Kriti Industries (India) Ltd(KRITI)

NSE: KRITIBSE: 526423

₹ 49.9-2.65%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 263 crWebsite: www.kritiindustries.comUpdated: 24 Oct 2026

About

Kriti Industries (India) Ltd makes PVC and PE polymer pipes under its Kasta brand. They are used for irrigation, potable water supply, building construction and infrastructure. The company makes them at a single facility in Pithampur with 130,000 TPA of capacity and is headquartered in Indore. Revenue was 587.37 crore in FY26 on sales volumes of 58,630 MT. The company calls itself a market leader in Madhya Pradesh, and in FY25 its agriculture products held a 6% share there and 4% across India.^[1][2][3]

Business segments

Share of segment revenues in FY25: Agriculture 75%, Building products 16%, Industrial solutions 8% and Micro-irrigation 1%.^[1]
Segment revenue in Q1 FY26: about Rs 187 crores from agri, Rs 22 crores from building products and Rs 15 crores from institutional business.^[4]
Management says Building Products earns 14-18% margins against 8-10% for Agriculture, and calls it the major growth driver for FY27 (Q4 FY26 call).^[3]
Management is deliberately capping Industrial Solutions at INR 100-150 crores at most because of payment-cycle risk with EPC contractors (Q3 FY26 call).^[5]

Products and brands

The company makes PVC and PE polymer pipes for potable water supply, irrigation, building construction and infrastructure. Pipe diameters range from 20 mm to 710 mm (FY25).^[1]
The company describes its Kasta brand as its most valuable asset (FY25 annual report).^[1]
Building products include SWR and drainage pipes and fittings, CPVC plumbing pipes and fittings, garden pipe and water tanks (FY25).^[1]
Infrastructure and datacom products include RPVC ring-fit pipes, HDPE/MDPE pipes, PLB telecom ducts and micro-ducts (FY25).^[1]

Manufacturing and capacity

The company is headquartered in Indore and runs a single manufacturing facility in Pithampur (FY25).^[1]
Installed capacity is 130,000 TPA. Much of it is under-utilised because demand for agriculture pipes is seasonal (FY25).^[1]
Equipment at the plant: 25 PVC extrusion lines, 16 HDPE/drip extrusion lines and 30 injection moulding machines (FY25).^[1]
Capacity utilisation was 49% in Q1 FY26. Management ruled out cutting capacity.^[4]
About 60% of PVC resin is imported (Q3 FY26 call).^[5]

Sales volumes

Total volume was 58,630 MT in FY26, down 13% YoY: Agri 47,638 MT (-11%), Building Products 7,685 MT (-16%) and Industrial 3,307 MT (-29%).^[3]
Total volume was 13,577 MT in Q4 FY26, up 2% YoY: Agri 10,288 MT (+12%), Building Products 2,683 MT (+7%) and Industrial 606 MT (-65%).^[3]
Total volume was 13,992 MT in Q3 FY26, down 29% YoY. Agri was 11,790 MT (-29%) and Building Products 2,041 MT (-10%).^[5]
Total volume was 7,472 MT in Q2 FY26, down 26% YoY, after heavy rains. Agri was 4,842 MT (-33%), Building Products 1,378 MT (-33%) and Industrial 1,252 MT (+64%).^[6]
Total volume was 23,714 MT in Q1 FY26 vs 24,468 MT in Q1 FY25. Management said PVC prices were 13% lower than a year earlier.^[4]

Customers and distribution

The company sells through 490 dealers across 16 states as of FY26. It had a base of two states before expanding to 16 by FY25.^[3][1]
Retail customers, mostly cash-and-carry, made up 84% of revenues in FY25. Management put retail at over 85% of revenues in FY26.^[1][3]
Market share in FY25: agriculture products 4% across India and 6% in Madhya Pradesh; building products 0.5% across India.^[1]
Management says the company has a significant share in Rajasthan and below 10% in Maharashtra, which it is still developing (Q4 FY26 call).^[3]
More than 222 customers have stayed with the company for over five years (FY25). Institutional business fell 73% YoY in FY25.^[1]
The company cut institutional sales in Q4 FY26, and trade receivables fell to INR 28 cr from INR 48 cr.^[3]

Expansion and capex

Capex is on hold for at least the first two quarters of FY27. The decision on where to build a second plant is also deferred until after that period.^[3]
CPVC capacity is being expanded because it earns better margins. OPVC is not on the agenda (Q4 FY26 call).^[3]
Of Rs. 150 cr in warrants issued, about Rs. 75 cr had been converted and Rs. 67-68 cr of that deployed into capex (Q2 FY26 call).^[6]
Management restated an INR 1,000 crore revenue target as a long-term aspiration (Q4 FY26 call).^[3]

Recent developments

Q3 FY26: some warrant holders cancelled their warrants, reducing the capital the company had planned to raise.^[5]
FY25: CARE Ratings reaffirmed the company's BBB+ rating with a Stable outlook.^[1]
FY25: the company hired an international management consultancy to improve its supply chain, inventory and working capital.^[1]
The company had 599 employees as of 31 March 2025.^[1]

Market Cap

₹263 Cr

High / Low

₹122 / 51

Stock P/E

-35.8

Price / Book

1.3

Book Value

₹42

EPS

₹0.2

No. of Shares

5.27 Cr

ROCE

7.1%

ROE

0.5%

OPM

3.8%

Debt / Equity

0.41

Sales

₹587 Cr

Net Profit

₹1 Cr

Promoter holding

69.1%

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