Transcript of Earnings Conference Call
HINDWAREAP · price
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Hindware Home Innovation reported FY26 consolidated revenue of ₹2,510 crore (flat YoY) with EBITDA of ₹233 crore, up 27% YoY, and margins expanding to 9% from 7% in FY25. The Bathware business delivered 10% revenue growth to ₹1,520 crore with EBITDA margins improving 160 basis points to 10.3%. The Pipes business faced challenges due to sharp PVC resin price volatility (₹68 to ₹114/kg) impacting Q4 performance, with FY26 revenue at ₹673 crore. The Home Innovation segment reported ₹317 crore revenue with negative EBITDA of ₹12 crore as it rationalized loss-making categories. Management guided for 15-20% growth across Bathware and Consumer Appliances in FY27, expects 1.5-2% annual margin improvement over the next two years, and targets 30-40% debt reduction. The demerger scheme is awaiting NCLT approval with listing expected in 2-3 months.
The company showed strong execution with margin expansion in Bathware, while exiting loss-making categories in Home Innovation should drive profitability. Management guidance on growth and margin improvement appears credible, though external factors like raw material volatility remain a risk.