New Delhi, Sept. 28 -- The Indian plastics pipes industry weathered multiple headwinds in FY25, grappling with subdued infrastructure spending, liquidity challenges, and volatile PVC prices, according to a recent JM Financial report.

The report highlights that the sector, traditionally fragmented and agriculture-focused, has steadily shifted towards a more organised ecosystem catering to water supply, sanitation, plumbing, and industrial applications. Despite the challenges in FY25, the industry expects near-term support from channel restocking and stabilising PVC prices, which reached around INR 79 per kg in September 2025.

PVC prices, a critical pass-through cost for pipe manufacturers, have seen significant fluctuations over the past...