Finolex Industries Limited , a leading manufacturer of PVC pipes and fittings, has reported mixed financial results for the first quarter of fiscal year 2026, reflecting the challenges posed by volatile PVC prices in a weak demand environment.

Financial Performance

The company's revenue declined by 9% to ₹1,043.00 crore in Q1 FY26, compared to ₹1,140.00 crore in the same quarter last year. This decrease was primarily attributed to weaker realizations due to PVC price volatility, despite a modest 2% growth in pipe and fitting volumes to 92,129 MT.

Finolex Industries experienced a significant drop in profitability, with EBITDA falling to ₹94.00 crore from ₹207.00 crore in Q1 FY25. Profit before tax (PBT) decreased by 45% to ₹126.00 crore, down from ₹229.00 crore in the corresponding quarter of the previous year.

Operational Highlights

Despite the challenging market conditions, Finolex Industries maintained strong liquidity with free cash of ₹2,533.00 crore. The company's ability to grow its pipe and fitting volumes, albeit modestly, in a weak demand scenario demonstrates its resilience and market position.

Marketing Initiatives

To counter the challenging market conditions, Finolex Industries has been proactive in its marketing efforts. The company reported reaching over 5 crore people through various channels including ATL, sponsorships, and social media. Additionally, on-ground events and exhibitions across India engaged more than 70 lakh people.

The company has also focused on retail branding, completing branding for over 200 retail counters. These initiatives are aimed at strengthening brand visibility and market presence.

Corporate Social Responsibility

Finolex Industries continues to demonstrate its commitment to social responsibility through various CSR activities. These initiatives span across education, healthcare, rural development, and environmental sustainability, reflecting the company's holistic approach to community engagement.

Board Changes and Future Outlook

In a significant development, the Board of Directors has approved several changes in the company's leadership:

1. Mr. Udipt Agarwal has been appointed as an Additional Director cum Whole-time Director, and will take over as Managing Director effective November 1, 2025.

2. Mr. Rambabu Sanka has been appointed as an Additional Director cum Whole-time Director, designated as Director - Technical.

3. Mr. Saurabh Dhanorkar, the current Managing Director, will step down from his position on October 25, 2025, upon reaching the age of 70 years.

These changes in leadership come at a crucial time as Finolex Industries navigates through market volatility and aims to strengthen its market position.

As Finolex Industries moves forward, the company's focus on operational efficiency, market expansion, and strategic leadership transitions will be key in addressing the challenges posed by PVC price volatility and evolving market dynamics in the pipes and fittings industry.

Finolex Industries Limited , a leading manufacturer of pipes and fittings, has announced significant changes to its leadership team, signaling a new era for the company.

New Appointments

The Board of Directors, in a meeting held on August 2, 2025, approved several key appointments:

• Udipt Agarwal has been appointed as Additional Director cum Whole-time Director effective September 5, 2025. He will transition to the role of Managing Director on November 1, 2025, for a five-year term.
• Rambabu Sanka has been appointed as Additional Director cum Whole-time Director and designated as Director - Technical for a five-year term starting August 2, 2025.

Leadership Transitions

• Saurabh Dhanorkar, the current Managing Director, will step down on October 25, 2025, upon reaching the age of 70.
• Saumya Chakrabarti, Director - Technical, has resigned effective August 31, 2025, citing personal reasons.
• Rajesh Balkrishna Rathi, Independent Director, has resigned effective August 2, 2025, due to other professional commitments.

New Leadership Profiles

Udipt Agarwal

Aged 56, Agarwal brings over three decades of experience across Asia, with a proven track record in launching and scaling new ventures, executing turnarounds, and driving sustainable growth. His expertise spans business strategy, investments, and P&L management.

Rambabu Sanka

Aged 63, Sanka holds a Master of Technology in Chemical Engineering from IIT Mumbai. With 39 years of experience in the Chemical Manufacturing Sector, including 31 years in VCM/PVC production, he brings valuable technical expertise to the company.

Financial Performance

Alongside the leadership changes, Finolex Industries reported its financial results for the quarter ended June 30, 2025:

The company's revenue from operations for Q1 FY2026 stood at ₹1,043.15 crore, with a net profit of ₹96.93 crore.

Other Developments

• The Board appointed SVD & Associates as Secretarial Auditors for a five-year term.
• The 44th Annual General Meeting is scheduled for September 12, 2025, where shareholders will vote on the new appointments.

These leadership changes and financial results reflect Finolex Industries' commitment to growth and strategic development in the pipes and fittings sector.