BIRLANU LIMITED

Manufactures and sells building products across Pipes, Construction Chemicals, Putty, Roofs, Walls and Floors under the unified BirlaNu brand (formerly HIL Limited), running 30 plants in India with about 1,270 employees and 5,200 workers. In FY26, consolidated revenue of Rs. 3,730 crore split across five reported segments: Floors (Rs. 1,286.53 crore, 34.5% of segment revenue, loss-making), Roofs (Rs. 1,139.31 crore, 30.5%), Pipes & Construction Chemicals (Rs. 692.34 crore, 18.5%) and Walls (Rs. 609.6 crore, 16.3%). Roofs and Walls are the profit centres, with Roofs posting Rs. 104.26 crore segment EBIT and Walls Rs. 26.57 crore, while Floors and Pipes & Construction Chemicals reported negative EBIT. The Construction Chemicals sub-line crossed Rs. 100 crore in annual revenue with 45% full-year growth, helped by the November 2025 Clean Coats acquisition, which added Rs. 20 crore in 4.5 months. Walls grew 14% for the year. The Pipes business saw Q4 revenue jump 30% QoQ with 1,300 bps YoY EBITDA margin expansion on resin price moves, with management citing green shoots in government Jal Jeevan Mission water-pipeline spending. The largest drag was the European Parador flooring business, which posted a Q4 operating loss of Rs. 35 crore (including Rs. 19 crore severance) and an Rs. 74 crore impairment on its equity investment after eight years of losses. Raw materials are the dominant cost at 50% of revenue, with employees at 15.7% and other operating expenses at 26.6%.