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ICICI Securities Report
The revenue contribution from Aquel’s bathware acquisition may not be material for Prince Pipes and Fittings Ltd.’s consolidated sales in the near term, but it may enable it to develop a better brand identity.
We cut our Ebitda estimates by ~2-4% over FY24-26E due to muted Q4 FY24 pipe volume growth guidance.
However, we upgrade the stock to Buy (from Add) with a revised March 2025 target price of Rs 723 (earlier: Rs 739), set at an unchanged 30 times one-year forward price/earning.
Key risk: Execution below expectation on ramp up in pipe segment.
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