What we do Malpani Pipes & Fittings Ltd manufactures high-quality plastic pipes used in agriculture, water supply, irrigation, housing, and telecom sectors under the brand 'Volstar'. |
Founded in 2,017 |
Market share Rapidly growing pan-India presence with strong foothold in irrigation and infrastructure segments; recognized among top 10 irrigation equipment manufacturers. |
Problem solved Provides durable, corrosion-resistant piping solutions for water transport, irrigation efficiency, sewage, gas distribution, and telecom ducting to enhance infrastructure reliability. |
Top clients or who we serve Serves agriculture, government infrastructure projects, real estate, industrial, telecom, and energy sectors; caters to B2B primarily with some B2C through dealers. |
Key management Rohit Malpani (Managing Director), Mohit Malpani (Whole Time Director), Harsh Malpani (Whole Time Director & CFO). |
Our journey and innovations Founded in 2017, expanded from regional to pan-India, launched PVC line, ISO 9001:2015 certified, strategic partnerships in telecom and power tools, continuous capacity enhancements. |
Where we operate India-wide operations with presence in 16+ states, key warehouses in Madhya Pradesh and Maharashtra facilitating swift delivery. |
Top products or what we offer 'Volstar' brand HDPE, MDPE, LLDPE pipes, PVC pipes and fittings, drip irrigation, gas pipes, telecom ducts and related services. |
Top brands Volstar HDPE Pipes & Fittings - market leader in irrigation and water supply; Volstar MDPE Gas Pipes - used in gas distribution; Volstar PVC Pipes - expanding segment. |
Raw materials needed High-density polyethylene (HDPE), medium-density polyethylene (MDPE), linear low-density polyethylene (LLDPE), polyvinyl chloride (PVC) granules. |
Raw materials supplier Procured primarily from domestic and international polymer suppliers; exact names undisclosed. |
Recurring vs cyclical contribution Revenue largely cyclical, driven by government infrastructure projects and agricultural cycles, with some recurring sales through channel partners. |
Our industry position Emerging leader in plastic pipes industry with 4x revenue growth in 3 years; competitive with increasing market share especially in irrigation. |
Financial highlights FY25 revenue Rs.140.97 Cr, net profit Rs.8.07 Cr; H1FY26 revenue Rs.69.56 Cr; EBITDA margin around 10%; consistent growth despite market challenges. |
Geographical revenue split Majority revenue from Madhya Pradesh (73%), Rajasthan (19%), and Maharashtra (5%) with expanding national reach. |
Order book Order pipeline of Rs.60+ Cr reflecting strong demand from ongoing government and private infrastructure projects. |
Whats driving growth Government initiatives like Jal Jeevan Mission and Smart Cities, agricultural demand, infrastructure expansion, capacity growth and product diversification. |
Our future plans Capacity expansion with 1,700 MTPA PVC line, geographic reach to tier 2 and 3 cities, telecommunication sector entry, new product development, and R&D focus. |
Our green promise Sustainability-driven operations with ISO 9001:2015 certification, emphasis on efficient manufacturing and product longevity reducing waste. |
Our people and values Strong experienced management team with combined 30+ years, culture focused on quality, innovation, customer satisfaction, and employee well-being. |
Key challenges ahead Raw material price volatility, competitive pressures, cyclicality of demand, and scaling distribution efficiently across diverse markets. |
Interesting facts IPO oversubscribed 125 times in 2025; central India manufacturing base enabling cost-efficient supply chains nationwide. |
Risks and strategy Mitigates supply risks via diversified sourcing; invests in automation and strategic warehousing; focuses on multi-sector expansion to offset cyclicality. |
