Finolex Industries Ltd (NSE: FINPIPE) Q3 2026 Earnings Call dated Feb. 02, 2026
Corporate Participants:
Udipt Agarwal — Managing Director
Chandan Verma — Chief Financial Officer
Analysts:
Arun Baid — Analyst
Divyansh Thakur — Analyst
Utkarsh Nopany — Analyst
Shravan Shah — Analyst
Vipul Kumar Shah — Analyst
Sonali Salgaonkar — Analyst
Presentation:
operator
Ladies and gentlemen, Good day and welcome to the Finellux Industries Ltd. Q3FY26 earnings conference call hosted by ICICI Securities Ltd. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Arun Beit from ICICI Security. Thank you. And over to you sir.
Arun Baid — Analyst
Thank you. Shuram. Good afternoon ladies and gentlemen. On behalf of ICI Securities I welcome you all to the Q3FY26 post phone call of Phoenix Industries. From the management side we have Mr. Udit Agarwal, Managing Director and Mr. Chandan Marma, CFO. Now I hand over to Mr. Agarwal for his remarks. Postwatch with the floor will be open for Q and A. Over to you Mr. Agarwal.
Udipt Agarwal — Managing Director
Thank you Arun. Ladies and gentlemen, good afternoon. Welcome to our investors conference call for quarter three of FY26 and also for the nine months ending financial year 26 earnings release. We thank you for your continued support and interest in the Fionulax industries. We give coming over to some of the numbers for the quarter. We see a little dip in our volume numbers for the quarter and also correspondingly for the nine months ended for the current financial year mainly on account of the of the monsoon season. However, our operating performance has seen a notable improvement during the same period.
Largely supported by softening of the raw material prices and also the operational efficiencies which we have been pushing through the organization over the last for the period of time. Let me also take you through some. Of the performance indicators for the quarter quarter 3 FY26. So the numbers are like for this quarter the volume decreased by about 14% to 73,500 metric tons against 85,767 metric tons. In quarter three of last year. Our income from operations was at 898 crores. For this quarter it is a 10% decreased against 1001 crore of quarter three FY25. However, happy to note that EBITDA improved to 123 crores against EBITDA of 83 crore in quarter three of previous year. Correspondingly PAT also has improved to 110 crores against PAT of 71 crores in quarter three of previous year for the nine months ended December 25th.
Overall our volume is lower by about 6% to 230,000 metric tons against 245,729 metric tons for the nine months ending of the previous financial year. That is financial year 25. Our income from operations was at 2,800 crores down about 6% which is in line with the volume against 2,970 crores for the nine months ending FY25. EBITDA improved to 347 crores against. And. This is an increase of about 15% against 302 crores for the nine months ending Fy25. Profit after tax also improved to 926 compared to. I mean from the operations I’m talking about. But all in all profit stood at 326 compared to 628crore which included last year exceptional gain of 407crores for the nine months ending at Y25. So operationally we have improved significantly in our profitability. We continue to have a very strong balance sheet with a net cash surplus of around 2430 crores as on 31st December 25th. I think with this we leave the floor to question and answers.
And together with me is Mr. Chandan Verma, our CFO to answer questions.
Chandan Verma — Chief Financial Officer
Good afternoon all participants. A very warm welcome from Phenolic Industries.
Questions and Answers:
operator
Thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star N1 on the Touchstone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Divyansh Thakur from fintrust Capital. Please go ahead sir.
Divyansh Thakur
Congratulations on a late set of numbers. So what we have been saying for the past few months have been that everyone is saying that PVC prices should bottom out. So can you provide us some guidance on how the market has been behaving and when is it going to stabilize?
Udipt Agarwal
Thank you sir. I mean all the commodities market have been affected by what is going on with respect to the geopolitical developments. Yeah, and also so that has an impact on not only on the polymer prices but also on other commodities as well. So from that standpoint we had our own share of volatility in the raw material prices and also on the prices of PVC during the quarter we saw that the price is going very, very low. I think we had never seen these kind of prices in the recent, recent past. The PVC prices had gone down to as low as in the range of $600 depending on the region where it is coming from.
However this, the situation has improved a little bit. Yeah. And we look into this this quarter a little more positively.
Divyansh Thakur
Yes sir, that, that answers my question sir. Can you also provide us with a visibility on how, what prices can we see going ahead or something like that?
