Hindware Home Innovation Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Hindware Home Innovation Ltd filed with BSE on 26 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Hindware Home Innovation reported FY26 consolidated revenue of Rs 2,510 crore, roughly flat year-on-year, while EBITDA rose 27% to Rs 233 crore with margins improving to 9% from 7%. The Bathware business grew 10% for the year with margin gains, the pipes business faced a volatile quarter due to a sharp rise in PVC resin prices, and the company discontinued several loss-making consumer categories such as air coolers, fans, air purifiers, water purifiers and furniture fittings. Management described early FY27 trends including an encouraging April and outlined price increases taken in faucets and sanitaryware to offset raw material cost pressure.
Numbers mentioned
Consolidated Revenue: ₹2,510 crore (FY26)
p. 3
“For FY26, the company reported consolidated revenue of ₹2,510 crore, compared to ₹2,523 crore in FY25.”
Naveen Malik, page 3 of the filed PDF · View the filing
EBITDA: ₹233 crore (FY26)
p. 3
“EBITDA stood at ₹233 crore as against ₹184 crore last year, registering a YoY growth of 27%, with EBITDA margins at 9% compared to 7% in the corresponding period last year.”
Naveen Malik, page 3 of the filed PDF · View the filing
Consolidated Revenue: ₹663 crore (Q4 FY26)
p. 3
“For Q4 FY26, the company reported consolidated revenue of ₹663 crore, compared to ₹699 crore in Q4 FY25.”
Naveen Malik, page 3 of the filed PDF · View the filing
EBITDA: ₹63 crore (Q4 FY26)
p. 3
“EBITDA for the quarter stood at ₹63 crore versus ₹51 crore last year, up 23% YoY, with margins at 9% compared to 7% in Q4 FY25.”
Naveen Malik, page 3 of the filed PDF · View the filing
Bathware Business Revenue: INR1,520 crore (FY26)
p. 4
“For FY26, the Bathware Business reported revenue of INR1,520 crore compared to INR1,384 crore in FY25, reflecting a year-on-year growth of 10%.”
Nirupam Sahay, page 4 of the filed PDF · View the filing
Bathware EBITDA Margin: 10.3% (FY26)
p. 4
“EBITDA margins of 10.3% for FY26 compared to 8.8% for FY25, a growth of 160 basis points.”
Nirupam Sahay, page 4 of the filed PDF · View the filing
Bathware Net Bank Debt: INR234 crore (FY26)
p. 5
“The net bank debt also reduced from INR308 crore to INR234 crore during the year, reflecting stronger cash flows and continued financial discipline.”
Nirupam Sahay, page 5 of the filed PDF · View the filing
Pipes Business Revenue: INR673 crore (FY26)
p. 6
“for FY26, the Company reported revenue of INR673 crore, EBITDA of INR41 crore, and a PBT loss of INR29 crore.”
Rajesh Pajnoo, page 6 of the filed PDF · View the filing
PVC Resin Price: INR68 to INR114 per kg (Q4 FY26)
p. 6
“the industry witnessed a sharp increase in PVC resin prices, with prices moving from approximately INR68 per kg to INR114 per kg by March.”
Rajesh Pajnoo, page 6 of the filed PDF · View the filing
Hindware Home Innovation Revenue: INR80 crore (Q4 FY26)
p. 4
“Turning to Hindware Home Innovation Limited, Q4 FY26 revenue stood at INR80 crore with EBITDA of negative INR7 crore.”
Nirupam Sahay, page 4 of the filed PDF · View the filing
Consolidated Net Debt: INR708 crore (Current)
p. 14
“On combined basis, we have a net debt of INR708 crore today.”
Sandeep Sikka, page 14 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Bathware Business Revenue Growth — 15% to 20% · FY27
stated conditionally by Nirupam Sahay
p. 5
“we remain confident of delivering growth in the range of 15% to 20% in FY27, along with an improvement in margins.”
Nirupam Sahay, page 5 of the filed PDF · View the filing
Consumer Appliances Business Growth — 15% to 20% · FY27
stated as an aspiration by Nirupam Sahay
p. 7
“In consumer appliances, we are also targeting 15% to 20% growth.”
Nirupam Sahay, page 7 of the filed PDF · View the filing
Pipes Business Volume Growth — 14% to 15%
stated conditionally by Rajesh Pajnoo
p. 7
“Therefore, we are expecting an increase of around 14% to 15% in volume.”
