# Plastics - Pipes & Fittings — company-by-company sector analysis > Plastics - Pipes & Fittings: Prakash Pipes Ltd owns the largest revenue base AND the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-26. Not investment advice. ## Bottom line The 52-week sector comparison is unavailable. 1 of 1 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Prakash Pipes Ltd leads with revenue of ₹788 crore, based on 1 of 1 comparable companies through Mar 2026. Prakash Pipes Ltd has the fastest current revenue growth at 1%, across 1 of 1 comparable companies. ### Is the Plastics - Pipes & Fittings sector outperforming NIFTY 500? The 52-week sector comparison is unavailable. 1 of 1 covered companies currently have positive Mansfield relative strength versus NIFTY 500. ### Which Plastics - Pipes & Fittings company is largest by revenue? Prakash Pipes Ltd leads with revenue of ₹788 crore, based on 1 of 1 comparable companies through Mar 2026. ### Which Plastics - Pipes & Fittings company is growing fastest? Prakash Pipes Ltd has the fastest current revenue growth at 1%, across 1 of 1 comparable companies. ### Which Plastics - Pipes & Fittings company has the strongest 4-Factor Sector Score? Prakash Pipes Ltd ranks first at 36.6/100 with 69% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which Plastics - Pipes & Fittings company has the least gross debt? Prakash Pipes Ltd has the lowest comparable gross debt at ₹19 crore. Prakash Pipes Ltd has the highest at ₹19 crore. ### How much history does this Plastics - Pipes & Fittings 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 The 52-week comparison of Plastics - Pipes & Fittings against NIFTY 500 is not available from the current market series. 1 of 1 covered company currently beats NIFTY on Mansfield relative strength, so leadership inside the sector is broad. 13-week sector return versus NIFTY 500: — 52-week sector return versus NIFTY 500: — Stocks leading NIFTY: 1/1 Stocks leading sector: 0/0 Central tension: The central tension: current leadership is concentrated, so durability matters more than rank. Companies: 1 Combined market value: ₹649 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. Prakash Pipes Ltd (PPL): 37/100 — Mixed-negative evidence; evidence 69% - Growth & earnings 4.1/35 | Capital efficiency 13.2/25 | Valuation 6.8/20 | Relative strength 12.5/20 - Exact sum: 4.1 + 13.2 + 6.8 + 12.5 = 36.6 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. ## Revenue Scale & Growth Durability What the numbers say: Prakash Pipes Ltd is the scale leader at ₹788 crore, Prakash Pipes Ltd's growth is 1% from a ₹788 crore base, with 13 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Prakash Pipes Ltd is the scale benchmark; Prakash Pipes Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Prakash Pipes Ltd's growth falls below Prakash Pipes Ltd's for two consecutive comparable reports while operating margin also compresses. Evidence: Prakash Pipes Ltd · ₹788 crore | Not enough peers | 5/8 recent comparable periods | 1/1 companies · 13 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. Prakash Pipes Ltd (PPL): ₹788 Cr ### Revenue growth — fastest growers 1. Prakash Pipes Ltd (PPL): 1.0% ### 20-quarter Revenue history - PPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹156 Cr | Jun 2023 ₹176 Cr | Sep 2023 ₹171 Cr | Dec 2023 ₹158 Cr | Mar 2024 ₹165 Cr | Jun 2024 ₹205 Cr | Sep 2024 ₹200 Cr | Dec 2024 ₹192 Cr | Mar 2025 ₹183 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹181 Cr | Dec 2025 ₹181 Cr | Mar 2026 ₹223 Cr ### 20-quarter Revenue growth history - PPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 5.8% | Jun 2024 16% | Sep 2024 17% | Dec 2024 22% | Mar 2025 11% | Jun 2025 -1.0% | Sep 2025 -9.5% | Dec 2025 -5.7% | Mar 2026 22% ## Operating Economics & Margin Trend What the numbers say: Prakash Pipes Ltd leads both opm at 8% and margin change at -2 percentage points. Investor read: Prakash Pipes 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: Prakash Pipes Ltd · 8% | Not enough peers | 2/8 recent comparable periods | 1/1 companies · 20 observations Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth. ### OPM — highest 1. Prakash Pipes Ltd (PPL): 8.0% ### Margin change — fastest expanders 1. Prakash Pipes Ltd (PPL): −2.0 pp ### 20-quarter OPM history - PPL: Jun 2021 14% | Sep 2021 11% | Dec 2021 13% | Mar 2022 13% | Jun 2022 11% | Sep 2022 11% | Dec 2022 12% | Mar 2023 12% | Jun 2023 13% | Sep 2023 14% | Dec 2023 19% | Mar 2024 18% | Jun 2024 16% | Sep 2024 16% | Dec 2024 19% | Mar 