Finolex Industries Limited has released the transcript of its Earnings Call held on February 2, 2026, following the declaration of its Unaudited (Standalone & Consolidated) Financial Results for the Quarter and Nine Months ended December 31, 2025. The transcript is available on the company's website. During the call, management noted a decrease in volume by approximately 14% to 73,500 metric tons for Q3 FY26 compared to 85,767 metric tons in Q3 FY25, attributing this to the monsoon season. Income from operations decreased by 10% to ₹898 crores from ₹1,001 crores in the prior year's quarter. However, EBITDA improved significantly to ₹123 crores from ₹83 crores, and PAT increased to ₹110 crores from ₹71 crores year-on-year. For the nine months ended December 2025, volumes were down by 6% to 230,965 metric tons. Income from operations was ₹2,800 crores, a 6% decrease. EBITDA saw a 15% increase to ₹347 crores from ₹302 crores in the corresponding period last year. Profit after tax stood at ₹326 crores, compared to ₹628 crores in the prior period, which included an exceptional gain of ₹407 crores. The company highlighted a strong balance sheet with a net cash surplus of approximately ₹2,430 crores as of December 31, 2025. Management discussed the volatility in raw material prices, with PVC prices reaching lows of around $600 per ton, but noted a recent improvement. They are optimistic about PVC prices stabilizing and potentially increasing, with current prices around $650-$660. The company also mentioned a potential reduction in import duty for PVC resin from 10% to 7.5%, awaiting further clarification. Finolex Industries emphasized its cost advantages due to backward integration, with 65-70% of PVC consumption met through in-house manufacturing. They aim to maintain EBITDA margins around 12% and expect Q4 FY26 volumes to improve, with a full-year outlook of flattish to slight growth. The company also indicated a positive traction in January and a recent INR 7 hike in PVC prices in India, which is largely being passed on to consumers.