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Revenue
₹1,599 Cr
verified against source
Revenue YoY
-10%
reported change
EBITDA
₹123 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Finolex Industries reported Q3 FY26 revenue of ₹898 crore (down 10% YoY) on volume decline of 14% to 73,500 MT, impacted by monsoon and weak PVC prices. However, EBITDA surged 48% YoY to ₹123 crore and PAT rose 55% to ₹110 crore, driven by softening raw material costs, operational efficiencies, and improved product mix (non-agri share at 38%). EBITDA margin expanded 540 bps YoY to ~13.7%. Management expects flattish to slight volume growth for FY26, with Q4 typically stronger. PVC prices have bottomed out and risen ~7% in January; channel inventory is rebuilding. Key risks include volatility in PVC-EDC spreads and potential Chinese dumping before April duty changes. The company maintains a strong balance sheet with net cash of ₹2,430 crore.
Colored figures show movement against the previous available record.
Guidance to track
- Full-year volume expected to be flat to slightly up versus FY25, with Q4 typically stronger.
- Management aims to sustain full-year EBITDA margin near 12%, supported by cost efficiencies and product mix.
- Capacity expansion is ongoing; annual capex expected in the range of ₹100-200 crore.
Risks flagged
- Potential surge in Chinese exports before April duty changes could pressure PVC prices and margins.
- Analysts questioned the sustainability of margin improvement given high inventory change of ₹168 crore; management attributed it to volume and price dynamics.
- Despite large cash surplus, management gave no concrete plan for dividends, buybacks, or major capex, leading to investor frustration.
Key quotes
- We have been also careful on our pricing side. And as you know that we have always been saying that we are looking at a also profitable growth and this is what is the impact what we see.
- So long as the PVC prices will show the upward trend there will be definitely a advantage in terms of our operating margin not only for us but for the industry as well.
- This standard answer is given in every call sir.
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