2025 10% | Jun 2025 8.0% | Sep 2025 8.0% | Dec 2025 10% | Mar 2026 8.0% ### 20-quarter Margin change history - PPL: Jun 2021 −0.0 pp | Sep 2021 −0.2 pp | Dec 2021 +0.6 pp | Mar 2022 +0.7 pp | Jun 2022 −2.5 pp | Sep 2022 +0.3 pp | Dec 2022 −1.0 pp | Mar 2023 −0.6 pp | Jun 2023 +1.7 pp | Sep 2023 +2.5 pp | Dec 2023 +6.9 pp | Mar 2024 +6.0 pp | Jun 2024 +3.0 pp | Sep 2024 +2.0 pp | Dec 2024 0.0 pp | Mar 2025 −8.0 pp | Jun 2025 −8.0 pp | Sep 2025 −8.0 pp | Dec 2025 −9.0 pp | Mar 2026 −2.0 pp ## Profit Scale & Acceleration What the numbers say: Prakash Pipes Ltd leads with ₹42 crore of TTM profit, Prakash Pipes Ltd shows -48.8% growth from a ₹42 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Prakash Pipes 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: Prakash Pipes Ltd · ₹42 crore | Not enough peers | 3/8 recent comparable periods | 1/1 companies · 13 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. Prakash Pipes Ltd (PPL): ₹42 Cr ### Profit growth — fastest growers 1. Prakash Pipes Ltd (PPL): -49% ### 20-quarter Net profit history - PPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹20 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹23 Cr | Dec 2023 ₹23 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹24 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹13 Cr ### 20-quarter Profit growth history - PPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 25% | Jun 2024 39% | Sep 2024 4.4% | Dec 2024 0.0% | Mar 2025 -60% | Jun 2025 -60% | Sep 2025 -63% | Dec 2025 -57% | Mar 2026 30% ## 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 | 0/1 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: Prakash Pipes Ltd leads gross debt at ₹19 crore; the second comparison lacks enough current evidence. 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: Prakash Pipes Ltd · ₹19 crore | Not enough peers | Not enough history | 1/1 companies · 5 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. Prakash Pipes Ltd (PPL): ₹19 Cr ### Net debt — lowest net debt ### 20-quarter Gross debt history - PPL: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 ₹5 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹10 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹40 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹39 Cr | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 ₹19 Cr ### 20-quarter Net debt history ## Return On Capital Employed What the numbers say: Prakash Pipes Ltd leads ROCE at 12.5%. Prakash Pipes Ltd has the strongest latest improvement at -15 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: Prakash Pipes 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: Prakash Pipes Ltd · 12.5% | Not enough peers | Not enough history | 1/1 companies · 0 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. Prakash Pipes Ltd (PPL): 13% ### ROCE change — fastest improvers 1. Prakash Pipes Ltd (PPL): −15.0 pp ### 20-quarter ROCE history ### 20-quarter ROCE change history ## Valuation Against Growth & Quality What the numbers say: There is not enough comparable evidence to name a reliable guarded peg leader. 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: No comparable leader | Not enough peers | Not enough history | 0/1 companies · 0 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 ### P/E — lowest P/E 1. Prakash Pipes Ltd (PPL): 15.0 ### 20-quarter Guarded PEG history ### 20-quarter P/E history - PPL: Jun 2021 11.1 | Sep 2021 9.1 | Dec 2021 7.1 | Mar 2022 8.6 | Jun 2022 8.3 | Sep 2022 6.6 | Dec 2022 6.3 | Mar 2023 5.1 | Jun 2023 5.8 | Sep 2023 9.8 | Dec 2023 12.8 | Mar 2024 10.1 | Jun 2024 12.1 | Sep 2024 14.2 | Dec 2024 11.9 | Mar 2025 9.9 | Jun 2025 11.6 | Sep 2025 10.7 | Dec 2025 10.9 | Mar 2026 10.5 ## Enterprise Value & Book Value What the numbers say: Prakash Pipes Ltd leads both ev/ebitda at 2.7× and p/bv at 1.36×. 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: Prakash Pipes Ltd · 2.7× | Not enough peers | 0/8 recent comparable periods | 1/1 companies · 20 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. Prakash Pipes Ltd (PPL): 2.7 ### P/BV — lowest P/BV 1. Prakash Pipes Ltd (PPL): 1.4 ### 20-quarter EV/EBITDA history - PPL: Jun 2021 7.2 | Sep 2021 5.4 | Dec 2021 3.7 | Mar 2022 4.4 | Jun 2022 4.4 | Sep 2022 3.0 | Dec 2022 2.8 | Mar 2023 2.7 | Jun 2023 3.6 | Sep 2023 5.8 | Dec 2023 9.1 | Mar 2024 7.1 | Jun 2024 7.9 | Sep 2024 8.7 | Dec 2024 6.8 | Mar 2025 5.4 | Jun 2025 6.1 | Sep 2025 4.6 | Dec 2025 3.9 | Mar 2026 2.7 ### 20-quarter P/BV history - PPL: Jun 2021 2.8 | Sep 2021 2.0 | Dec 2021 1.5 | Mar 2022 1.8 | Jun 2022 2.0 | Sep 2022 1.5 | Dec 2022 1.4 | Mar 2023 1.4 | Jun 2023 1.8 | Sep 2023 2.3 | Dec 2023 3.0 | Mar 2024 2.7 | Jun 2024 3.9 | Sep 2024 3.8 | Dec 2024 2.8 | Mar 2025 2.4 | Jun 2025 2.6 | Sep 2025 1.6 | Dec 2025 1.3 | Mar 2026 0.9 ## Market action Price shows what happened; relative strength shows who is winning the argument against the market and the sector. Prakash Pipes Ltd leads on Mansfield relative strength against NIFTY at +9%. 