In Q4FY23, Finolex Industries (FNXP) reported pipe volume growth of 3.6% YoY (-9.9% QoQ, flat 4-year CAGR), driven by uptick in agri and plumbing demand, as PVC resin prices stabilised (close to their 10-year average). Consolidated EBIDTA margin expanded by 10.9ppt QoQ to 19.1% (+246bps YoY) driven by profitability improvement in both PVC pipes and resin segments.