Malpani Pipes & Fittings Ltd. was established in 2017. Since its inception, the company has grown rapidly, expanding its product portfolio and market reach, particularly in the manufacturing of plastic pipes used in various industries such as irrigation, water supply, and infrastructure projects. Malpani Pipes & Fittings Ltd is launching its Malpani Pipes & Fittings Ltd. IPO with the following details:
Malpani Pipes & Fittings Ltd. is privately owned by the Malpani family. The company was founded by Mr. Mahesh Malpani, who currently serves as the Managing Director. The family has been actively involved in the business, with a focus on manufacturing and supplying high-quality plastic pipes used in irrigation, construction, and other industrial sectors.
Malpani Pipes & Fittings Ltd is launching its Initial Public Offering (IPO) with the following details:
Key Details:
- IPO Open Date: January 29, 2025
- IPO Close Date: January 31, 2025
- Basis of Allotment: February 3, 2025
- Initiation of Refunds: February 4, 2025
- Credit of Shares to Demat Accounts: February 4, 2025
- Listing Date: February 5, 2025
- Issue Type: Book-built issue.
- Issue Size: Up to 28,80,000 equity shares, aggregating to ₹25.92 crore.
- Price Band: ₹85 to ₹90 per equity share.
- Lot Size: 1,600 shares per lot.
- Minimum Investment: ₹1,44,000 (at the cap price of ₹90 per share).
- Listing Exchange: BSE SME platform.
Company Overview:
Established in 2017, Malpani Pipes & Fittings Ltd. specializes in manufacturing high-grade plastic pipes under the “Volstar” brand. Their product range includes High-Density Polyethylene (HDPE), Medium-Density Polyethylene (MDPE), and Linear Low-Density Polyethylene (LLDPE) pipes.
These pipes are utilized in various applications such as irrigation, water supply, sewerage, drainage, and infrastructure projects like electrical cable and optical fiber installations.
The company also trades in granules and PVC pipes and offers related services. Their manufacturing facility in Ratlam, Madhya Pradesh, operates 10 production lines with a total installed capacity of 11,500 M.T.P.A.
Malpani Pipes & Fittings Ltd. IPO Financial Highlights:
- Revenue: ₹141.16 crore
- Profit After Tax: ₹7.4 crore
- Total Assets: ₹61.35 crore
- Net Worth: ₹14.77 crore
IPO Objectives:
- Capital expenditure for the purchase of machinery.
- Repayment of debt.
- General corporate purposes.
Grey Market Premium (GMP):
As of January 23, 2025, the Grey Market Premium for Malpani Pipes & Fittings Ltd’s IPO is approximately ₹19, suggesting potential listing gains of around 21.11%. However, it’s important to note that GMP is speculative and can fluctuate.
Analyst Recommendations:
Analysts have provided mixed reviews regarding the IPO. Some suggest that, given the company’s financial performance and the valuation of the IPO, investors may consider applying for potential listing gains. However, others advise caution due to factors such as the company’s debt levels and market competition. It’s essential for investors to conduct thorough research and consider their risk tolerance before making investment decisions.
Malpani Pipes & Fittings ltd. Returns
Malpani Pipes & Fittings Ltd. has significant financial growth over the past few years. Below is a summary of their key financial metrics:
| Fiscal Year Ending | Revenue (₹ Crores) | Expenses (₹ Crores) | Net Profit (₹ Crores) | Operating Profit Margin (%) | Net Profit Margin (%) |
| March 31, 2022 | 34.94 | 33.75 | 0.89 | 5% | 2.5% |
| March 31, 2023 | 82.57 | 79.80 | 2.08 | 5% | 2.5% |
| March 31, 2024 | 141.16 | 131.14 | 7.40 | 9% | 5.2% |
Over this period, the company has achieved a compound annual growth rate (CAGR) of approximately 100% in revenue and about 200% in net profit. Additionally, the operating profit margin has improved from 5% in Year 2022 and 2023 to 9% in 2024, indicating enhanced operational efficiency.
