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Malpani Pipes And Fittings Ltd (544351)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544351 NSE: Plastic Products | Small Cap | Malpani Pipes&Fittin Share Price

₹65.50 -3.95 (-5.69%)

As on 04-Jun'26 16:59

Malpani Pipes And Fittings Ltd (544351)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544351 NSE: Plastic Products | Small Cap | Malpani Pipes&Fittin Share Price

₹65.50 -3.95 (-5.69%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹71 Cr.
Current Price
₹65.5
52-Week Low / High
₹57 / 88
TTM EPS
₹8.4
TTM Sales
₹163 Cr.
Book Value per Share
₹51.7
P/E Ratio
7.82
Lower than its 5-year historical median
Industry PE
39
Price to Book (P/B)
1.27
Lower than its 5-year historical median
Price to Sales (P/S)
0.43
Lower than its 5-year historical median
EV/EBITDA
5.77
Lower than its 5-year historical median
Dividend Yield
0.00%
Profitability Efficiency
Return on Equity (ROE)
26.27%
Outperforms industry median
Return on Capital Employed (ROCE)
23.30%
Outperforms industry median
Return on Assets (ROA)
9.31%
Operating Profit Margin
10.5%
Net Profit Margin
5.72%
Gross Profit Margin
8.7%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
0.01%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
9.96%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
9.5%
Asset Quality
Promoter Holding
73.78%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹45 Cr.
Equity
₹10.8 Cr.
Face Value
₹10
All Time Low / High
₹54.90 / 90.00

Malpani Pipes And Fittings stock performance

Key Ratios
mw4me loader

Check Before You Invest

Check Before You Invest

M-Cap below 100cr DeciZen not available

Q.1 Is Malpani Pipes And Fittings Ltd a good quality company?
Malpani Pipes And Fittings Ltd is a quality company, based on a multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

View More

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

View More
How does Malpani Pipes And Fittings Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Malpani Pipes And Fittings Ltd vs industry peers?
Malpani Pipes And Fittings Ltd revenue CAGR is 59.24%, compared to the industry median CAGR of 4.30%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Malpani Pipes And Fittings Ltd?
Promoters hold 73.78% of the Malpani Pipes And Fittings Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Malpani Pipes And Fittings Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -9.23% based on the current price.
View More

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Malpani Pipes And Fittings Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good

Value Creation ⓘ

Mar'22Mar'23Mar'24Mar'25TTM
ROCE % ⓘ13.4%21.7%36.1%23.3%-
Value Creation
Index ⓘ		-0.10.61.60.7-

Growth Parameters ⓘ
Sales ⓘ34.982.5141141163
Sales YoY Gr.-136.2%71%0%-
Adj EPS ⓘ1.43.49.57.38.4
YoY Gr.-138%180.8%-23.5%-
BVPS (₹) ⓘ69.318.743.351.7
Adj Net
Profit ⓘ		0.92.17.57.89
Cash Flow from Ops. ⓘ0.5-5.7-8-14-
Debt/CF from Ops. ⓘ19.5-3.5-3.8-2.1-

CAGR ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘNANA59.2%0%
Adj EPS ⓘNANA72.3%-23.5%
BVPSⓘNANA93.2%131.4%
Share Price - - - -17.9%

Key Financial Parameters ⓘ

Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity % ⓘ		23.744.272.525.517.7
Op. Profit
Mgn % ⓘ		5.45.59.610.5NAN
Net Profit
Mgn % ⓘ		2.62.65.35.65.5
Debt to
Equity ⓘ		2.43.42.10.6-
Working Cap
Days ⓘ		0961031900
Cash Conv.
Cycle ⓘ		047571070

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Sales34.9182.45140.96140.97
Operating Expenses ⓘ + 33.0278127.60126.28
Manufacturing Costs1.945.039.059.92
Material Costs29.7370.97116.15112.81
Employee Cost 0.841.211.452.23
Other Costs ⓘ 0.510.790.951.32
Operating Profit ⓘ 1.894.4513.3614.69
Operating Profit Margin (%) 5.4%5.4%9.5%10.4%
Other Income ⓘ + 0.030.120.200.78
Exceptional Items ⓘ 0000
Interest ⓘ 0.511.372.683.27
Depreciation ⓘ 0.220.430.851.32
Profit Before Tax ⓘ 1.192.7710.0310.88
Tax ⓘ 0.300.692.662.81
Profit After Tax 0.892.087.378.07
PAT Margin (%) 2.6%2.5%5.2%5.7%
Adjusted EPS (₹)1.43.39.37.5
Dividend Payout Ratio (%)0%0%0%0%

Valuation of Malpani Pipes&Fittin - Standalone

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

mw4me loader

Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 3.765.8314.8546.65
Share Capital ⓘ 1.931.932.4310.78
Reserves ⓘ 1.833.9012.4235.88
Debt +8.2418.4228.7927.86
Long Term Debt6.708.8411.2910.57
Short Term Debt1.549.5917.5017.29
Minority Interest0000
Trade Payables5.518.0110.2129.65
Others Liabilities ⓘ 3.786.677.507.89
Total Liabilities ⓘ 21.3038.9461.35112.06

