Hindware Q4 FY26: Bathware strength offsets pipes pressure as demerger moves ahead

FY26 consolidated revenue was 2,510 crore and consolidated EBITDA (including other income and exceptional items as per the presentation) was 233 crore with a 9% margin.

For FY26, the presentation showed a revenue mix of 60% Bathware, 27% Plastic Pipes and Fittings, and 13% Consumer Products.

Bathware revenue was 1,520 crore in FY26 versus 1,384 crore in FY25, and EBITDA was 157 crore versus 121 crore (excluding other income and exceptional items).

Management attributed the Q4 impact to sharp resin price increases and supply tightness in March, combined with lean inventory positioning, which limited the ability to capitalize on demand and hurt margins.

Management stated it expects the consumer appliances business to be EBITDA positive in Q1 FY27 and positive for the full year FY27.

Management said shareholder and unsecured creditor approvals were completed, the second motion hearing at NCLT Kolkata has taken place with order reserved, and it may take 2 to 3 months for the final court order followed by about 1 month for listing formalities.