Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
KRITI INDUSTRIES (INDIA) LTD (NSE: KRITIIND) Q4 2026 Earnings Call dated May. 06, 2026
Corporate Participants:
Purvangi Jain — Associate Vice President
Shiv Singh Mehta — Chairman and Managing Director
Rajesh Sisodia — Chief Financial Officer
Analysts:
Tanish Jhaveri — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Q4FY26 conference call of Kriti Industries Limited. 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 the conference call, please signal an operator by pressing STAR and then zero on your touchtone phone. Please note that this conference is being recorded at this time. I would like to hand over the conference to Ms.
Purvangi Jain from Valerim Advisors. Thank you. And over to you ma’. Am.
Purvangi Jain — Associate Vice President
Thank you. Good afternoon everyone and a very warm welcome to you all. My name is Parvangi Jain from Ballarum Advisors. We represent the investor relations of Kriti Industries Limited. On behalf of the company, I would like to thank you all for participating in the company’s earnings conference call for the fourth quarter and full year ended of the financial year 2026. Before we begin, let me mention a short cautionary statement. Some of the statements made in today’s earnings call may be forward looking in nature.
Such forward looking statements are subject to risks and uncertainty which could cause actual results to differ from those anticipated. Such statements are based on management’s belief as well as assumptions made by and information currently available to the management. Audiences are cautioned not to place any undue reliance on these forward looking statements in making any investment decisions. The purpose of today’s earnings call is purely to educate and bring awareness about the company’s fundamental business and financial quarter under review.
Let me now introduce you to the management participating with us in today’s earnings call and hand it over to them for their opening remarks. We have with us Mr. Shiv Singh Mehta, Chairman and Managing Director and Mr. Rajesh Sisodia, Chief Financial Officer. Without any delay, I request Mr. Shiv Singh Mehta to start with his opening remarks. Thank you. And over to you sir.
Shiv Singh Mehta — Chairman and Managing Director
Thank you. Purvangi. Good afternoon everyone. It’s pleasure to welcome you to the earnings conference call for the fourth quarter and financial year 2026. During the period our total sales volume stood at 13,577 Michigan reflecting a growth in this quarter. Aggregating Food Agriculture segment 10,288 metric ton. Registering a 12% growth over Q4 of last year. Building product 2,683 metric ton. 7% growth over Q4 of last Year. Industrial segment had 606 metric ton sales. A steep decline of 65% for company first nine months were challenging.
Therefore overall annual figures appear as Under Agriculture segment 47,638 metric ton. 11% decline. Building product 7,685 metric ton. 16% decline. Industrial segment 3,307 metric ton. 29% decline. Overall 58,630 metric tons, 13% decline. Company was able to recover in Q4 to end the year with a profit at EBITDA level. Earning for the year was 35 crores as again 28 crores in the previous year. Thank you. I’ll now hand over the call to our CFO Mr. Rajesh Sisodia to take you through the financial highlights.
Rajesh Sisodia — Chief Financial Officer
Thank you very much, sir. Good afternoon everyone. Let me now take you through the consolidated financial performance for the period under review. For the quarter under review, the company reported revenue of INR 142 crores reflecting a growth of 3% on YoY basis. EBITDA stood at INR 18 crores compared to INR 20 lakhs in the same period last year with EBITDA margins improving significantly to 12.91% from 0.15%. An expansion of 1276 basis points on a year. On year basis the company reported a net profit of around INR 4 crores as against a loss of INR 4 crore in the postponing period last year.
Moving to the full year performance of FY 2026 the revenue of the company stood at 587 crores reflecting a decline of 19% on YoY basis. EBITDA for the year was INR 35 crores up 23% on YoY basis with EBITDA margins improving to 5.94% from 3.93%. An expansion of 201 basis points. On yoy basis the company reported profit of INR 1 crore compared to a loss of 4 crores in the previous year. Thank you. With this I would like to open the floor for questions and answer session.
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 and then one on their touchstone phone. 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. Your first question comes from the line of Danish Chaveri from Boring amc. Please go ahead.
