FY24 Volume Growth: 20%+ YoY
Company anticipates overall volume growth exceeding 20% for FY24, with Plastic Piping segment expected to grow 23-25%. Industrial and Packaging segments guided at 10-12% volume growth each.
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FY24 EBITDA Margin: 14%+
Operating profit margin guidance maintained at 14%+ for FY24. Management noted Q1 margin was impacted by INR 3/kg inventory loss and unfavorable mix, which should normalize in remaining quarters.
FY24 Revenue Guidance: INR 11,000 crore
Revenue guidance of approximately INR 11,000 crore for FY24, factoring in volume growth, value-added product mix improvement, and some polymer price firming in remaining quarters.
Piping Capacity Expansion to 760,000 tons
Installed capacity to increase to 760,000 tons per annum by FY24-end from current 600,000 tons, through expansion at existing sites and new Malanpur greenfield facility for industrial and ball valves.
Plastic piping volume growth of 25% for FY25
Management maintained guidance despite June destocking, citing strong pipeline, new product launches (PE-RT, PE silent, gas piping), and capacity expansion. Industry expected to grow 12-15%.
Overall EBITDA margin of 15-15.5% for FY25
Management expects full-year margin to be in the 15-15.5% range despite Q1 margin being 16%, citing PVC price volatility and expected further declines in July.
FY25 revenue guidance of INR 12,000-12,500 crore
Revenue guidance implies ~20% YoY growth from ~INR 10,800 crore in FY24, based on volume growth and value-added product mix.
Cash CapEx of INR 1,000-1,200 crore for FY25
Cash outflow for CapEx expected in the range of INR 1,000-1,200 crore out of total INR 1,500 crore committed, to be funded from internal accruals.
Plastic Pipe Volume Growth: 15-17% for FY26
Raised from earlier 12-14% guidance; Q1 at 6% represents low base due to delayed monsoon and destocking; management confident of acceleration in H2 with new SKU launches and improved channel inventory
EBITDA Margin: 14.5-15.5% for FY26
Company-wide margin guidance maintained despite Q1 at ~12%; improvement expected from inventory loss cessation, higher value-added product mix, and operating leverage
Wavin Acquisition: 30,000 tonnes volume from 8 months
Acquisition closing July 31, 2025; 30,000 tonnes expected to be sold in remaining 8 months of FY26 at similar margins to existing business
CapEx Outflow: ₹1,350 crore for FY26
Includes Wavin acquisition (net), existing expansion commitments, and new initiatives; to be funded entirely from internal accruals
FY24 Volume Growth: 23% (Overall), 28% (Plastic Piping)
Management revised full-year volume growth guidance upward from earlier 20%+ estimate. Plastic piping segment expected to outperform at ~28% growth, supported by Jal Jeevan orders and PE pipe demand. Overall company volume guidance implies ~12% growth in FY25 on higher base.
FY24 EBITDA Margin: ~14.5%
Full-year EBITDA margin guidance of 14.5% maintained despite H1 delivering 14.79%. Q3 may see some inventory losses given 12% PVC price decline in early October; management expects H2 margin to normalize below H1 levels.
FY24 Revenue Guidance: ~₹10,500 crore
Revenue guidance implies ~15% growth for FY24. Management noted that value growth is difficult to forecast given raw material price volatility, preferring to track volume growth instead.
Total Piping Capacity: 780,000 tons by FY24 End
Piping division capacity expanding from 600,000 tons to 780,000 tons by March 2024, with 180,000 tons of the 200,000-ton total capacity addition allocated to piping. Total company capacity to reach 1.1 million tons.
Plastic Piping Volume Growth: 16%-18% for FY25
Revised down from 25% due to H1 weakness from PVC price volatility, extended monsoon, and low government infrastructure spending. Implies ~41% H2 growth requirement.
Piping Segment EBITDA Margin: 14%-16%
Management expects normalized EBITDA margin in this range for the piping segment. Current quarter adjusted for inventory losses was ~15.5%.
Packaging Segment EBITDA Margin: 16%-18%
Packaging margins expected in this range going forward, above piping segment due to better product mix and higher value-addition.
Overall Company Volume Growth: 14%-15%
Management guided overall company volume growth of 14-15% for FY25, reflecting segment mix (piping 16-18%, packaging stronger, consumer/industrial subdued).
Full Year Volume Growth Target: 12%-14%
Management maintained overall volume growth guidance despite H1 underperformance. Plastic Piping System specifically guided at 15%-17% growth, requiring >17% growth in H2.
Annual Operating Margin: 14.5%-15%
Full year EBITDA margin guidance provided at 14.5%-15% operating level. This implies significant margin recovery expected in H2 from Q2's 12.3% base.
Annual Revenue Target: INR 11,000-11,500 crore
Management guided for annual turnover in the range of INR 11,000 crore to INR 11,500 crore for FY26.
Total FY26 CapEx: INR 1,300 crore
Capital outflow of INR 869 crore already incurred in H1. Total FY26 CapEx expected at INR 1,300 crore including Wavin acquisition and ongoing expansion projects.
Plastic Pipe Volume Growth: 30% for FY24
Company achieved 30.4% volume growth in 9M FY24 and expects to maintain this trajectory for full year, outpacing earlier guidance of 28%. Growth driven by infrastructure and housing demand with favorable PVC pricing.
