BirlaNu Limited — Investor Meet, 26-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

BirlaNu reported Q2 consolidated revenue of INR 810 crore, up 5% YoY, with EBITDA at INR 4 crore, a significant improvement from last year's loss. H1 EBITDA is 20% higher YoY despite a difficult market with soft pricing and 3-7% YoY price declines.

Key segment performances: Parador grew 11% YoY, margins up 720 basis points, nearing YTD EBITDA breakeven (€140-144 million annual revenue). Walls revenue surged 18% with 110 basis point margin expansion, driven by strong volumes and cost discipline; Chennai Line 2 is almost fully utilized. Pipes revenue declined 11% due to market headwinds, yet margins improved 110 basis points. Roofing saw a 5% revenue drop but expanded margins by 180 basis points. Construction Chemicals grew 31%, bolstered by the margin-accretive Clean Coats acquisition, which fortifies its B2B high-performance coatings and waterproofing portfolio.

Management notes a cautious outlook but expects continued profitability gains from internal efforts and a BCG-led value enhancement program, targeting 150-200 basis points EBITDA impact from Q4 FY'26, fully by FY'27. The company aims to double its portfolio to INR 8,000 crore in 2-3 years, with strategic investments in working capital and new projects. Total debt stands at INR 767 crore (0.65 D/E), with efforts to manage future increases. The long-term blended EBITDA margin target is 10-12% at scale.