Udipt Agarwal
Nobody knows what is going to happen. But prices in the month of December have started improving or towards end of December. As I said last quarter we saw prices going as low as 650 and we saw we see some 8, 9% improvement in that. So they are more likely more like 650 six hundred sixty dollar range currently. Yeah.
Divyansh Thakur
Okay. Thank you so much sir and all the best.
Udipt Agarwal
Thank you.
operator
Thank you. The next question comes from the line of Utkarsh Nupani from Ajan Ratty. Please go ahead.
Utkarsh Nopany
Yeah. Hi, Good evening sir. So my first question is again on the PVC resin side. So just wanted to know like given large PVC resin surplus capacity is there in China. So do you see any possibility of the in prices going back to the historical range of around 850 to 900 per ton over the next 12 to 18 month period? Sir?
Udipt Agarwal
Yes, there is a, not only in China but globally there is a capacity portion and we also see in the recent past capacity adjustments of the western companies announcing shutdowns of their plants. We see this kind of a trend in China also. But I think China also there are two different technologies which operate and not everywhere everything could be used. We also heard the news that there is going to be a different tax structure or the incentive for exports in China. So that is also going to have an impact of impact on the PVC raise in prices from, from exports for exports from China.
So we will see how does it play out. But outlook is that family PVC has bottomed out.
Utkarsh Nopany
Okay. And so yesterday in the budget when we looked at the document we saw that the government has reduced the import duty from 10% to 7 1/2% for chapter number 3904 and PVC resin falls under chapter number 3904. So just wanted to confirm whether the import duty on PVC resin has gone down from 10% to 7 and a half percent.
Chandan Verma
Of course we have also seen this announcement but we are waiting for the fine print to come out. Still see that as speculative stage. Stage let the fine print come out then we’ll have to able to conclude whether actually we are getting impacted by the reduction in the PVC Prices are hot. We are waiting for the further detail in this regard.
Utkarsh Nopany
See the previous prices on a bio Y basis in rupee terms it has corrected by double digit rate. But our pipe realization has improved quite a lot on a Y o Y basis for the past two consecutive quarter which is not the case. So just only because of the change in the product mix or is it because of some other factor?
Udipt Agarwal
I think it is a combination of different factors. One thing is that during this quarter we had a higher share of non agri segment so that also helped us to keep the prices little bit on the higher side. So realization is also better. Second thing is we have been also careful on our pricing side and I think as you know that we have always been saying that we are looking at a at also profitable growth and this is what is the impact what we see.
Utkarsh Nopany
Okay. And so on the margin side like the margin of PVC resin producer or the plastic pipe company has been coming under pressure but for us it has actually improved over the past Good possible reason for that, sir. In a. In. In a falling resin price environment.
Chandan Verma
So of course if you know that we are the company we are which is having advantage of backward integration integrated plant for the PVC resin now of a total consumption officer 100 in a year in a given period of time roughly we get a share of 65 to 70% from the in house manufacturing of the resin. Now if the in house manufacturing resin we have a cost advantages in term in comparison to the other producer who are purchasing the PVC price directly from the market. For this having a backward integrated plant and in house manufacturing of resin we are having a certain cost advantages that is getting reflected in our margin.
Utkarsh Nopany
No sir, what I was. What I meant to say is that as per your presentation only if we see the PVC ADC Delta or the PVC VCM Delta has gone down sharply in this December quarter on both Q on Q and Y O Y basis. Okay, so how come our margin has improved, sir? That’s my question, sir.
Chandan Verma
Yes, so see if you see the PBC EDC Delta that is. That is also more or less an indicative number which gives a direction in which the market moves on number one. Number two, if you see the margin as or just explained the margin consists of two part one is the improvement improve in the realization second in the cost efficiency. So if you add both together both has added in as a in a favorable direction for us that is resultant in the. In the overall increase in the margin EBITDA performance. So there is a two, two Way benefit one is the improved in the net realization that we are having.
And number two though there is a decline in the edc, pvc, ADC Delta but that’s actually not got converted while we actually negotiate in the market that advantage you also having. So in a way both the way we have in the advantage from the sales realization side as well and as well as cost side both these two has resulted in the overall improvement in the EBITDA for the quarter and YTD as well.
Utkarsh Nopany
Okay sir. Lastly sir, what would be the sales volume guidance for the current March quarter and what would be the EBITDA margin guidance over the medium term period? Sir, that would be my last question.
