Building Materials – Sector Update – PVC Normalization and Agri Demand to Drive Growth
Published on 21 Apr 2026
The Indian pipes sector outlook remains constructive, supported by PVC resin price correction and improving raw material stability. PVC resin prices have corrected sharply by ~Rs 32/kg since early Apr’26, settling at ~Rs 83/kg after peaking at ~Rs 115/kg in Mar’26, driven by weak demand, higher imports (especially from China), arrival of delayed shipments, and recent duty cuts. The pace of decline sharper than the earlier surge, leading to channel uncertainty and a clear reversal in trend. Elevated pipe inventory in channel (of Rs 85–90/kg) is likely to trigger destocking supported by gradual revival of deferred project (real estate) and agri demand at lower PVC resin prices.
