• Event Type: Q2 and H1 FY27 Earnings Conference Call hosted by MUFG Intime.
  • Date and Time: The call was held on November 04, 2026. A specific time was not mentioned in the transcript.
  • Purpose: To discuss the company's Q2 and H1 FY27 financial results and provide a business update.
  • Management Participants: Mr. Nihar Chheda (Vice President, Strategy) and Mr. Anand Gupta (Chief Financial Officer). Mr. Omkar Bagwe from MUFG Intime moderated the call.
  • Presentation Availability: The presentation and press release were issued to the stock exchanges and uploaded on the company's website prior to the call.
  • UPSI Statement: The call began with a standard disclaimer stating it may contain forward-looking statements and that actual results may differ materially. There was no explicit statement that no Unpublished Price Sensitive Information (UPSI) would be shared.

Financial Highlights Discussed

Q2 FY27 Performance:

  • Revenue from operations: INR 821 crores (38% YoY growth)
  • Volumes: 52,080 metric tons (22% YoY growth)
  • EBITDA: INR 100 crores (82% YoY growth)
  • EBITDA Margin: 12% (300 basis point expansion YoY)
  • Profit After Tax (PAT): INR 48 crores (220% YoY growth)
  • PAT Margin: 6% (400 basis point expansion YoY)

H1 FY27 Performance:

  • Revenue from operations: INR 1,430 crores (22% YoY growth)
  • Volumes: 92,809 metric tons (7% YoY growth)
  • EBITDA: INR 177 crores (86% YoY growth)
  • EBITDA Margin: 12% (400 basis point expansion YoY)
  • PAT: INR 82 crores
  • PAT Margin: 6% (400 basis point expansion YoY)

Operational Metrics:

  • Total Installed Capacity: 4,35,000 metric tons (as of H1 FY27)
  • Working Capital Days: 55 days (H1 FY27)
  • Receivable Days: 34 days (H1 FY27)
  • Inventory Days: 74 days (as of September 30, 2026)

Strategic and Business Updates:

  • Macro Environment: PVC prices stabilized in Q2. The government's implementation of a Minimum Import Price (MIP) on PVC resin provided certainty and supported domestic market sentiment.
  • Growth Drivers: Volume growth was attributed to channel restocking (due to firming PVC prices and MIP), healthy end-demand, and market share gains from smaller, struggling players.
  • Product Mix: The contribution from value-added products (CPVC and PPR) increased to over 30% of total revenue, up from ~25% historically. CPVC was the fastest-growing polymer.
  • Innovation: The company launched DECILO, a low-noise polypropylene (PP) piping system, installed in projects across multiple states. Manufacturing for DECILO will be expanded to the Silvassa facility by the end of Q4 FY27. A new Product Innovation and R&D function was established to develop more value-added products.
  • Strategy: Focus on replacing metal and concrete pipes with polymer solutions (CPVC, PPR, PP) for longer life, faster installation, and lower cost. This also reduces dependence on volatile PVC prices.
  • Distribution & Branding: Continued emphasis on digitizing the value chain (Distributor Management Systems, Sales Force Automation) to improve retail reach and secondary sales. High-visibility branding initiatives were undertaken, including sponsoring the Marathi version of 'Kaun Banega Crorepati' (Kon Honar Crorepati). Marketing spend is maintained at 1.5%-2% of sales.
  • Bathware Vertical (Aquel): Revenue was INR 19 crores in Q2 with an EBITDA loss of INR 4 crores. The company expects to be close to breakeven (INR 24-25 crores/quarter) in Q3 and achieve breakeven in Q4 FY27. The business is currently focused on North and West India, with recent expansion into South and East.
  • Guidance: The company maintained its full-year EBITDA margin guidance of 11%-13% and expects double-digit volume growth for FY27. Capex for FY27 is guided at ~INR 200 crores (INR 70 crores spent in H1).
  • Regulatory: Discussed the DGTR's provisional recommendation for Countervailing Duty (CVD) on Chinese PVC, with an expectation for implementation by the Finance Ministry in 45-60 days.

Additional Notes Section

  • The document provided is the full transcript of the earnings conference call, filed as a regulatory disclosure.
  • The transcript contained detailed financial figures for the quarter and half-year, as well as forward-looking strategic commentary.
  • Numerous analysts from firms including Nuvama, Dolat Capital, HDFC Securities, and Kotak Mutual Fund participated in the Q&A session.