1 of 1 covered company is above zero on that measure. Every line covers 313 weekly closes through 2026-07-24. ### Strongest one-year price performers ### Strongest relative strength versus NIFTY 500 1. Prakash Pipes Ltd (PPL): 9.0% ## 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. - Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings. ## Every company - Prakash Pipes Ltd (PPL) — market value ₹649 Cr; latest fundamentals Mar 2026 ## Source standing of each company Cross-checked: 0. Unverified: 1. Withheld: 0. Graded companies: 1. Every company's second-feed figures reconcile against the primary source on overlapping reported periods, so nothing here is unverified or withheld. ## 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 Plastics - Pipes & Fittings index? The Nifty Plastics - Pipes & Fittings index tracks India's listed Plastics - Pipes & Fittings companies as a single basket. This page follows the same 1 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Plastics - Pipes & Fittings sector rather than to its largest constituent. Figures are as of Mar 2026. ### Which are the best Plastics - Pipes & Fittings stocks in India? Ranked by this page's four-factor score, Prakash Pipes Ltd places first among 1 listed Plastics - Pipes & Fittings companies. 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 Plastics - Pipes & Fittings stocks are listed in India? This comparison covers 1 listed Plastics - Pipes & Fittings 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 Plastics - Pipes & Fittings company is the biggest? Prakash Pipes Ltd is the largest, with trailing-twelve-month revenue of ₹788 crore. That covers 1 of 1 companies with comparable reporting through Mar 2026. ### Which Plastics - Pipes & Fittings company is growing fastest? Prakash Pipes Ltd has the fastest revenue growth at 1% year on year, across 1 of 1 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 Plastics - Pipes & Fittings company has the best profit margins? Prakash Pipes Ltd has the highest operating margin at 8%, from 1 of 1 comparable companies. Prakash Pipes Ltd shows the biggest recent improvement, at -2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking. ### Which Plastics - Pipes & Fittings company makes the most profit? Prakash Pipes Ltd earns the most, at ₹42 crore of trailing-twelve-month net profit, from 1 of 1 comparable companies. Prakash Pipes Ltd has the fastest profit growth at -48.8%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which Plastics - Pipes & Fittings company earns the highest return on capital? Prakash Pipes Ltd leads on return on capital employed at 12.5%, across 1 of 1 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 Plastics - Pipes & Fittings company has the strongest balance sheet? Prakash Pipes Ltd carries the lowest comparable gross debt at ₹19 crore, from 1 of 1 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. ### Which Plastics - Pipes & Fittings stock has the strongest price momentum? Prakash 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 Plastics - Pipes & Fittings company scores highest for research priority? Prakash Pipes Ltd scores 36.6 out of 100 with 69% evidence confidence, from 4.1 points on growth and earnings, 13.2 on capital efficiency, 6.8 on valuation and 12.5 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 Plastics - Pipes & Fittings companies does this comparison cover, and over what period? It compares 1 listed companies over up to 20 reported quarters of fundamentals and 9 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 Plastics - Pipes & Fittings sector? The 1 Plastics - Pipes & Fittings companies on this page carry ₹649 crore of combined market value. Prakash Pipes Ltd is the largest at ₹649 crore, about 100% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-26. ### How is the Plastics - Pipes & Fittings sector performing? 1 of the 1 covered Plastics - Pipes & Fittings companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-26. ### 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/plastics-pipes-fittings