# Building Materials - Plastic Pipes — company-by-company sector analysis

> Building Materials - Plastic Pipes: Supreme Industries Ltd owns the largest revenue base; Astral Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Building Materials - Plastic Pipes has underperformed NIFTY 500 by 10.8% over 52 weeks and 1.9% over 13 weeks. 1 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself. Supreme Industries Ltd leads with revenue of ₹11,218 crore, based on 5 of 5 comparable companies through Mar 2026.

### Is the Building Materials - Plastic Pipes sector outperforming NIFTY 500?

Building Materials - Plastic Pipes has underperformed NIFTY 500 by 10.8% over 52 weeks and 1.9% over 13 weeks. 1 of 5 covered companies beat NIFTY on Mansfield relative strength, while 1 of 5 beat the sector itself.

### Which Building Materials - Plastic Pipes company is largest by revenue?

Supreme Industries Ltd leads with revenue of ₹11,218 crore, based on 5 of 5 comparable companies through Mar 2026.

### Which Building Materials - Plastic Pipes company is growing fastest?

Astral Ltd has the fastest current revenue growth at 12.6%, across 5 of 5 comparable companies.

### Which Building Materials - Plastic Pipes company has the strongest 4-Factor Sector Score?

Astral Ltd ranks first at 55/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Building Materials - Plastic Pipes company has the least gross debt?

Supreme Industries Ltd has the lowest comparable gross debt at ₹91 crore. Finolex Industries Ltd has the highest at ₹446 crore.

### Which Building Materials - Plastic Pipes company has the lowest comparable PEG?

Prince Pipes & Fittings Ltd has the lowest comparable Guarded PEG at 0.91, among 4 of 5 companies that pass the metric’s comparability rules.

### How much history does this Building Materials - Plastic Pipes comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Building Materials - Plastic Pipes has underperformed NIFTY 500 by 10.8% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 1.9%. 1 of 5 covered companies currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Apollo Pipes Ltd is the strongest against the sector itself at +28.8%.

13-week sector return versus NIFTY 500: -1.9%
52-week sector return versus NIFTY 500: -11%
Stocks leading NIFTY: 1/5
Stocks leading sector: 1/5

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 5
Combined market value: ₹98.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Astral Ltd (ASTRAL): 55/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 19.9/35 | Capital efficiency 20.0/25 | Valuation 5.9/20 | Relative strength 9.2/20
   - Exact sum: 19.9 + 20 + 5.9 + 9.2 = 55
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
2. Prince Pipes & Fittings Ltd (PRINCEPIPE): 54/100 — Mixed-positive evidence; evidence 94%
   - Growth & earnings 25.6/35 | Capital efficiency 9.8/25 | Valuation 13.9/20 | Relative strength 4.6/20
   - Exact sum: 25.6 + 9.8 + 13.9 + 4.6 = 53.9
   - Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -22.9% and the one-year return is -25%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.
3. Finolex Industries Ltd (FINPIPE): 47/100 — Mixed-negative evidence; evidence 94%
   - Growth & earnings 20.1/35 | Capital efficiency 13.5/25 | Valuation 8.7/20 | Relative strength 4.5/20
   - Exact sum: 20.1 + 13.5 + 8.7 + 4.5 = 46.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Supreme Industries Ltd (SUPREMEIND): 46/100 — Mixed-negative evidence; evidence 97%
   - Growth & earnings 17.2/35 | Capital efficiency 19.8/25 | Valuation 3.6/20 | Relative strength 5.0/20
   - Exact sum: 17.2 + 19.8 + 3.6 + 5 = 45.6
   - Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5. Apollo Pipes Ltd (APOLLOPIPE): 35/100 — Adverse evidence; evidence 80%
   - Growth & earnings 1.4/35 | Capital efficiency 4.8/25 | Valuation 8.5/20 | Relative strength 20.0/20
   - Exact sum: 1.4 + 4.8 + 8.5 + 20 = 34.7
   - Decision use: Price leads the evidence: RS versus the benchmark is 27.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.

## Revenue Scale & Growth Durability

What the numbers say: Supreme Industries Ltd is the scale leader at ₹11,218 crore, 70.8% ahead of Astral Ltd. Astral Ltd's growth is 12.6% from a ₹6,568 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Supreme Industries Ltd is the scale benchmark; Astral Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Supreme Industries Ltd's growth falls below Astral Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Supreme Industries Ltd · ₹11,218 crore | 70.8% versus #2 · Astral Ltd | 6/8 recent comparable periods | 5/5 companies · 89 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Supreme Industries Ltd (SUPREMEIND): ₹11.2K Cr
2. Astral Ltd (ASTRAL): ₹6.6K Cr
3. Finolex Industries Ltd (FINPIPE): ₹4.1K Cr
4. Prince Pipes & Fittings Ltd (PRINCEPIPE): ₹2.6K Cr
5. Apollo Pipes Ltd (APOLLOPIPE): ₹1.1K Cr

### Revenue growth — fastest growers
1. Astral Ltd (ASTRAL): 13%
2. Supreme Industries Ltd (SUPREMEIND): 7.4%
3. Prince Pipes & Fittings Ltd (PRINCEPIPE): 2.9%
4. Finolex Industries Ltd (FINPIPE): -0.7%
5. Apollo Pipes Ltd (APOLLOPIPE): -6.5%

### 20-quarter Revenue history
- SUPREMEIND: Jun 2021 ₹1.3K Cr | Sep 2021 ₹1.9K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹2.2K Cr | Sep 2022 ₹2.1K Cr | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.4K Cr | Sep 2023 ₹2.3K Cr | Dec 2023 ₹2.4K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹2.6K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹3.0K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹3.5K Cr
- ASTRAL: Jun 2021 ₹700 Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.4K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.6K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.4K Cr | Mar 2025 ₹1.7K Cr | Jun 2025 ₹1.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.5K Cr | Mar 2026 ₹2.1K Cr
- FINPIPE: Jun 2021 ₹966 Cr | Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹941 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹883 Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹828 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.0K Cr | Sep 2025 ₹859 Cr | Dec 2025 ₹898 Cr | Mar 2026 ₹1.3K Cr
- PRINCEPIPE: Jun 2021 ₹331 Cr | Sep 2021 ₹761 Cr | Dec 2021 ₹664 Cr | Mar 2022 ₹901 Cr | Jun 2022 ₹604 Cr | Sep 2022 ₹636 Cr | Dec 2022 ₹706 Cr | Mar 2023 ₹764 Cr | Jun 2023 ₹554 Cr | Sep 2023 ₹656 Cr | Dec 2023 ₹619 Cr | Mar 2024 ₹740 Cr | Jun 2024 ₹604 Cr | Sep 2024 ₹622 Cr | Dec 2024 ₹578 Cr | Mar 2025 ₹720 Cr | Jun 2025 ₹580 Cr | Sep 2025 ₹595 Cr | Dec 2025 ₹573 Cr | Mar 2026 ₹850 Cr
- APOLLOPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹256 Cr | Jun 2024 ₹309 Cr | Sep 2024 ₹250 Cr | Dec 2024 ₹308 Cr | Mar 2025 ₹315 Cr | Jun 2025 ₹275 Cr | Sep 2025 ₹236 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹347 Cr

