Building Materials – Jan-Mar’26 Earnings Preview – Pipes in the Lead: Driving Growth in BM
Published on 02 Apr 2026
Building material companies under coverage are expected to report healthy revenue growth of ~20.3% YoY, primarily driven by the pipes segment. Margins are likely to expand by ~120bps, supported by rising PVC resin prices, enabling larger players to pass on costs and benefit from inventory gains and cooling of timber prices. The plastic pipes sector is anticipated to deliver strong volume growth of ~20% YoY. Tiles and bathware sectors are likely to experience single digit growth. Wood panel segment CPBI is expecting good revenue growth mainly driven from plywood segment (contributes 55% to the topline). We expect coverage companies to register sales/EBIDTA/PAT growth of 20.3%/30.0%/28.3% YoY. We expect pipes players to outperform in the BM space.
