Q1 2027 Finolex Industries Ltd Earnings Call

August 7, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Finolex Industries Limited Q1 FY27 Earnings Conference Call, hosted by ICICI Securities Limited. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Operator: Ladies and gentlemen, good day and welcome to Finolex Industries Limited Q1 FY27 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touchtone phone. I now hand the conference over to Mr. Arun Baid from ICICI Securities. Thank you, and over to you, Sonia.

Speaker #1: Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. I now hand the conference over to Mr. Arun Vaid from ICICI Securities.

Speaker #1: Thank you. And over to you, sir.

Speaker #2: Thank you, Tanya. On behalf of ICICI Securities, I welcome you all to the Q1 FY27 post-results concall of Finolex Industries. From the management side, we have Mr. Udit Agarwal, Managing Director, and Mr. Chandan Verma, CFO.

Arun Baid: Thank you, Sonia. On behalf of ICICI Securities, I welcome you all to Q1 FY27 post-result conf call of Finolex Industries. From the management side, we have Mr. Udipt Agarwal, Managing Director, and Mr. Chandan Verma, CFO. I hand the call over to Udit, post which we will open the floor to the question and answer. Thank you.

Speaker #2: Now I hand the call over to Udit. Post-switch, we'll open the floor to questions and answers. Thank you.

Speaker #3: Thank you, Arun, and good afternoon, ladies and gentlemen. Welcome to the Finolex Industries earnings call for Q1 FY26-27. We are very pleased to have you here.

Udipt Agarwal: Thank you, Arun, and good afternoon, ladies and gentlemen. Welcome to Finolex Industries earnings call for Q1, FY26, FY27. We all are very pleased to have you here. I remind everybody that this call may contain certain forward-looking statements based on management's current expectations. Actual results may differ. I want to begin by saying that the Q1 of this current financial year was marked by volatility in polymer prices, which became the dominant macro factor for the industry during the quarter. Average PVC prices higher year on year at about US$875 per metric ton in the quarter as compared to about US$707 per metric ton average, according to the ICIS reports, largely carrying forward the elevated level seen in the Q4 of FY26 as well.

Speaker #3: I remind everybody that this call may contain certain forward-looking statements based on management's current expectations, and actual results may differ. I want to begin by saying that Q1 of this current financial year was marked by volatility in polymer prices.

Speaker #3: This became the dominant macro factor for the industry during the quarter. Average PVC prices were higher year-on-year at about $875 per metric ton in the quarter, as compared to about $707 per metric ton average according to the ICIS reports.

Speaker #3: Largely carrying forward the elevated level seen in Q4 of FY26 as well. Sharp intra-quarter correction, which triggered channel destocking and impacted volumes, even during what is typically a seasonally strong pre-monsoon quarter for us.

Udipt Agarwal: PVC prices show a sharp intra-quarter correction, which triggered a channel de-stocking and impacted volumes even during what is typically a seasonally strong pre-monsoon quarter for us. Two regulatory developments, which I would like to also bring to everybody's attention, is that the withdrawal of the customs duty exemption on PVC resin prices, which happened during the mid of July, and the imposition of the minimum import price for the PVC resin. These two developments should help and support some stability in the PVC prices as we go forward. I think this should also help with the general inventories and we look forward to having somewhat improved volume and business momentum over the coming quarters. Okay. As we all know that PVC demand in India follows a well-established seasonal pattern.

Speaker #3: Two regulatory developments which I would also like to bring to everybody's attention are the withdrawal of the customs duty exemption on PVC resin, which happened during the middle of July, and the imposition of a minimum import price for PVC resin.

Speaker #3: These two developments should help and support some stability in PVC prices as we go forward. I think this should also help with channel inventories, and we look forward to having somewhat improved volume and business momentum over the coming quarters.

Speaker #3: Okay. As we all know, PVC demand in India follows a well-established seasonal pattern. Demand peaks in the pre-monsoon period, January to May, as farmers and the agriculture segment prepare for the kharif season.

Udipt Agarwal: Demand peaks in the pre-monsoon period, January to May period as the farmers in the agriculture segment prepare for the kharif seasons. It starts to moderate a little bit during Q2, Q3, and then we also again see the impact coming up and back in again in end of Q2, Q3 because of the rabi season coming in. With this, I would also like to give a little bit comment about the as we look into the rest of the year, we remain optimistic, however, with a caution, about recovery of the volumes and realization. As the inventory is normalized, polymer prices stabilize, aided by the current two developments which I talked about, the recent customs duty and MIP interventions. We believe that the structural demand drivers continue to remain in place and intact, and will continue to underpin the medium-term confidence.

Speaker #3: And then it starts to moderate a little bit during Q2, Q3, and then we also again see the impact coming back in at the end of Q2, Q3, because of the WC season coming in.

Speaker #3: With this, I would also like to give a little bit of comment about the outlook as we look into the rest of the year. I mean, we remain optimistic.

Speaker #3: However, with a caution about recovery of the volumes and realization as the inventories normalize and polymer prices stabilize, carried by the current two developments which I talked about—the recent customs duty and MIP interventions.

Speaker #3: We believe that the structural demand drivers continue to remain in place and intact, and will continue to underpin medium-term confidence. This year, we are also celebrating 45 years of Finolex Pipes and Industries.

Udipt Agarwal: This year, we are also celebrating 45 years of Finolex Pipes and Industries. We remain equally committed to our brand, our distribution partners, and the communities which we serve. Thank you for your continued trust and support. I will pass on the floor to Mr. Chandan Verma, who will talk about the numbers on the Q1 FY27 performance, and then we will open the floor to question and answer. Over to you, Chandan.

Speaker #3: We remain equally committed to our brand, our distribution partners, and the communities which we serve. Thank you for your continued trust and support. I will now pass the floor to Mr. Chandan Verma, who will talk about the numbers for Q1 FY27 performance, and then we'll open the floor to questions and answers.

Speaker #3: Over to you, Chandan.

Speaker #4: Hi, good afternoon, everyone. As you know, the numbers are already published in our investor presentation and uploaded on the site. Though, I want to give a brief highlight on the numbers we have.

Chandan Verma: Hi, good afternoon, everyone. As you know, the number already we have published in our investor presentation and uploaded in the site, though I want to give a brief highlight on the numbers, what we have. Overall sales volume declined by 27% from the corresponding quarter of the last year. Total volume, we have registered around 68,000 metric ton during the Q1 FY27. Though we have seen a decline in the revenue by 27%, the overall decline in revenue is moderated by around 15% only. Our total revenue for the Q1 is INR 884 crore compared to INR 143 crore of the same quarter of the last year. We have seen a significant and healthy jump in EBITDA by 14%, and EBITDA margin improved from 9% to 12%. Current quarter EBITDA stood at INR 107 crore, whereas the last quarter of the last year, it was INR 94 crore.

Speaker #4: So, overall sales volume declined by 27% from the corresponding quarter of last year. Total volume we have registered is around 68,000 metric tons during Q1 FY27.

Speaker #4: Though we have seen a decline in the revenue by 27%, the overall decline in revenue is moderate but moderated by around 15% only. And our total revenue for the Q1 is 884 crore, compared to 143 crore of the same quarter of the last year.

Speaker #4: We have seen a significant and healthy jump in EBITDA by 14%, and EBITDA margin improved from 9% to 12%. Current quarter EBITDA is 2,107 crore, whereas the last quarter of the same year, same quarter of the last year, it was 94 crore.

Speaker #4: PBT is currently—we are at ₹148 crore, and PAT is around ₹107 crore. We have strong liquidity; as we continue, we have ₹2,636 crore of cash in hand, which we will continue to have in our balance sheet over the prevailing time.

Chandan Verma: PBT currently we are at INR 148 crore, and PAT is around INR 107 crore. We have a strong liquidity as we continue. We are having INR 2,636 crore of cash in hand, which we will continue to have in our balance over the previewing time. The floor is now open for the question. We will invite question one by one, and we'll address as and when possible.

Speaker #4: The floor is now open for questions. We will invite questions one by one, and we'll address them as and when possible.

Speaker #1: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Dolat Capital. Please go ahead.

Speaker #1: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #1: Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Shravan Shah from Daulat Capital.

Speaker #1: Please go ahead.

Shravan Shah: Hi, sir. I have a couple of questions. Before that, couple of data points, so it will help us to ask the relevant questions. For this quarter, what was the agri share, fittings share, CPVC share in the total volume?

Speaker #5: Hi, sir. I have a couple of questions, but before that, a couple of data points, so it will help us to ask the relevant questions.

Speaker #5: So, for this quarter, what was the agri share, fitting share, and CPVC share in the total volume?

Speaker #3: Currently, this quarter, we have the agri share at 69%, and the fittings share within agri is 5%, and within non-agri is 25%. Overall, the fittings percent on total volume is 11%.

Chandan Verma: Current quarter, we have the agri share is 69%, and fittings share within agri is 5% and within non-agri is 25%. Overall, this is fitting percent on a total volume is 11%.

Speaker #5: Okay. And CPVC share is 7.5%?

Shravan Shah: Okay. CPVC share is 7.5%?

Speaker #3: CPVC share for the current quarter is around 7%, yes.

Chandan Verma: CPVC share for the current quarter is around 7%, yes.

