Maker of Fevicol adhesives, sealants, construction and art-and-craft chemicals across India and 80+ countries.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,552 | +21.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 26.0 | +1.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 884 | +30.4% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 25.74 | +0.9 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 15.33 | +1.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 14.08 | +5.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 6 judged targets kept · 4 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Price Increases | Blended company level price increase of 4-5% in April, another 7-8% in early May | Q4 FY26 | Revenue growth of 22.2% on UVG of 11.3% implies a price/mix realization of ~10.9%, confirming the implementation of the announced price hikes. | Achieved |
| Profitable underlying volume growth | double digit | Q4 FY25 | Promise was for FY26 and was achieved. A new promise for double-digit UVG has been issued for the current period. | Achieved |
| B2B segment growth | low to mid-teens for 2-3 years | Q4 FY25 | B2B UVG was 7.3%, significantly below the 'low to mid-teens' target, dragged down by an 8.4% decline in exports. | At Risk |
3 of Pidilite Industries Limited's 10 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 7 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹1,507.1 on 24 Oct 2025 → ₹1,478. High ₹1,701.5 (12 Aug 2026), low ₹1,273.6 (2 Apr 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Pidilite Industries makes and sells adhesives and sealants, construction chemicals, waterproofing solutions, art and craft products, industrial adhesives and polymer emulsions, anchored by household brands such as Fevicol, Dr. Fixit and M-Seal. It earns primarily through its Consumer & Bazaar business (retail-driven consumer and specialty products) and a Business to Business segment covering project construction chemicals, industrial adhesives, resins and exports. Adhesives and sealants alone account for over half of standalone sales, with the bulk sold domestically through a wide distributor network and the remainder exported.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 6 judged targets kept · 4 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Price Increases | Blended company level price increase of 4-5% in April, another 7-8% in early May | Q4 FY26 | Revenue growth of 22.2% on UVG of 11.3% implies a price/mix realization of ~10.9%, confirming the implementation of the announced price hikes. | Achieved |
| Profitable underlying volume growth | double digit | Q4 FY25 | Promise was for FY26 and was achieved. A new promise for double-digit UVG has been issued for the current period. | Achieved |
| B2B segment growth | low to mid-teens for 2-3 years | Q4 FY25 | B2B UVG was 7.3%, significantly below the 'low to mid-teens' target, dragged down by an 8.4% decline in exports. | At Risk |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 10 tracked commitments, with each call’s wording and source.
Call summaries
Pidilite Industries Limited Q1 FY27
Pidilite Industries reported strong Q1 FY27 results with robust revenue and profit growth, driven by healthy underlying volume expansion in Consumer and Bazaar segments. While gross margins faced pressure from higher raw material costs, proactive pricing and operating leverage supported EBITDA margin expansion. Exports were impacted by geopolitical issues, leading to lower B2B volume growth.
Read the full callPidilite Inds. Q4 FY26
Pidilite Industries reported strong Q4 FY26 results with stand-alone revenue growing 15.3% and underlying volume growth matching at 15.3%. EBITDA margin expanded by 280 bps to 23.4%, leading to a consolidated PAT growth of 36.6%. While exports and the Nina waterproofing business faced headwinds, core Consumer & Bazaar and B2B segments showed robust volume growth. The company approved a final dividend of INR 11.5 per share and is navigating significant raw material inflation through calibrated price increases.
Read the full callPidilite Industries Q3 FY26 Earnings Call
Pidilite delivered a strong Q3 FY26 with domestic franchise continuing to strengthen (11% domestic UVG). Exports were the main drag, declining 13.5% due to US tariff impacts on pigments and indirect B2B exposure. Management is confident this is largely behind them. Gross margin tailwinds from benign VAM prices were partially offset by a one-time Wage Code provision. The company continues to invest behind brands (stepped up A&SP) while maintaining margins at the upper end of their 20-24% EBITDA corridor. Construction portfolio shows no slowdown with Dr. Fixit regaining market share and Roff/til
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +30% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,235 | 3,369 | 3,141 | 3,753 | 3,554 | 3,710 | 3,583 | 4,552 |
| Expenses | 2,467 | 2,571 | 2,509 | 2,812 | 2,704 | 2,816 | 2,753 | 3,358 |
| Operating profit | 768 | 798 | 632 | 941 | 850 | 894 | 831 | 1,194 |
| Operating margin | 24.0% | 24.0% | 20.0% | 25.0% | 24.0% | 24.0% | 23.0% | 26.0% |
| Other income | 57 | 56 | 55 | 86 | 50 | 60 | 57 | 109 |
| Interest | 12 | 12 | 14 | 14 | 13 | 13 | 14 | 13 |
| Depreciation | 88 | 90 | 97 | 97 | 100 | 101 | 97 | 97 |