Udipt Agarwal
You know historically the quarter four has been the quarter where the demand picks up. And this is true not only for us but also for the industry. So we hope that the trend also continues this year and we see a better volume number in quarter four.
Utkarsh Nopany
We are looking at any range.
Udipt Agarwal
As. Compared to as compared to the previous year for the full year we will see more of a flattish to slight increase in the volume for the full year. This is what our expectation is. We will see how the demand picks up and how the market behaves in the in the next two months.
Utkarsh Nopany
Okay, so what would be the EBITDA margin guidance on a sustainable basis for us?
Chandan Verma
You would like to continue with the same margin? Let’s see how things gets unfold over the period time. Would like to maintain our margin level.
Utkarsh Nopany
Okay. Thanks a lot sir.
operator
Thank you. The next question comes from the line of Shravanshah from Dalat Capital. Please go ahead.
Shravan Shah
Hi. Thank you sir. I have a couple of questions before that. Just a couple of data points to get it right. So agree non agree sir. CPVC sir. And fitting sir for third quarter.
Chandan Verma
Oh agree non agree. Currently we are at the 60 to. 38 during current quarter
Shravan Shah
60 16. Okay.
Chandan Verma
Okay. The PBC share is 8% in terms of volume.
Shravan Shah
Okay.
Chandan Verma
Fitting share 12 income volume.
Shravan Shah
Okay, got it. And PBC PVC VCM spread for third quarter.
Chandan Verma
PVC VCM spread for the third quarter on an average 156.
Shravan Shah
$156.
Chandan Verma
Yes.
Shravan Shah
Okay. 156. Yeah, got it. So now sir, coming to the main questions. So sir, as you just now said that we are looking at a margin flattish to marginal growth for fourth fourth quarter. That means in the last year Q4 upper 25 we did close to 1 lakh 2000 plus kind of a volume. So if we want to have even flattish also we need a 39 kind of a QQ growth which is a significant kind of a 30,000 extra that we need to sell in the fourth quarter. So in the January did we have have seen that kind of growth? Just to trying to understand.
Udipt Agarwal
Shawan. Good to hear. Good to meet you. Although virtually I would like to say I would not we would refrain from making any forward looking statements here but there is a good traction in the market as far as January is concerned.
Shravan Shah
So does that mean group traction that on not the number but was that a growth on YYY basis for us in January?
Chandan Verma
So Shan just we are about to wrap up the number but things are looking positive in January month as well. So let us wrap up our latest. Let us allow us to wrap up our number then we’ll be able to comment on that because January has just closed yesterday only. So we are about to look at the number but yeah overall on a direction basis as our MD just communicated we are looking somewhere around slightest growth in the on a year on proof of year basis.
Shravan Shah
Got it. So then from FY27 onwards broadly if you can help us how one can look at the industry level growth and for us how can we expect kind of a 5 7% kind of a growth or are we looking at kind of a 8, 10% kind of a growth from FY27 onwards.
Udipt Agarwal
Shavan, we have just kicking starting our budget planning for the next year. But overall if we look at the industry and how the markets are behaving I think having anything growth which is double digit. I don’t know if that would be something which I can comment on this moment. Yeah.
Shravan Shah
But is it fair to say can we see a 5% at least plus kind of a growth for us and for industry. That’s the broader process.
Udipt Agarwal
I I think our endeavor would be that we keep our market share.
Shravan Shah
Okay. And then sir, just on the margin front so last quarter also and this quarter. So if you can help us in terms of accounting entry particularly this change in inventory particularly. So last quarter it was 172 crore and this time 168 crore. And that’s why there is a significant improvement in the margin is there? So try to understand me. So whatever the closing higher inventory which was there in the Q2 similar was was there in this quarter and let’s say this gets sold in the fourth quarter. So then can one can expect kind of a 8, 9% kind of a margin.
Chandan Verma
So if you see someone quarter three we have ended with a EBITDA margin. EBITDA margin of roughly around 14. Right. So now right. We are and on a yearly basis a 12%. So as we have just. I have replied to a previous question. We would like to maintain our 12% EBITDA 12% around in that trajectory our full year EBITDA margin as well. This is number one.
Shravan Shah
Yeah, but still still not able to understand how come we have the similar kind of a higher closing inventory at the end of second quarter and the similar number 170 odd crore in the third quarter itself. So because that’s the one which is actually have a significant delta on the margin. So.
