KRITI INDUSTRIES IND LTD

Manufactures PVC pipes and fittings from a base in Indore, selling into three end-uses — agriculture, building products, and industrial applications. FY26 revenue of ₹587 crore was down 19% YoY on a 13% drop in annual volumes, though Q4 FY26 saw a sequential recovery with agriculture and building products volumes growing 12% and 7% YoY respectively. Margins differ sharply by segment — building products carry 14–18% margins versus 8–10% for agriculture — and management has identified building products as the primary growth engine, with CPVC capacity expansion underway while OPVC is not on the agenda. Materials account for 81.1% of revenue, reflecting PVC resin as the key input; the government has temporarily withdrawn PVC import duties through July 2026 to cushion petrochemical price volatility. FY26 EBITDA margin came in at 5.94%, an improvement of 201 basis points YoY, though net profit was thin at ₹1 crore. The company has put further capex on hold and deferred its second manufacturing plant decision until after H1 FY27, while reiterating a ₹1,000 crore medium-term revenue ambition.