Malpani Pipes & Fittings is a precision plastics manufacturer that makes pipes and fittings for the things that run beneath the surface - irrigation for farms, drinking water for towns, sewerage for cities, and protective ducts for telecom and power cables. It began in 2017 with just two machines in Ratlam, Madhya Pradesh, and listed on the BSE SME platform in February 2025 after an IPO that was oversubscribed 125 times. The recurring approach is to build manufacturing scale in a cost-efficient central-India location, sell through a growing network of over 500 dealers, and then use that same network to cross-sell entirely new product lines - first pipes, then power tools, and now a subsidiary that adds metal pipes and galvanising. # Business segments A single manufacturing engine producing plastic pipes and fittings, with two small adjacent income streams - a power-tools distributorship that rides the same dealer network, and rental from two commercial properties - plus a newly acquired subsidiary that extends the product range into metal pipes. ## 1. Volstar™ plastic pipes and fittings: the factory that makes everything else possible **A single 110,000-square-foot plant in Ratlam runs 10 production lines making HDPE, MDPE, PVC and drip-irrigation pipes, sold through 500-plus dealers to farmers, government contractors and telecom projects.** - **One plant, many pipe types** - the Ratlam facility produces HDPE pipes for water supply, irrigation, telecom ducting and gas networks; MDPE pipes for underground water and gas; PVC pipes for plumbing, sewage and chemical handling; and specialised drip-irrigation and sprinkler pipes that deliver water directly to root zones, so the company can supply an entire infrastructure project from a single location. - **Capacity added in deliberate steps** - the company started with two machines and has expanded to 10 production lines with installed capacity of 11,500 MTPA as of September 2025, then added a PVC extruder line and two high-speed HDPE/MDPE lines in early 2025, pushing operational capacity to 16,000 MT in FY26. - **Government approvals unlock demand** - since becoming an approved supplier for government projects in 2020, the company sells to central and state development schemes and directly to farmers under welfare policies, with mandatory third-party testing by agencies like CIPET, SGS and Bureau Veritas giving it the certifications that public tenders require. - **Dealers, not direct sales** - revenue comes from selling to over 500 dealers and 50-plus distributors who then reach end-users across 16 states, with the top three states by revenue in FY25 being Madhya Pradesh (73%), Rajasthan (19%) and Maharashtra (5%), showing a business that is pan-India in ambition but still concentrated in its home region. - **A rooftop solar plant cuts the power bill** - the company is installing a 1,136 KWP rooftop solar plant at Ratlam that is expected to generate roughly 12.5 lakh units a year and save about ₹87.5 lakh annually, with the investment recovering within four years, which directly reduces the factory's operating cost. ## 2. Yongkang Gaocheng power tools: cross-selling through the same dealer network **An exclusive five-year distributorship for Chinese-made power tools, agricultural equipment and construction machinery, sold to the very same dealers who already stock Volstar pipes.** - **One supplier, one distributor, one country** - under an agreement signed in September 2025 and valid until August 2030, Malpani is the sole distributor in India for Yongkang Gaocheng's BST brand (value segment) and Gaocheng Pro brand (premium segment), and the Chinese manufacturer cannot sell to any other trader, retailer or agent in India during that term. - **The dealer network is the distribution channel** - the company explicitly structured this as a cross-selling initiative, not a diversification, because the same 500-plus dealers who sell Volstar pipes also sell tools, so adding drills, tillers, sprayers and demolition hammers to their inventory increases dealer earnings without building a new sales force. - **First stock arrived in late 2025** - the initial batch of supplies was received in November 2025, meaning this business is in its earliest stages of revenue generation. ## 3. Commercial property rental: two buildings in Gujarat **Two commercial properties in Surat and Vadodara, acquired in early 2023, generate a small, steady rental income stream separate from the manufacturing business.** - **Acquired, not built** - the properties were purchased in January and April 2023 respectively, representing a deliberate diversification of income outside the core pipes business. # Group structure and partners **A family-run manufacturer with no joint ventures, one Chinese distribution partner, and a newly acquired wholly owned subsidiary that adds metal pipes and galvanising.** - **Promoter-led and hands-on** - the four-member board is entirely from the Malpani family: Rohit Malpani (Managing Director, 40) runs manufacturing and procurement, Mohit Malpani (Whole Time Director, 36) directs distribution and sales, Harsh Malpani (Whole Time Director and CFO, 31) manages finance, and Sonal Malpani (Non-Executive Director, 36) serves as strategic advisor. - **Terex Industries adds plastic capabilities** - in May 2026, the board approved acquiring 100% of Terex Industries Private Limited for ₹3.96 crore, making it a wholly owned subsidiary that manufactures and trades plastic products, granules and pipes and trades agricultural commodities, which extends the company's product range in the polymer and piping business. - **One exclusive foreign partnership** - the sole distributorship agreement with Yongkang Gaocheng Imp. & Exp. Co. Ltd of China, valid until August 2030, is the company's only international commercial relationship.