Financial Performance Summary

Standalone Results (₹ in Crores):

Q2 FY27 Performance:

  • Plastic goods sold: 184,455 MT (19.44% YoY growth)
  • Total Income: ₹3,416.26 crore (39.28% YoY growth)
  • Operating Profit: ₹431.11 crore (44.95% YoY growth)
  • Operating Profit Margin: 12.62% (vs 12.13% in Q2 FY26)
  • PBT: ₹360.72 crore (46.53% YoY growth)
  • PBT Margin: 10.56% (vs 10.04% in Q2 FY26)
  • PAT (Before OCI): ₹279.25 crore (44.47% YoY growth)
  • PAT Margin: 8.17% (vs 7.88% in Q2 FY26)
  • EPS: ₹21.98
  • Cash EPS: ₹31.61

H1 FY27 Performance:

  • Plastic goods sold: 341,991 MT (1.11% YoY growth)
  • Total Income: ₹6,143.05 crore (20.95% YoY growth)
  • Operating Profit: ₹829.15 crore (34.49% YoY growth)
  • Operating Profit Margin: 13.50% (vs 12.14% in H1 FY26)
  • PBT: ₹641.4 crore (31.86% YoY growth)
  • PBT Margin: 10.44% (vs 9.58% in H1 FY26)
  • PAT (Before OCI): ₹487.01 crore (31.39% YoY growth)
  • PAT Margin: 7.93% (vs 7.30% in H1 FY26)
  • EPS: ₹38.34
  • Cash EPS: ₹57.60

Consolidated Results (₹ in Crores):

Q2 FY27 Performance:

  • Total Consolidated Income: ₹3,369.96 crore (39.87% YoY growth)
  • Operating Profit: ₹460.61 crore (47.50% YoY growth)
  • Operating Profit Margin: 13.67% (vs 12.96% in Q2 FY26)
  • PBT: ₹343.91 crore (58.03% YoY growth)
  • PBT Margin: 10.21% (vs 9.03% in Q2 FY26)
  • PAT (Before OCI): ₹262.44 crore (59.31% YoY growth)
  • PAT Margin: 7.79% (vs 6.84% in Q2 FY26)
  • EPS: ₹20.66
  • Cash EPS: ₹30.29

H1 FY27 Performance:

  • Total Consolidated Income: ₹6,096.75 crore (21.07% YoY growth)
  • Operating Profit: ₹931.61 crore (41.94% YoY growth)
  • Operating Profit Margin: 15.28% (vs 13.03% in H1 FY26)
  • PBT: ₹697.55 crore (44.48% YoY growth)
  • PBT Margin: 11.44% (vs 9.59% in H1 FY26)
  • PAT (Before OCI): ₹543.16 crore (47.98% YoY growth)
  • PAT Margin: 8.91% (vs 7.28% in H1 FY26)
  • EPS: ₹42.76
  • Cash EPS: ₹62.02

Key Financial Metrics

Dividend Declaration:

  • Interim dividend of 600% declared (₹12 per share of ₹2 face value)
  • Record date: 30th October 2026
  • For financial year 2026-27

Balance Sheet Position:

  • Net Cash Surplus: ₹685 crore as on 30th September 2026
  • Previous Cash Surplus: ₹648 crore as on 31st March 2026

Value-Added Products Performance:

  • Turnover increased to ₹1,476 crore in Q2 FY27 from ₹1,072 crore in Q2 FY26
  • Growth of 38% in value-added products

Business Segment Performance

Plastic Piping Systems Business:

  • Market leadership strengthened through expanded portfolio of value-added products
  • Successful integration of former Wavin business providing advanced technologies
  • Focus on PERT piping systems, Gas piping system, Electrofusion fittings, premium bath fittings, industrial valves, and PP Silent Pipe Systems
  • 2% volume growth in H1 FY27 in Plastic Piping Division
  • 24% volume growth achieved in Q2 FY27

New Business Initiatives:

  • uPVC Windows & Doors business receiving encouraging market acceptance
  • Steadily expanding dealer network for uPVC products
  • Expected to emerge as important growth driver in building products segment

Composite Cylinder Business:

  • Gradual improvement in capacity utilization
  • Procurement activities initiated by all three Oil Marketing Companies
  • Exploring export markets and expanding participation in CNG cascade applications

Other Business Segments:

  • Industrial Component, Material Handling and Packaging Products performing satisfactorily
  • Introduction of PP Bubble Guard Sheets expanding application areas
  • Consumer products portfolio struggling for growth amid polymer price volatility

Capacity Expansion & Investments

  • Development of new manufacturing facilities at Bihar, Jammu, Erode (second site), Puducherry (another site), Malanpur
  • Brown field expansion at other strategic locations progressing as planned
  • Funding through healthy cash flows and robust internal accruals
  • Maintaining financial discipline while funding expansion plans

Management Commentary & Outlook

Business Environment:

  • Operating environment showing encouraging signs of stabilization after Q1 volatility
  • Geopolitical situation in West Asia impacting polymer price volatility
  • Government measures (Minimum Import Price on Suspension Grade PVC Resin, withdrawal of customs duty exemption) supporting reduced volatility

Growth Drivers:

  • India remains one of the fastest-growing major economies
  • Sustained investments in infrastructure, housing, urban development, water management, irrigation networks
  • Expansion of city gas distribution infrastructure providing long-term demand visibility

Full Year Guidance:

  • Company expects ~10% volume growth for full year FY27 despite Q1 degrowth
  • Encouraging outlook for Plastic Piping Division and other businesses in Q2
  • Diversified product portfolio, strong brand, extensive distribution network supporting sustainable long-term growth