India · Delayed Price · Currency is INR Finolex Industries Earnings Call Transcripts
Fiscal Year 2026
-
Q4 FY26 saw 12% revenue growth and a sharp margin boost, driven by inventory gains and better realizations, despite flat volumes. Management guides for moderated margins and targets higher non-agri share, with strong cash reserves and steady CapEx plans.
-
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%.
-
Q2 FY26 saw a 6% volume decline due to monsoon, but EBITDA margin rose to 15% on improved mix and efficiency. Full-year volume growth is now guided at mid-single digits, with EBITDA margin expected at 10%-12%. Net cash surplus remains strong at INR 2,360 crore.
-
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
-
Volumes grew modestly despite weak demand, with strong CPVC growth and improved margins in Q4 FY25. Focus remains on margin recovery, cost control, and capacity expansion, while industry uncertainties and regulatory changes continue to influence outlook.
-
Q3 FY25 saw modest volume growth but lower realizations and margins due to weak demand and discounting. Capacity expansion is progressing, with a strong cash position and gradual shift toward non-agri and project segments. Management expects improved margins and double-digit growth in FY26.
-
Q2 FY25 saw strong volume growth but sharp declines in revenue, EBITDA, and margins due to steep PVC price drops and prolonged monsoons. Expansion plans remain on track, with guidance for 10%-12% annual volume growth and a robust cash position supporting future investments.
-
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.