Finolex Industries' (FIL) Q4FY26 result beat our estimates on margins front. The management guided that the agricultural volume was subdued in Q4 because farmers anticipated softening prices amid market volatility, alongside delayed monsoons, though agricultural pipe demand began showing initial recovery indicators during the month of May. The company is gradually diversifying its product mix to reduce agri-dependence, with the agricultural segment share declining from 67% in FY25 to 63% in FY26, while the non-agricultural segment continues expanding. Further, the management noted that the fittings segment...