Speaker #5: Okay. So now, given I understand the volume significant degrowth is there, which we have seen across the companies who have reported results, for instance, we also—but in terms of the realization front, our QoQ jump is just 1%, versus both the companies who reported, they reported a 7% and 9% kind of a QoQ jump in the realization.

Shravan Shah: Okay. Got it. Now, I understand the volume significant degrowth is there, which we have seen across the companies who have reported results, for instance, Supreme also. In terms of the realization front, our QOQ jump is just a 1% versus both the companies who reported. They reported a 7% and 9% kind of a QOQ jump in the realization. Just wanted to understand why our realization was not on a QOQ basis a jump.

Speaker #5: So, I just wanted to understand why our realization was not a Q1 basis jump.

Speaker #3: Okay. But on a Q1-to-Q1 basis, we have seen that our realization per kg has gone up by 15% compared to the same quarter of the previous year.

Chandan Verma: Okay. On a Q1 gain basis, if you have seen, our realization per kg has gone up by 15% with the same quarter of the same year. While the peers are also in the same range. I think we are well within the range of the realization per kg. We do not see off from our other peers, whoever the data is seen in the public domain.

Speaker #3: Why are our peers also in the same range? So I think we are well within the range of realization per kg. We do not see any difference from our other peers.

Speaker #3: Whoever the data is taken from, it is in the public domain.

Speaker #5: Okay. No, I'm talking about the on the POQ front particularly because for POQ, the realization is broadly if I do the math with the volume 1.1% POQ improvement in then the realization in this quarter versus I was saying that the other two players who have reported numbers, there it was a significantly higher.

Shravan Shah: Okay. No, I'm talking about on the QOQ front particularly because for QOQ, as the realization raises broadly, if I do the math with the volume 1.1% QOQ improvement in the realization in this quarter versus I was seeing that the other two players who have reported numbers, there it was significantly higher. I understand the volatility, in April there was a downtick in that. Given maybe the March where we have seen the significant prices up and maybe the pass on would be happening with maybe a 10 days or 20 days lag. That may be the reason why the other players were able to show the improvement, we haven't. Just wanted to understand, was there any specific reason on that front?

Speaker #5: So I understand the volatility, but in the April there was a down take in that. But given the maybe the March, where we have seen the significant prices up and maybe the pass on would be happening with a maybe a 10 days, 15 days lag.

Speaker #5: So that may be the reason why the other players were able to show improvement, but we haven't. So I just wanted to understand, was there any specific reason on that front?

Speaker #3: Are you talking about for the entire quarter, or just from March to April?

Chandan Verma: You're talking about for the entire quarter or March, April only?

Speaker #5: For Q1 versus Q4.

Shravan Shah: For Q1 versus Q4.

Chandan Verma: Q1 versus Q4.

Speaker #3: Q1 versus Q4. So, Q1 versus Q4, definitely you have seen—see, Q4 is a year, is an abrasion. It's a quarter for the abrasion of the quarter, where we have seen an unprecedented increase in the prices of PVC.

Shravan Shah: Yeah

Chandan Verma: Definitely, you have seen. See, Q4 is a quarter for the aberration of the quarter, where we have seen unprecedented increase in the prices of PVC. That has resulted in the unprecedented realization hike. As we move in the Q1, and particularly in the month of April, there was a sharp decline in the PVC prices. The PVC prices, if I need to quote a number, it has gone from INR 96 to INR 92, then INR 82. This is the reason that the prices has gone down per kg. That is how the realization has been moving from the quarter-on-quarter from the last year and from the current year. It's more about the equal realization within the industry. There are quite of incentive and discount also placed in the sector when we compute our landed price net realization per kg.

Speaker #3: That is resulted in the unprecedented unprecedented realization hike. But as we move in the Q1, as well and the particularly in the month of April, there was a sharp decline in the PVC prices.

Speaker #3: And the PVC prices have gone—if I need to quote a number, it has gone from 96 to 92, then 82. This is the reason that the prices have gone down.

Speaker #3: Per kg. So that is how the realization has been moving from quarter to quarter, from last year and into the current year.

Speaker #3: So it's more about the realization within the industry, plus there are quite a few incentives and discounts that also play in the sector when we compute our landed price realization—net realization per kg.

Speaker #3: That is how things will work upon. However, from the Q1 quarter and quarter, if you see, from the same quarter of the last year, we are fairly within the range range bound that other public domain number we can see.

Chandan Verma: That is how things will work upon. However, from the Q-on-Q, quarter-on-quarter, if you see from the same quarter of the last year, we are fairly within the range-bound that other public domain number we can see.

Speaker #5: Okay. So now two things. So on the volume and then now on the realization and obviously that will lead to kind of a margin also so first on the volume heavy heavy started seeing the kind of a channel level the inventory because in last 15 odd days we have seen a 12, 13 rupees per kg price hike in the PVC because of MIP and the import duty withdrawal.

Shravan Shah: Okay. Now two things. On the volume and then now on the realization, and obviously that will lead to a kind of a margin also. First on the volume, have you started seeing the kind of channel level inventory, because in last 15 odd days, we have seen an INR 12, INR 13 per kg price hike in the PVC because of MIP and the import duty withdrawal. Have you started seeing the growth in particular in July and maybe in June also? Have you seen that kind of a growth? And now for full year, how are we looking at on the volume front and realization also given the INR 12, INR 13 hike which has happened in last 15, 20 days. Can we see a sharp Q-o-Q jump in realization in Q2?

Speaker #5: So, have we started seeing the growth come in, particularly in July? And maybe in June also, have we seen that kind of growth? And now, for the full year, how are we looking on the volume front and realization also, given the Rs 12–13 hike which has happened in the last 15–20 days? Can we see a sharp QOQ jump in realization in Q2?

Speaker #3: Yeah, certainly, Shravan, there has been an impact in the market because of the factors which you talked about and also the stocking in the channel.

Udipt Agarwal: Yes, certainly, Shravan, there has been an impact to the market because of the factors which you talked about and also the destocking in the channel. Yeah. All these have an impact both on the volume and the revenue on the realization side. We will see how does it play out over the course of the year. For now, yes, the minimum floor is set for the PVC pipes because of the MIP. We should see a little better Q2 in terms of the realizations. Yeah.

Speaker #3: Yeah. So all these have an impact, both on the volume and their revenue, on the realization side. And we will see how it plays out over the course of the year.

Speaker #3: But for now, yes, the minimum floor is set for the PVC price because of the MIP, and so we should see a little better Q2 in terms of the realizations.

Speaker #3: Yeah.

Speaker #2: And also, in terms of volume—as you rightly said—post-MIP, the volume has started to pick up. So, we have seen quite a good uptick in the volume in the month of July as well.

Chandan Verma: Also in terms of volume, as you rightly said, post MIP, the volume has started to pick up. We have seen a quite good uptick in the volume in the month of July as well.

Speaker #5: So, for the full year, how can we look at the volume for us as a full year?

Shravan Shah: For full year, how now we can look at the volume for us as a full year?

Speaker #2: No. So, full year, see Shravan, at this moment it's too early to say anything because PVC industries are surrounded by a lot of uncertainty and volatility.

Chandan Verma: Full year, see, Shravan, at this moment it's too early to say anything because PVC industries is surrounded by lot of uncertainty and volatility. At this moment, whatever the position we have given during our Q4, our con call, we will continue to say. We will see how the year progresses because it's only the Q1 that we have completed. Let's see how the year progresses, then we'll give any commentary on the full year numbers.

Speaker #2: So at this moment, whatever the position we have given during our Q4 con call, we will continue to say we will see how the year progresses, because it's only the Q1 that we have completed.

Speaker #2: Let's see how the year progresses, then we will give any commentary on the full-year numbers.

Speaker #5: And at the margin level also, is there any kind of guidance that we want to give?

Shravan Shah: At margin level also, any kind of a guidance that we want to give?

Speaker #2: Same, I will continue with our same last quarter's margin anticipation that we have given.

Chandan Verma: No, we're continuing with our same last quarter's margin, the anticipation that we have given.

Speaker #5: So, 15% is kind of a number that we have said for the full year.

Shravan Shah: The 15% kind of a number that we have said for full year.

Speaker #3: He said sub 15%.

Udipt Agarwal: We said sub 15%.

Speaker #2: Sub-15, around somewhere, we will continue to say that. If everything goes well, then we’ll see how the number will look like throughout the year.

Chandan Verma: Sub 15, around somewhere we will continue to say that. If everything goes well, we'll see how the number will look like throughout the year. It's too early to say anything because it's just Q1.

Speaker #2: But it's too early to say anything because it's just Q1.

Udipt Agarwal: There's a lot of volatility also. I mean, global geopolitical situation is still fluctuating. Yeah.

Speaker #3: The volatility also—I mean, the global geopolitical situation is still fluctuating. Yeah.

Speaker #5: No, sir. And any inventory loss in Q1?

Shravan Shah: True. Any inventory loss in Q1?

Speaker #2: So, see, there are inventory losses and it’s too early. Inventory gain and loss definitely would be there, but it’s too early to report it at this moment.

Chandan Verma: See, there are inventory losses and inventory gain and loss definitely would be there, but it's too not to report it at this moment. Whatever the gain and loss that is there, that will be neutralized over the period of Q1, Q2 over the period in time.

Speaker #2: Whatever gain and loss is there, that will be neutralized over the period of Q1, Q2—over the period in time.

