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PVC price volatility and inventory gains
View Risks →Kriti Industries Limited — Q4 FY26
Kriti Industries reported a mixed Q4 FY26 with revenue of INR 142 Cr (+3% YoY) and a sharp EBITDA margin expansion to 12.91% (+1276 bps YoY), driven by inventory gains from falling PVC prices and a low base.
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Kriti Industries reported a mixed Q4 FY26 with revenue of INR 142 Cr (+3% YoY) and a sharp EBITDA margin expansion to 12.91% (+1276 bps YoY), driven by inventory gains from falling PVC prices and a low base. PAT turned positive at INR 4 Cr vs a loss of INR 4 Cr last year. Full-year revenue declined 19% to INR 587 Cr due to heavy rains impacting agriculture and building product volumes. Management expects healthy volume growth in FY27 on a low base, with building products as the key growth driver. Capex is on hold pending Q1-Q2 performance. Risks include continued PVC price volatility and competitive intensity in central India.
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Total Sales Volume (Q4)
13,577 MT
+12% YoY (agri)
Agriculture segment grew 12% YoY to 10,288 MT; building products grew 7% to 2,683 MT.
Agriculture Volume (FY26)
47,638 MT
-11% YoY
Full-year agri volume declined due to heavy rains in key markets.
Building Products Volume (FY26)
7,685 MT
-16% YoY
Building products volume fell, but management targets substantial growth in FY27.
Dealer Count
~400
flat
Dealer network is well-entrenched in MP, Rajasthan, Maharashtra; gradual expansion ongoing.
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Guidance and risk preview
Management expects healthy volume growth in FY27 due to a low base from FY26's decline.
Falling PVC prices led to inventory gains in Q4, but future volatility could impact margins.
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