### 20-quarter Revenue growth history
- SUPREMEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 64% | Sep 2022 8.2% | Dec 2022 19% | Mar 2023 1.6% | Jun 2023 7.4% | Sep 2023 11% | Dec 2023 6.0% | Mar 2024 16% | Jun 2024 11% | Sep 2024 -1.6% | Dec 2024 2.5% | Mar 2025 0.6% | Jun 2025 -1.0% | Sep 2025 5.3% | Dec 2025 7.1% | Mar 2026 17%
- ASTRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 73% | Sep 2022 1.6% | Dec 2022 15% | Mar 2023 4.5% | Jun 2023 5.8% | Sep 2023 16% | Dec 2023 8.0% | Mar 2024 7.9% | Jun 2024 7.9% | Sep 2024 0.5% | Dec 2024 2.0% | Mar 2025 3.5% | Jun 2025 -1.7% | Sep 2025 15% | Dec 2025 10% | Mar 2026 24%
- FINPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 23% | Sep 2022 -13% | Dec 2022 12% | Mar 2023 -28% | Jun 2023 -0.9% | Sep 2023 -6.2% | Dec 2023 -9.3% | Mar 2024 8.2% | Jun 2024 -3.3% | Sep 2024 -6.2% | Dec 2024 -1.9% | Mar 2025 -5.1% | Jun 2025 -8.5% | Sep 2025 3.7% | Dec 2025 -10% | Mar 2026 12%
- PRINCEPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 82% | Sep 2022 -16% | Dec 2022 6.3% | Mar 2023 -15% | Jun 2023 -8.3% | Sep 2023 3.1% | Dec 2023 -12% | Mar 2024 -3.1% | Jun 2024 9.0% | Sep 2024 -5.2% | Dec 2024 -6.6% | Mar 2025 -2.7% | Jun 2025 -4.0% | Sep 2025 -4.3% | Dec 2025 -0.9% | Mar 2026 18%
- APOLLOPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 23% | Jun 2025 -11% | Sep 2025 -5.9% | Dec 2025 -20% | Mar 2026 10%

## Operating Economics & Margin Trend

What the numbers say: Finolex Industries Ltd leads both opm at 25% and margin change at +10 percentage points.

Investor read: Finolex Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Finolex Industries Ltd · 25% | 38.9% versus #2 · Astral Ltd | 4/8 recent comparable periods | 5/5 companies · 89 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Finolex Industries Ltd (FINPIPE): 25%
2. Astral Ltd (ASTRAL): 18%
3. Supreme Industries Ltd (SUPREMEIND): 18%
4. Prince Pipes & Fittings Ltd (PRINCEPIPE): 13%
5. Apollo Pipes Ltd (APOLLOPIPE): 5.2%

### Margin change — fastest expanders
1. Finolex Industries Ltd (FINPIPE): +10.0 pp
2. Prince Pipes & Fittings Ltd (PRINCEPIPE): +5.0 pp
3. Supreme Industries Ltd (SUPREMEIND): +4.0 pp
4. Astral Ltd (ASTRAL): 0.0 pp
5. Apollo Pipes Ltd (APOLLOPIPE): −2.4 pp

### 20-quarter OPM history
- SUPREMEIND: Jun 2021 17% | Sep 2021 16% | Dec 2021 16% | Mar 2022 15% | Jun 2022 12% | Sep 2022 7.1% | Dec 2022 13% | Mar 2023 18% | Jun 2023 14% | Sep 2023 15% | Dec 2023 15% | Mar 2024 16% | Jun 2024 15% | Sep 2024 14% | Dec 2024 12% | Mar 2025 14% | Jun 2025 12% | Sep 2025 12% | Dec 2025 12% | Mar 2026 18%
- ASTRAL: Jun 2021 18% | Sep 2021 18% | Dec 2021 18% | Mar 2022 15% | Jun 2022 14% | Sep 2022 12% | Dec 2022 15% | Mar 2023 20% | Jun 2023 16% | Sep 2023 16% | Dec 2023 15% | Mar 2024 18% | Jun 2024 16% | Sep 2024 15% | Dec 2024 16% | Mar 2025 18% | Jun 2025 14% | Sep 2025 16% | Dec 2025 15% | Mar 2026 18%
- FINPIPE: Jun 2021 22% | Sep 2021 28% | Dec 2021 24% | Mar 2022 17% | Jun 2022 10% | Sep 2022 -15% | Dec 2022 8.0% | Mar 2023 19% | Jun 2023 13% | Sep 2023 12% | Dec 2023 12% | Mar 2024 17% | Jun 2024 18% | Sep 2024 1.0% | Dec 2024 8.0% | Mar 2025 15% | Jun 2025 9.0% | Sep 2025 15% | Dec 2025 14% | Mar 2026 25%
- PRINCEPIPE: Jun 2021 12% | Sep 2021 16% | Dec 2021 17% | Mar 2022 16% | Jun 2022 7.3% | Sep 2022 -1.8% | Dec 2022 9.8% | Mar 2023 19% | Jun 2023 8.0% | Sep 2023 14% | Dec 2023 12% | Mar 2024 12% | Jun 2024 10% | Sep 2024 7.0% | Dec 2024 1.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 9.0% | Dec 2025 5.0% | Mar 2026 13%
- APOLLOPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 9.9% | Jun 2024 9.4% | Sep 2024 7.8% | Dec 2024 7.6% | Mar 2025 7.6% | Jun 2025 7.5% | Sep 2025 6.7% | Dec 2025 4.9% | Mar 2026 5.2%