Tanish Jhaveri
Hi. Yeah. So I wanted to ask what is the management focus right now like considering the PVC prices are falling. So right now we saw inventory gain. Will we see an Inventory gain going ahead in Q1? That is my first question. Second question is on the demand side how are we seeing the demand shape up and when can we see a meaningful volume growth for the company?
Shiv Singh Mehta
You see there were certain inventory gains. Yes. And going forward in Q1 also as things are very volatile today, it’s difficult to predict but still we may see some advantage on inventory side. But the question about the quarter will depend on how the market turns up because there were sudden upheavals because of the wars in Iran Iraq area which is resulted into lot of volatility in petrochemical prices and that has affected market and how far that will continue is still uncertain.
Tanish Jhaveri
Okay, and can you give us some detail on the demand side like how do you see demand shape up and how is the underlying demand for our products concept, building material and agriculture?
Shiv Singh Mehta
Demand for agriculture and building products were impacted immediately after the war broke out
Tanish Jhaveri
Because
Shiv Singh Mehta
Of the sudden very high increase in the raw material and finished good prices. But now they have sat in so demand is again back to almost average normal.
Tanish Jhaveri
Okay, great. So any kind of a guidance that you would want to give like for volume growth for the FY27?
Shiv Singh Mehta
Yes, we certainly look forward to a positive growth and it should be in access to the industry average because we had a bad year last year. So for us it’s a comfort low base on which we have to grow this year. So we expect a healthy growth over last year and that is because of a lower base because we had shrunk last year. So we have every reason and a lot of headroom to grow.
Tanish Jhaveri
Sure. Thank you. Any capex guidance like any Capex that you’re doing or are we keep putting it on hold for now?
Shiv Singh Mehta
No, we are putting Capex on hold because we have already invested for all the developments and we will observe first two quarters as I told you last time before we decide for the further Capex plans.
Tanish Jhaveri
Sure. Thank you. That’s it from my side.
Operator
Thank you. The next question comes from the line of Pranit Bombasaiti, an individual investor. Please go ahead.
Unidentified Participant
Hi, thank you for the opportunity. I’d like to apologize if I’m re asking the questions from previous participants. So I was wondering in terms of the company’s plans. I understand the Capex is on hold right now but the thing is as we see in the market right now, all the big players, most of the putting up capacities across the country in the south and the north and east and the west but we have a plant in the center. I agree that we’re putting the pose in all of that. But how do we manage? How are we planning on staying competitive beyond let’s say our central location?
Because everyone’s putting up capacity and everyone’s been aggressive in terms of pricing. Also in terms of passing on logistics, cost and all of it. So what’s the company’s plan in terms of staying competitive and growing the manufacturing base? Because I understand efficiencies are there with having one plant. But won’t it be easier to access different markets by expanding beyond one plant?
Shiv Singh Mehta
You have a very valid question. You see, we are very clear that there is a limitation to grow beyond a regional territory if you have a located plant at one location. That is true for agriculture. But in building material, the ability to afford a distant logistics is still feasible. We are still working out, as we had told you last time, till we consolidate our. Because we had a bad year. So we will consolidate our position. And fortunately for us, this territory where we are, we are a leading pinion brand and that gives us an advantage.
So any further major expansions will be certainly thought through. And new capacity expansion or diversification of locations will depend how we take up next 2/4 of our business.
Unidentified Participant
Understood, sir. And in terms of the dealers, I think we have around 400 at this point of time. So I was wondering in terms of how many of them are agri versus let’s say other building products and what is the strategy in terms of growing them? Because 400 in the grand kilo of things is not that much. So I was wondering what’s the what, how much, how many resources? Like what are the kind of resources the company has put behind growing this dealer network? In terms of the team, did we add new people recently?
Could you just give some idea on that?
Shiv Singh Mehta
We are expanding our dealer base, but we are already fairly well entrenched in the major areas where we don’t see much scope of expanding further. So those new dealers are getting added into the regional regions which are closer to our existing territories and in building material space, yes, for sure they are expanding everywhere that we can.