Chandan Verma
No, no, sorry Shawan. You have to keep in mind though number more or less looks in terms of parity from our previous quarter. However, in terms of volume if you. Because price is always changing. So if you compare the inventory changes getting reflected in our quarterly result in terms of volume, this is not always always in parity. Although coincidentally numbers is looking quite similar in terms of the previous quarter. But actually if it is a quantitative basis the numbers are not similar. So Q2 always remain where we keep the higher inventory. And Q2 keep Q3 is the where the inventory starts getting liquidated.
That’s how the industry works.
Shravan Shah
But that doesn’t get reflected in the number. So correct me if I am wrong. Simple basic mess. I’m not able to understand this -168 crore how this number comes. If we have the 160 does that mean that the closing inventory as on December is higher by 168 crore versus a Q2 and that’s why it is resulting or something I’m missing?
Chandan Verma
Yeah, yeah. So it’s a basically difference between the opening stock at the beginning of the quarter and the closing stock at the end of the quarter. So that is what this number gets reflected changes in the inventory requirement?
Shravan Shah
No. So then the the question the arises are similar then why the closing inventory of 2Q did not got sold in the third quarter and why we kept the again the similar kind of inventory.
Chandan Verma
Someone is not like that Q2 inventory because our we have every company has a continuous production process. So inventory gets liquidated over the period of time. Then again inventory gets built up and it’s. There are a lot of factors that we keep in play. Like what is the raw material ability, what kind of future forecast we are having, what kind of inventory level we’ll have to maintain. So there are multiple factors which keep playing around. When do we see a particular invented number at a particular point in time? So say you are saying. You’re saying that inventory has been given whatever it was even the Q2N is continued the Q2 and that is not exactly a correct exit statement because whatever inventory was there in the Q3 Q2 and that gets liquidated.
Then again there is a built up inventory because of the production that has been taken place during the quarter.
Shravan Shah
Okay. And lastly sir, what we heard just to correct me if I’m wrong that from the first January till now what we have seen is There is a 7 rupees hike in the PVC prices. So first if it is yes or no and then if yes have we also seen the similar kind of pass on to the consumer levels?
Udipt Agarwal
Yeah you are right. We have seen a price increase in the PVC prices here in India and you know Towers is primarily a pass through business so quite a bit of it is passed.
Shravan Shah
So at the channel level have we started seeing the significant improvement at the inventory level so which was kind of a below average. So have the channel has kind of seen a normal a level of inventory or still it is below the normal?
Udipt Agarwal
I think channel has started building up the inventory slowly, slowly in the month of January after the prices have started increasing because sentiment has changed right? But I don’t think so it is at a. At a level where it should be there is still room for improvement.
Shravan Shah
Okay. Okay I have more questions will come up in Q. Thank you and all the best.
Udipt Agarwal
Thank you Shovan.
operator
Thank you. A reminder to all participants anyone who wishes to ask a question may press star and 1. The next question comes from the line of Vipul Kumar Shah from Sumangal Investments Please go ahead.
Vipul Kumar Shah
Hi, thanks for the opportunity and congratulations for very good set of numbers. So my question is regarding the cash balance. So we have very modest capex every year and we are building cash so we are neither taking any big capex nor we are sharing it with shareholders through dividend or buyback or any other route. So what we are going to do with this cash?
Chandan Verma
So as you are saying yes we have been seeing there is a quarter of increase in the care balances over the year. So last year I think we have a project for the financial year 2526 of around 100250 crore was a capex plan for the current year 2526 basically so that is all the Capex spending already on. And if you can recall last year we have declared a dividend of 3.6 rupees per per share so that that amount still will. That was a huge dividend that we had declared last year. We are waiting for the Current yield number then we’ll have to take and call on that number one even saying that yes there will be, there will be still a sufficient number balance of cash will remain.
So the discussion is around. We reject to conclude upon what would with this cash over the period in time. So once something will be frozen out then we’ll be able to conclude upon.
Udipt Agarwal
And a company of our size and this I mean we always keep looking at opportunities for the capex and there are different discussions which happen at a board level and so we all are working under the direction of board and as soon as we have some more decisions around it happy to communicate this.
Vipul Kumar Shah
Standard answer is given in every call sir. Anyway so what is the current Delta PVC VDC Delta current as on today?
