Financial Performance Highlights

Q1 FY27 Consolidated Results (₹ lakhs):

  • Revenue from Operations: ₹6,831.4 (10.0% YoY growth from Q1 FY26 ₹6,209.1)
  • Gross Profit: ₹3,572.5 (16.0% YoY growth), with Gross Profit Margin at 52.3% (270 bps improvement YoY)
  • EBITDA: ₹1,576.1 (27.6% YoY growth), with EBITDA Margin at 23.1% (320 bps improvement YoY)
  • EBIT: ₹1,332.5 (30.4% YoY growth), with EBIT Margin at 19.5% (300 bps improvement YoY)
  • Profit Before Tax: ₹1,189.6 (34.5% YoY growth)
  • Profit After Tax: ₹885.8 (35.4% YoY growth from Q1 FY26 ₹654.0), with PAT Margin at 13.0% (250 bps improvement YoY)
  • EPS: ₹8.18 (compared to ₹6.04 in Q1 FY26)

Quarter-over-Quarter Comparison (Q1 FY27 vs Q4 FY26):

  • Revenue: -2.0% (from ₹6,973.6)
  • Gross Profit: +0.3% (from ₹3,563.5), with margin improvement of 120 bps
  • EBITDA: +7.1% (from ₹1,472.3), with margin improvement of 200 bps
  • PAT: +6.4% (from ₹832.7), with margin improvement of 110 bps

Operational Performance

The company delivered its highest-ever quarterly EBITDA, PAT, and EPS despite Q1 being seasonally the lightest quarter. The quality of growth improved driven by premiumisation, richer product mix, and operating efficiencies.

Business Segment Performance:

  • uPVC/PVC business grew 20% YoY and now contributes 89% of turnover
  • Segment margins crossed 20% for uPVC/PVC business
  • Growth visibility remains strong with order book at all-time high of ₹200+ crore in project business as of presentation date

New Product Developments:

  • WPC doors and wall & ceiling panels moving into commercialisation in Q2 FY27
  • Aluminium Windows & Façade business progressing towards becoming meaningful growth contributor

Historical Financial Performance

Income Statement Trends (₹ lakhs):

  • Gross Profit: FY24 ₹9,481.4, FY25 ₹11,178.2, FY26 ₹13,616.7
  • Gross Profit Margin: FY24 44.8%, FY25 47.5%, FY26 51.49%
  • EBITDA: FY24 ₹3,101.2, FY25 ₹3,750.2, FY26 ₹5,459.5
  • EBITDA Margin: FY24 14.7%, FY25 16.0%, FY26 20.6%
  • PAT: FY24 ₹1,408.2, FY25 ₹1,802.8, FY26 ₹3,014.0
  • PAT Margin: FY24 6.7%, FY25 7.7%, FY26 11.4%
  • EPS: FY24 ₹13.01, FY25 ₹16.65, FY26 ₹27.85

Balance Sheet Position (as of March 31, ₹ lakhs):

  • Total Assets: Mar-24 ₹16,457.8, Mar-25 ₹18,112.8, Mar-26 ₹22,554.6
  • Property, plant and equipment: Mar-24 ₹6,934.0, Mar-25 ₹7,740.8, Mar-26 ₹8,842.0
  • Inventories: Mar-24 ₹4,973.6, Mar-25 ₹5,574.8, Mar-26 ₹6,941.7
  • Total Equity: Mar-24 ₹8,235.4, Mar-25 ₹9,994.5, Mar-26 ₹12,959.9
  • Borrowings (Non-current + Current): Mar-24 ₹5,285.8, Mar-25 ₹5,338.0, Mar-26 ₹7,647.9

Cash Flow Statement (₹ lakhs):

  • Net Cash from Operating Activities: FY24 ₹3,175.7, FY25 ₹1,707.9, FY26 ₹818.2
  • Cash Flow from Investing Activities: FY24 ₹-2,005.8, FY25 ₹-1,158.8, FY26 ₹-2,616.2
  • Cash Flow from Financing Activities: FY24 ₹-980.8, FY25 ₹-487.2, FY26 ₹1,692.6

Capital Expenditure and Future Plans

The company is planning to increase capital expenditure for the second consecutive year, with investments focused on expanding capacity and entering new product categories. This reflects the underlying strength, financial discipline, and scalability of the business model.

Management Commentary

From MD's Desk: "Q1 FY27 has set a strong foundation for the year... The increasing contribution of engineered, specification-led products is strengthening realisations and profitability and gives us confidence that the improved margin profile is sustainable."

Contacts

  • Investor Relations: X-B4 Advisory LLP, Rasika Sawant / Gautam Kothari, Tel: +91 95944 57518/ +91 79776 16640