Malpani Pipes & Fittings Ltd
Incorporated in 2017, Malpani Pipes and Fittings Limited is engaged in manufacturing high-grade plastic pipes.[1]
- Market Cap ₹ 80.6 Cr.
- Current Price ₹ 74.8
- High / Low ₹ 90.0 / 54.9
- Stock P/E 9.17
- Book Value ₹ 46.9
- Dividend Yield 0.00 %
- ROCE 23.3 %
- ROE 26.2 %
- Face Value ₹ 10.0
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 38.2%
Cons
- Though the company is reporting repeated profits, it is not paying out dividend
- Debtor days have increased from 62.0 to 129 days.
- Working capital days have increased from 44.3 days to 93.6 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Plastic Products - Industrial
Part of BSE SME IPO
Half Yearly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 35 | 82 | 141 | 141 | 153 | |
| 33 | 78 | 128 | 126 | 137 | |
| Operating Profit | 2 | 4 | 13 | 15 | 16 |
| OPM % | 5% | 5% | 9% | 10% | 10% |
| 0 | 0 | 0 | 1 | 1 | |
| Interest | 1 | 1 | 3 | 3 | 4 |
| Depreciation | 0 | 0 | 1 | 1 | 2 |
| Profit before tax | 1 | 3 | 10 | 11 | 12 |
| Tax % | 25% | 25% | 27% | 26% | |
| 1 | 2 | 7 | 8 | 9 | |
| EPS in Rs | 4.61 | 10.78 | 30.33 | 7.49 | 8.16 |
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 59% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 109% |
| TTM: | 91% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 38% |
| Last Year: | 26% |
Balance Sheet
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 11 | 11 |
| Reserves | 2 | 4 | 12 | 36 | 40 |
| 9 | 20 | 30 | 30 | 30 | |
| 9 | 14 | 16 | 36 | 29 | |
| Total Liabilities | 21 | 39 | 61 | 112 | 109 |
| 2 | 7 | 7 | 12 | 14 | |
| CWIP | 5 | 0 | 3 | 3 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 |
| 15 | 32 | 51 | 97 | 95 | |
| Total Assets | 21 | 39 | 61 | 112 | 109 |
Cash Flows
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 0 | -6 | -8 | -14 | |
| -6 | -1 | -4 | -6 | |
| 5 | 9 | 10 | 20 | |
| Net Cash Flow | 0 | 2 | -2 | 0 |
Ratios
Figures in Rs. Crores
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 66 | 27 | 30 | 129 |
| Inventory Days | 58 | 91 | 91 | 117 |
| Days Payable | 66 | 41 | 32 | 96 |
| Cash Conversion Cycle | 58 | 77 | 88 | 150 |
| Working Capital Days | 19 | 12 | 27 | 94 |
| ROCE % | 22% | 36% | 23% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4m - The management of the Company will be interacting with Investors/ Analysts as per the following schedule; Name of Investors/ Analysts etc.: Wealthmine Advisory Services LLP …
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
28 Nov - Investor/analyst plant visit on Dec 17, 2025 at Ratlam plant, hosted by Merlin Capital.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
12 Nov - H1FY26 consolidated revenue ₹69.56cr (+20.5%), PAT ₹3.88cr (+22.8%), EBITDA ₹6.93cr; EPS ₹3.60.
- Announcement under Regulation 30 (LODR)-Investor Presentation 12 Nov
- Unaudited Financial Results Of The Company For The Half Year Ended September 30, 2025 Along With Limited Review Report 12 Nov
** Business Overview[1]
Malpani Pipes & Fittings Limited, ISO 9001:2015 certified and based in Ratlam, Madhya Pradesh, manufactures and trades high-grade plastic pipes and granules. The company offers HDPE, MDPE, LLDPE, Sprinkler, and Drip Pipes, serving various sectors, including irrigation, water supply, sewerage, drainage, and infrastructure. Products are marketed under the "Volstar" **brand.