Chandan Verma
As on today it’s 465.
Vipul Kumar Shah
465.
Chandan Verma
Yeah.
Vipul Kumar Shah
And sir you said your CPVC volume was 12% of the overall value, right?
Chandan Verma
Volume 8%.
Vipul Kumar Shah
8% CPVC.
Chandan Verma
Yes.
Vipul Kumar Shah
Okay. Okay, thank you and I’ll return to this.
Chandan Verma
Thank you.
operator
Thank you. The next question comes from the line of Shravanshah from Dalit Capital. Please go ahead.
Shravan Shah
Hi sir. Sir, this what last time we said that we are looking at so currently 5 lakh 20,000 capacity we are looking at 50, 80,000 kind of a addition. So can is it fair to say that in F by FY27 we will be able to add this to 80,000 kind of a capacity and if yes how much capex that we need to do.
Udipt Agarwal
Sh for rst capacity Addition is a continuous process and as you know that we recently in the last one year we have increased our capacity and the discussions are on to increase the capacity further to support the growth. So this is a ongoing exercise but typically we end up doing a capex of between 100 to to 200 crores year on year basis. So we’ll continue to see that direction.
Shravan Shah
Okay so roughly one can say similar kind of a 50,000 to maybe a 70,000 kind of a yearly basis. One can look at if he finds the demand is growing. But there also we are, we are not kind of confidently saying that we can see a double digit kind of growth. So that’s what I’m trying to wondering how one can look at.
Udipt Agarwal
Yeah, so you build capacities also with a little outlook of the demand not only over a period of short, short period but also maybe over a horizon of two to three years because capacities also do not come up immediately. They also take their own time in coming up. So you always have access capacities and what you can sell and it is a continuous process. You keep evaluating, keep evaluating year on year.
Shravan Shah
Yeah, got it. And, and, and and given let’s say if we. If There is a 7 rupees price hike and PVC and let’s assume that it remains constant till the March 31 though it is we will be passing on to the customers. But given if we have the similar volume but if we are selling at let’s say previously 100 now at 107 so is it fair to assume that we will be having up some operating leverage and then our margin should be better. But at the same time we are saying our margin for fourth quarter we are looking at a 12%.
So yeah. If you can clarify.
Chandan Verma
Yes. So as the prices. So long as the PPC prices will show the upward trend there will be definitely your advantage in terms of our operating margin not only for us but through the industry as well across the industry. But if we’ll see the stress in the PVC price then the things will again go into different direction. More the PVC price level is stable the more the efficiency will look will be appearing in the numbers.
Shravan Shah
Okay. And and and before this the. The China whatever the extra tax they are, they are. They are putting up for the. For the export particularly to let’s say India but this is applicable for my things from the force April onwards. So is there a possibility that for that there will be a some dumping will be happening and that may lead to some rollback in the prices. Is there also a fair probability?
Udipt Agarwal
I think that is one of the reasons that we see price increase here in India with the lead time take into into consideration that expectation is that the prices would be sustaining near on.
Shravan Shah
Okay okay. So prices will will sustain. So there will be a less probability that there will be a dumping from China before first April and so it should not be impacting the prices. So more or less the prices from here here on should stay stable if not increase further.
Udipt Agarwal
Yeah but I would like to always have a caveat here that we do not know what would be the reaction or how the producers in that country would look at their books account and the under utilization of their capacities. So cannot say it with 100% certainty but and looks like that way.
Shravan Shah
Okay, okay, got it. Yeah. And and for us the cpvc for the 8% share. So there also we have continuously seen the double digit growth.
Chandan Verma
Yes. Because CPPC we are getting a good position in volume so that is going in higher rate.
Shravan Shah
Okay, okay. Okay okay. And then broadly what the our. Our long term target 5050 agree so how do we so that long term so structurally let’s say by FR27 on an average basis if one has to see can we see 3 3% 4 4% kind of improvement there or how.
Chandan Verma
How one can look at our overall ambition is also to increase our non aggregate sales because it there are a lot of variety figures factors that keeps to play while though there is a great emphasis is going on from our side to push our non ag so things will come unfold over the period of time but still difficult to comment what is time horizon when we will be able to get. But yes our emphasis is already on to imp. Improve our share for the non exit side.
Shravan Shah
Okay, got it. And then broadly for third quarter the CPVC prices more or less has has remained stable or still there was also some some a decline in the CPVC prices.