Fixed Assets

Net Fixed Assets ⓘ +2.047.347.1112.09
Gross Block2.598.318.9915.29
Accumulated Depreciation0.550.981.883.20
CWIP ⓘ 4.6903.493.44
Investments ⓘ 0000
Inventories4.7917.8228.8636.15
Trade Receivables6.356.1311.4149.91
Cash Equivalents 0.252.580.310.44
Others Assets ⓘ 3.175.0810.1610.03
Total Assets ⓘ 21.3038.9461.35112.06

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity ⓘ + 0.46-5.65-7.99-13.96
PBT ⓘ 1.192.7710.0310.88
Adjustment ⓘ 0.571.513.304.22
Changes in Working Capital ⓘ -1.1-9.31-18.67-26.35
Tax Paid ⓘ -0.19-0.62-2.66-2.71
Cash Flow From Investing Activity ⓘ + -5.73-1.45-3.95-6
Capex -4.71-1.27-4.11-6.25
Net Investments 0000
Others ⓘ -1.02-0.170.160.25
Cash Flow From Financing Activity ⓘ + 5.449.429.6720.08
Net Proceeds from Shares ⓘ 001.6023.74
Net Proceeds from Borrowing ⓘ 6.152.142.45-0.72
Interest Paid ⓘ -0.37-1.19-2.62-3.16
Dividend Paid ⓘ 0000
Others ⓘ -0.348.478.240.22
Net Cash Flow ⓘ 0.172.32-2.260.12

Financial Ratio

PARTICULARSMar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)23.6743.3571.4826.27
ROCE (%)13.3521.6736.0623.3
Asset Turnover Ratio1.642.742.811.63
PAT to CFO Conversion(x)0.52-2.72-1.08-1.73
Working Capital Days
Receivable Days66.5027.6022.7079.40
Inventory Days50.105060.4084.20
Payable Days67.7034.8028.6064.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Malpani Pipes And Fittings Ltd FAQs

The current trading price of Malpani Pipes&Fittin on 04-Jun-2026 16:59 is ₹65.50.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Malpani Pipes&Fittin stood at ₹70.59 Cr

The latest P/E ratio of Malpani Pipes&Fittin as of 03-Jun-2026 is 7.82.

The latest P/B ratio of Malpani Pipes&Fittin as of 03-Jun-2026 is 1.27.

The 52-week high of Malpani Pipes&Fittin is ₹87.90 and the 52-week low is ₹57.00.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Malpani Pipes&Fittin is ₹163 ( Cr.) .

Past 10 year’s financial track record analysis by Moneyworks4me indicates that Malpani Pipes And Fittings Ltd is a below average quality company.

The key valuation ratios of Malpani Pipes And Fittings Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Malpani Pipes And Fittings Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

About Malpani Pipes And Fittings Ltd

Malpani Pipes and Fittings Limited was incorporated as “Malpani Pipes and Fittings Private Limited” on February 3, 2017 under the provisions of Companies Act, 2013 with the Registrar of Companies, Gwalior. Subsequently, the company was converted into a public limited Company pursuant to a special resolution passed by its shareholders at the EGM held on May 13, 2024 and a fresh certificate of incorporation consequent to conversion was issued on July 29, 2024 by the Registrar of Companies, Gwalior.

Malpani Pipes & Fittings, an ISO 9001:2015 certified company based in Ratlam, Madhya Pradesh, manufactures a range of high-grade plastic pipes. Its products include High-Density Polyethylene (HDPE) Pipes, Medium-Density Polyethylene (MDPE) Pipes, and Linear Low-Density Polyethylene (LLDPE) Pipes, all marketed under the brand name ‘Volstar’. The company is also engaged in the trading of granules and PVC pipes, as well as the sale of services. Its manufacturing plant is well equipped with essential machinery, infrastructure, and an in-house testing facility, which ensures that its product conforms to the requisite standards.

It distributes its products to both wholesalers and retailers. Additionally, it supplies pipes for government projects through authorised contractors involved in local, state or federal development scheme. Also, it supplies pipes to farmers in terms of farmer welfare policies launched by Central or State Government. It has a dedicated in-house testing facility to ensure its products adhere to stringent quality standards. Additionally, in case of supply to any government project or under some welfare policy to farmers, it is required to get its products tested from third part laboratories. These agencies include the Central Institute of Petrochemicals Engineering & Technology (CIPET), SGS, Bureau Veritas, Dr. Amin Controllers, Rail India Technical and Economic Service, and Certification Engineers International (CEIL). 

This verification process is a mandatory requirement set by the government. Its pipes are engineered to meet a wide range of applications, including irrigation, potable water supply, sewerage, and drainage systems. They are also well-suited for boreholes and tube wells for underground water extraction. Furthermore, its pipes support infrastructure projects such as the installation of long-distance electrical cables and optical fibers.

Business area of the company

The company is engaged in the business of manufacturing of Variety of Pipes to be used in agriculture, water transportation or distribution, house service connection etc.

Products of the company

  • HDPE pipes
  • MDPE pipes
  • LLDPE pipes
  • Drip irrigation pipes

History and milestones

  • 2017: The company was incorporation as private limited company under the name “Malpani Pipes and Fittings Private Limited”.
  • 2017: The company has Registered Trademark under Brand name of “VOLSTAR”.
  • 2023: The company has participated in “Amravati Agriculture Exhibition” in Maharashtra.
  • 2024: The company has participated in “Agar Agriculture Exhibition” in Agar, Malva, MP.
  • 2024: The company was converted into Public Limited Company under the name of “Malpani Pipes and Fittings Limited”.

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