Prince Pipes Q2 FY27 Results (NSE: PRINCEPIPE)

3 Nov 2026 · Analysis by Alpha Inflection

Signal: Margin expansion

The read

The key inflection is sustained operating recovery rather than a one-off PAT lift: Q2 revenue grew 38.0% YoY and EBITDA grew 82.6%, expanding EBITDA margin to 12.6% from 9.5% despite a 68bps sequential moderation from Q1; however, H1 operating cash flow fell 76.9% to ₹460.20 million as inventory rose ₹837.37 million and trade payables declined ₹1,034.99 million.

P&L walk

Standalone revenue increased 38.0% YoY to ₹8,208.14 million and EBITDA rose 82.6% to ₹1,036.15 million, with EBITDA margin expanding 308bps YoY to 12.6%; PAT growth of 226.3% to ₹477.64 million was supported by operating improvement and lower finance cost, while sequential margin eased 68bps from 13.3%.

Key positives

• Revenue reached ₹8,208.14 million, up 38.0% YoY and 34.7% QoQ, accelerating sharply from 5.0% YoY growth in Q1FY27.
• EBITDA rose 82.6% YoY to ₹1,036.15 million, outpacing revenue growth by 44.6 percentage points; employee cost grew 22.2% and depreciation 9.2% versus revenue growth of 38.0%, while EBITDA margin expanded 308bps to 12.6%.
• Finance cost declined 63.1% YoY to ₹16.56 million as borrowings reduced to ₹975.08 million from ₹1,399.93 million at 31.03.2026.
• PAT rose 226.3% YoY to ₹477.64 million and EPS rose 227.3% to ₹4.32, with EPS tracking PAT.

Key concerns

• Sequential EBITDA margin declined 68bps from 13.3% in Q1 to 12.6% in Q2 despite revenue rising 34.7% QoQ, indicating the Q1 margin peak has not yet been extended.
• H1 operating cash flow fell 76.9% YoY to ₹460.20 million versus PAT of ₹815.12 million, with inventory increasing ₹837.37 million and trade payables declining ₹1,034.99 million.
• Revenue growth is not decomposed into volume and price/mix because the filing discloses no volume or realisation data.

View original filing

Research and educational content only. Not investment advice.