Rajesh Pajnoo, page 7 of the filed PDF · View the filing
Hindware Home Innovation EBITDA — positive · Q1 FY27
stated firmly by Nirupam Sahay
p. 8
“Ma'am, we expect it in Q1 FY27 itself, and the full year will definitely be positive.”
Nirupam Sahay, page 8 of the filed PDF · View the filing
Consolidated Margin Expansion — 1.5% to 2% · next 2 years
stated as an aspiration by Sandeep Sikka
p. 9
“our plan is to expand our overall margins of the business, on a console basis ranging 1.5% to 2% systematically at least for the next 2 years.”
Sandeep Sikka, page 9 of the filed PDF · View the filing
Bathware EBITDA Margin — teens · next 2 years
stated firmly by Nirupam Sahay
p. 11
“But yes, so we will hit the teens within this year and next year.”
Nirupam Sahay, page 11 of the filed PDF · View the filing
Bathware EBITDA Margin Improvement — 1% to 2% · FY27 and FY28
stated firmly by Nirupam Sahay
p. 10
“We're confident of delivering about between 1% and 2% improvement in the EBITDA margin in this financial year and another 1% to 2% in the next year as well.”
Nirupam Sahay, page 10 of the filed PDF · View the filing
Consumer Appliances EBITDA Margin — 8% to 10% · FY27 and FY28
stated firmly by Nirupam Sahay
p. 15
“We are targeting the 8% to 10% EBITDA margin in the consumer appliances business within the next two financial years.”
Nirupam Sahay, page 15 of the filed PDF · View the filing
Consumer Appliances Quarterly Run Rate — INR100 crore · Q1 and Q2 FY27
stated firmly by Nirupam Sahay
p. 15
“In terms of the target, basically we will hit the INR100 crore target within Q1 and Q2 of this year.”
Nirupam Sahay, page 15 of the filed PDF · View the filing
Net Debt Reduction — 30% to 40% reduction · next two years
stated firmly by Sandeep Sikka
p. 15
“but definitely a substantial reduction by almost 30% to 40% should happen in next two years.”
Sandeep Sikka, page 15 of the filed PDF · View the filing
Demerger Listing Timeline — two to three months for court order, plus a month to month and a half for listing
stated conditionally by Sandeep Sikka
p. 15
“We feel that this may take another two to three months, in terms of getting the final court order.”
Sandeep Sikka, page 15 of the filed PDF · View the filing
Roorkee Plant Contribution — second half of FY27
stated as an aspiration by Rajesh Pajnoo
p. 7
“we expect volumes from Roorkee to scale progressively, with a more meaningful contribution anticipated in the second half of FY27 as utilization levels improve.”
Rajesh Pajnoo, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management expects positive profitability starting Q1 FY27 with the full year also positive.
Answered by Nirupam Sahay
Asked by Maitri Shah: When does the Home Innovation business turn EBITDA and PAT positive?
p. 8
“Ma'am, we expect it in Q1 FY27 itself, and the full year will definitely be positive.”
Nirupam Sahay, page 8 of the filed PDF · View the filing
Management said constraints in March were due to low inventory amid raw material volatility, but April recovered strongly with 50% growth and 30% year-to-date growth in the current month.
Answered by Rajesh Pajnoo
Asked by Maitri Shah: What is driving the 14-15% volume growth guidance in pipes?
p. 8
“We recovered that in April and recorded growth of around 50% last month.”
Rajesh Pajnoo, page 8 of the filed PDF · View the filing
Management said the top five or six players account for most of the organized market nationally.
Answered by Nirupam Sahay
Asked by Vinod Krishna: What is the competitive intensity and number of players in Bathware sanitary and faucets?
p. 9
“So at a national level, there are five or six major players.”
Nirupam Sahay, page 9 of the filed PDF · View the filing
Management said margins are targeted to reach the teens within the current and next financial year through a 1-2% annual improvement.
Answered by Nirupam Sahay
Asked by Vinod Krishna: When will Bathware margins return to mid-teens levels?
p. 10
“So the objective that we've set for ourselves and we're confident of delivering on is a 1% to 2% improvement in the margins year-on-year.”
Nirupam Sahay, page 10 of the filed PDF · View the filing
Management detailed a 15% faucet price hike in mid-January followed by a 3% hike in May, and a 6% sanitaryware hike in February followed by 7% in April.
