### **Company Overview** Prakash Pipes Limited, founded in 1980 by Mr. Ved Prakash Agarwal, is a leading Indian manufacturer with dual business focus in **PVC & CPVC Pipes & Fittings** and **Flexible Packaging**. Headquartered in New Delhi with a state-of-the-art integrated manufacturing complex in Kashipur, Uttarakhand (60 acres, over 50% green cover), the company has transformed from a single-product PVC manufacturer into a diversified, net debt-free industrial player. Recognized as a market leader in North India for PVC pipes, it is also emerging as **India’s fastest-growing flexible packaging company**, serving domestic and global markets. --- ### **Core Business Segments** #### **1. PVC Pipes & Fittings** - **Products**: - Agri Pipes, Column Pipes, Casing Pipes, SWR Pipes, Garden Pipes - Plumbing Pipes, CPVC & UPVC Fittings - Roto-molded Water Tanks, HDPE Drums (for pharma, chemical, food industries) - **Capacity**: 60,000 MTPA (stable since FY21) - **Sales Volume**: - **FY25**: 42,632 MT (+3% YoY), despite weak market demand - **FY24**: 41,584 MT - **Growth Drivers**: - Strong infrastructure development, irrigation projects, urbanization - Government capital spending and rural development initiatives - Brand equity and robust distribution network (500+ dealers) - **Sustainability**: 100% recycling of process waste via re-grinding and reuse; supports circular economy by repurposing laminate waste. #### **2. Flexible Packaging** - **Products**: - Multilayer films, laminates, pouches, labels, blown PE films - Rotogravure cylinders and printing inks (backward-integrated) - **Applications**: FMCG, food & beverages, personal care, pharmaceuticals, oil, dairy, snacks - **Certifications**: ISO 9001:2015, ISO 22000:2005, BRCGS, Sedex (Smeta 4 Pillar) - **Capacity & Utilization**: - **Installed Capacity**: 19,200 MTPA (since FY21) - **Planned Expansion**: To **36,000 MTPA** over FY26–FY27 - **Production Milestone**: 100% capacity utilization achieved as early as June 2020, despite pandemic disruptions - **Sales Volume & Growth**: - **FY25 (Sep 2025)**: 15,458 MT (~**28% YoY growth**) - **FY24**: 12,043 MT - **Quarterly (Q1 FY25)**: 3,705 MT (+23% YoY in Aug 2024) - **Key Investment**: Commissioned **third extrusion coating & lamination line** (2024–25) to meet surging demand - **Technology**: Installed **Nordmeccanica Supercombi 5000 Laminator** supporting: - HSL coating - Water-based & foil-to-foil lamination - In-register cold seal adhesive - Enables high-quality, value-added, export-grade packaging --- ### **Operational & Financial Highlights** - **Revenue**: - **FY23**: ₹709 crores (+15% YoY) - **FY21**: ₹476 crores (+24%) - **FY20**: ₹389 crores (+13%) - **FY19**: ₹330 crores (core PVC business only) - **Flexible Packaging Revenue**: - Grew from ₹54.2 crores (FY20) to **₹367 crores in FY25**, driven by economies of scale, long-term supply agreements, and brand premium - Expected to contribute **~26% of total revenue** (by FY25), up from 14% in FY20 - **Profitability**: Improved operating margins due to automation, cost optimization, and high-capacity utilization - **Capital Structure**: **Net debt-free**, positive cash flows; expansions funded **entirely through internal accruals** - **ROE**: 19% in both FY20 and FY21 --- ### **Growth Strategy (as of Sep 2025)** 1. **Dual-Business Model**: - Diversified across **agricultural infrastructure (pipes)** and **consumer FMCG packaging**, reducing sectoral risk and enhancing stability. - Positioned as a **growth proxy for India’s infrastructure push and rising consumer demand**. 2. **Capacity Expansion**: - **PVC Business**: Expansion in CPVC/UPVC injection molding and HDPE drum manufacturing - **Flexible Packaging**: Tripling capacity from 14,400 MTPA (FY21) to **36,000 MTPA by FY27** 3. **Technology & Innovation**: - Backward integration into ink, blown film, and printing cylinders - Installation of **advanced rotogravure technology** at Kashipur plant to serve global clients - Digital printing and high-speed lamination capabilities enhance product quality and customization 4. **Sustainability Focus**: - Strategic shift to **biomass fuel** from gas in boilers, reducing carbon footprint - Target: **35% eco-friendly materials** in packaging by **FY27** - Industry-leading waste recycling: 100% reprocessing in PVC and blown film units 5. **Market Expansion**: - **Domestic**: Strengthening distribution in urban and rural markets - **Export**: Prioritizing **higher-margin export orders**, especially in eco-friendly and specialized packaging - Serving **180+ customers**, including major Indian and international FMCG brands (e.g., Patanjali, Cornitos, CG Group, Cremica, Bambino) --- ### **Supply Chain & Operational Resilience** - Strengthened supplier relationships and procurement processes to manage **volatile raw material prices** in FY25 - Automated operations, energy-saving measures, and optimized logistics for improved efficiency - **Robust distribution network**: Over 500 dealers across North India (UP, Uttarakhand, NCR, Haryana, Punjab) - In-house transportation fleet ensures timely delivery --- ### **Brand Positioning & Vision** - **Brand Tagline**: *“Lay it, forget it”* – emphasizing durability, reliability, and long-term performance - **Positioning**: Premium brand in PVC pipes; trusted, high-quality provider in packaging - **Future Vision**: - To become a **one-stop solution provider** in water storage & distribution (via CPVC, water tanks, HDPE drums) - To emerge as a leading **sustainable packaging player in South Asia**, aligned with global ESG standards --- ### **Recent Milestones (2024–2025)** - Record flexible packaging sales: **15,458 MT in FY25** - Launch of **value-added, customized packaging** driving market traction - Commissioning of third ECL line and **Supercombi 5000 laminator** to boost export readiness - **Strategic shift** toward high-margin, export-oriented, sustainable packaging - Consistent **growth in infrastructure-linked PVC demand**, despite macro headwinds