Chandan Verma
The CPVC prices also go in tandem with the PBC prices. So though there is no exactly in the same tandem but yes it says it’s in sync with the prices of the PVC prices.
Shravan Shah
Oh okay. Got it sir. Thank you.
Chandan Verma
Thank you.
operator
Thank you. The next question comes from the line of Sonali from Jeffreys. Please go ahead.
Sonali Salgaonkar
So thank you for the opportunity. So sorry but I have to ask this question on margins yet again. So if I look at our Gross margin from Q2FY25 to Q1FY26 we were somewhere always at about. You know so our raw material cost to sales was somewhere between 65 to 70% suddenly over and Q3FY26 it has dropped to 57%. So now if I look at the last two quarters the volume growth has not been as great and the PVC prices are also weakening also suggesting that the realizations are getting lower. So could you help us reconcile what exactly are we doing right or what has changed in the past two quarters that our gross margin has suddenly improved by you know about 700 to 800 dips year on year.
Thank you.
Chandan Verma
Okay Sonali, so if you see consider our structure of business roughly our 75% of total consumed raw material cost comes from the in house and 25% comes from the outside procured. When I am saying 75% on an average comes out from the in house procurement it consists of prices of imported raw material which is though move in line with the PVC prices. But there is no absolutely spread always remains same. So the if the PVC prices I am giving one example it goes by the 10 basis point, goes down by the 10 basis point. It is not always necessary that Prices of EDC or Ethan will also go in the same in the same period in the same and the same number.
So it always keeps a lag sometimes and sometimes it remains. Like if I see a decline in the PVC prices of 10% we have seen the decline the EDC prices by 8 rupees 8% 8 basis point. So in a way, so our raw material prices if so long as it is not getting affected the way the PVC price is getting affected, we are finding a cost advantage number one. Number two, though there is a declining in the overall PVC prices, we have improved our realization in terms of our structuring of prices in the market that also gives us increase our realization.
So on an absolute basis you can see from the outside world, yes price of the PVC is declining from the in our own sales relation. But we have improved our restructured our sales price on a net realization basis that has given us a price advantage as well in the market. So these two factor both added in our favor which is resulting in the better gross margin.
Sonali Salgaonkar
Sir, if I may just extend this question. We do understand that you know PVC and EDC are not exactly correlated to each other as both are global commodities. But would you agree that whatever the delta is is captured in that one ratio of PVC to EDC spread? If I look even at that ratio that ratio has come down from $500 per empty in Q3 last year to 449 which reflects the movement of both PVC and EDC. So I’m just still trying to understand that if your realizations are lower, if your volume growth is not as great.
Plus we did add this new employee cost as per the new labor code. It’s certainly a great surprise that you know the gross margins and the EBITDA margins are growing so well year on year. So just wanted to reconcile these bits. Thank you.
Chandan Verma
Yes, to add Sonali, the employee benefit cost is not forming part of the gross margin. It is forming part of the EBITDA not the gross margin.
Sonali Salgaonkar
Right Sir? Yes, I was meaning the EBITDA only but my main question is regarding the 840bps jump in the gross margin.
Chandan Verma
Yeah. So gross margin as a. I’m just wanted to reiterate the prices that you see in the BPC at Delta Delta that is more or less indicative. But when we go actually commercial negotiation, the prices, the prices will definitely there are a lot of factors that quantity, volume discount that’s landed price at which and rupee dollar as well. So all these factors considering our landed landed cost of pvc. Sorry, Delta EDC has seen a significant decline from last year’s Q3 versus Q2 Q3 of the current year that has resulted in the cost saving to us.
Sonali Salgaonkar
Sure sir. Thank you. That’s all from my side.
Chandan Verma
Thank you.
operator
Thank you. As there are no further questions from the participants, I now hand the conference over to the management for closing comments. Thank you. And over to you sir.
Udipt Agarwal
Thank you. Thank you everybody for participating in the call and asking the well researched and deeper level questions. Hope to meet you next time in the conference call. Thank you. Have a good evening.
Chandan Verma
Thank you all participants from the Finolix site and thank you very much for showing your continuous support for the Finolics. Thank you so much.
Udipt Agarwal
Thank you.
operator
Thank you on behalf of ICICI Securities Ltd. That concludes this conference. Thank you for joining us and you may now disconnect. Thank you.