Answered by Nirupam Sahay
Asked by Fenil Brahmbhatt: What price hikes were taken during the quarter across segments?
p. 12
“So mid-January, we took a 15% price increase in faucets because there was a substantial increase in brass price from about INR600 to about INR800.”
Nirupam Sahay, page 12 of the filed PDF · View the filing
Management said the exceptional item mainly related to goodwill impairment in the Hintastica joint venture and closure of certain loss-making consumer categories.
Answered by Sandeep Sikka
Asked by Fenil Brahmbhatt: What is driving the exceptional item and JV losses?
p. 14
“one big item is related to our impairment which has happened in the joint venture Company which is Hintastica Private Limited.”
Sandeep Sikka, page 14 of the filed PDF · View the filing
Management said they do not plan to be fully debt-free but expect a substantial reduction of 30-40% in the next two years.
Answered by Sandeep Sikka
Asked by Vinod Krishna: What is the debt reduction guidance over the next two to three years?
p. 15
“So, I'm not saying we'll make it debt-free in the next two to three years, but definitely a substantial reduction by almost 30% to 40% should happen in next two years.”
Sandeep Sikka, page 15 of the filed PDF · View the filing
Management explained the demerger has cleared court hearings and shareholder approvals, with a final NCLT order pending and listing expected a few months after.
Answered by Sandeep Sikka
Asked by Aditya Banerjee: What is the status of the demerger and expected listing timeline?
p. 15
“We already filed second motion application with the Honorable NCLT of Kolkata for which the hearing has already happened.”
Sandeep Sikka, page 15 of the filed PDF · View the filing
Management attributed the shortfall to raw material availability issues in certain categories, and reaffirmed the INR100 crore quarterly run-rate target for Q1/Q2 FY27.
Answered by Nirupam Sahay
Asked by Aditya Banerjee: Why did consumer appliances revenue decline sequentially in Q4 versus the INR90 crore guidance?
p. 15
“it was more an issue around availability of raw materials for certain categories which impacted that INR8 to INR10 crore which would have got us to INR90 crore.”
Nirupam Sahay, page 15 of the filed PDF · View the filing
Management quantified an approximate INR10 crore impact in March and an additional INR4-5 crore impact across April and May, expecting normalization by June.
Answered by Nirupam Sahay
Asked by Aditya Banerjee: What was the impact of tiles supply issues into Q1 FY27?
p. 16
“We had an impact in March of roughly about INR10 crore in terms of non-supply of planned material that we had for tiles.”
Nirupam Sahay, page 16 of the filed PDF · View the filing
Risks flagged
Tiles business supply disruptions due to fuel shortages at manufacturing partners
p. 4
“the tiles business witnessed temporary supply disruptions due to fuel shortages faced by our manufacturing partners.”
Nirupam Sahay, page 4 of the filed PDF · View the filing
Cost pressures from fuel, brass and other input materials driven by geopolitical developments and commodity volatility
p. 5
“The business also witnessed continued cost pressures during the year, particularly in fuel, brass, and other key input materials, driven by geopolitical developments and commodity volatility.”
Nirupam Sahay, page 5 of the filed PDF · View the filing
Raw material price volatility and unseasonal rains affecting the pipes business
p. 6
“Raw material volatility, unseasonal rains, subdued infrastructure spending created a difficult operating environment across the sector.”
Rajesh Pajnoo, page 6 of the filed PDF · View the filing
Sharp PVC resin price spike causing supply constraints and cautious channel behavior in March
p. 7
“March was impacted by supply constraints and cautious channel behavior due to extreme raw material volatility.”
Rajesh Pajnoo, page 7 of the filed PDF · View the filing
Low inventory levels limiting ability to capitalize on demand surge
p. 6
“players carrying relatively higher inventories were better positioned to capitalize on the surge in market demand and temporarily supply tightness.”
Rajesh Pajnoo, page 6 of the filed PDF · View the filing
Input cost volatility and intermittent raw material availability impacting Home Innovation sales execution
p. 5
“The quarter witnessed operational challenges where input cost volatility and intermittent availability of key raw materials impacted sales execution.”
Nirupam Sahay, page 5 of the filed PDF · View the filing
Uncertainty on pipes margins depending on where raw material prices settle
p. 13
“It all depends, basically, everything depends on where raw material prices settle.”
Rajesh Pajnoo, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.