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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,951 Cr
verified against source
Revenue YoY
12%
reported change
EBITDA
₹332 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 a strong Q4 FY26 with revenue of ₹1,314 crore (+12% YoY) and EBITDA nearly doubling to ₹332 crore (+94% YoY), driven by inventory gains of ₹35-40 crore and backward integration benefits. EBITDA margin expanded to 25.3% (+1060 bps YoY). PAT surged to ₹306 crore (+112% YoY). Volume was flat at 1,01,770 tons as agri demand remained subdued due to price volatility, partially offset by non-agri growth. Management guided for FY27 EBITDA margins in the sub-15% range (lower double-digit) and volume growth of high single to low double digits, contingent on monsoon and geopolitical stability. Key risk: VCM-PVC spread compression (currently $108 vs Q4 avg $179) could pressure margins in H1 FY27.
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Guidance to track
- Management guided for EBITDA margins in the lower double-digit range (sub-15%) for FY27, citing geopolitical uncertainty and margin normalization from Q4 peaks.
- Targeting volume growth of high single-digit to low double-digit for the full year FY27, driven by agri recovery and non-agri expansion.
- Planned capex of around ₹100-200 crore annually for maintenance, replacement of extruders with higher capacity, and debottlenecking.
Risks flagged
- Current VCM-PVC spread at $108 vs Q4 average of $179, which could pressure margins for the VCM-based capacity (50% of total).
- Middle East conflict may disrupt PVC/VCM supply; management acknowledged risk but noted monsoon shutdown and supply chain diversification efforts.
- Agri demand remained weak in Q4 and April; monsoon delay and high PVC prices could further impact volumes.
- Analysts questioned the pace of shift to non-agri; management targets 50/50 over 4-5 years but current agri share is still 63%.
Key quotes
- Our ambition is to see the margin of the year on year basis full year basis we'll try to maintain but let's see how the quarter progresses.
- Ideal case for us would be more like 50/50 over the next four to five years.
- We don't want to give any rosy history at this moment because of the geopolitical scenario the future is always uncertainty.
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