| Profit before tax | 725 | 752 | 576 | 916 | 787 | 840 | 777 | 1,192 |
| Tax rate | 25.0% | 26.0% | 26.0% | 26.0% | 26.0% | 26.0% | 25.0% | 26.0% |
| Net profit | 540 | 557 | 428 | 678 | 585 | 624 | 584 | 884 |
| EPS (₹ per share) | 5.26 | 5.43 | 4.15 | 6.61 | 5.69 | 6.07 | 5.69 | 8.57 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 11,799 | 12,383 | 13,140 | 14,600 |
| Expenses | 9,817 | 9,682 | 10,130 | 11,085 |
| Operating profit | 1,983 | 2,701 | 3,010 | 3,516 |
| Other income | 58 | 69 | 222 | 253 |
| Interest | 48 | 51 | 50 | 54 |
| Depreciation | 270 | 340 | 359 | 395 |
| Profit before tax | 1,724 | 2,379 | 2,823 | 3,320 |
| Net profit | 1,290 | 1,748 | 2,096 | 2,471 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 51 | 51 | 51 | 51 | 102 | 102 |
| Reserves | 6,353 | 7,161 | 8,356 | 9,704 | 9,452 | 10,730 |
| Borrowings | 416 | 391 | 382 | 454 | 443 | 417 |
| Other liabilities | 2,675 | 2,902 | 3,286 | 3,775 | 3,901 | 4,149 |
| Total liabilities | 9,494 | 10,505 | 12,076 | 13,984 | 13,898 | 15,399 |
| Fixed assets | 4,703 | 4,914 | 5,451 | 5,705 | 5,760 | 5,774 |
| Capital work in progress | 225 | 406 | 148 | 129 | 155 | 329 |
| Investments | 459 | 881 | 2,235 | 3,551 | 3,304 | 4,350 |
| Other assets | 4,107 | 4,304 | 4,242 | 4,598 | 4,679 | 4,947 |
| Total assets | 9,494 | 10,505 | 12,076 | 13,984 | 13,898 | 15,399 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 1,392 | 955 | 1,558 | 2,724 | 2,287 | 2,828 |
| Cash from investing | -1,688 | -558 | -899 | -1,769 | -1,542 | -1,224 |
| Cash from financing | -76 | -468 | -656 | -742 | -918 | -1,673 |
| Net cash flow | -372 | -71 | 2 | 212 | -173 | -68 |
| Free cash flow | 1,040 | 581 | 1,060 | 2,171 | 1,839 | 2,239 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 66 | 53 | 47 | 49 | 50 | 55 |
| Inventory days | 133 | 114 | 98 | 86 | 103 | 98 |
| Days payable | 109 | 70 | 57 | 70 | 85 | 86 |
| Cash conversion cycle | 91 | 96 | 88 | 66 | 68 | 66 |
| Working capital days | 23 | 43 | 40 | 19 | 19 | 18 |
| Return on capital employed | 28.0% | 25.0% | 24.0% | 30.0% | 30.0% | 31.0% |
| Dividend payout | 38.0% | 42.0% | 44.0% | 47.0% | 49.0% | 48.0% |
The businesses behind the company’s reported revenue.
Consumer & Bazaar contributes 79.7% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
₹3,680.58 crore
₹917.76 crore
₹21.84 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Consumer & Bazaar | 3,680.58 | 79.7% |
| Business to Business | 917.76 | 19.9% |
| Others | 21.84 | 0.5% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
Business to Business shrank from 21% to 20% of revenue over the last two years.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Consumer & Bazaar | 78% | 78% | 74% | 79% | 79% | 79% | 76% | 80% | +22.4% |
| Business to Business | 21% | 22% | 25% | 21% | 21% | 21% | 24% | 20% | +13.8% |
| Others | <1% | <1% | <1% | <1% | <1% | <1% | <1% | <1% | +48.5% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
To justify its price of ₹1478, this stock must grow earnings at 31% every year for 5 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹557 — downside of 62%.
Pidilite Industries' recent TTM sales growth is 3.12%, but management has announced significant price increases (11-13% blended company level) for April-May 2026, which will boost future revenue. The promise track record is mixed, with some misses and delays. Management also guides for maintaining an EBITDA margin band of 20-24%. Given the explicit pricing guidance, a g1 of 10.0% is estimated, assuming some volume growth on top of price increases, but conservatively accounting for potential demand elasticity and the mixed track record. Despite very low leverage, the mixed track record and recent TTM growth volatility warrant a slightly higher discount rate of 11%. A 5-year stage-1 growth period with a 3-year fade to a 5% terminal growth rate is applied.
Through 2026-03-31
Ownership
Promoters hold 69.19% as of Sept 2026; institutions added 0.13 pts since Jun 2026.
Named in the Sep 2026 filing
Every holder of Pidilite Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 9.41% | unchanged | |
| 8.52% | unchanged | |
| 7.42% | unchanged | |
| 7.16% | unchanged | |
| 5.15% | unchanged | |
| 4.95% | unchanged | |
| Insurer | 3.26% | −0.59 pp |
| 2.43% | unchanged | |
| 2.43% | unchanged | |
| 1.76% | unchanged | |
| 1.67% | unchanged | |
| 1.57% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
1 new, 13 added, 8 trimmed, 0 sold out — net +3.04 L shares (+5.5%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund | ₹161 Cr | +0.07 L | Jan '19 |
| SBI Dividend Yield Fund SBI Mutual Fund | ₹113 Cr | held | Nov '25 |
| SBI ESG Exclusionary Strategy Fund SBI Mutual Fund | ₹102 Cr | held | Nov '25 |
| SBI Quant Fund SBI Mutual Fund | ₹86 Cr | +2.01 L | Jul '26 |
| Nippon India Balanced Advantage Fund Nippon India Mutual Fund | ₹84 Cr | +0.70 L | Feb '26 |
| HDFC Arbitrage Fund HDFC Mutual Fund | ₹59 Cr | −0.18 L | Jul '24 |
| SBI Nifty Next 50 ETF SBI Mutual Fund | ₹54 Cr | −0.03 L | Aug '21 |
| SBI Nifty Next 50 Index Fund SBI Mutual Fund | ₹43 Cr | +0.07 L | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
13 added, 8 trimmed — net +3.04 L shares (+5.5%)
Shares held by these funds +137%
Oct '23 58.61 L shares Sep '26
Your own record
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