### 20-quarter Margin change history
- SUPREMEIND: Jun 2021 +5.8 pp | Sep 2021 −2.5 pp | Dec 2021 −5.4 pp | Mar 2022 −9.2 pp | Jun 2022 −4.4 pp | Sep 2022 −9.1 pp | Dec 2022 −3.3 pp | Mar 2023 +2.7 pp | Jun 2023 +1.8 pp | Sep 2023 +8.0 pp | Dec 2023 +2.0 pp | Mar 2024 −2.0 pp | Jun 2024 +1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −2.0 pp | Jun 2025 −3.0 pp | Sep 2025 −2.0 pp | Dec 2025 0.0 pp | Mar 2026 +4.0 pp
- ASTRAL: Jun 2021 +5.3 pp | Sep 2021 −1.0 pp | Dec 2021 −3.3 pp | Mar 2022 −7.1 pp | Jun 2022 −4.4 pp | Sep 2022 −5.3 pp | Dec 2022 −2.9 pp | Mar 2023 +4.6 pp | Jun 2023 +1.9 pp | Sep 2023 +3.7 pp | Dec 2023 0.0 pp | Mar 2024 −2.0 pp | Jun 2024 0.0 pp | Sep 2024 −1.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 +1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp
- FINPIPE: Jun 2021 +5.8 pp | Sep 2021 +2.8 pp | Dec 2021 −8.5 pp | Mar 2022 −16.2 pp | Jun 2022 −11.1 pp | Sep 2022 −42.8 pp | Dec 2022 −16.0 pp | Mar 2023 +2.4 pp | Jun 2023 +2.5 pp | Sep 2023 +27.2 pp | Dec 2023 +4.0 pp | Mar 2024 −2.0 pp | Jun 2024 +5.0 pp | Sep 2024 −11.0 pp | Dec 2024 −4.0 pp | Mar 2025 −2.0 pp | Jun 2025 −9.0 pp | Sep 2025 +14.0 pp | Dec 2025 +6.0 pp | Mar 2026 +10.0 pp
- PRINCEPIPE: Jun 2021 +2.0 pp | Sep 2021 −1.4 pp | Dec 2021 −2.0 pp | Mar 2022 −3.7 pp | Jun 2022 −5.2 pp | Sep 2022 −17.9 pp | Dec 2022 −6.9 pp | Mar 2023 +3.4 pp | Jun 2023 +0.7 pp | Sep 2023 +15.8 pp | Dec 2023 +2.2 pp | Mar 2024 −7.0 pp | Jun 2024 +2.0 pp | Sep 2024 −7.0 pp | Dec 2024 −11.0 pp | Mar 2025 −4.0 pp | Jun 2025 −3.0 pp | Sep 2025 +2.0 pp | Dec 2025 +4.0 pp | Mar 2026 +5.0 pp
- APOLLOPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 −2.3 pp | Jun 2025 −1.9 pp | Sep 2025 −1.1 pp | Dec 2025 −2.7 pp | Mar 2026 −2.4 pp

## Profit Scale & Acceleration

What the numbers say: Supreme Industries Ltd leads with ₹954 crore of TTM profit, 59.3% above Finolex Industries Ltd. Prince Pipes & Fittings Ltd shows 68.2% growth from a ₹74 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Supreme Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Supreme Industries Ltd · ₹954 crore | 59.3% versus #2 · Finolex Industries Ltd | 2/8 recent comparable periods | 5/5 companies · 89 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Supreme Industries Ltd (SUPREMEIND): ₹954 Cr
2. Finolex Industries Ltd (FINPIPE): ₹599 Cr
3. Astral Ltd (ASTRAL): ₹535 Cr
4. Prince Pipes & Fittings Ltd (PRINCEPIPE): ₹74 Cr
5. Apollo Pipes Ltd (APOLLOPIPE): ₹5 Cr

### Profit growth — fastest growers
1. Prince Pipes & Fittings Ltd (PRINCEPIPE): 68%
2. Astral Ltd (ASTRAL): 2.9%
3. Supreme Industries Ltd (SUPREMEIND): -0.7%
4. Finolex Industries Ltd (FINPIPE): -25%
5. Apollo Pipes Ltd (APOLLOPIPE): -80%

### 20-quarter Net profit history
- SUPREMEIND: Jun 2021 ₹170 Cr | Sep 2021 ₹229 Cr | Dec 2021 ₹246 Cr | Mar 2022 ₹324 Cr | Jun 2022 ₹214 Cr | Sep 2022 ₹82 Cr | Dec 2022 ₹210 Cr | Mar 2023 ₹359 Cr | Jun 2023 ₹216 Cr | Sep 2023 ₹243 Cr | Dec 2023 ₹256 Cr | Mar 2024 ₹355 Cr | Jun 2024 ₹273 Cr | Sep 2024 ₹207 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹294 Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹165 Cr | Dec 2025 ₹153 Cr | Mar 2026 ₹434 Cr
- ASTRAL: Jun 2021 ₹75 Cr | Sep 2021 ₹143 Cr | Dec 2021 ₹128 Cr | Mar 2022 ₹144 Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹75 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹206 Cr | Jun 2023 ₹119 Cr | Sep 2023 ₹132 Cr | Dec 2023 ₹113 Cr | Mar 2024 ₹181 Cr | Jun 2024 ₹120 Cr | Sep 2024 ₹109 Cr | Dec 2024 ₹113 Cr | Mar 2025 ₹178 Cr | Jun 2025 ₹79 Cr | Sep 2025 ₹135 Cr | Dec 2025 ₹108 Cr | Mar 2026 ₹213 Cr
- FINPIPE: Jun 2021 ₹146 Cr | Sep 2021 ₹233 Cr | Dec 2021 ₹177 Cr | Mar 2022 ₹495 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹-95 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹166 Cr | Jun 2023 ₹115 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹95 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹501 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹94 Cr | Mar 2025 ₹165 Cr | Jun 2025 ₹98 Cr | Sep 2025 ₹124 Cr | Dec 2025 ₹116 Cr | Mar 2026 ₹261 Cr
- PRINCEPIPE: Jun 2021 ₹18 Cr | Sep 2021 ₹76 Cr | Dec 2021 ₹67 Cr | Mar 2022 ₹88 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹-24 Cr | Dec 2022 ₹35 Cr | Mar 2023 ₹94 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹71 Cr | Dec 2023 ₹38 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-20 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹-2 Cr | Mar 2026 ₹56 Cr
- APOLLOPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹7 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-0 Cr