Plastic Pipe Growth: 12-15% for FY25
Management guided for 12-15% volume growth in the plastic piping segment for FY25, a more moderate but still healthy trajectory compared to FY24's exceptional performance.
CapEx Commitment: INR 1,000 crore
Total commitment including Parvati acquisition and carry-forward from previous year may exceed INR 1,000 crore, with cash outflow not exceeding INR 750 crore for FY24, entirely funded from internal accruals.
Capacity Expansion: 200,000 tons by Dec 2024
Total capacity to increase from 800,000 tons (April 2023) to approximately 1,000,000 tons by December 2024, including Parvati's 36,000 tpa capacity and greenfield/brownfield expansions.
FY25 Plastic Piping Volume Growth: 15-16%
Management maintained full-year volume growth guidance of 15-16% for plastic piping system, requiring approximately 30% volume growth in Q4 against a high base of 41% growth in Q4 FY24. Confidence based on distributor order targets and inventory depletion at channel level.
FY25 EBITDA Margin Guidance: 13.5-14%
Full-year EBITDA margin expected in 13.5-14% range based on current PVC price stabilization and improved operational efficiency, with margin recovery expected in Q4 as inventory losses reverse.
Piping Capacity to Reach 900,000 tons by FY25 End
Brownfield expansion at various locations progressing smoothly; current capacity of 820,000 tons will reach 900,000 tons by March 2025. Three new greenfield plants at Jammu, Bihar, and MP planned for FY26 execution.
CNG Cylinder Commercialization in Q4 FY25
Composite CNG cylinders developed for cascade application at CNG filling stations; commercialization likely during current quarter (Q4 FY25). Supplies against IOCL 10kg cylinder contract to be completed by February 2025.
FY2026 Volume Growth: 15-17% for Plastic Piping
Management maintained full-year plastic piping volume growth guidance of 15-17%, implying ~20-27% volume growth needed in Q4 given 16% achieved in Q3.
FY2026 EBITDA Margin: 13.5-14%
Revised downward from earlier 14.5-15% guidance due to ₹100-120 crore inventory losses in 9M. Q4 margins expected at 15-16% to achieve full-year target.
Debt-Free by March 31, 2026
Company will be completely debt-free by end of current fiscal year. Net debt currently at ₹132 crore as of December 31, 2025, expected to be paid down with internal accruals.
PVC Window Launch: February 2026
Commercial production of uPVC windows to begin February 2026 with projected revenue potential exceeding ₹300 crore at full capacity (250,000 windows annually).
Plastic piping volume growth target: 25% for FY25
Company targets 25% volume growth in plastic piping segment specifically, with overall company volume growth of 20% for FY25, driven by 5 new piping systems, expanded distribution network, and new plant commissions in Bihar and Andhra Pradesh operational by Q3-Q4 FY25.
Capacity expansion: +100,000 MT by FY25 end
Total installed capacity to increase from 950,000 MT to 1,050,000 MT by end of FY25, with plastic piping capacity rising from 739,000 MT to 835,000 MT. Brownfield expansion accounts for 60-70% of capacity additions.
5 new piping systems to launch in FY25
Adding acoustic polypropylene pipe system (Poloplast Austria collaboration), polyethylene gas piping system, PERT piping system, polyethylene single-wall corrugated pipe, and rainwater harvesting systems to expand addressable market.
EBITDA margin guidance: 15.5% for FY25
Management forecasts annual EBITDA margin of 15.5% for FY25 despite Q4 FY24 margin of 17.8%, implying margin compression as lower-margin commodity pipes become a larger share of sales mix.
FY26 Revenue Target: INR 12,000 crore
Management expects ~16.6% revenue growth driven by 10-12% volume growth across segments and Wavin acquisition contribution from Q2 FY26.
Plastic Piping Volume Growth: 10-12%
Expects industry to grow 7-8% and company to outperform by 3-4%, with Wavin adding ~36,000 tons volume (nine months). Total piping volume target ~600,000-640,000 tons.
EBITDA Margin: 14.5%-15.5%
Despite Wavin acquisition initially being loss-making, management expects consolidated margins to be maintained, including Wavin's contribution for nine months from July 2025.
Capacity Expansion to 1 Million Tons
Plastic piping capacity to reach 1 million tons by March 2026 from 872,000 tons currently, including 73,000 tons from Wavin acquisition.
FY2027 Piping Volume Growth: 15%-17%
Management anticipates 15%-17% volume growth specifically in the plastic piping system segment for FY2027, driven by new capacity additions and market share gains.
FY2027 Overall Volume Growth: 12%-13%
Total company volume growth guidance for FY2027 is 12%-13%, accounting for mixed performance across Industrial and Consumer Products segments.
EBITDA Margin Target: 14%-14.5%
Management expects sustained EBITDA margins in the 14%-14.5% range, providing return on capital employed above 25%.
CapEx: INR 1,000+ crore with 110,000 MT capacity addition
Committed capital expenditure exceeding INR 1,000 crore including greenfield projects in Patna (Bihar), Jammu (J&K), Gadegaon (Maharashtra), and Material Handling at Malanpur (MP). New packaging facility planned near JNPT. Total installed capacity to reach 1.35 million tons.