Finolex Industries' (FIL) Q3FY26 result was below our estimates on key parameters. The management cited that the monsoon season materially impacted demand across the piping industry, leading to muted volumes in Q3. Channel inventory levels remained below normal but started rebuilding gradually in January as PVC prices stabilized and sentiment improved. Industry demand outlook remains cautious but seasonally stronger in Q4, with infrastructure and non-agri applications supporting recovery. However, management refrained from expecting double-digit industry growth given...