NSE: KRITI · BSE: 526423
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 Materials account for 81.1% of revenue, reflecting PVC resin as the key input; the government has temporarily withdrawn PVC import duties through July 2026 to cushion petrochemical price volatility.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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Agriculture, Building Products, Industrial. Cyclical, materials-heavy single-segment PVC pipes and fittings manufacturer with three end-use verticals.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 545 | 732 | 867 | 722 | 587 |
| EBITDA (ex other income) | 40 | (8) | 59 | 28 | 30 |
| margin % | 7.4 | (1.1) | 6.9 | 3.9 | 5.2 |
| Owners' profit | 20 | (23) | 0 | 0 | 1 |
| EPS, as reported (₹) | 4.02 | (4.64) | 4.42 | (0.84) | 0.21 |
| ROE % · ROCE % | 12.9 · 17.4 | (17.7) · (8.1) | 14.5 · 23.1 | (2.1) · 7.1 | 0.5 · 6.7 |
| Debt / equity (x) | 0.62 | 0.90 | 0.83 | 0.49 | 0.41 |
| Cash from operations | 4 | 27 | 58 | 34 | 20 |
| Capex | (18) | (30) | (40) | (31) | (34) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 117 | 210 | 138 | 224 | 86 | 136 | 142 | 173 |
| Profit before tax | (3) | (10) | (9) | 7 | (11) | (3) | 9 | (3) |
| Net profit | (4) | (11) | (4) | 7 | (10) | (0) | 4 | (2) |
| EPS (₹) | (0.72) | (2.20) | (0.72) | 1.41 | (1.84) | (0.09) | 0.76 | (0.42) |
Exhibit 3: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Compliance certificate under SEBI Reg 74(5) for Q2 FY2027 | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · Company Secretary and Compliance Officer resigns from Kriti Industries | management changes | medium | — | — |
| 9 Sept 2026 · AGM Minutes Submitted - All 4 Resolutions Passed with Over 99.9 Percent Majority | compliance | minimal | — | — |
| 28 Aug 2026 · NSE seeks clarification from Kriti Industries on Q1 FY27 results | regulatory legal | high | — | — |
| 14 Aug 2026 · AGM 2026 voting results: All 4 resolutions passed with over 99.99% approval | compliance | minimal | — | — |
| 13 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 12 Aug 2026 · Kriti Industries submits proceedings of 36th AGM held August 12, 2026 | board shareholder meetings | low | — | — |
| 11 Aug 2026 · Q1 FY26-27 Results: Revenue down 22.7% YoY, swings to net loss | results | high | — | — |
| 11 Aug 2026 · Kriti Industries grants 1 lakh ESOPs to employees under ESOP Plan 2024 | capital market events | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.