PVC, CPVC and other plastic pipes and fittings for water supply and drainage.
Makes the pipes and fittings for water supply, hot water (CPVC), drainage and sewage in homes and buildings, sold through dealers and plumbers.
Plumbing is fitted mid-construction and replaced during renovation, so it follows handovers with a lag. Branded makers have taken share from small unorganised makers.
Branded leaders earn ~12-18% EBITDA on building-products pipes. Fittings, CPVC and adjacent bathware/adhesives earn more than plain PVC pipes; agriculture pipes earn less.