### 20-quarter Profit growth history
- SUPREMEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -64% | Dec 2022 -15% | Mar 2023 11% | Jun 2023 0.9% | Sep 2023 196% | Dec 2023 22% | Mar 2024 -1.1% | Jun 2024 26% | Sep 2024 -15% | Dec 2024 -27% | Mar 2025 -17% | Jun 2025 -26% | Sep 2025 -20% | Dec 2025 -18% | Mar 2026 48%
- ASTRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 -48% | Dec 2022 -26% | Mar 2023 43% | Jun 2023 24% | Sep 2023 76% | Dec 2023 19% | Mar 2024 -12% | Jun 2024 0.8% | Sep 2024 -17% | Dec 2024 0.0% | Mar 2025 -1.7% | Jun 2025 -34% | Sep 2025 24% | Dec 2025 -4.4% | Mar 2026 20%
- FINPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -32% | Sep 2022 -141% | Dec 2022 -55% | Mar 2023 -66% | Jun 2023 16% | Sep 2023 — | Dec 2023 19% | Mar 2024 -0.6% | Jun 2024 336% | Sep 2024 -58% | Dec 2024 -1.1% | Mar 2025 0.0% | Jun 2025 -80% | Sep 2025 202% | Dec 2025 23% | Mar 2026 58%
- PRINCEPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -11% | Sep 2022 -132% | Dec 2022 -47% | Mar 2023 6.8% | Jun 2023 25% | Sep 2023 — | Dec 2023 7.4% | Mar 2024 -41% | Jun 2024 25% | Sep 2024 -79% | Dec 2024 -153% | Mar 2025 -56% | Jun 2025 -80% | Sep 2025 0.0% | Dec 2025 — | Mar 2026 133%
- APOLLOPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 43% | Jun 2025 -41% | Sep 2025 -65% | Dec 2025 -174% | Mar 2026 -101%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/5 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Finolex Industries Ltd has the clearest covered balance-sheet capacity with ₹2,047 crore net cash and gross debt of ₹446 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Supreme Industries Ltd · ₹91 crore | 26.6% versus #2 · Apollo Pipes Ltd | 6/8 recent comparable periods | 5/5 companies · 100 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Supreme Industries Ltd (SUPREMEIND): ₹91 Cr
2. Apollo Pipes Ltd (APOLLOPIPE): ₹124 Cr
3. Prince Pipes & Fittings Ltd (PRINCEPIPE): ₹145 Cr
4. Astral Ltd (ASTRAL): ₹250 Cr
5. Finolex Industries Ltd (FINPIPE): ₹446 Cr

### Net debt — lowest net debt
1. Finolex Industries Ltd (FINPIPE): ₹-2.0K Cr
2. Astral Ltd (ASTRAL): ₹-693 Cr
3. Supreme Industries Ltd (SUPREMEIND): ₹-558 Cr
4. Prince Pipes & Fittings Ltd (PRINCEPIPE): ₹-132 Cr
5. Apollo Pipes Ltd (APOLLOPIPE): ₹42 Cr

### 20-quarter Gross debt history
- SUPREMEIND: Jun 2021 ₹38 Cr | Sep 2021 ₹31 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹46 Cr | Jun 2022 ₹46 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹42 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹44 Cr | Dec 2023 ₹44 Cr | Mar 2024 ₹55 Cr | Jun 2024 ₹55 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹74 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹76 Cr | Sep 2025 ₹322 Cr | Dec 2025 ₹322 Cr | Mar 2026 ₹91 Cr
- ASTRAL: Jun 2021 ₹53 Cr | Sep 2021 ₹93 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹98 Cr | Jun 2022 ₹98 Cr | Sep 2022 ₹95 Cr | Dec 2022 ₹95 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹87 Cr | Sep 2023 ₹98 Cr | Dec 2023 ₹98 Cr | Mar 2024 ₹119 Cr | Jun 2024 ₹119 Cr | Sep 2024 ₹198 Cr | Dec 2024 ₹198 Cr | Mar 2025 ₹233 Cr | Jun 2025 ₹233 Cr | Sep 2025 ₹256 Cr | Dec 2025 ₹256 Cr | Mar 2026 ₹250 Cr
- FINPIPE: Jun 2021 ₹204 Cr | Sep 2021 ₹30 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹278 Cr | Jun 2022 ₹278 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹541 Cr | Jun 2023 ₹541 Cr | Sep 2023 ₹605 Cr | Dec 2023 ₹605 Cr | Mar 2024 ₹394 Cr | Jun 2024 ₹394 Cr | Sep 2024 ₹369 Cr | Dec 2024 ₹369 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹237 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹446 Cr
- PRINCEPIPE: Jun 2021 ₹88 Cr | Sep 2021 ₹161 Cr | Dec 2021 ₹161 Cr | Mar 2022 ₹152 Cr | Jun 2022 ₹152 Cr | Sep 2022 ₹140 Cr | Dec 2022 ₹140 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹130 Cr | Jun 2024 ₹130 Cr | Sep 2024 ₹174 Cr | Dec 2024 ₹174 Cr | Mar 2025 ₹277 Cr | Jun 2025 ₹277 Cr | Sep 2025 ₹237 Cr | Dec 2025 ₹237 Cr | Mar 2026 ₹145 Cr
- APOLLOPIPE: Jun 2021 ₹52 Cr | Sep 2021 ₹24 Cr | Dec 2021 ₹24 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹47 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹2 Cr | Mar 2024 ₹69 Cr | Jun 2024 ₹63 Cr | Sep 2024 ₹138 Cr | Dec 2024 ₹138 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹71 Cr | Dec 2025 ₹71 Cr | Mar 2026 ₹124 Cr

