PIDILITIND

Pidilite Industries share price & financials

Price
₹1,566.1
Market cap
₹1.7L Cr
Sector
Chemicals
Calls analysed
6
Latest concall · Q1 FY27 · call held 05 Aug 2026

Pidilite Industries Limited Q1 FY27

Standalone Revenue ₹4,237 cr +22%Standalone EBITDA Margin 26.4%

What went well

  • Standalone revenues grew 22.2% to ₹4,237 crores.
  • Standalone underlying volume growth was 11.3%.
  • Standalone EBITDA margins improved 80 basis points QoQ to 26.4%.

What to watch

  • B2B underlying volume growth was lower at 7.3% due to a -8.4% decline in exports.
  • Gross margins at 52.5% were 90 basis points lower YoY.
Read the full call →

What Pidilite Industries Limited does

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

  • Consumer & Bazaar (C&B)
  • Business to Business (B2B)
Manufacturing plants
32
Countries present in
80+
Distributors
5,150+
Products
810+
SKUs
6,100+
Warehouses
50
Founded 1969Headquarters Mumbai, Maharashtra, IndiaEmployees 8,800 (FY26 (31 Mar 2026), stan) Company website

Guidance record · Q1 FY27

what the last two calls moved 10 tracked 3 delivered 3 missed 4 open
  • Price Increases delivered said Q4 FY26 Promised: Blended company level price increase of 4-5% in April, another 7-8% in early May Q1 FY27: 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.
  • Profitable underlying volume growth delivered said Q4 FY25 Promised: double digit Q1 FY27: Promise was for FY26 and was achieved. A new promise for double-digit UVG has been issued for the current period.
  • B2B segment growth at risk said Q4 FY25 Promised: low to mid-teens for 2-3 years Q1 FY27: B2B UVG was 7.3%, significantly below the 'low to mid-teens' target, dragged down by an 8.4% decline in exports.

All 10 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.1%, net profit up 27.7% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,977 3,099 2,851 3,479 3,287 +10%3,436 +11%3,285 +15%4,249 +22%
EBITDA731 749 584 888 807 +10%840 +12%766 +31%1,121 +26%
Net profit542 534 446 650 586 +8%601 +13%547 +23%830 +28%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −49.0% 1Y

₹1.5k₹2.0k₹2.5k₹3.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 4 Feb 2026Q4 FY26 — 8 May 2026Q1 FY27 — 5 Aug 2026

1Y: ₹3,070.6 on 10 Sept 2025 → ₹1,566.9. High ₹3,079.8 (11 Sept 2025), low ₹1,273.6 (2 Apr 2026).

How the price took the results

close before → close after

Q1 FY27
+2.8%
5 Aug
Q4 FY26
+1.8%
8 May
Q3 FY26
+2.3%
4 Feb
Q2 FY26
−2.8%
31 Oct

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.

Financials, as filed

Revenue grew 4.6% a year over 3 years, FY23 to FY26. Operating margin widened to 24.5%.

Year endingFY23FY24FY25FY26
Revenue₹11.8k Cr₹11.2k Cr₹12.1k Cr₹13.5k Cr
Operating profit₹2.0k Cr₹2.5k Cr₹2.8k Cr₹3.3k Cr
Operating margin16.8%22.8%23.5%24.5%
Interest₹48 Cr₹29 Cr₹34 Cr₹41 Cr
Depreciation₹270 Cr₹290 Cr₹308 Cr₹336 Cr
Net profit₹1.3k Cr₹1.8k Cr₹2.1k Cr₹2.4k Cr
Net margin10.9%16.1%17.2%17.7%
ROCE24.0%31.0%31.0%31.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹51 Cr₹51 Cr₹51 Cr₹51 Cr₹102 Cr₹102 Cr
Reserves₹5.5k Cr₹6.3k Cr₹7.1k Cr₹8.3k Cr₹9.5k Cr₹10.6k Cr
Borrowings₹122 Cr₹198 Cr₹187 Cr₹212 Cr₹443 Cr₹276 Cr
Other liabilities₹1.9k Cr₹2.2k Cr₹2.4k Cr₹2.8k Cr₹3.9k Cr₹3.7k Cr
Total liabilities₹7.6k Cr₹8.7k Cr₹9.7k Cr₹11.4k Cr₹13.9k Cr₹14.6k Cr
Fixed assets₹1.4k Cr₹4.2k Cr₹4.4k Cr₹4.9k Cr₹5.8k Cr₹5.3k Cr
Capital work in progress₹282 Cr₹207 Cr₹351 Cr₹135 Cr₹155 Cr₹327 Cr
Investments₹3.5k Cr₹1.1k Cr₹1.4k Cr₹2.8k Cr₹3.3k Cr₹4.9k Cr
Other assets₹2.4k Cr₹3.2k Cr₹3.4k Cr₹3.5k Cr₹4.7k Cr₹4.1k Cr
Total assets₹7.6k Cr₹8.7k Cr₹9.7k Cr₹11.4k Cr₹13.9k Cr₹14.6k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.66 pp while FIIs trimmed −0.44 pp. The shareholder count grew 2% to 5,09,811.