Unidentified Participant
But what is the kind of team we established to grow this in terms of numbers, predication
Shiv Singh Mehta
Numbers in the sales team, we have a fairly well established network and team members and that’s where we are quite comfortable. We are not putting major expansion on this, but for a lower end of team, there you have the ground, I mean foot soldiers which we keep adding as and when the demand the areas get activated.
Unidentified Participant
Understood. And how are they spread across from each state will be probably the largest but how many of them are from each state? Could you explain?
Shiv Singh Mehta
Well, entrance dealership in mp, Rajasthan and Maharashtra. And we are expanding in New York entities as well.
Unidentified Participant
I was just curious because I wanted to understand what kind of exact
Shiv Singh Mehta
Numbers I would not have here. But you can get in touch with rcf1. We give you numbers statewide.
Unidentified Participant
Got it, sir. And so going forward, so our focus will be on building products. That’s a fair understanding. Right? Capacities. And we’re not having any more capacity expiring at this point of time
Shiv Singh Mehta
Immediately. No.
Unidentified Participant
And in terms of building products and what is the strategy with CPVC and opvc? I understand if you want to get into right now, those are the most trending products at this point of time. So what does the company think about expanding those kind of capacities for CPVC and opvc?
Shiv Singh Mehta
Cpvc, we are expanding. OTBC is not on our agenda at this moment.
Unidentified Participant
Okay. So in terms of building products, how many, what percentage would be CPVC versus summer PVC and other things?
Shiv Singh Mehta
You see, we have a full range of cpvc and obviously CPVC is area where we are focusing more for expansion and growth in terms of building up volumes. Because comparatively if you see CPVC offers better margins.
Unidentified Participant
So I was just curious in terms of the concentration of what we are planning on doing in the future. Because CPVC has been growing at a fast pace compared to the other segment. Right. I was wondering how is the growth in terms of CPVC segment for the company itself?
Shiv Singh Mehta
All of our dealers who are in building material space would be selling both UPVC and cpvc because you know, both products go together as a family of products for any building. Whatever you have, you have all the products requirements. So it’s a family. So proportions are almost like settled in terms of what you require in a building.
Unidentified Participant
Got it. So one last question regarding a deposit. Do we have any plans of further expanding the number of depots we have or we are satisfied with the coverage we have at this point of time.
Shiv Singh Mehta
So we are growing our market and we are trying to expand our portfolio also. But it’s a gradual, strategically decided process in which we are moving.
Unidentified Participant
Got it, sir. That’s it from my side. Thank you so much.
Operator
Thank you. The next question comes from the line of Shub Shah, an individual investor. Please go ahead.
Tanish Jhaveri
Hello.
Unidentified Participant
Yes,
Tanish Jhaveri
Hello. Am I audible?
Shiv Singh Mehta
Yeah, yeah, you are audible.
Tanish Jhaveri
Thank you for this opportunity. I have just a few questions. So I want to know who are your main competitors in this place that you are in? Madhya Pradesh in central India, Major competition.
Shiv Singh Mehta
So all the national players are present here with this. Many of them have planned here, many of them before here. So everyone is around here.
Tanish Jhaveri
Oh okay. The next question is could you give a margin difference particularly in your building and agriculture products exact margin that we get?
Shiv Singh Mehta
You see building products offer a better margin than agriculture. Normally agriculture would have about 8 to 9% margin or 10%. It depends on time of the year While building product offers from 14 to 18%.
Tanish Jhaveri
Okay, and last question. In our earlier annual report we said we are going to reach thousand crores revenue. Is that still achievable?
Shiv Singh Mehta
We are working to improve our figures because last year was a very difficult year for us because there was heavy rains as we have been telling you in the other areas of operation which has impacted our markets very badly. So we are revitalizing the whole thing. Fortunately going forward, if rainbows are right and everything is right we should be able to aim substantial increase over last year and we will definitely target towards our guidance. That is what we had said earlier.