### 20-quarter Net debt history
- SUPREMEIND: Jun 2021 ₹-724 Cr | Sep 2021 ₹-308 Cr | Dec 2021 ₹-308 Cr | Mar 2022 ₹-473 Cr | Jun 2022 ₹-473 Cr | Sep 2022 ₹-459 Cr | Dec 2022 ₹-459 Cr | Mar 2023 ₹-687 Cr | Jun 2023 ₹-687 Cr | Sep 2023 ₹-547 Cr | Dec 2023 ₹-547 Cr | Mar 2024 ₹-1.1K Cr | Jun 2024 ₹-1.1K Cr | Sep 2024 ₹-609 Cr | Dec 2024 ₹-609 Cr | Mar 2025 ₹-868 Cr | Jun 2025 ₹-868 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹-558 Cr
- ASTRAL: Jun 2021 ₹-423 Cr | Sep 2021 ₹-367 Cr | Dec 2021 ₹-367 Cr | Mar 2022 ₹-544 Cr | Jun 2022 ₹-544 Cr | Sep 2022 ₹-364 Cr | Dec 2022 ₹-364 Cr | Mar 2023 ₹-595 Cr | Jun 2023 ₹-595 Cr | Sep 2023 ₹-435 Cr | Dec 2023 ₹-435 Cr | Mar 2024 ₹-491 Cr | Jun 2024 ₹-491 Cr | Sep 2024 ₹-174 Cr | Dec 2024 ₹-174 Cr | Mar 2025 ₹-376 Cr | Jun 2025 ₹-376 Cr | Sep 2025 ₹-299 Cr | Dec 2025 ₹-299 Cr | Mar 2026 ₹-693 Cr
- FINPIPE: Jun 2021 ₹-650 Cr | Sep 2021 ₹-1.0K Cr | Dec 2021 ₹-1.0K Cr | Mar 2022 ₹-1.3K Cr | Jun 2022 ₹-1.4K Cr | Sep 2022 ₹-1.1K Cr | Dec 2022 ₹-1.1K Cr | Mar 2023 ₹-1.3K Cr | Jun 2023 ₹-1.3K Cr | Sep 2023 ₹-1.2K Cr | Dec 2023 ₹-1.2K Cr | Mar 2024 ₹-1.5K Cr | Jun 2024 ₹-1.5K Cr | Sep 2024 ₹-1.8K Cr | Dec 2024 ₹-1.8K Cr | Mar 2025 ₹-2.0K Cr | Jun 2025 ₹-2.0K Cr | Sep 2025 ₹-2.0K Cr | Dec 2025 ₹-2.0K Cr | Mar 2026 ₹-2.0K Cr
- PRINCEPIPE: Jun 2021 ₹-145 Cr | Sep 2021 ₹20 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹85 Cr | Jun 2022 ₹83 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹-150 Cr | Jun 2023 ₹-153 Cr | Sep 2023 ₹-173 Cr | Dec 2023 ₹-173 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹55 Cr | Dec 2024 ₹55 Cr | Mar 2025 ₹170 Cr | Jun 2025 ₹167 Cr | Sep 2025 ₹104 Cr | Dec 2025 ₹104 Cr | Mar 2026 ₹-132 Cr
- APOLLOPIPE: Jun 2021 ₹-20 Cr | Sep 2021 ₹-17 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-3 Cr | Sep 2022 ₹45 Cr | Dec 2022 ₹45 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹-52 Cr | Dec 2023 ₹-52 Cr | Mar 2024 ₹14 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹76 Cr | Dec 2024 ₹76 Cr | Mar 2025 ₹-39 Cr | Jun 2025 ₹-40 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹42 Cr

## Return On Capital Employed

What the numbers say: Supreme Industries Ltd leads ROCE at 20.7%, 0.8 percentage points above Astral Ltd. Finolex Industries Ltd has the strongest latest improvement at +3.1 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Supreme Industries Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Supreme Industries Ltd · 20.7% | 4% versus #2 · Astral Ltd | 1/8 recent comparable periods | 5/5 companies · 72 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Supreme Industries Ltd (SUPREMEIND): 21%
2. Astral Ltd (ASTRAL): 20%
3. Finolex Industries Ltd (FINPIPE): 13%
4. Prince Pipes & Fittings Ltd (PRINCEPIPE): 6.1%
5. Apollo Pipes Ltd (APOLLOPIPE): 1.2%

### ROCE change — fastest improvers
1. Finolex Industries Ltd (FINPIPE): +3.1 pp
2. Prince Pipes & Fittings Ltd (PRINCEPIPE): +2.5 pp
3. Astral Ltd (ASTRAL): −0.1 pp
4. Supreme Industries Ltd (SUPREMEIND): −0.7 pp
5. Apollo Pipes Ltd (APOLLOPIPE): −4.0 pp

### 20-quarter ROCE history
- SUPREMEIND: Jun 2021 — | Sep 2021 35% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 22% | Dec 2022 — | Mar 2023 21% | Jun 2023 — | Sep 2023 25% | Dec 2023 32% | Mar 2024 24% | Jun 2024 30% | Sep 2024 23% | Dec 2024 26% | Mar 2025 19% | Jun 2025 21% | Sep 2025 17% | Dec 2025 19% | Mar 2026 18%
- ASTRAL: Jun 2021 — | Sep 2021 30% | Dec 2021 — | Mar 2022 26% | Jun 2022 — | Sep 2022 21% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 15% | Dec 2023 27% | Mar 2024 22% | Jun 2024 24% | Sep 2024 20% | Dec 2024 22% | Mar 2025 18% | Jun 2025 19% | Sep 2025 17% | Dec 2025 19% | Mar 2026 18%
- FINPIPE: Jun 2021 — | Sep 2021 32% | Dec 2021 — | Mar 2022 23% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 4.6% | Jun 2023 — | Sep 2023 8.2% | Dec 2023 14% | Mar 2024 7.9% | Jun 2024 21% | Sep 2024 6.0% | Dec 2024 16% | Mar 2025 5.7% | Jun 2025 9.0% | Sep 2025 6.0% | Dec 2025 10% | Mar 2026 8.8%
- PRINCEPIPE: Jun 2021 — | Sep 2021 31% | Dec 2021 — | Mar 2022 27% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 18% | Dec 2023 23% | Mar 2024 13% | Jun 2024 17% | Sep 2024 10% | Dec 2024 6.9% | Mar 2025 3.3% | Jun 2025 2.8% | Sep 2025 2.2% | Dec 2025 3.6% | Mar 2026 5.8%
- APOLLOPIPE: Jun 2021 — | Sep 2021 19% | Dec 2021 — | Mar 2022 16% | Jun 2022 — | Sep 2022 10% | Dec 2022 — | Mar 2023 8.7% | Jun 2023 — | Sep 2023 10% | Dec 2023 — | Mar 2024 8.3% | Jun 2024 — | Sep 2024 7.0% | Dec 2024 8.5% | Mar 2025 5.5% | Jun 2025 5.9% | Sep 2025 3.5% | Dec 2025 3.5% | Mar 2026 1.5%

