VCM-PVC spread compression
Current VCM-PVC spread at $108 vs Q4 average of $179, which could pressure margins for the VCM-based capacity (50% of total).
FINCABLES / Q4-FY26 / risks
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Finolex Cables · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Geopolitical disruption in Middle East supply
Middle East conflict may disrupt PVC/VCM supply; management acknowledged risk but noted monsoon shutdown and supply chain diversification efforts.
Subdued agri demand due to price volatility and monsoon uncertainty
Agri demand remained weak in Q4 and April; monsoon delay and high PVC prices could further impact volumes.
Slow progress in non-agri diversification
Analysts questioned the pace of shift to non-agri; management targets 50/50 over 4-5 years but current agri share is still 63%.