Tanish Jhaveri
Yeah. And one last question on our sourcing for PVC resin. Now with such a big increase in the prices, do we have any strategy or where do we source our PVC resin from?
Shiv Singh Mehta
We import and we buy locally as well. So it’s the combination of local as well as import.
Tanish Jhaveri
Okay, that was it. Thank you. Thank you for different questioning.
Operator
Thank you. A reminder to all the participants if you wish to register for a question please press star and then one. Your next question comes from the line of Kavach, an individual investor. Please go ahead.
Tanish Jhaveri
Hello sir. So my question is that for Q4 our cost of materials consumed stood at 170 crore against a revenue of 142 crore which implies a negative gross margin before any inventory adjustments. So with a 72 crore inventory bill driving profitability. Can you explain whether this is strategic stocking or any unsold finished goods?
Shiv Singh Mehta
See normally you see every year in March all the manufacturers built up inventory because the main season starts from April and you are always ready for the coming season at the end of March. Because April, May, June is a major quarter for agriculture sales.
Tanish Jhaveri
Okay sir, thank you. And my next question is that for FY26 our RoCE is close to 7%. So what RoCE can we expect at the targeted 1000 crore revenue and 10% margin by FY28
Shiv Singh Mehta
We are targeting and we are doing our best that we achieve these numbers.
Tanish Jhaveri
Okay sir. And my last question is about the import mix. So has it changed and what is the cost impact if any anti dumping duty is implemented?
Shiv Singh Mehta
There is no Empty dumping duty. Rather, because of this challenge of war, government of India has withdrawn import duty on PVC and all other polymers in the period of end of June up to the 1st of July.
Tanish Jhaveri
Okay, thank you so much sir. That was all from my side.
Operator
Thank you. Participants, you may press star and then one to ask a question. The next question comes from the line of Jaivir Patel, an individual investor. Please go ahead.
Tanish Jhaveri
Good afternoon sir. So my question is that other expenses for the year declined 33% year on year. So can you break down the key cost drivers for that? And what can you clarify what. Why is this reduction happening and is this reduction sustainable in the future?
Shiv Singh Mehta
I can you repeat question? Which expenses have gone down? I couldn’t hear you clearly.
Tanish Jhaveri
Hello, I’m audible sir now.
Shiv Singh Mehta
Yeah, yeah.
Tanish Jhaveri
So my question was that we can see our other expenses have declined. So I just wanted to know what were the rational behind this decrease and whether this is sustainable going forward in the future.
Shiv Singh Mehta
Other expenses, you see, other expenses include mostly freight and other related expenses. The exact breakup I will not have it here but there has to be reason with geographies and what kind of rates we have incurred. So our CFO will get back to you with details. You please get in touch with him.
Tanish Jhaveri
Sure sir, that is fine. So my next question was on the building product segment. As the company has mentioned repeatedly that they are going to focus on that segment in particular. I just wanted to get a picture on how much it is contributing right now to the revenue has, has it crossed that 100 crore mark and what is the revenue contribution that we’re expecting going in the future from the building product segment?
Shiv Singh Mehta
Coming the current year we are focusing more on building product revenue growth. As I was telling to some other question that they offered better margins and sustained volume throughout the year. So you would see that we’ll see a quantum jump in this year. We are targeting a fairly substantial increase. Last year our actual revenues from building products reduced as I was telling in my opening remark itself as compared to last year because of a lot of rationalization we must have done during this year.
So going forward next year we will certainly exceed numbers and we try to achieve almost substantial growth on this segment. That is a major growth driver for the company.
Tanish Jhaveri
Sure sir. And sir, one last question on the PVC cost. So what is the. Can you give an idea on the weighted cost that we have in the current inventory in terms of our PVC cost
Shiv Singh Mehta
We have as per the market prices we are comfortable, as I would say we may see some inventory gain for the quarter.
Tanish Jhaveri
Okay, sir. Yeah, that’s it. From my side. And all the best for the future. Thank you. Thank
Shiv Singh Mehta
You.