Speaker #5: Okay. Okay. Thank you.

Shravan Shah: Okay. Thank you.

Speaker #1: Thank you. The next question is from the line of Praneeth from SJ Investments. Please go ahead.

Operator: Thank you. The next question is from the line of Praneet from SJ Investments. Please go ahead.

Speaker #6: Hi sir, thank you for the opportunity. So, I just had one question in terms of volume degrowth. I understand that the market is down and everything, but we have, I think, degrown substantially compared to our peers in the market.

[Analyst] (SJ Investments): Hi, sir. Thank you for the opportunity. I just had one question in terms of volume de-growth. I understand that the market is down and everything, but we have, I think, de-grown substantially compared to our peers in the market. Just trying to understand what exactly happened.

Speaker #6: Just trying to understand what exactly happened.

Speaker #3: Shravan, I mean, as you know, our dominance or our larger presence is in the agri segment, which was more affected than the other segment, that is, the plumbing or non-agri segment, as you call it.

Udipt Agarwal: Shravan, as you know, our dominance or our largest presence in the agri segment, which was more affected than the other, which is the plumbing or non-agri segment as you call it. That's the primary reason what we see it as part of the reason for lower volumes for us, other than the channel which we talked about in the beginning of the call.

Speaker #3: Yeah, so that's the primary reason that we see it, yeah, as part of the reason for lower volumes for us—other than the channel, which we talked about at the beginning of the call.

Speaker #6: Understood, sir. And in terms of expansion, I understand that right now the market is off and everything. Do we have any idea, in terms of expanding capacities?

[Analyst] (SJ Investments): Understood, sir. In terms of expansion, I understand that right now market is off and everything. Do we have any idea in terms of expanding capacities? Do we have any plan in terms of increasing our plans?

Speaker #6: Do we have any plans in terms of increasing our plants or anything like that?

Udipt Agarwal: Yeah.

[Analyst] (SJ Investments): Any of that?

Speaker #3: Yeah, yeah, yeah. So the capacity planning is always done on a long-term basis—a too long-term basis. So capacity, or the capex plans, do not get impacted by the short-term macroeconomic environment.

Udipt Agarwal: The capacity planning is always done on a long-term basis. Capacity or the CapEx plans do not get impacted by the short-term macroeconomic environment. All our plans with respect to CapEx and capacity expansions remain in place.

Speaker #3: So, all our plans with respect to capex and capacity expansions remain in place.

Speaker #6: No, sir. But so at this point of time, do we have any greenfield or brownfield things we want to do? Because I understand it here right now with that probably plans, we can only cater to largely the agri and our mix is also mostly focused to that way in terms of reducing reliance.

[Analyst] (SJ Investments): No, sir. At this point of time, do we have any greenfield or brownfield things we want to do? Because I understand it here right now with our probably plans, we've been only catered to largely the agri and our mix is also mostly focused that way. In terms of reducing the reliance, are we doing anything in terms of more material, like putting plants closer to urban locations or something like that?

Speaker #6: Are we doing anything in terms of adding more material, like putting plants closer to urban locations or something like that?

Speaker #3: Yeah, so we are expanding capacity and we are also augmenting capacity via debottlenecking. As we have said in our previous calls also, the capital outlay continues to remain.

Udipt Agarwal: We are expanding capacity and we are also augmenting capacity via de-bottlenecking. As we have said in our previous calls also, the capital outlay for the remains around INR 125 to 200 crore range, and that remains intact.

Speaker #3: But around the ₹125 to ₹200 crore range, and that remains intact.

Speaker #6: Got it, sir. So, do we see structurally anything affecting us? Because, at least on the ground level, it's been noted that Finolex has not been as aggressive as compared to other peers.

[Analyst] (SJ Investments): Got it, sir. Do we see structurally anything affecting us? Because at least on the ground level, it's been noted that Finolex has not been that aggressive as compared to other peers. What do you have to say about it? Because there has been many people who have been saying that on the ground.

Speaker #6: So, what do you have to say about it? Because there have been many people who have been saying that, at least on the ground.

Speaker #3: So, at this moment, our capacity—see, we have the headroom to grow, right? At this moment, we have a total installed capacity of 520, and our last year's volume was only 333.

Chandan Verma: At this moment, our capacity, we have the headroom to grow, right? At the moment, we have the total installed capacity of 520, and our last year volume was 333 only. Still we have the headroom to grow at a healthy rate of 10% to 11%. Let our installed capacity get exhausted first.

Speaker #3: So, still we have the headroom to grow at a healthy rate of 10–12%. So, let the volume be there—let our installed capacity get exhausted first.

Speaker #3: Because yeah. And apart from that also, as Mr. Agarwala has just pointed out, there is a continuous process going on in our organization with respect to debottlenecking, where we remove our old, lower-capacity extruders and keep adding higher-capacity extruders.

[Analyst] (SJ Investments): Yeah, I understand.

Chandan Verma: Apart from that also, as Mr. Agrawal has just pointed out, there is a continuous process going on in our organization with respect to debottlenecking, where we remove our old, lower capacity extruder and keep adding our higher capacity extruder. In a way, within the same periphery, the few capacity we keep adding every year, rather than announcing a big in terms of greenfield and brownfield expansion. Still, as I have mentioned, we still have the headroom to grow at a healthy 10%, 12% over at least the 2028 year, next one year, one and a half year.

Speaker #3: So, in a way, within the same periphery, the few capacities we keep adding every year, rather than announcing a big greenfield or brownfield expansion.

Speaker #3: And still, as I have mentioned, we still have the headroom to grow at a healthy 10 to 12% over at least the 2028 year.

Speaker #3: Next one year, one and a half years.

Speaker #6: Correct, sir. I understand this headroom to grow. It's just that because the last few years and like whatever there's been some at least distress in terms of the agri segment also, I'm trying to understand, is there potential that we can go we are actually meaningfully looking for some other segment?

[Analyst] (SJ Investments): Correct, sir. I understand there's headroom to grow. It's just that because the last few years and whatever, there's been some at least distress in terms of the agri segment also. I'm just trying to understand, is there potential that we are actually meaningfully looking for some other segment? I know you already have plans in place beyond agri itself, but is it working out is my question.

Speaker #6: Because I know you already have plans in going beyond agri itself. But is it working out, is my question.

Speaker #3: So, other sector—because the non-agri is a wide area where we are looking into, but not in the other adjacent sector. We are definitely not, at this moment, looking for adjacent sector.

Chandan Verma: Other sector, because the non-agri is a wide area where we are looking into, but not in the other adjacent sector. We are definitely not at this moment looking for an adjacent sector.

Speaker #6: Got it, sir. Understood. That’s it from my side. Thank you. Just—sorry, one final question. In terms of JGM, do we expect any substantial revenue growth from JGM 2.0 from September?

[Analyst] (SJ Investments): Got it, sir. Understood. That's it from my end. Thank you. Sir, just sorry, one final question. In terms of JJM, do we expect any substantial revenue growth from JJM 2.0 from September, they expect some substantial rollout. How does the company see it?

Speaker #6: They expect some substantial rollout. So, how does the company see it?

Speaker #3: See, JGM 2.0, you know, for the current financial year, the government has announced they'll lay out, I think, Rs 67,000 crore—somewhere in that ballpark range.

Udipt Agarwal: JJM 2.0 you know for the current financial year, government has announced a layout of I think INR 67,000 crores, somewhere ballpark there at least. The second point is how is the realization, how is the distribution of this?

Speaker #3: The second point is, how is the realization? How is the distribution of this? Yeah, I think in JGM 2, they also have a different mechanism of distributing the corpus.

[Analyst] (SJ Investments): Yeah.

Udipt Agarwal: I think in JJM 2, they also have a different mechanism of distributing the corpus. As you would know that all our business is through channel. All our channel partners participate in this.

Speaker #3: And as you would know that all our business is through channel. So all our channel partners participate in this. And so we do not have a direct measure or direct correlation of the JGM impact or the any other for that matter, the other infrastructure-related schemes onto our volume.

[Analyst] (SJ Investments): Yeah.

Udipt Agarwal: We do not have a direct measure or direct correlation of the JJM impact, or for that matter, the other infrastructure related schemes onto our core volume.

Speaker #3: Yeah. Because, as I said, all the sales are through channel. But yes, as the money gets distributed from the government funds, that will certainly have an overall impact on the demand.

[Analyst] (SJ Investments): Yeah.

Udipt Agarwal: Because as I said, all the sales are through channel. Yes, as the money gets distributed from the government funds, that will certainly have an overall impact on the demand.

Speaker #6: So, but in terms of allocation, is it—in terms of the share quantum of value—is it higher than JGM 1.0 or JGM 2.0 for piping, at least for the segments we cater to?

[Analyst] (SJ Investments): Sir, in terms of allocation, in terms of the share quantum of value, is it higher than JJM 1.0, JJM 2.0 for piping, at least for the segments we cater to?

Speaker #3: I think, on an overall basis, it is not higher than JGM 1.

Udipt Agarwal: I think on an overall basis it is not higher than JJM 1.0.

Speaker #6: Okay. So, in terms of value also.

[Analyst] (SJ Investments): Okay. In terms of value also.

Speaker #3: Yeah. In terms of the value I’m talking about, I don’t remember the JGM 1 number off the top of my head, but I know that JGM 2 is about ₹67,000 crore, and it is lower than JGM 1.