### 20-quarter ROCE change history
- SUPREMEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.0 pp | Dec 2022 — | Mar 2023 −4.8 pp | Jun 2023 — | Sep 2023 +3.0 pp | Dec 2023 — | Mar 2024 +3.0 pp | Jun 2024 — | Sep 2024 −2.2 pp | Dec 2024 −5.8 pp | Mar 2025 −5.2 pp | Jun 2025 −9.6 pp | Sep 2025 −6.3 pp | Dec 2025 −7.5 pp | Mar 2026 −0.7 pp
- ASTRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −9.0 pp | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −6.7 pp | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 +4.9 pp | Dec 2024 −4.9 pp | Mar 2025 −3.5 pp | Jun 2025 −4.8 pp | Sep 2025 −2.4 pp | Dec 2025 −3.1 pp | Mar 2026 −0.1 pp
- FINPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.9 pp | Dec 2022 — | Mar 2023 −18.2 pp | Jun 2023 — | Sep 2023 −1.9 pp | Dec 2023 — | Mar 2024 +3.3 pp | Jun 2024 — | Sep 2024 −2.2 pp | Dec 2024 +2.6 pp | Mar 2025 −2.2 pp | Jun 2025 −12.1 pp | Sep 2025 0.0 pp | Dec 2025 −5.9 pp | Mar 2026 +3.1 pp
- PRINCEPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −14.3 pp | Dec 2022 — | Mar 2023 −15.0 pp | Jun 2023 — | Sep 2023 +1.6 pp | Dec 2023 — | Mar 2024 +1.4 pp | Jun 2024 — | Sep 2024 −8.0 pp | Dec 2024 −15.6 pp | Mar 2025 −10.1 pp | Jun 2025 −14.4 pp | Sep 2025 −8.0 pp | Dec 2025 −3.3 pp | Mar 2026 +2.5 pp
- APOLLOPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.7 pp | Dec 2022 — | Mar 2023 −7.6 pp | Jun 2023 — | Sep 2023 +0.2 pp | Dec 2023 — | Mar 2024 −0.4 pp | Jun 2024 — | Sep 2024 −3.4 pp | Dec 2024 — | Mar 2025 −2.8 pp | Jun 2025 — | Sep 2025 −3.5 pp | Dec 2025 −5.0 pp | Mar 2026 −4.0 pp

## Valuation Against Growth & Quality

What the numbers say: Prince Pipes & Fittings Ltd has the lowest comparable Guarded PEG at 0.91×, 75.1% below Finolex Industries Ltd. Only 4 of 5 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Prince Pipes & Fittings Ltd · 0.91× | 75.1% versus #2 · Finolex Industries Ltd | 0/8 recent comparable periods | 4/5 companies · 18 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Prince Pipes & Fittings Ltd (PRINCEPIPE): 0.9
2. Finolex Industries Ltd (FINPIPE): 3.7
3. Astral Ltd (ASTRAL): 4.7
4. Supreme Industries Ltd (SUPREMEIND): 9.1

### P/E — lowest P/E
1. Finolex Industries Ltd (FINPIPE): 17.0
2. Prince Pipes & Fittings Ltd (PRINCEPIPE): 38.4
3. Supreme Industries Ltd (SUPREMEIND): 47.1
4. Astral Ltd (ASTRAL): 71.6
5. Apollo Pipes Ltd (APOLLOPIPE): 289.5

### 20-quarter Guarded PEG history
- SUPREMEIND: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.9 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 3.0 | Mar 2024 1.7 | Jun 2024 3.3 | Sep 2024 — | Dec 2024 9.1 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- ASTRAL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 3.0 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 3.8 | Sep 2023 — | Dec 2023 4.3 | Mar 2024 2.1 | Jun 2024 5.3 | Sep 2024 4.7 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FINPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.4 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 0.9 | Mar 2026 3.7
- PRINCEPIPE: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 2.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.0 | Mar 2024 — | Jun 2024 1.1 | Sep 2024 0.9 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- SUPREMEIND: Jun 2021 27.5 | Sep 2021 25.9 | Dec 2021 24.4 | Mar 2022 23.2 | Jun 2022 22.5 | Sep 2022 26.8 | Dec 2022 36.0 | Mar 2023 38.5 | Jun 2023 48.0 | Sep 2023 60.4 | Dec 2023 56.1 | Mar 2024 50.0 | Jun 2024 73.2 | Sep 2024 59.3 | Dec 2024 55.6 | Mar 2025 42.6 | Jun 2025 59.8 | Sep 2025 60.5 | Dec 2025 49.0 | Mar 2026 58.5
- ASTRAL: Jun 2021 95.4 | Sep 2021 93.1 | Dec 2021 89.4 | Mar 2022 76.0 | Jun 2022 69.3 | Sep 2022 90.3 | Dec 2022 93.6 | Mar 2023 92.6 | Jun 2023 119.2 | Sep 2023 107.1 | Dec 2023 94.1 | Mar 2024 94.6 | Jun 2024 117.1 | Sep 2024 98.5 | Dec 2024 84.6 | Mar 2025 66.1 | Jun 2025 76.9 | Sep 2025 76.2 | Dec 2025 73.3 | Mar 2026 84.4
- FINPIPE: Jun 2021 14.6 | Sep 2021 14.4 | Dec 2021 13.7 | Mar 2022 11.0 | Jun 2022 11.3 | Sep 2022 11.9 | Dec 2022 30.2 | Mar 2023 36.9 | Jun 2023 43.6 | Sep 2023 52.2 | Dec 2023 28.5 | Mar 2024 32.2 | Jun 2024 42.6 | Sep 2024 32.5 | Dec 2024 33.2 | Mar 2025 23.4 | Jun 2025 28.2 | Sep 2025 32.5 | Dec 2025 21.9 | Mar 2026 19.5
- PRINCEPIPE: Jun 2021 34.5 | Sep 2021 33.7 | Dec 2021 29.9 | Mar 2022 27.6 | Jun 2022 25.5 | Sep 2022 25.8 | Dec 2022 44.7 | Mar 2023 51.9 | Jun 2023 61.1 | Sep 2023 61.8 | Dec 2023 39.9 | Mar 2024 29.1 | Jun 2024 44.1 | Sep 2024 35.6 | Dec 2024 35.3 | Mar 2025 36.8 | Jun 2025 91.9 | Sep 2025 156.1 | Dec 2025 119.9 | Mar 2026 55.5
- APOLLOPIPE: Jun 2021 45.2 | Sep 2021 73.9 | Dec 2021 72.3 | Mar 2022 66.9 | Jun 2022 56.0 | Sep 2022 69.9 | Dec 2022 69.7 | Mar 2023 73.6 | Jun 2023 94.3 | Sep 2023 94.7 | Dec 2023 91.9 | Mar 2024 85.4 | Jun 2024 120.0 | Sep 2024 54.5 | Dec 2024 44.4 | Mar 2025 53.0 | Jun 2025 55.7 | Sep 2025 52.4 | Dec 2025 51.3 | Mar 2026 115.8

