Mumbai, Aug 3 : Finolex Industries Ltd has reported a sharp decline in both profit and revenue for the first quarter of the current financial year (Q1 FY26), according to an exchange filing.

The Pune-based PVC pipes and fittings manufacturer posted a consolidated net profit of Rs 98.16 crore, down 80.4 per cent from Rs 500.73 crore in the same period last year (Q1 FY25), the filing said.

The decline marks a significant contraction in earnings, with margins nearly halving on a year-over-year basis.

Revenue for the quarter fell 8.5 per cent to Rs 1,043.15 crore from Rs 1,140.49 crore a year ago.

At the same time, operating performance also deteriorated sharply, with EBITDA plunging 54.7 per cent to Rs 93.59 crore, compared to Rs 206.65 crore in Q1 FY25.

The EBITDA margin contracted to 9 per cent, down from 18 per cent in the same period last year, as per the filing.

Despite the revenue dip, total expenses rose slightly to Rs 981.68 crore in Q1 FY26 from Rs 966.50 crore a year earlier, highlighting cost pressures amid subdued top-line growth.

On a sequential basis, the company's net profit also dropped from Rs 164 crore in Q4 FY25, representing a 40 per cent decline.

Revenue fell 11 per cent quarter-on-quarter from Rs 1,171.81 crore in the previous quarter.

Meanwhile, Saurabh Dhanorkar, Managing Director of Finolex Industries, has resigned, effective from October 25.

The company has also announced the appointment of Udipt Agarwal as an Additional Director cum Whole-time Director and Managing Director of the Company, the filing stated.

The Shares of Finolex Pipes closed 2.55 per cent lower at Rs 201.00 on Friday on the NSE. The stock has lost over 30 per cent in the past 12 months and is down nearly 20 per cent year-to-date.

/IANS