Udipt Agarwal: In terms of the value I'm talking about. I think I don't have to remember the JJM 1 number on the top of my head. I know that JJM 2.0 is about INR 67,000 crores and it is lower than JJM 1.0.

Speaker #6: For piping allocation, sir, I'm asking more specifically about piping. That is the overall number, right? So, for piping, do we have any specific insights?

[Analyst] (SJ Investments): For piping alone, sir. I'm asking more specific to piping. That is the overall number, right? Piping, do we have any specific insights?

Speaker #3: No, I don't think I can add anything more to what I have already said.

Udipt Agarwal: No. I don't think I can add anything more to than what I've already said.

Speaker #6: Got it. Understood. Thank you, sir. That's it from my side.

[Analyst] (SJ Investments): Got it. Understood. Thank you, sir. That's it from my side.

Speaker #1: Thank you. Before we take the next question, we would like to remind participants that you may press star one to ask a question.

Operator: Thank you. Before we take the next question, we would like to remind the participants that you may press star and one to ask a question. Reminder to all participants, please press star and one to ask a question. The next question is from the line of Sneha Talreja from Nuvama. Please go ahead.

Speaker #1: Reminder to all participants: please press star and one to ask a question. The next question is from the line of Neha Talreja from Nuama.

Speaker #1: Please go ahead.

Speaker #2: Hi. Good evening, sir. And thanks a lot for the opportunity. Just a couple of questions from my end. For three, with respect to again your volume growth, which has been in a substantially lower than peers, not only this particular quarter, but even if I look at quarter four now, what are your thoughts on market share loss?

Sneha Talreja: Hi, good evening, sir. Thanks a lot for the opportunity. Just a couple of questions from my end. Firstly, with respect to again, your volume growth, which has been substantially lower than peers, not only this particular quarter, but even if I look at Q4 now, what are your thoughts on market share loss? If you look at the industry level numbers also, I think industry would have de-grown by around 8% to 10% versus our de-growth would be much higher in volume terms. What are our thoughts here and how do we expect to gain back this market share?

Speaker #2: Because if you look at the industry-level numbers also, I think the industry would have degrown by around 8% to 10%, whereas our degrowth would be much higher.

Speaker #2: In volume terms, what are our thoughts here, and how do we expect to regain this market share?

Speaker #3: Thanks, sir, Sneha for the question. I just want to bring to everybody's that if we look at FY full year, FY 26, and the top five reporting companies who report their volumes, yeah, and in the on that basis, our share for the full year 22 was about for the full year FY 26 was about 22%.

Udipt Agarwal: Thanks, Sneha, for the question. I just want to bring to everybody's face that if we look at full year FY26 and the top five reporting companies who report their volumes.

Sneha Talreja: Yeah.

Udipt Agarwal: On that basis, our share for the full year FY26 was about 22%. Okay. When we look at market share, we should look at it over a longer period of time and not on a quarter-to-quarter basis. We do not have the numbers from all the reporting companies for the Q1 as yet. I think one or two are still to report their numbers. I don't see any change in the market share.

Speaker #3: Okay. It's and when we look at market share, we should look at it over a longer period of time. And not only quarter to quarter basis, but we do not have the numbers from all the reporting companies for the quarter one as yet.

Speaker #3: I think one or two are still to report their numbers, but I don't see any change in the market share. Yeah, even for Q1 as compared to the full year FY26.

Sneha Talreja: Yeah.

Udipt Agarwal: Even for the Q1 as compared to full year FY26.

Speaker #2: Okay, so let me just put it this way. If I look at the top six companies and if I compare that data from FY23 to FY26, our market share used to be 27%, which has now come down to about 22%.

Sneha Talreja: Okay, sir. Let me just put it this way. If I look at top six companies and if I compare that data from FY23 to FY26, our market share used to be 27%, which has come down now to about 22% odd. This is just top six, not even thinking about industry level growth and all. How would we say that, what are plans to basically get back? Is all I'm trying to understand.

Speaker #2: This is just the top six, not even thinking about industry-level growth and all. How would we fare there? And what are the plans to basically get back is all I'm trying to understand.

Speaker #3: So there is a constant push in terms of increasing penetration in the market, increasing our presence in the underrepresented areas. And that's what has been a push from our side, to increase to improve our volumes.

Udipt Agarwal: There is a constant push in terms of increasing penetration in the market, increasing our presence in the underrepresented areas. That's what has been a push from our side to improve our volumes. There are few segments of the market where we are not present, where some of our competitors are present. You have to also take into perspective when calculating the overall market shares. I think to better understand the question and the underlying dynamics, we have to look at absolute like-to-like. Finolex Industries is a pure play PVC pipes and fittings producers, where other producers also have a larger share of other polymers into their portfolio. That could also be a factor which might have an impact on the numbers the way they are looked at.

Speaker #3: Yeah, there are a few segments of the market where we are not present, where some of our competitors are present.

Speaker #3: So, that also has to take—you have to also take this into perspective when calculating the overall market shares. Yeah. So, I think to better understand the question and the underlying dynamics, we have to look at absolute, like-to-like. Finolex Industries is a pure play PVC pipes and fittings producer, whereas other producers also have a larger share of other polymers.

Speaker #3: Yeah, into their portfolio. So that could also be a factor which might have an impact on the numbers and the way they are looked at.

Sneha Talreja: Understood. That was helpful. The second question is regarding PVC prices. Now that they are on upward trend, what sort of a volume rebound can we see? More importantly, out of the total PVC price increase that we've seen in this last one month, how much of it is passed on to the end user at this point of time?

Speaker #2: Understood. That was helpful. The second question is regarding PVC prices, now that they are on an upward trend. What sort of volume rebound can we see?

Speaker #2: And more importantly, out of the total PVC price increase that we've seen in this last one month, how much of it has been passed on to the end user at this point in time?

Speaker #3: It's under the ownership. So, Sneha, you have seen there is an upward trend, as you rightly said, in the prices of PVC in the market.

Udipt Agarwal: Chandan will only take that.

Chandan Verma: Sneha, we have seen there is a upward trend, as you rightly said, in the prices of PVC in the market. I think hardly barring rupees one or two, I think most of thing has been passed on to the customer at this moment. Talking of today's date.

Speaker #3: And I think, largely—hardly barring rupees one or two—I think most of the thing has been passed on to the customer at this moment.

Speaker #3: Talking on today's date.

Speaker #2: Understood. And how is the demand after the price increases that we have seen?

Sneha Talreja: Understood. How is the demand after the price increases that we've seen?

Speaker #3: Yeah, yeah. So, demand is quite, as I have mentioned, July was quite good. Volume pickup, that we have seen. And since it's the sixth or seventh day of August only, the numbers are looking in the right direction.

Chandan Verma: Yeah. As I am mentioning, July was quite good volume pickup that we have seen. Since it's the sixth or seventh days of August only, the numbers are looking in the right direction.

Speaker #2: Understood. Understood. Thanks. Thanks, Steven. All the very best.

Sneha Talreja: Understood. Thanks, team. All the very best.

Speaker #3: Thank you.

Chandan Verma: Thank you.

Speaker #1: Thank you. The next question is from the line of Sonali from Jefferies. Please go ahead. Thank you for the opportunity. My first question is again on the volume. We understand that agri pipes are about 70% of your mix. Could you help us understand, of the volume decline of 27%, how much was the decline in agri versus plumbing?

Operator: Thank you. The next question is from the line of Sonali from Jefferies. Please go ahead.

[Company Representative] (Jefferies): Sir, thank you for the opportunity. My first question is, again, on the volume. We understand that agri pipes is about 70% of your mix. Could you help us understand, of the volume decline of 27%, how much was the decline in agri versus plumbing?

Sonali Salgaonkar: Sir, thank you for the opportunity. My first question is, again, on the volume. We understand that agri pipes is about 70% of your mix. Could you help us understand, of the volume decline of 27%, how much was the decline in agri versus plumbing?

Speaker #3: So, we have seen that the overall total volume degrowth is 27%. If you compare our volume from Q1 of the current year versus Q1 of last year, agri has declined by 27% and non-agri is around 24%.

Chandan Verma: We have seen both. The overall total volume decline is 27%. If you compare our volume from the Q1 of current year versus last year of the same quarter, the agri has declined by 27% and non-agri is around 24%. Both are in more or less the same direction.

Speaker #3: So both are in the same mode, or the same direction.

Speaker #1: Understood. Sir, it would be really helpful if you could help us understand the month-by-month, very approximate volume trends. The reason I'm asking is because we saw the maximum amount of volatility in PVC in April.

[Company Representative] (Jefferies): Understand. Sir, it would be really helpful if you could help us understand the month by month very approximate volume trends. The reason I am asking is because we saw maximum amount of volatility of PVC in April. Of the 27% for the quarter, how much was the decline in April, May, and June? That would be very helpful.

Sonali Salgaonkar: Understand. Sir, it would be really helpful if you could help us understand the month by month very approximate volume trends. The reason I am asking is because we saw maximum amount of volatility of PVC in April. Of the 27% for the quarter, how much was the decline in April, May, and June? That would be very helpful.

Speaker #1: So, of the 27% for the quarter, how much was the degrowth in April, May, and June? That would be very helpful.

Speaker #3: I don't—I think Chandan will have the exact numbers to comment on that. But as you rightly said, April was the month where there was maximum volatility.