## Enterprise Value & Book Value

What the numbers say: Finolex Industries Ltd leads both ev/ebitda at 12.1× and p/bv at 1.64×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Finolex Industries Ltd · 12.1× | 12.3% versus #2 · Prince Pipes & Fittings Ltd | 0/8 recent comparable periods | 5/5 companies · 100 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Finolex Industries Ltd (FINPIPE): 12.1
2. Prince Pipes & Fittings Ltd (PRINCEPIPE): 13.8
3. Apollo Pipes Ltd (APOLLOPIPE): 22.1
4. Supreme Industries Ltd (SUPREMEIND): 32.2
5. Astral Ltd (ASTRAL): 42.4

### P/BV — lowest P/BV
1. Finolex Industries Ltd (FINPIPE): 1.6
2. Prince Pipes & Fittings Ltd (PRINCEPIPE): 1.8
3. Apollo Pipes Ltd (APOLLOPIPE): 2.6
4. Supreme Industries Ltd (SUPREMEIND): 7.1
5. Astral Ltd (ASTRAL): 9.7

### 20-quarter EV/EBITDA history
- SUPREMEIND: Jun 2021 18.1 | Sep 2021 17.5 | Dec 2021 16.8 | Mar 2022 15.9 | Jun 2022 14.5 | Sep 2022 17.4 | Dec 2022 22.8 | Mar 2023 24.0 | Jun 2023 29.4 | Sep 2023 36.7 | Dec 2023 35.1 | Mar 2024 31.1 | Jun 2024 44.6 | Sep 2024 36.4 | Dec 2024 33.8 | Mar 2025 25.3 | Jun 2025 34.8 | Sep 2025 34.7 | Dec 2025 27.9 | Mar 2026 32.2
- ASTRAL: Jun 2021 58.3 | Sep 2021 57.2 | Dec 2021 56.1 | Mar 2022 47.8 | Jun 2022 42.0 | Sep 2022 53.3 | Dec 2022 50.8 | Mar 2023 47.0 | Jun 2023 63.1 | Sep 2023 58.6 | Dec 2023 53.7 | Mar 2024 54.5 | Jun 2024 66.0 | Sep 2024 54.9 | Dec 2024 46.2 | Mar 2025 35.4 | Jun 2025 40.3 | Sep 2025 38.2 | Dec 2025 36.9 | Mar 2026 42.4
- FINPIPE: Jun 2021 10.2 | Sep 2021 9.8 | Dec 2021 9.1 | Mar 2022 7.1 | Jun 2022 7.7 | Sep 2022 8.2 | Dec 2022 19.4 | Mar 2023 23.0 | Jun 2023 25.4 | Sep 2023 29.4 | Dec 2023 17.8 | Mar 2024 19.8 | Jun 2024 25.7 | Sep 2024 20.6 | Dec 2024 20.5 | Mar 2025 14.8 | Jun 2025 18.1 | Sep 2025 19.6 | Dec 2025 13.7 | Mar 2026 12.1
- PRINCEPIPE: Jun 2021 20.2 | Sep 2021 19.6 | Dec 2021 18.2 | Mar 2022 16.7 | Jun 2022 14.8 | Sep 2022 15.3 | Dec 2022 23.0 | Mar 2023 24.6 | Jun 2023 29.0 | Sep 2023 29.2 | Dec 2023 22.1 | Mar 2024 16.0 | Jun 2024 22.9 | Sep 2024 18.6 | Dec 2024 16.6 | Mar 2025 13.1 | Jun 2025 22.6 | Sep 2025 24.1 | Dec 2025 18.0 | Mar 2026 13.8
- APOLLOPIPE: Jun 2021 45.1 | Sep 2021 73.3 | Dec 2021 71.8 | Mar 2022 66.4 | Jun 2022 55.7 | Sep 2022 69.3 | Dec 2022 69.1 | Mar 2023 73.0 | Jun 2023 93.3 | Sep 2023 93.8 | Dec 2023 91.0 | Mar 2024 84.8 | Jun 2024 83.1 | Sep 2024 24.4 | Dec 2024 21.7 | Mar 2025 17.5 | Jun 2025 18.7 | Sep 2025 15.3 | Dec 2025 13.7 | Mar 2026 22.1

### 20-quarter P/BV history
- SUPREMEIND: Jun 2021 8.5 | Sep 2021 9.1 | Dec 2021 8.4 | Mar 2022 7.6 | Jun 2022 5.6 | Sep 2022 6.9 | Dec 2022 8.0 | Mar 2023 8.3 | Jun 2023 9.2 | Sep 2023 11.9 | Dec 2023 12.5 | Mar 2024 11.7 | Jun 2024 14.8 | Sep 2024 13.1 | Dec 2024 11.4 | Mar 2025 8.2 | Jun 2025 9.7 | Sep 2025 9.5 | Dec 2025 7.3 | Mar 2026 8.3
- ASTRAL: Jun 2021 25.6 | Sep 2021 22.5 | Dec 2021 21.9 | Mar 2022 18.8 | Jun 2022 17.7 | Sep 2022 18.5 | Dec 2022 16.3 | Mar 2023 15.3 | Jun 2023 22.7 | Sep 2023 18.9 | Dec 2023 17.7 | Mar 2024 18.4 | Jun 2024 23.6 | Sep 2024 16.9 | Dec 2024 13.2 | Mar 2025 10.3 | Jun 2025 12.6 | Sep 2025 10.2 | Dec 2025 9.9 | Mar 2026 11.5
- FINPIPE: Jun 2021 5.4 | Sep 2021 3.8 | Dec 2021 3.7 | Mar 2022 2.7 | Jun 2022 2.7 | Sep 2022 2.2 | Dec 2022 3.0 | Mar 2023 2.7 | Jun 2023 2.8 | Sep 2023 2.8 | Dec 2023 2.3 | Mar 2024 2.7 | Jun 2024 4.1 | Sep 2024 3.1 | Dec 2024 2.3 | Mar 2025 1.6 | Jun 2025 2.4 | Sep 2025 2.1 | Dec 2025 1.8 | Mar 2026 1.6
- PRINCEPIPE: Jun 2021 9.1 | Sep 2021 7.4 | Dec 2021 6.9 | Mar 2022 6.4 | Jun 2022 6.1 | Sep 2022 5.2 | Dec 2022 5.3 | Mar 2023 4.7 | Jun 2023 5.9 | Sep 2023 5.7 | Dec 2023 5.7 | Mar 2024 4.2 | Jun 2024 5.5 | Sep 2024 4.0 | Dec 2024 3.0 | Mar 2025 1.7 | Jun 2025 2.6 | Sep 2025 2.3 | Dec 2025 1.8 | Mar 2026 1.5
- APOLLOPIPE: Jun 2021 13.7 | Sep 2021 22.4 | Dec 2021 21.9 | Mar 2022 20.3 | Jun 2022 17.0 | Sep 2022 21.2 | Dec 2022 21.1 | Mar 2023 22.3 | Jun 2023 28.6 | Sep 2023 28.7 | Dec 2023 27.9 | Mar 2024 25.9 | Jun 2024 13.3 | Sep 2024 4.0 | Dec 2024 2.9 | Mar 2025 2.5 | Jun 2025 2.9 | Sep 2025 1.9 | Dec 2025 1.6 | Mar 2026 2.3

