FIFinolex Industries500940Quarterly results

Finolex Industries Q2 FY27: volumes up 28%, revenue up 27% to ₹1,094 Cr as material costs keep EBITDA flat

Q2 FY27 revenue up 27% to ₹1,094 Cr on 28% volume growth; EBITDA ₹124 Cr vs ₹130 Cr as material costs rose.

By ScoutQuest · Fri 30 Oct 2026, 11:14 PM IST · 1 min read

Q2 FY27 Revenue

₹1,094 Cr, up 27% from ₹859 Cr

Q2 FY27 Volumes

83,407 MT, up 28%

Q2 FY27 EBITDA / PBT

EBITDA ₹124 Cr vs ₹130 Cr; PBT ₹153 Cr vs ₹158 Cr

Period

Quarter and Half Year ended September 30, 2026…

Positioning

Finolex Industries presents itself as a PVC pipes and fittings maker whose results hinge on volumes and PVC/EDC price spreads, backed by strong liquidity.

📈 Q2 FY27 revenue rose 27% to ₹1094 Cr from ₹859 Cr, with volumes up 28% to 83,407 MT. EBITDA was ₹124 Cr versus ₹130 Cr and PBT ₹153 Cr versus ₹158 Cr, which the company attributes to higher material costs offsetting volume gains.

📈 For H1 FY27 revenue grew 4% to ₹1,978 Cr despite volumes falling 4% to 151,106 MT; the company says improved realizations helped. EBITDA was ₹231 Cr vs ₹223 Cr with margin maintained at ~12%, and PBT ₹300 Cr vs ₹284 Cr.

📈 The PVC/EDC delta averaged 455 USD/MT in Q2 FY27 against 535 in Q2 FY26 per ICIS data shown, while PVC prices averaged 771 vs 737 USD/MT, consistent with the margin pressure described.

🎯 Management states liquidity remains strong, with free cash (net) of ~₹2584 Cr. The presentation also lists CSR projects and Wari 2026 brand campaigns but no forward targets.

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