These figures reflect the company’s robust financial performance and its upward trajectory in profitability.
Malpani Pipes & Fittings Ltd. IPO Growth
Malpani Pipes & Fittings Ltd. has exhibited substantial growth in its financial performance over recent years. Below is a detailed overview of the company’s revenue and profit figures:
| Fiscal Year Ending | Revenue (₹ Crores) | Net Profit (₹ Crores) | Operating Profit Margin (%) | Net Profit Margin (%) |
| March 31, 2022 | 35.00 | 0.78 | 5% | 2.23% |
| March 31, 2023 | 82.57 | 2.08 | 5% | 2.52% |
| March 31, 2024 | 141.16 | 7.40 | 9% | 5.24%vvvvvvvvvv |
Over this period, the company achieved a compound annual growth rate (CAGR) of approximately 86% in revenue and about 890% in net profit.
These figures underscore Malpani Pipes & Fittings Ltd.’s robust financial growth and its upward trajectory in profitability.
Strengths Of Malpani Pipes & Fittings Ltd. IPO:
(1) Diverse Product Portfolio: The company offers a wide range of plastic pipes, including HDPE, MDPE, LLDPE, sprinkler, and drip pipes, catering to various industries.
(2) Geographical Reach: Malpani Pipes has expanded its market presence across 16 states over the past three years, indicating a strong distribution network.
(3) Financial Growth: The company has demonstrated significant revenue growth, with a reported revenue of ₹141.16 crores in 2024, up from ₹82.57 crores in 2023.
Risks Of Malpani Pipes & Fittings Ltd. IPO:
(1) Regional Dependence: A substantial portion of operations is concentrated in Northern India, contributing 77.68% of revenue as of November 30, 2024. Any regional disruptions could adversely affect business performance.
(2) Single Manufacturing Facility: The company relies on a single manufacturing unit in Ratlam, Madhya Pradesh. Risks such as equipment breakdowns, natural disasters, or labor disputes could disrupt production.
(3) Foreign Exchange Exposure: With imported raw materials accounting for 44.20% of total purchases as of November 30, 2024, the company is vulnerable to currency fluctuations, which could impact profitability.
(4) Intense Competition: The plastic pipes industry is highly competitive, with numerous domestic and international players. Competitors leveraging technological advancements and economies of scale may offer lower prices, affecting market share and profitability.
Malpani Pipes & fittings ltd. IPO Key Performance Indicator
Here is a table that summarizes the key performance indicators (KPIs) for Malpani Pipes & Fittings Ltd. as part of its upcoming IPO:
| Key Performance Indicator | 2022 | 2023 | 2024 | CAGR (2022–2024) |
| Revenue (₹ Crores) | 34.94 | 82.57 | 141.16 | ~100% |
| Net Profit (₹ Crores) | 0.89 | 2.08 | 7.40 | ~200% |
| Operating Profit Margin (OPM) | 5% | 5% | 9% | – |
| Net Profit Margin (NPM) | 2.5% | 2.5% | 5.2% | – |
| Debt Levels | – | – | – | – |
| Capital Expenditure (CapEx) | – | – | – | |
| Geographical Reach | 16 States | 16 States | – |
Highlights:
- Revenue Growth: The company has witnessed strong revenue growth, with a CAGR of ~100% from FY 2022 to FY 2024.
- Profit Growth: Net profit has also shown a CAGR of ~200%, highlighting significant profitability improvements.
- Operating and Net Profit Margins: The company has improved both its operating and net profit margins, showing better efficiency and profitability.
- Expansion and CapEx: The funds raised from the IPO will support future expansion plans, including machinery purchases, to increase production capacity.
This table summarizes Malpani Pipes & Fittings Ltd.’s financial performance and highlights its strong growth trajectory, positioning it as a potential growth story in the IPO market.
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