## Market action

Apollo Pipes Ltd has the strongest one-year price move in Building Materials - Plastic Pipes at +15.5%. It also leads on Mansfield relative strength against NIFTY at +27.1%. 1 of 5 covered companies is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Apollo Pipes Ltd (APOLLOPIPE): 16%
2. Astral Ltd (ASTRAL): -2.6%
3. Supreme Industries Ltd (SUPREMEIND): -18%
4. Finolex Industries Ltd (FINPIPE): -22%
5. Prince Pipes & Fittings Ltd (PRINCEPIPE): -25%

### Strongest relative strength versus NIFTY 500
1. Apollo Pipes Ltd (APOLLOPIPE): 27%
2. Astral Ltd (ASTRAL): -0.6%
3. Prince Pipes & Fittings Ltd (PRINCEPIPE): -5.1%
4. Supreme Industries Ltd (SUPREMEIND): -7.7%
5. Finolex Industries Ltd (FINPIPE): -9.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- Thin comparisons: Capital expenditure have fewer than three usable current readings.

## Every company
- Supreme Industries Ltd (SUPREMEIND) — market value ₹43.9K Cr; latest fundamentals Mar 2026
- Astral Ltd (ASTRAL) — market value ₹39.4K Cr; latest fundamentals Mar 2026
- Finolex Industries Ltd (FINPIPE) — market value ₹10.2K Cr; latest fundamentals Mar 2026
- Prince Pipes & Fittings Ltd (PRINCEPIPE) — market value ₹2.9K Cr; latest fundamentals Mar 2026
- Apollo Pipes Ltd (APOLLOPIPE) — market value ₹2.2K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 4. Unverified: 1. Withheld: 0. Graded companies: 5.

1 of 5 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

- UNVERIFIED | APOLLOPIPE | Apollo Pipes Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Building Materials - Plastic Pipes index?

The Nifty Building Materials - Plastic Pipes index tracks India's listed Building Materials - Plastic Pipes companies as a single basket. This page follows the same 5 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Building Materials - Plastic Pipes sector rather than to its largest constituent. Figures are as of Mar 2026.

### Which are the best Building Materials - Plastic Pipes stocks in India?

Ranked by this page's four-factor score, Astral Ltd places first among 5 listed Building Materials - Plastic Pipes companies, followed by Prince Pipes & Fittings Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Mar 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Building Materials - Plastic Pipes stocks are listed in India?

This comparison covers 5 listed Building Materials - Plastic Pipes companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Mar 2026.

### Which Building Materials - Plastic Pipes company is the biggest?

Supreme Industries Ltd is the largest, with trailing-twelve-month revenue of ₹11,218 crore, ahead of Astral Ltd at ₹6,568 crore. That covers 5 of 5 companies with comparable reporting through Mar 2026.

### Which Building Materials - Plastic Pipes company is growing fastest?

Astral Ltd has the fastest revenue growth at 12.6% year on year, across 5 of 5 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Building Materials - Plastic Pipes company has the best profit margins?

Finolex Industries Ltd has the highest operating margin at 25%, from 5 of 5 comparable companies. Finolex Industries Ltd shows the biggest recent improvement, at +10 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Building Materials - Plastic Pipes company makes the most profit?

Supreme Industries Ltd earns the most, at ₹954 crore of trailing-twelve-month net profit, from 5 of 5 comparable companies. Prince Pipes & Fittings Ltd has the fastest profit growth at 68.2%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Building Materials - Plastic Pipes company earns the highest return on capital?

Supreme Industries Ltd leads on return on capital employed at 20.7%, across 5 of 5 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Building Materials - Plastic Pipes stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Prince Pipes & Fittings Ltd screens cheapest at 0.91×. Only 4 of 5 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Building Materials - Plastic Pipes company has the strongest balance sheet?

Supreme Industries Ltd carries the lowest comparable gross debt at ₹91 crore, from 5 of 5 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Building Materials - Plastic Pipes sector beating the market?

Building Materials - Plastic Pipes has underperformed NIFTY 500 by 10.8% over the last 52 weeks and 1.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 1 of 5 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Building Materials - Plastic Pipes stock has the strongest price momentum?

Apollo Pipes Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Building Materials - Plastic Pipes company scores highest for research priority?

Astral Ltd scores 55 out of 100 with 100% evidence confidence, from 19.9 points on growth and earnings, 20 on capital efficiency, 5.9 on valuation and 9.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Building Materials - Plastic Pipes companies does this comparison cover, and over what period?

It compares 5 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Building Materials - Plastic Pipes sector?

The 5 Building Materials - Plastic Pipes companies on this page carry ₹98,581 crore of combined market value. Supreme Industries Ltd is the largest at ₹43,937 crore, about 45% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Building Materials - Plastic Pipes sector's P/E ratio?

The median price-to-earnings ratio across the 5 Building Materials - Plastic Pipes companies on this page is 47.1×, measured on the 5 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Building Materials - Plastic Pipes sector performing?

1 of the 5 covered Building Materials - Plastic Pipes companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 10.8% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/building-materials-plastic-pipes