H1 Performance
• Volumes: 338,224 MT (+8% YoY) | Revenue: ₹4,951 cr (+2%)
• EBITDA: ₹656 cr (-15%) | PAT: ₹367 cr (-24%)
• Value-added products: ₹1,073 cr (+18%)
• Net cash: ₹49 cr (temporary dip due to capex/Wavin)
Q2 Segment Trends
• Plastic Piping: +17% vol / +11% value
• Packaging: -2% / -2% | Industrial: -8% / -14% | Consumer: +6% vol / -1% value
Margins & Outlook
• H1 weak due to polymer inventory losses (~₹50–60 cr) + off-season demand
• FY26 EBITDA margin guidance: 14.5–15% (H2 stronger)
Demand / Industry
• Agri and infra muted in H1; H2 rebound expected
• Dealer inventory low; receivables ~17 days
FY26 Guidance
• Volume growth: 12–14% | Plastic piping: 15–17%
• Revenue: ₹11,000–11,500 cr | EBITDA margin: 14.5–15%
Wavin Acquisition
• Capacity: 71k MTPA, FY26 volumes ~20k tons
• Positive operating impact; cost rationalisation done
• Added 120 sales staff + 266 dealers
Capex / Products
• FY26 capex: ₹1,300 cr | Pipe capacity >1 mn TPA
• New products: PP Silent pipes (Oct), Profile windows (Dec)
Orders / Niche Growth
• LPG cylinders (BPCL/IOCL), protective packaging (~₹1,000 cr FY26), Gas PE piping (<₹50 cr)
Bottom line: H1 impacted by inventory losses & monsoon; H2 expected stronger with Wavin integration, low channel stock, and seasonal demand.
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