Udipt Agarwal: I think Chandan will have the exact numbers. He will comment on that. As you rightly said, April was the month where there was maximum volatility. Out of the three months, April was the lowest volume month. We saw the pickup in the month of May. June was like a normal month, I would say.

Speaker #3: And so, out of the three months, April was the lowest volume month. Then we saw a pickup in the month of May.

Speaker #3: Yeah, and June was like a normal month, I would say. Yeah. So you have the specifics. Yeah. So this is the trend that, as Mr. Agarwal rightly pointed out.

[Company Representative] (Jefferies): sir-

Sonali Salgaonkar: sir-

Udipt Agarwal: Chandan, do you have the specific numbers?

Chandan Verma: Yeah. This is what the trend that as Mr. Agrawal rightly pointed out. April was quite a dismal performance. May and June fairly in the way that things would have been there. July, as I mentioned, it's a quite good number. That's it.

Speaker #3: April was quite a dismal performance. Then May and June of June, fairly in the way that things would have been there. And July, as I mentioned, is quite a good number.

Speaker #3: That's it.

Speaker #1: So Chandan sir, do we have the numbers for April, May, and June?

[Company Representative] (Jefferies): Chandan, sir, do we have the numbers for April, May, and June, please?

Sonali Salgaonkar: Chandan, sir, do we have the numbers for April, May, and June, please?

Speaker #3: At this moment, I don't have it. We can reach out separately and then we can discuss. At this moment, I do not have it handy—it is not with me immediately, month on month.

Chandan Verma: At this moment, I don't have. We can reach out separately, we can discuss. At this moment it's not with me immediately month-on-month. Generally, I report the number on a quarter-on-quarter basis.

Speaker #3: Generally, we quote the number on a quarter-on-quarter basis.

Speaker #1: So, is it fair to assume that May and June were growth months, and April was a degrowth month? Or was May also a degrowth month?

[Company Representative] (Jefferies): Sir, is it fair to assume that May and June was a growth and April was a decline, or even May was a decline?

Sonali Salgaonkar: Sir, is it fair to assume that May and June was a growth and April was a decline, or even May was a decline?

Speaker #3: No, no, no. May was a growth.

Chandan Verma: No. May was a growth.

Speaker #1: May was a growth. So, May and June were growth, and April was a degrowth. All right. So, my—hello?

[Company Representative] (Jefferies): May was a growth. May and June were growth, and April was a decline.

Sonali Salgaonkar: May was a growth. May and June were growth, and April was a decline.

Chandan Verma: Yeah.

[Company Representative] (Jefferies): All right. Hello?

Sonali Salgaonkar: All right. Hello?

Speaker #3: Yeah. Go ahead.

Chandan Verma: Yeah.

Speaker #1: Yeah, so one second. Yes, yes, thank you. So my second question is: obviously, a 27% volume decline implies a lot of weak operating leverage, but our margins have surprised quite positively.

[Company Representative] (Jefferies): Yeah.

Sonali Salgaonkar: Yeah.

Chandan Verma: Go ahead, Sonali.

[Company Representative] (Jefferies): Yes. Thank you. Sir, my second question is, obviously 27% volume decline means a lot of weak operating leverage. Our margins have surprised quite positively. I understand you talked about the better realizations. Having said that, the lower margin agri is still about 70% of our mix. Sir, how should we look at the margins? What, in your view, has supported? Is there any element of inventory gain that you would like to talk about?

Sonali Salgaonkar: Yes. Thank you. Sir, my second question is, obviously 27% volume decline means a lot of weak operating leverage. Our margins have surprised quite positively. I understand you talked about the better realizations. Having said that, the lower margin agri is still about 70% of our mix. Sir, how should we look at the margins? What, in your view, has supported? Is there any element of inventory gain that you would like to talk about?

Speaker #1: I understand you talked about the better realizations. But having said that, the lower-margin agri is still about 70% of our mix. So how should we look at the margins?

Speaker #1: What, in your view, has supported? Is there any element of inventory gain that you would like to talk about?

Speaker #3: So whatever the operating performance we have seen Sonali, this is largely the top line driven. So fair the cost wise as we have the more or less cost remain range bound.

Chandan Verma: Whatever the operating performance we have seen, Sonali, this is largely the top line driven. Fair, the cost wise, as we have the more or less cost within range bound. The bottom line contribution largely came from the top line only. That's it.

Speaker #3: But the bottom line contribution largely came from the top line only. That's it.

Speaker #1: So, but the top line, in the sense, the volume was quite weak. I'm just trying to understand what could have supported our 300 bps YoY margin improvement.

[Company Representative] (Jefferies): Sir, the top line In the sense the volume was quite weak. I am just trying to understand what could have supported our INR 300 with year on year margin improvement despite a weaker or rather a sharp decline in volumes.

Sonali Salgaonkar: Sir, the top line In the sense the volume was quite weak. I am just trying to understand what could have supported our INR 300 with year on year margin improvement despite a weaker or rather a sharp decline in volumes.

Speaker #1: Despite a weaker, or rather, a sharply sharp decline in volumes.

Speaker #3: You see, if the cost remains range-bound and we still see good realization during the current quarter, then the things will definitely get percolated down to the EBITDA level.

Chandan Verma: You see, if the cost will remain range bound and we still see good realization during the current quarter. The things will definitely get percolated down to the EBIT level.

Speaker #1: All right, sir. So my next question is: Channel inventory as of now—what is the scenario of the channel inventory? Is it normal or below normal?

[Company Representative] (Jefferies): All right, sir. My next question is channel inventory. As of now, what is the scenario of the channel inventory? Is it normal, below normal, and could you quantify that in a number of days, if possible, please?

Sonali Salgaonkar: All right, sir. My next question is channel inventory. As of now, what is the scenario of the channel inventory? Is it normal, below normal, and could you quantify that in a number of days, if possible, please?

Speaker #1: And could you quantify that in a number of days, if possible, please?

Udipt Agarwal: The last part, the third part of your question is the easiest part. I will take that first. It is very hard to quantify the number, how many days of inventory is there, okay? Yes, there has been quite a lot of stocking, which has happened in the month of July because the expectation was that the prices will go up, and which have gone up. Okay. I would say that henceforth, the demand would be more stable. Okay. Because we have a minimum floor set for the pricing. The volatility part should get somewhat moderated. Okay. If there is a stability, that also has a steady impact on the demand. The demand remains pretty stable, channel also do not want to stock too much. Yeah. More than what is required in the market.

Speaker #3: The last part, which is the third part of your question, is actually the easiest, so I'll take that first. It's very hard to quantify the number—how many days of inventory there are.

Speaker #3: Okay. But yes, there's been quite a lot of stocking which has happened in the month of July, because the expectation was that the prices would go up.

Speaker #3: And which have gone up. Okay. I would say that, henceforth, the demand would be more, like, more stable. Okay. Because we have a minimum floor set for the pricing.

Speaker #3: So the volatility part should get should get somewhat moderated. Okay. And if there is a stability, that also has a steady impact on the on the demand.

Speaker #3: The demand remains pretty stable, and the channel also does not want to stock too much—more than what is required in the market.

Speaker #1: So does it mean that the channel inventory is normal right now? Almost normal?

[Company Representative] (Jefferies): Does it mean that the channel inventory is normal right now? Almost normal.

Sonali Salgaonkar: Does it mean that the channel inventory is normal right now? Almost normal.

Speaker #3: Yeah, I mean, it's near normal, I would say. Yeah, there is still some room. Yeah, there is still some room, but I would...

Udipt Agarwal: Yeah. It's near normal, I would say. There is still some room. Yeah. There's still some room.

[Company Representative] (Jefferies): Got it.

Sonali Salgaonkar: Got it.

Udipt Agarwal: If the situation continues to remain like this, we would be reaching that stage not too far away.

Speaker #1: Got it.

Speaker #3: That is, if the situation continues to remain like this, we would be reaching that stage not too far away.

Speaker #1: Got it. So, lastly, if you could help us with a few data points on PVC, EDC, BCM, and the spread for Q1 this year and Q1 last year.

[Company Representative] (Jefferies): Got it. Sir, lastly, if you could help us with a few data points on PVC, EDC, VCM, and the spread for Q1 this year, Q1 last year, and if possible, how it stands right now.

Sonali Salgaonkar: Got it. Sir, lastly, if you could help us with a few data points on PVC, EDC, VCM, and the spread for Q1 this year, Q1 last year, and if possible, how it stands right now.

Speaker #1: And, if possible, how it stands right now.

Speaker #3: So PVC for the Q1 current year is 866 dollars. And PVC EDC spread is around 500 dollars. 501 dollars. And same for the last quarter last quarter of this first quarter of the last year, 698 was the PVC prices.

Chandan Verma: PVC for the Q1 currently is at $863. PVC EDC spread is around $500, $501. Same for the Q1 of the last year, $698 was the PVC prices. Spread was $522. As latest as current, $795 is the PVC prices. The spread between the PVC EDC is around $490.

Speaker #3: And spread was 522. And as latest as current, so 795 is the PVC prices. And spread between the PVC and EDC is around 490.

Speaker #1: Understand. So the spreads here on your end have marginally gone down, right? From 522 to 501.

[Company Representative] (Jefferies): Understand. The spreads year on year have marginally gone down, right? $522 to $501.

