We expect recovery in FY19 due to increase in demand globally," said Mayank Singhal, Managing Director and Chief Executive Officer, PI Industries.

PI Industries saw a weak quarterly performance as exports were muted due to delayed shipments, while higher costs lead to lower earnings before interest, taxes, depreciation, and amortization (EBITDA).

Talking about topline growth, he said, "It is revenue neutral for 2018 and for 2019, we definitely see about 18% odd growth.”

"Exports markets are strong. We are in the middle of executing certain new projects, which will turn up the revenue by about 18-20% in the export market and we also see similar kind of growth in domestic market,” he added.

The company is looking at Rs 225 crore of capex in FY19, he said.

We will continue to evaluate merger and acquisition (M&A) opportunities in customsynthesis and manufacturing (CSM) segment, Singhal added.