Kriti Industries India Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kriti Industries India Ltd-$ filed with BSE on 13 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
Kriti Industries reported Q4 FY26 revenue of INR 142 crores, up 3% year-on-year, with EBITDA of INR 18 crores and margins expanding to 12.91% from 0.15%. For the full year FY26, revenue declined 19% to INR 587 crores while EBITDA rose 23% to INR 35 crores with margins improving to 5.94% from 3.93%. Management attributed the annual volume decline to heavy rains affecting agriculture and building product demand, while noting recovery in Q4 across most segments except industrial, which fell 65% in the quarter.
Numbers mentioned
Total sales volume: 13,577 metric tons (Q4 FY26)
p. 3
“During the period, our total sales volume stood at 13,577 metric tons, reflecting a growth in this quarter aggregating to:”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Agriculture segment volume growth: 10,288 metric tons, 12% growth (Q4 FY26)
p. 3
“Agriculture segment, 10,288 metric tons registering a 12% growth over Q4 of last year.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Building product volume growth: 2,683 metric tons, 7% growth (Q4 FY26)
p. 3
“Building product, 2,683 metric tons, 7% growth over Q4 of last year.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Industrial segment volume decline: 606 metric tons, 65% decline (Q4 FY26)
p. 3
“Industrial segment, at 606 metric tons sales, a steep decline of 65%.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Agricultural segment volume decline: 47,638 metric tons, 11% decline (FY26)
p. 3
“Agricultural segment, 47,638 metric tons, 11% decline.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Building product volume decline: 7,685 metric tons, 16% decline (FY26)
p. 3
“Building product, 7,685 metric tons, 16% decline.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Industrial segment volume decline: 3,307 metric tons, 29% decline (FY26)
p. 3
“Industrial segment, 3,307 metric tons, 29% decline.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Overall volume decline: 58,630 metric tons, 13% decline (FY26)
p. 3
“Overall, 58,630 metric tons, 13% decline.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
EBITDA: INR 35 crores (FY26)
p. 3
“Company was able to recover in Q4 to end the year with a profit at EBITDA level earning for the year was INR 35 crores as again INR 28 crores in the previous year.”
Shiv Singh Mehta, page 3 of the filed PDF · View the filing
Revenue: INR 142 crores, 3% growth (Q4 FY26)
p. 3
“For the quarter under review, the company reported revenue of INR 142 crores reflecting a growth of 3% on YoY basis.”
Rajesh Sisodia, page 3 of the filed PDF · View the filing
EBITDA: INR 18 crores (Q4 FY26)
p. 3
“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%.”
Rajesh Sisodia, page 3 of the filed PDF · View the filing
Net profit: INR 4 crores (Q4 FY26)
p. 3
“The company reported a net profit of around INR 4 crores as against a loss of INR 4 crores in the corresponding period last year.”
Rajesh Sisodia, page 3 of the filed PDF · View the filing
Revenue: INR 587 crores, 19% decline (FY26)
p. 3
“The revenue of the company stood at INR 587 crores reflecting a decline of 19% on YoY basis.”
Rajesh Sisodia, page 3 of the filed PDF · View the filing
EBITDA: INR 35 crores, up 23% (FY26)
p. 3
“EBITDA for the year was INR 35 crores, up 23% on YoY basis, with EBITDA margins improving to 5.94% from 3.93%, and expansion of 201 basis points on YoY basis.”
Rajesh Sisodia, page 3 of the filed PDF · View the filing
Net profit: INR 1 crore (FY26)
p. 3
“The company reported profit of INR 1 crore compared to a loss of INR 4 crores in the previous year.”
Rajesh Sisodia, page 3 of the filed PDF · View the filing
Agriculture segment margin: 8% to 10%
p. 7
“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%.”
Shiv Singh Mehta, page 7 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.
Volume growth — FY27
stated as an aspiration by Shiv Singh Mehta
p. 4
“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.”
Shiv Singh Mehta, page 4 of the filed PDF · View the filing
Capex — next two quarters
stated firmly by Shiv Singh Mehta
p. 4
“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.”
Shiv Singh Mehta, page 4 of the filed PDF · View the filing
Revenue target — INR 1000 crores
stated conditionally by Shiv Singh Mehta
p. 7
“Fortunately, going forward, if rain gods 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.”
Shiv Singh Mehta, page 7 of the filed PDF · View the filing
ROCE target — targeted INR 1000 crore revenue and 10% margin · FY28
stated as an aspiration by Shiv Singh Mehta
p. 8
“We are targeting and we are doing our best that we achieve these numbers.”
Shiv Singh Mehta, page 8 of the filed PDF · View the filing
Import duty on PVC and polymers — withdrawn till 1st July
stated firmly by Shiv Singh Mehta
p. 8
“Government of India has withdrawn import duty on PVC and all other polymers till the period of end of June up to 1st July.”
