmentally sustainable manufacturing practices. This not only enhances our product credibility but also strengthens our position in the institutional and project segments.

During FY25, your company continued to reduce our environmental footprint by increasing our share of renewable energy and achieving a notable reduction in CO₂ emissions per kg of production-metrics that reinforce our vision of building a resilient, future-ready business.

On the social front, our people remain the cornerstone of our success. We launched multiple initiatives to promote employee development and well-being. Our focus on building an inclusive, high-trust work environment earned us the Great Place to Work? certification-a milestone that reflects our culture of collaboration, engagement, and continuous learning.

Our talent development initiatives are designed to empower our workforce to adapt, lead, and thrive. We are fostering a culture where every team member is equipped to contribute meaningfully to the Company's progress and sustainability goals.

The Way Forward

As we embark on a new fiscal year, we do so with renewed resolve and a unified sense of purpose. Anchored by strong business fundamentals, our strategy is firmly rooted in resilience, agility, and operational excellence. We are confident that our adaptability and execution strength will continue to drive our progress in an evolving market landscape.

Our focus remains on expanding our geographical presence, accelerating product innovation, and enhancing operational efficiency, while maintaining flexibility in procurement and inventory management. Supported by a diversified product portfolio and a strong customer-centric approach, we are well-positioned to achieve sustained, long-term growth.

We aim to capture emerging opportunities across both core and adjacent segments, while deepening our presence in high-potential markets. With a clear strategic roadmap, a resilient execution engine, and a cohesive, future-ready team, we are confident in our ability to create long-term value for all stakeholders.

As we continue to navigate a dynamic environment, we remain committed to striking the right balance between volume growth and profitability-building a responsible, resilient, and high-performing organization prepared for the future.

Looking Ahead

As we prepare for the next phase of growth, we remain focused on strengthening our technology backbone and extending these quality systems across new capacities and product lines. By embedding globally benchmarked practices and precision systems into every stage of production, we are reinforcing our long-term commitment: to build piping systems that are not only compliant and efficient-but truly dependable.

A Note of Gratitude

I would like to extend my heartfelt gratitude to every member of the Prince Parivaar for their unwavering dedication, passion, and relentless pursuit of excellence. Your efforts, both individually and collectively, have been instrumental in driving our progress and shaping the culture of innovation, integrity, and resilience that defines Prince Pipes & Fittings Limited.

Together, we are not only achieving milestones but also laying the foundation for a future that is stronger, more sustainable, and inclusive. With your partnership and belief in our purpose, we remain committed to creating long-lasting impact-within our industry, for our communities, and for the generations to come.