Sonali Salgaonkar: Understand. The spreads year on year have marginally gone down, right? $522 to $501.

Speaker #3: Yeah.

Speaker #1: Yes. All right. All right, sir. That's it from my end. Thank you.

Chandan Verma: Yeah.

[Company Representative] (Jefferies): Yes. All right, sir. That's it from my end. Thank you.

Sonali Salgaonkar: Yes. All right, sir. That's it from my end. Thank you.

Speaker #3: Thank you so much, Sonali.

Chandan Verma: Thank you so much.

Speaker #1: Thank you. The next question is from the line of Anu Parekh from Anand Rathi. Please go ahead.

Operator: Thank you. The next question is from the line of Anu Parakh from Anand Rathi. Please go ahead.

Speaker #2: Yeah. Hi, sir. So you said that the non-agri pipe volume declined by 24%. What could be the reason for this steep decline?

Anu Parakh: Yeah. Hi, sir. You said that the non-agri pipe volume declined by 24%. What could be the reason for this steep decline? Because we see that the other pipe companies have not seen such kind of decline in Q1.

Speaker #2: Because we see that the other pipe companies have not seen this kind of decline in Q1.

Speaker #3: So, if you see, in terms of the peer competitive, the non-agri sector segment peer also has more or less declined by, I think, around 18 to 20 percent, if I'm not wrong, in terms of totality.

Chandan Verma: If you see, in terms of the peer competitive, the non-agri segment peer also has more or less declined by, I think, around 18% to 20%, if I'm not wrong, in terms of totality. The volume demand generally is driven by two factors. One is the price, and second is the demand anticipation in the market, price anticipation in the market. In both the scenario, as the thing has prices, we have seen the volatility for the agri and the same prices that holds good also for the non-agri as well. The prices, that's why we have seen, because of the in anticipation of the price volatility, the volume of the non-agri is also in the same direction as we have seen in the agri sector.

Speaker #3: And the prices, the volume demand generally is driven by two factors. One is the price, and second is the demand anticipation in the market.

Speaker #3: Price anticipation in the market: so, in both scenarios, as the thing has prices, we have seen the volatility for the agri, and the same prices—that holds good also for the non-agri as well.

Speaker #3: So the prices that's why we have seen the because of the in anticipation of the price volatility the the the volume of the non-agri is also in the same direction as we have seen in the agri sector.

Speaker #2: Okay. And so, for pipes, what was the price difference compared to Supreme, say, two or three years back? And what is the difference now?

Anu Parakh: Sir, for pipes, what was the price difference compared to Supreme for, say, two, three years back, and what is the difference now?

Speaker #3: See, it's very hard to define that in exact terms. But more or less, we are 10 to 12 percent—I think we are pricey in the market.

Chandan Verma: It's very hard to define that in exact terms, more or less, we are 10% to 12%, I think we are pricey in market. Just a ballpark number, not exact number.

Speaker #3: Just a ballpark number, not exact—number.

Speaker #2: Okay.

Anu Parakh: Okay.

Speaker #3: And this is also driven by the commodity prices. Yeah, so no player would be too far away from the market benchmarks.

Udipt Agarwal: This is also driven by the commodity pricing. No player would be too far away from market benchmarks, either on the positive side or on the negative side.

Speaker #3: These are on the positive side or on the negative side.

Speaker #2: Sir, next on the margin guidance—you are giving us a sub-15 percent kind of margin guidance, whereas in an environment where the resin prices are falling and the volumes are also declining, we have delivered a 12 percent kind of margin.

Anu Parakh: Sir, next on the margin guidance, you are giving a sub 15% kind of a margin guidance. Whereas in an environment where the resin prices are falling and the volumes are also declining, we have delivered a 12% kind of margin. Why are we under-guiding on that front?

Speaker #2: So, why are we under-guiding on that front?

Speaker #3: So as we have just as you mentioned, we are we are we are continue to hold back whatever we have sent the Q4. And Q1 is the because the we have seen too many volatility during the current quarter.

Chandan Verma: As we have just mentioned, we are continuing to hold back whatever we have seen in Q4. Q1 is because we have seen too much volatility during the current quarter. Our guidance remains same, what we have given a sub 15 kind of thing during our Q4 con call. Let's see how the quarter progresses over the period, because there are a lot of geopolitical scenario and uncertainty that surrounds our PVC industry. Let's move for another quarter, then we will see whether this needs to be revised or not. At this moment, we are holding back whatever we are seeing.

Speaker #3: So, we will keep our guidance the same as what we gave—sub-15 kind of thing—during our Q4 call. So, let's see how the quarter progresses over the period.

Speaker #3: Because there are a lot of geopolitical scenarios and uncertainty that surrounds our PVC industry. So, let's move for another quarter. Then we'll see whether this needs to be revised or not.

Speaker #3: At this moment, we are holding back whatever we have seen.

Speaker #2: Okay. Thank you, sir.

Anu Parakh: Okay. Thank you, sir.

Speaker #3: Thank you.

Chandan Verma: Thank you.

Speaker #1: Thank you. The next question is from the line of Rahul Shah from PL Capital. Please go ahead.

Operator: Thank you. The next question is from the line of Rahul Shah from PL Capital. Please go ahead.

Speaker #4: Yeah. Hi, sir. Am I audible enough?

Rahul Shah: Yeah. Hi, sir. I'm audible enough?

Speaker #3: Yeah. Yeah.

Udipt Agarwal: Yeah.

Rahul Shah: Yeah. Just two questions from my end. Could you please provide some color on the gross margin performance? If we see the sequentially, the PVC-VCM spread has declined, yet our gross margin got expanded. What are the factors driving the margin expansion?

Speaker #4: Yeah, just two questions from my end. So, could you please provide some color on the gross margin performance? If you see sequentially, the PVC-EDC spread has declined.

Speaker #4: Yet our gross margin got expanded. So, what were the factors driving the margin expansion?

Speaker #3: So as I have just mentioned, so the if the prices of material will remain range bound and we will see a growth in the realization, then definitely that will contribute to the gross margin.

Udipt Agarwal: As I've just mentioned, if the prices of material will remain range-bound and we will see a growth in the realization, then definitely that will contribute to the gross margin.

Speaker #4: Okay. And on the second question, if I had missed out some data points, can you please repeat the spread of PVC, PVC, VCM for quarter one FY26 and FY27?

Rahul Shah: The second is, if I had missed out some data points, could you please repeat the spread of PVC-VCM for the Q1 FY26 and FY27?

Speaker #3: So, in Q1 FY26, the spread for PVC-EDC was 522. And in the current quarter, Q1 FY27, the spread is 501.

Udipt Agarwal: For Q1 FY26, the PVC-VCM spread was INR 522. Current quarter, Q1 FY27, the spread is INR 501.

Speaker #4: No, sir. I just want the PVC to VCM spread.

Rahul Shah: No, sir. I just want PVC to VCM spread.

Speaker #3: PVC to VCM spread—okay. So, Q1 last year it was 163, and currently it's 122 for Q1 2027.

Udipt Agarwal: PVC to VCM spread. Okay. Q1 last year it was INR 163. Currently it's INR 122. Q1 FY27.

Speaker #4: Okay. Okay, sir. Thanks, that's all from my side. Thank you.

Rahul Shah: Okay, sir. Thanks. That's all from my side. Thanks.

Speaker #1: Thank you. The next question is from the line of Shravan Shah from Dhaulat Capital. Please go ahead.

Operator: Thank you. The next question is from the line of Shravan Shah from Dolat Capital. Please go ahead.

Speaker #4: Hi, sir. Sorry, sir.

Speaker #5: Again coming to the volume front. Sir, is it possible to maybe directionally quantify the the July volume growth? Will it be a kind of a 15, 20 percent kind of a number?

Shravan Shah: Hi, sir. Sorry, sir. Again, coming to the volume front. Sir, is it possible to maybe directionally quantify the July volume growth? Will it be a kind of a 15, 20% kind of a number? Ultimately, what I'm trying to understand for full year, can we see a degrowth or not? Because as you've mentioned, April was kind of a washout. May and June was a growth, and July obviously should be a better growth. If that's the case, can we see a 15% kind of a growth in Q2 itself so that we have some fair bit of understanding what kind of a volume for full year can we look at? Maybe the other way is, can we see a flattish or a degrowth for the full year?

Speaker #5: So ultimately, what I'm trying to understand for the full year: can we see a degrowth or not? That's what I'm trying to figure out, because as you mentioned, April was kind of a washout.

Speaker #5: May and June was a growth and July obviously should be a better growth. If that's the case, then can can can we see a kind of a 15 percent kind of a growth in Q2 itself so that we have a some fair bit of a understanding what kind of a volume for full year can can we look at?

Speaker #5: Or, maybe the other way to ask is: can we see a flattish performance or even degrowth for the full year?

Speaker #3: Shravan, I would say that July was the best month of this four months. Yeah. Of this this year. And it's at this moment as Chandan also earlier mentioned it's very difficult to to say that the full year out guidance because volatility is has been too much in the quarter one.

Udipt Agarwal: Shravan, I would say that July was the best month of these four months of this year. At this moment, as Chandan also earlier mentioned, it's very difficult to say that the full year out guidance because volatility has been too much in the Q1. If we see what is happening in Q2, and then probably we would be in a better position to give a more realistic guidance for the full year. It's just past one quarter, and which was also so much of uncertainty, volatility. I would not like to make some forecasts based on just one quarter developments.