Shiv Singh Mehta, page 8 of the filed PDF · View the filing
Building product segment growth — FY27
stated as an aspiration by Shiv Singh Mehta
p. 9
“So, going forward next year, we will certainly exceed numbers and we will try to achieve almost substantial growth on this segment.”
Shiv Singh Mehta, page 9 of the filed PDF · View the filing
Second manufacturing plant decision — first two quarters
stated firmly by Shiv Singh Mehta
p. 10
“No. As I said earlier in the question, we will wait for first two quarters to make up our mind when and how, where.”
Shiv Singh Mehta, page 10 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 said there could be some inventory advantage in Q1 depending on market volatility, and that demand for agriculture and building products has returned to normal after being hit by the Iran-Iraq conflict.
Answered by Shiv Singh Mehta
Asked by Tanish Jhaveri: Will inventory gains from falling PVC prices continue into Q1, and how is demand shaping up?
p. 4
“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 certain upheavals because of the wars in Iran-Iraq area, which has resulted into a lot of volatility in petrochemical prices.”
Shiv Singh Mehta, page 4 of the filed PDF · View the filing
Management acknowledged the limitation for agriculture products but said building material logistics allow a broader reach, and further expansion decisions would depend on the next two quarters.
Answered by Shiv Singh Mehta
Asked by Pranit: How will the company stay competitive with a single central plant as competitors expand nationally?
p. 5
“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.”
Shiv Singh Mehta, page 5 of the filed PDF · View the filing
Management gave margin ranges for each segment and said they are working to revitalize performance after a difficult year, aiming for the earlier guidance if conditions allow.
Answered by Shiv Singh Mehta
Asked by Shubh Shah: What are the margin differences between building and agriculture products, and is the INR 1000 crore revenue target still achievable?
p. 7
“You see, building products offer a better margin than agriculture.”
Shiv Singh Mehta, page 7 of the filed PDF · View the filing
Management explained that manufacturers typically build inventory in March ahead of the agriculture selling season in April-June.
Answered by Shiv Singh Mehta
Asked by Kavach: Why did the company build a large inventory in Q4 despite a negative gross margin, and is this strategic?
p. 8
“See, normally you will see every year in March, all the manufacturers build up inventory because the main season starts from April.”
Shiv Singh Mehta, page 8 of the filed PDF · View the filing
Management said other expenses relate mostly to freight and referred detailed breakdowns to the CFO, and expects building products to be the major growth driver going forward.
Answered by Shiv Singh Mehta
Asked by Jaivir Patel: What is driving the decline in other expenses and is it sustainable, and what is the building product segment's revenue contribution outlook?
p. 8
“You see, other expenses include mostly freight and other related expenses.”
Shiv Singh Mehta, page 8 of the filed PDF · View the filing
Management said MP has a large market share and leading brand position, Rajasthan has significant share, while Maharashtra is still developing with lower share.
Answered by Shiv Singh Mehta
Asked by Akshay: What is the company's market share in Rajasthan, Maharashtra, and MP?
p. 9
“We are the leading brand and the majority market share. Rajasthan also, we have a significant market share. But Maharashtra, we are still developing.”
Shiv Singh Mehta, page 9 of the filed PDF · View the filing
Management said competition was always aggressive due to many manufacturers, but the organized/branded segment is improving relative to the unorganized sector.
Answered by Shiv Singh Mehta
Asked by Ayush Oswal: Has competitive intensity in the industry increased with the recovery?
p. 10
“Competition is quite aggressive and industry was always in a competitive scenario because we have sufficient number of manufacturers.”
Shiv Singh Mehta, page 10 of the filed PDF · View the filing
Management attributed the decline to reduced institutional sales as per their projections.
Answered by Shiv Singh Mehta
Asked by Ayush Oswal: Why have trade receivables declined and what is the outlook for FY27?
p. 10
“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.”
Shiv Singh Mehta, page 10 of the filed PDF · View the filing
Risks flagged
Volatility in petrochemical prices due to geopolitical conflict
p. 4
“there were certain upheavals because of the wars in Iran-Iraq area, which has resulted into a lot of volatility in petrochemical prices.”
Shiv Singh Mehta, page 4 of the filed PDF · View the filing
Heavy rains impacting demand and sales volumes in areas of operation
p. 7
“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 our areas of operation, which has impacted our markets very badly.”
Shiv Singh Mehta, page 7 of the filed PDF · View the filing
Limitation of a single centrally-located manufacturing plant restricting geographic reach
p. 5
“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.”
Shiv Singh Mehta, page 5 of the filed PDF · View the filing
Aggressive industry competition from a large number of manufacturers
p. 10
“Competition is quite aggressive and industry was always in a competitive scenario because we have sufficient number of manufacturers.”
Shiv Singh Mehta, page 10 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.