Axis Sec initiates coverage on Prince Pipes, eyes 18% upside; do you own?

Axis Securities values the company at 27x FY27E EPS, we arrive at a target price of ₹400 per share, implying an upside of 18 per cent from the current market price

Prince Pipes and Fittings share price today: Domestic brokerage Axis Securities has initiated coverage on Prince Pipees and Fittings, an integrated piping solution & multi polymer manufacturer, with a 'Buy' rating, saying the company is well-positioned to enhance its product mix, supported by  favourable polymer price trends with a surge in real estate activity, driving volume growth and margin expansion. 

 

Axis Securities expects a revenue/Ebitda/PAT CAGR of 15 per cent/35 per cent/64 per cent. The brokerage values the company at 27x FY27E EPS, we arrive at a target price of ₹400 per share, implying an upside of 18 per cent from the current market price. 

 

On Tuesday, September 23, Prince Pipes stock rose over 3 per cent to hit an intraday high of ₹351.45 on the National Stock Exchange (NSE). At 01:20 AM, the stock was trading at ₹347.7, up 1.7 per cent on the NSE. The stock has surged around 53 per cent from its 52-week low of ₹229.05 touched on April 07, 2025. The company's total market capitalisation stood at ₹3,844.21 crore.

Here's why Axis Securities has a positive outlook on Prince Pipes and Fittings:

Product portfolio enhancement and innovation: The company operates across segments ranging from pipes to water tanks and bathware. Its portfolio consists of 7,200+ SKUs and and 1,500+ channel partners. The product mix includes PVC, CPVC, UPVC, PPR and HDPE. "New launches such as Skolan Safe, StoreFit, DuraFit, and Prince Hauraton have consolidated its position in the drainage and plumbing segments. The acquisition of Aquel, its bathware brand, added nine product lines and 250+ SKUs, expanding its footprint into South India and Tier 2/3 cities," the brokerage said.

 

Strategic expansions: According to Axis Securities, Prince Pipes is driving growth capacity expansion and global collaborations. With eight manufacturing units across India totalling 423K MTPA capacity, nine depots, and 1500+ dealers as of FY25, the company ensures efficient distribution and proximity to customers. "Prince Pipes is well-positioned is high-growth regions such as the North and West, with an increasing focus on projectdriven business, which contributes 20–25 per cent of revenues. Leveraging the real estate upcycle, the company has expanded into water tanks and bathware, enabling crossselling and bundling opportunities across plumbing and drainage," the brokerage said. 

 

Branding and loyalty initiatives: The company has built a strong brand visibility and channel engagement through consistent branding and loyalty initiatives. Its flagship UDAAN loyalty program, launched in 2016 and digitised in 2018, has over 1.6 lakh registered members and has distributed rewards worth ₹34 crore, deepening relationships with plumbers, retailers, and wholesalers.