Finolex Industries (FINPIPE) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw a 14% year-over-year volume decline to 73,500 MT and a 10% drop in revenue, mainly due to the monsoon and weak PVC prices, but EBITDA improved to ₹123 crore from ₹83 crore and PAT increased to ₹110 crore from ₹71 crore.

• For the nine months ended Dec 2025, volumes fell 6% year-over-year, but EBITDA improved 15% to ₹347 crore, and PAT (excluding last year's exceptional gain) rose to ₹326 crore.

• Strong liquidity position with net cash/free cash of ₹2,430 crore as of Dec 31, 2025.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, were approved and reviewed by the Board and auditors.

• Results prepared in compliance with Ind AS 34 and SEBI Listing Regulations.

Financial highlights

• Q3 FY26: Volume 73,500 MT (-14% YoY), revenue/income from operations ₹898 crore (-10% YoY), EBITDA ₹123 crore (+48% YoY), PAT ₹110 crore (+55% YoY), PBT ₹146 crore (up from ₹95 crore YoY).

• 9M FY26: Volume 230,965 MT (-6% YoY), revenue/income from operations ₹2,800 crore (-6% YoY), EBITDA ₹347 crore (+15% YoY), PAT ₹326 crore (excluding prior year exceptional gain), PBT ₹430 crore (up from ₹385 crore YoY).

• Standalone revenue for Q3 FY26 was ₹897.66 crore, with standalone net profit at ₹109.99 crore and consolidated net profit at ₹116.08 crore.

• For the nine months ended December 31, 2025, standalone net profit was ₹326.12 crore and consolidated net profit was ₹337.79 crore.

• Net cash/free cash stood at ₹2,430 crore as of Dec 31, 2025.

Outlook and guidance

• Q4 is expected to see a seasonal demand pickup, with full-year volumes likely to be flat or slightly higher year-over-year.

• Management aims to maintain EBITDA margins at current levels (around 12% for the full year).

• Industry and company growth for FY27 is expected to be moderate, with a focus on maintaining market share.

• Operating performance improved despite revenue headwinds, indicating resilience in cost management and operational efficiency.

• The company has realigned its internal reporting structure to focus on a single integrated business of Pipes and Fittings from April 1, 2025.