KRITI Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹135.79 Cr
verified against source
Revenue YoY
-35%
reported change
EBITDA
₹6 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Kriti Industries reported a deeply disappointing Q3 FY26 with consolidated revenue of INR 35.79 crore, down 35% YoY, as extended monsoon rains across central India (MP, Rajasthan, Maharashtra) suppressed agricultural pipe demand—the company's core business. EBITDA turned positive at INR 6 crore versus a loss of INR 1.44 crore year-ago, suggesting operational leverage even in a depressed revenue environment. The 9-month revenue declined 24% YoY to INR 445.58 crore with EBITDA margin at 3.73%. Management cited inventory price volatility as a historical margin depressant but noted raw material prices have started correcting upward from lows. The company maintains its INR 1,000 crore revenue target by FY28-29 and plans to grow faster than the industry estimated 7% CAGR. Near-term focus is on Q4 recovery, inching EBITDA margins toward 10% before targeting double digits, and observing 1-2 quarters before deciding on new regional plant capacity or distribution expansion.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed its medium-term target and stated intent to exceed this goal given two years of runway remaining.
- Company expects the overall pipes industry to grow at approximately 7% annually and targets to outperform this benchmark.
- Management guided prioritizing recovery to near-10% operating margin before targeting double-digit margins, requiring 1-2 quarters of proof.
- No immediate capacity addition planned; management will observe demand recovery for 1-2 quarters before deciding on new regional plant investment.
Risks flagged
- An investor cancelled warrants (likely due to lower share price) and management could not explain the reason, raising questions about capital market confidence and potential dilution plans.
- Heavy dependence on central India (MP, Rajasthan, Maharashtra) means any localized weather disruption disproportionately impacts the company's performance versus geographically diversified peers.
- The investor raised concerns about repeated CFO transitions over 4-5 years, suggesting potential governance or retention issues that could impact financial execution.
- Management acknowledged significant inventory losses in past volatile raw material cycles but declined to quantify the impact, making future margin normalization difficult to model.
Key quotes
- We are already seeding certain markets and when these markets evolve to a level where we see potential of putting up a local plant, it is already on the consideration side based on realization of those numbers.
- Our major presence is in central India where MP, Rajasthan, Maharashtra. These areas were impacted hugely because of the rains for all companies. We were impacted more in terms of overall sales, but we believe we have maintained or slightly improved our market share.
- Prices have already started correcting. Last couple of weeks, local producers have increased prices three times. With water bodies full and current affordable pipe prices, there should be positive feeling among farmers to buy more pipes this season.
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