India · Delayed Price · Currency is INR Finolex Industries Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw a 14% YoY volume drop and 10% lower revenue, but EBITDA and PAT rose sharply due to cost efficiencies and improved realizations. Management expects flat to slightly higher full-year volumes and aims to maintain EBITDA margins near 12%.
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Q2 FY26 saw a 6% volume decline due to monsoon, but EBITDA and margins improved on better mix and efficiency. Full-year volume growth is now expected at mid-single digits, with EBITDA margin guidance at 10–12% as agri share rises. Net cash remains strong at ₹2,360 crore.
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Pipes & Fittings volume grew 2% year-over-year despite weak demand, but revenue fell 9% due to lower realizations. EBITDA margin dropped to 9%, with expectations of double-digit growth and margin recovery as PVC prices stabilize. CapEx of INR 150 crore planned for FY26.
Fiscal Year 2025
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Pipes and fittings volumes grew modestly in FY25 despite weak demand, with strong CPVC and non-agri segment growth. Margins improved due to better pricing and product mix, and further gains are expected as cost initiatives continue and regulatory support (ADD, BIS) is anticipated.
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Q3 FY25 saw modest volume growth but lower margins due to weak demand and discounting. Management expects single-digit growth for FY25 and double-digit growth in FY26, with margin improvement as competitive pressures ease.
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Q2 FY25 saw strong volume growth but a sharp decline in profitability due to steep PVC price drops and volatile market conditions. Expansion plans are on track, with guidance for 10%-12% annual volume growth and a focus on balancing agri and non-agri segments.
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Q1 FY2025 saw improved operating performance, a 53% EBITDA increase, and a PAT boost from a one-time land sale. Pipes and Fittings revenue and volumes declined slightly, while PVC Resin volumes surged. Management maintains a 10%-15% volume growth outlook and plans for capacity expansion.