Speaker #3: And if we see that the what is happening in the in quarter two and then probably we would be in a better position to give a more realistic guidance for the for the full year.

Speaker #3: It's just past one quarter, and there was also so much uncertainty and volatility. I would not like to make any forecasts based on just one quarter's numbers.

Speaker #3: One quarter developments. Yeah.

Speaker #5: But at least July whatever the growth, will it be a kind of a a mid a tense kind of a growth that we we are we are witnessing?

Shravan Shah: At least July, whatever the growth, will it be a kind of a mid-teens kind of a growth that we are witnessing? Some understanding on that will help us.

Speaker #5: Some understanding on that will help us.

Speaker #3: So, July was a good number. But let us not get too quantified at this moment. As we are seeing, we have seen good growth in the month of July.

Speaker #3: But let us not get into quantification, Shravan.

Udipt Agarwal: July was a good number. Let us not get it quantified at this moment. As we are seeing, we have seen a good growth in the month of July. Let us not get into the quantification at this moment, Shravan.

Speaker #5: Okay. And in terms of, though, for the last many times, we are saying that agree, non-agree, 50-50 we want to achieve. But looking at this quarter, obviously, it's 69 percent.

Shravan Shah: Okay. In terms of, though for last many times we are saying that agree, non-agree, 50/50 we want to achieve. Looking at this quarter, obviously 69%. Do we have internal any kind of a number that we want to do at least 2% to 3%, 3% to 4% kind of a improvement from agree to non-agree kind of a thing? Because I don't see anything broadly happening there.

Speaker #5: Do we think—do we have internal, any kind of a number that we want to do at least two to three, three, four percent kind of an improvement from agree to non-agree kind of a thing?

Speaker #5: Because I don’t see anything broadly happening there.

Speaker #3: So, if you look at our last couple of years—so, last year our agree versus non-agree was 63, and agree the year before was 67.

Udipt Agarwal: If you look at our last couple of years. Last year our agree versus non-agree was 63 and agree. The year before was 67. Perfect. There's been a constant improvement in terms of share of our business in agree and non-agree. Better portfolio balance in terms of the market segments. I think we will continue to have that directional approach, which we have always been saying, that we want to have a more balanced portfolio in the market segments which we operate in. As we said, in the case of market share also, I would say here also in the case of the segments in which we operate. Probably one quarter is not a representative number for a longer period of time.

Speaker #3: Perfect. So, there's been a constant improvement in terms of the share of our business in agri and non-agri, and a better portfolio balance in terms of the market segments.

Speaker #3: And I think we will continue to have that directional approach which we have always been saying that we want to have a more balanced portfolio in the market segments which we operated.

Speaker #3: Yeah. So as we said in the case of market share also, I would say here also, in the case of the segments in which we operate, probably one quarter is not a representative number for a longer period of time.

Speaker #5: True. But sir, given the kind of Rs. 2,636 crore cash there, also we are not even finalizing how we will distribute to the shareholders.

Speaker #5: So at least, at least, why are we not finalizing in terms of the growth plans? So maybe, where we are, we are very less in terms of the CPVC.

Shravan Shah: True. Sir, given the kind of INR 2,636 crore cash, there also we are not even finalizing how we will distribute to the shareholders. At least while even we are not finalizing in terms of the growth plan, maybe we are very less in terms of the CPVC, which is a kind of a high price, high margin. Why we are not even thinking to deploy some money there? At least it will help us in terms of the growth and also better realization and better margin.

Speaker #5: Which is a kind of a high price high margin. Why why we are not even thinking to to deploy some some money there so at least it will help us in terms of the growth and also better realization and better margin.

Speaker #3: See the investment into the business for the for the current portfolio organic is always always there. Yeah. So we'll continue we are continuing to invest into the business and we'll continue to invest into the business to support the growth across all sectors.

Speaker #3: Whether it is UPVC or CPVC. Yeah. The second part of your question is is which is this is that all these investments the large scale investments I'm talking about are guided by the board.

Udipt Agarwal: See, the investment into the business for the current portfolio organic is always there. We are continuing to invest into the business, and we'll continue to invest into the business to support the growth across all sectors, whether it is uPVC or CPVC. The second part of your question, which is that all these investments, the larger scale investments I am talking about, are guided by the board. The board has to take a call, when is the right time to do with this strong cash. Whether it is giving back to the shareholders, whether it is investing into larger scale investments. That's a constant discussion with the board. Since we are guided by the board in this matter, so as soon as there is some decision, I think we would be happy to announce.

Speaker #3: And the board has to take a call when is the right time to do with this strong cash, yeah, and whether it is giving back to the shareholders, whether it is investing into large-scale investments. So that's a constant discussion with the board.

Speaker #3: And since we are guided by the Board in this matter, as soon as there is some decision, I think we would be happy to announce it.

Speaker #5: But but sir that's the main main thing because this this cash is is piling up. So we are we are not even even saying that the distribute the 100 percent.

Speaker #5: But even ₹500, ₹700, or even ₹1,000 crore—if we could have already, if we would have invested in, let's say, expansion of the CPVC plant there or the capacity, it would have helped.

Shravan Shah: Sir, that's the main thing because this cash is piling up. We are not even saying that distribute the 100%, but even INR 500 crore, INR 700 crore or even INR 1,000 crore, if we would have invested in, let's say, expansion of the CPVC plant there or the capacity, it would have helped. Even till now, even right now also, we are not even planning to deploy or start otherwise. How, when we can start seeing the kind of a overall because that will ultimately help us to reduce our agri share once the CPVC share keep on rising. Unless we start how we will retain 7%, 8% kind of a CPVC share, that too in our volume is there. I don't know if I look at the entire industry and against that our CPVC volume, maybe even that would be lesser than 5%.

Speaker #5: And even till now even right now also we are even not even planning to to to deploy or start. Otherwise how when we will can start seeing the the kind of a overall because that will ultimately help us to to to to reduce our agree share once the once the CPVC share keep on rising.

Speaker #5: So unless we start how we will we will will reaching 7 8 percent kind of a CPVC share that too in our volume is there I don't know if if I look at the entire industry and against that our CPVC volume maybe even that would be a lesser than a 5 percent.

Speaker #5: So why are we not even thinking that we could have at least a 10, 15, 20 percent kind of share in CPVC? For that, we need to expand the capacity. For that, we need the money. That money is there, but we are not even thinking about it. For the last many years, it is already there.

Speaker #3: So just to bring up one point: we have enough CPVC extrusion capacity. So, for manufacturing pipes, we have enough CPVC extrusion capacity to support the growth of the CPVC segment.

Shravan Shah: Why not we are even thinking that to have at least 10%, 15% or 20% kind of a share in CPVC. For that, we need to expand the capacity. For that, we need the money. That money is there, but we are not even thinking for last many years. It is already there.

Speaker #3: Okay. So if that is the question, then that's what our response would be. If you also look at the overall share of CPVC in the entire PVC market...

Udipt Agarwal: Just to bring one point, we have enough CPVC extrusion capacity. For manufacturing of pipes, we have enough CPVC extrusion capacity to support the growth of CPVC segment. Okay? If that is the question, so that's what our response would be. If you also look at the overall share of CPVC in the entire PVC market, which is around 7%, 8%. Our estimation is that about 7%, 8% is the total CPVC in the pipe segment. This is the same share which we also have. We are also moving along with the industry.

Speaker #3: Yeah, which is around 7–8 percent. Yeah, our estimation is that about 7–8 percent is the total CPVC in the pipe segment.

Speaker #3: Yeah. And this is the same share which we also have, so we are also moving along with the industry.

Speaker #5: Okay. Okay. Thanks.

Speaker #1: Ladies and gentlemen, we would like to remind all participants who wish to ask a question to please press star and one. The next question is from the line of Hena Vora from DAM Capital.

Speaker #1: Please go ahead.

Shravan Shah: Okay. Thanks.

Speaker #2: Yeah. Hi, sir. Thank you for the opportunity. Just one question. We spoke a lot about the margins for this quarter. I assume you said the costs remain based on—are you trying to say that we had some low-cost inventory from the previous quarter that was at least liquidated during this quarter, and that's how the margins have come up?

Operator: Ladies and gentlemen, we would like to remind all the participants who wish to ask a question, please press star 1. The next question is from the line of Hena Vora from DAM Capital. Please go ahead.

Hena Vora: Hi, sir. Thank you for the opportunity. Just one question. We may speak a lot on the margins for this quarter. I assume you said the costs remain reasonable. Are you trying to say that we had some low cost inventory from the previous quarter that we liquidated during this quarter, and that's how the margins have come up?

Speaker #3: Do you think we need to keep in mind, Hena, that we have a certain cost advantage in terms of being a backward integrated player?

Speaker #3: So, whereas the others share or bring the raw material directly from the market—the core raw material—we are one step back, where we procure the raw material for the manufacture of resin.

Speaker #3: And that depends upon at what point in time we have booked our procurement consignment. So that's how the dynamic keeps playing in our case, which is quite different from the other players in the industry.

