Perma-Pipe International Remains Cheap Enough To Deal With This Pain

Perma-Pipe International Holdings remains a 'Buy' despite a recent 7.6% share price decline and mixed Q1 2026 results. PPIH's revenue grew 7.7% year-over-year, with backlog rising to $136.5 million, indicating strong future sales momentum. Profitability declined due to unfavorable product mix and one-time ramp-up costs, but shares remain cheap versus peers on both 2025 and 2026 estimates.