Operator
Thank you. A reminder to all the participants. You may press STAR and then one to ask a question. Your next question comes from the line of Akshay, an individual investor. Please go ahead.
Tanish Jhaveri
Yeah. Hi. Good afternoon, sir. My question was regarding your market share in the key states like Rajasthan. Maharashtra mp, can you provide some guidance on that?
Shiv Singh Mehta
Maharashtra NP and Rajasthan. If you ask me, NP would have a fairly large market share. We are the leading brand and majority market share. Rajasthan also we have a significant market share. But Maharashtra we are still developing. We are under a development stage. So we’ll have a comparatively much lower market share. Maybe sub 10% at the moment.
Tanish Jhaveri
Okay. And my second question was regarding the segment wise volume and the revenue guidance for FY27. Can you throw some light on that?
Shiv Singh Mehta
As I said that last year was a year of decline for our sales volume because of the major rains in our area of operation. Now we see if rain goes are right, everything should be. We should see a substantial growth in a lower base we had last year.
Tanish Jhaveri
Okay. Also the utilization rate for Q4, FY26, what was it?
Shiv Singh Mehta
The plant utilization was fairly good. Fairly comfortable in Q4.
Tanish Jhaveri
Okay. Any number specific or like in percentage terms.
Shiv Singh Mehta
I don’t have a ready hand in terms of exact numbers. But fairly when we are almost above average utilization for our company. We have done better than last year. If you have seen the numbers in terms of both volume and performance in the Q4.
Tanish Jhaveri
Okay. And also on the, you know, timeline for the second manufacturing plant. So hasn’t we decided yet?
Shiv Singh Mehta
No. I had said earlier in the question we’ll wait for first two quarters to make up our minds when and how. There.
Tanish Jhaveri
Okay. Thank you so much, sir.
Operator
Thank you. Participants, if you wish to register for a question, please press Star and then one. The next question comes from the line of Ayushoswal from Countercyclical pms. Please go ahead.
Tanish Jhaveri
Hello.
Unidentified Participant
Yes.
Tanish Jhaveri
Just wanted to ask competitive intensity of the whole industry increase was this recovery?
Shiv Singh Mehta
No, I. Can you again repeat the question please?
Tanish Jhaveri
I wanted to. The competitive in the overall industry increased because you know the prices have recovered and you know the companies are posting good numbers like you. You just did.
Shiv Singh Mehta
Competition is quite aggressive and industry was always in a competitive scenario because we have sufficient number of manufacturers. But yes, certainly the branded segment has better acceptability. So organized sector is improving as compared to unorganized sector. Have I been able to answer your question? Hello. Hello.
Operator
Ayusha. Does it answer your questions?
Tanish Jhaveri
Yes. Yes.
Operator
Ayusha, sorry to interrupt, but your line is not very clear. It’s breaking up in between. Sir, we could not hear you at all.
Tanish Jhaveri
I have one more question. I wanted to ask about the trade receivables. They’ve declined to 28 crores from 48 crores. So is this due to improved collections? And how do you look at it from my 27 perspective?
Shiv Singh Mehta
You see, our outstanding are mostly towards institution. And you must have seen in the Q4 we have reduced our institutional sales as per our projections given to you. So this is why the outstandings have declined. Hello.
Operator
Are you sure we are not able to hear you? Does that answer your question? So your line is not very clear. May I request to get into a better reception area?
Tanish Jhaveri
Yes. Thank you.
Operator
Thank you. Participants, you may press star and then one to ask a question. A reminder to everyone if you wish to register for a question and then one. As there are no further questions from the participants. I now hand the conference over to the management for closing comments.
Shiv Singh Mehta
Thank you for participating in this earning conference call. I hope we have been able to answer your questions to your satisfaction. If you have any further questions or would like to know more about us or the company. Please reach out to our IR managers, advisors. Thank you.
Operator
Thank you on behalf of Kriti Industries. That concludes this conference. Thank you everyone for joining us. And you may now disconnect your lines. Thank you.