Chandan Verma: Two things we have to keep in mind, Hena, that we have the certain cost advantage in terms of our being a backward integrated player. Whereas the other players procuring the raw material directly from the market, the core raw material, we are a one step back where we procure the raw material for the manufacture over here. That depends upon at what point in time we have booked our procurement consignment. That's how the dynamic keeps playing in our case, which is quite different from the other players in the industry. That is how we are getting certain cushion over here.

Speaker #3: So, that is how we are getting certain questions over there.

Speaker #2: Unmixed, sir. So that was my only question. Thank you.

Speaker #3: Thank you.

Speaker #1: Thank you. The next follow-up question is from the line of Anu Parak from Anand Rathi. Please go ahead.

Speaker #2: Yes, sir. So, in the last call, we indicated about the VCM sourcing. So, are we facing any issues in terms of availability, or were we able to diversify the supply chain?

Hena Vora: Understood, sir. That was my only question. Thank you.

Chandan Verma: Thank you.

Operator: Thank you. The next follow-up question is from the line of Anu Parakh from Anand Rathi. Please go ahead.

Speaker #3: The VCM availability continues to remain limited because of this issue in the Middle East. Okay. And one of the challenges with VCM is that it requires specialized logistics.

Anu Parakh: Yes, sir. Sir, in the last call, we indicated about the VCM sourcing. Are we facing any issues in terms of availability or we were able to diversify the supply chain?

Speaker #3: And so and with the with the feed stock also going to the in the Northeast Asia where most of the material in India comes from is is also constrained.

Udipt Agarwal: The VCM availability continues to remain limited because of this issue in Middle East. One of the challenges with VCM is that it requires a specialized logistics. With the feedstock also going to be in the Northeast Asia, where most of the material in India comes from, is also constrained. Overall availability of VCM is also limited. It is not as freely available as it was in the previous years. This also has an impact on availability of VCM for us. The Middle East producers continue to remain under force majeure, where we had major contracts. To also tell you that we were, in any case, not importing VCM during the 4 months from end of May till end of September because our jetty in Ratnagiri is a fair weather jetty.

Speaker #3: Okay. So overall availability of VCM is also limited. It's not as freely available as it was in previous years. Okay. And this also has an impact on availability of VCM for us.

Speaker #3: Okay. The Middle East producers continue to remain, and of course mature, and wherever and where we had major contracts. But to also tell you that we were, in any case, not importing VCM during the four months from end of May till end of September, because our jetty in Ratnagiri is a fair weather jetty.

Speaker #3: So, during these monsoon periods, in any case, in a normal year also, we were not importing VCM.

Speaker #2: Wow. Okay. And the last question is: What is the expected capacity utilization of the PVC plant for the remaining nine months of FY27?

Udipt Agarwal: During these monsoon periods, in any case, in a normal year also, we were not importing VCM.

Speaker #3: Our PVC, we continue to produce in Ratnagiri. Yeah. As you all would know, we have two lines. One is based on EDC.

Speaker #3: One is based on VCM, so the EDC line we continue to produce without any interruption. Hello? Hello?

Anu Parakh: The last question is: what is the expected capacity utilization of the PVC plant for the remaining 9 months of FY27?

Udipt Agarwal: PVC, we continue to produce in Ratnagiri. As you all would know that we have two lines. One is based on EDC, one is based on VCM. EDC line, we continue to produce without any interruption. Hello?

Speaker #2: Yes. Yes, sir. So, PVC—what about the VCM line?

Speaker #3: No. As I said, on the VCM line, in any case during the month of monsoons, we do not produce because we cannot import VCM during this time.

Anu Parakh: Yeah. What about the VCM line?

Speaker #3: Because of our jetty limitations, and it's a difficult product to transport. Okay, so it's also not like we can import it at any other port and bring it to Ratnagiri.

Udipt Agarwal: As I said, the VCM line, in any case, during the month of monsoons, we do not produce because we cannot import VCM during this time because of our jetty limitations. It's a difficult product to transport. It's also not like that we can import it at any other port and bring it to Ratnagiri. During these four months, in any year, we are not producing PVC with the VCM line.

Speaker #3: Okay. So, during these four months in any year, we are not producing PVC with the VCM line.

Speaker #2: But sir, what about H2 FY27 for VCM?

Speaker #3: No. Our efforts to secure the VCM supply chain are ongoing, and we expect that the situation in the Middle East should also get better. With all this,

Speaker #3: But the situation also remains a little unpredictable there. Okay. It depends on the availability of VCM, competitive VCM. Okay. Because one of the questions which was also asked is about the spread of PVC and VCM.

Anu Parakh: Sir, what about H2 FY27 for VCM?

Udipt Agarwal: Our efforts to secure the VCM supply chain are ongoing, and we expect that the situation in Middle East should also get better with all this, but the situation remains also a little unpredictable there. Depends on the availability of competitive VCM. One of the questions which was also asked is the spread of PVC-VCM. That's also a factor which we also have to keep into perspective.

Speaker #3: So that's also a factor which we also have to keep in perspective.

Speaker #2: Thank you sir.

Speaker #1: Thank you. The next question is from the line of Arun Vaid from ICICI Securities. Please go ahead.

Speaker #3: Hi sir, just one clarification: based on whatever you have seen in July and the trends in the near term, do you think for the first half of this financial year we'll at least be flat year-over-year?

Anu Parakh: Thank you, sir.

Operator: Thank you. The next question is from the line of Arun Baid from ICICI Securities. Please go ahead.

Speaker #3: Arun, as we have just mentioned, Q1 July was a good number. So we are hopeful that—that flattish, not flattish—a slight plus year-on-year, which is what we can expect.

Arun Baid: Hi, sir. Just one clarification. Based on whatever you've seen in July and the trends in the near term, do you think for the H1 of this financial year will at least be flat YOY?

Speaker #3: But still the August and September we need to see how the volume comes. But since the July on in anticipation of the July sorry in the as per the performance of July if we continue to go that then definitely we can see certain plus number.

Chandan Verma: Arun, as we have just mentioned, July was a good number. We are hopeful that a slight plus YOY basis we can expect. Still, the August and September, we need to see how the volume comes. Since July, as per the performance of July, if we continue to go that, then definitely we can see a certain plus number.

Speaker #3: Gotcha. Thank you. Thank you.

Speaker #1: Thank you. The next follow-up question is from the line of Shravan Shah from Daulat Capital. Please go ahead.

Speaker #4: Hello, sir. Last, on the other income—this 75-odd or so—it was lower because of something there. So now, this number is kind of sustainable.

Arun Baid: That's it. Thank you.

Operator: Thank you. The next follow-up question is from the line of Shravan Shah from Dolat Capital. Please go ahead.

Speaker #4: So one on a full year basis can we can we kind of a look at 300 odd crore kind of a other income.

Shravan Shah: Sir, last on the other income, this 75 odd it was lower because of some there. Now this number is kind of sustainable. On a full year basis, can we kind of look at INR 300 odd crore kind of other income?

Speaker #3: No, no, no. The next one we have to keep in mind because this is purely driven by the bond yield scenario in the market. And these are the mark-to-market gains or losses, not the realized gains or losses.

Speaker #3: So, as the bond yield will, we will have the—we'll see the stable bond yield, then the number will remain in the range bound. But if you see quite a volatility in the bond yield—

Speaker #3: Because of the lot of factor keeps in place while deciding the yield of our portfolio. So if the if the bond yield will remain range bound then the number will definitely come.

Chandan Verma: No. Nish, the one you have to keep in mind, because this is purely driven by the bond yield scenario in the market, and these are the mark-to-market gain lock, not the realized gain lock. As the bond yield, we'll see the stable bond yield, then the number will remain in the range-bound. If you see a quite volatility in the bond yield because of the lot of factor keeps in place, while designing the yield of our portfolio. If the bond yield will remain range-bound, then the number will definitely come. Otherwise, this is simply purely a mark-to-market gain lock, not the exactly realized gain lock.

Speaker #3: Otherwise, this is simply purely a mark-to-market gain or loss, not the exact realized gain or loss.

Speaker #4: Okay. Okay. Okay. Thank you.

Speaker #3: Thank you.

Speaker #1: Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments.

Speaker #3: Well thanks sir. Thanks for the interesting discussions. Yeah. And a lot of questions around growth around market shares. So I'll just would like to comment that our comment that our endeavor will remain focused and to be able to deliver sustained margins over time.

Shravan Shah: Okay. Thank you.

Chandan Verma: Thank you.

Operator: Thank you. There are no further questions from the participants, I now hand the conference over to the management for closing comments.

Udipt Agarwal: Well, thanks for the interesting discussions. Yeah. A lot of questions around growth, around market shares. I just would like to comment that our endeavor will remain focused, and to be able to deliver sustained margins over time. With that, I would like to say thanks. Thanks to everybody for your continuous trust and support. Yeah. I look forward to interacting with you all next quarter.

Speaker #3: Yeah, and with that, I would like to say thanks. Thanks to everybody for your continuous trust and support. I look forward to interacting with you all next quarter.

Speaker #5: Yeah. Thank you so much to all of you for your continuous support and confidence in Finolex Industries. Thank you so much from my side as well.

Speaker #1: On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Chandan Verma: Yeah. Thank you so much to all of you for your continuous support and confidence in Finolex Industries. Thank you so much from my side as well.

Operator: On behalf of ICICI Securities Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Udipt Agarwal: Thank you.

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Q1 2027 Finolex Industries Ltd Earnings Call

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