• Event Type: Q1 FY27 Post Results Conference Call hosted by ICICI Securities Limited
  • Event Date & Time: Friday, August 7, 2026 (time not specified)
  • Purpose: Discussion of Unaudited (Standalone & Consolidated) Financial Results for the Quarter ended June 30, 2026
  • Earnings Timing: Call held post declaration of financial results (after earnings announcement)
  • Management Participants:
  • Mr. Udipt Agarwal – Managing Director
  • Mr. Chandan Verma – Chief Financial Officer
  • Moderator: Mr. Arun Baid from ICICI Securities
  • Availability of Materials: Transcript made available on company website at https://www.finolexpipes.com/investors/financials/
  • Compliance: Disclosure made under Regulation 30 of SEBI Listing Regulations

Financial Highlights & Business Updates

Q1 FY27 Performance Metrics:

  • Sales Volume: 68,000 metric tons (27% YoY decline)
  • Revenue: INR 884 crores (15% YoY decline from INR 1,043 crores)
  • EBITDA: INR 107 crores (14% YoY growth from INR 94 crores)
  • EBITDA Margin: 12% (300 bps improvement from 9% YoY)
  • PBT: INR 148 crores
  • PAT: INR 107 crores

Business Segment Breakdown:

  • Agri Segment Share: 69% of total volume
  • Fittings Share within Agri: 5%
  • Non-agri Segment Share: 25%
  • Overall Fittings Percentage: 11% of total volume
  • CPVC Share: 7% of total volume

Market Context & Challenges:

  • PVC price volatility was the dominant macro factor with sharp intra-quarter correction
  • Average PVC prices: USD 875 per metric ton (vs USD 707 per metric ton YoY)
  • Channel destocking impacted volumes during typically strong pre-monsoon quarter
  • Two regulatory developments noted:
  • Withdrawal of customs duty exemption on PVC resin prices (mid-July)
  • Imposition of minimum import price (MIP) for PVC resin

Liquidity Position:

  • Strong cash balance of INR 2,636 crores maintained

Forward-looking Commentary:

  • Management remains optimistic but cautious about volume and realization recovery
  • Structural demand drivers remain intact
  • Recent regulatory interventions expected to support price stability and channel inventories
  • Volume pickup noted in July post MIP implementation
  • Margin guidance: sub-15% EBITDA margin for FY27 (maintained from previous guidance)

Operational Details:

  • Monthly volume trend: April (lowest), May (growth), June (growth), July (good uptick)
  • Capacity utilization: Total installed capacity 520 MT, last year volume 333 MT
  • CAPEX plans: INR 125-200 crores range remains intact
  • Backward integration provides cost advantage
  • VCM supply chain constraints due to Middle East force majeure and monsoon-related jetty limitations

Additional Notes Section

  • Attachment: Transcript of Earnings Call (submitted to exchanges)
  • No financial data disclosed in announcement: The transcript contains detailed financial results discussion
  • Compliance language: Forward-looking statements disclaimer included in management commentary
  • Participant questions: Covered volume decline reasons, market share, pricing, inventory impact, capacity expansion plans, JJM impact, and margin sustainability