Promoters
69.2%
FIIs
11.7%
DIIs
9.8%
Government
0.1%
Public
9.2%

Since Jun 2025

  • DIIs +0.66 pp
  • FIIs −0.44 pp
  • Public −0.18 pp

How it drifted, 12 quarters

Over this window DIIs went from 8.0% to 9.8% — +1.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 69.9%, FIIs 11.4%, DIIs 8.0%, Public 10.7%.Dec '23: Promoters 69.8%, FIIs 11.5%, DIIs 8.3%, Public 10.4%.Mar '24: Promoters 69.8%, FIIs 11.3%, DIIs 8.9%, Public 10.0%.Jun '24: Promoters 69.8%, FIIs 11.6%, DIIs 9.0%, Public 9.7%.Sep '24: Promoters 69.6%, FIIs 12.0%, DIIs 8.9%, Public 9.6%.Dec '24: Promoters 69.6%, FIIs 11.8%, DIIs 9.2%, Public 9.5%.Mar '25: Promoters 69.5%, FIIs 11.6%, DIIs 9.4%, Public 9.5%.Jun '25: Promoters 69.3%, FIIs 12.1%, DIIs 9.2%, Public 9.4%.Sep '25: Promoters 69.3%, FIIs 12.1%, DIIs 9.2%, Public 9.4%.Dec '25: Promoters 69.3%, FIIs 12.0%, DIIs 9.2%, Government 0.0%, Public 9.4%.Mar '26: Promoters 69.3%, FIIs 11.8%, DIIs 9.6%, Government 0.1%, Public 9.3%.Jun '26: Promoters 69.2%, FIIs 11.7%, DIIs 9.8%, Government 0.1%, Public 9.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Pidilite Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Madhukar Balvantray Parekh partner representing Triveni Corporations 9.42%unchanged
Narendrakumar Kalyanji Parekh partner representing J. Ben & Co. 8.53%unchanged
Ajay Balvantray Parekh partner representing PBS Business Corporation 7.43%unchanged
Mrudula Sushilkumar Parekh partner representing Kalva Commercial Company 7.17%unchanged
Devkalyan Sales Private Ltd 5.15%unchanged
Ishijas Chemicals Private Limited 4.96%unchanged
Life Insurance Corporation Of India Insurer3.85%+0.23 pp
The Vacuum Forming Company Pvt Ltd 2.43%unchanged
Harton Private Limited 2.43%unchanged
Pidichem Pvt Ltd 1.75%unchanged
Ajay Balvantray Parekh 1.67%unchanged
Madhukar Balvantray Parekh 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.

Mutual funds in PIDILITIND

Filings to Aug 2026

0 new, 11 added, 8 trimmed, 0 sold out — net +1.99 L shares (+3.8%).

Held by funds
₹927 Cr
29 schemes
Biggest holder
Nippon India ETF Nifty Next 50 Junior BeES
₹185 Cr · 2.1% of that fund
SchemeHoldingLast month
Nippon India ETF Nifty Next 50 Junior BeES Nippon India Mutual Fund₹185 Cr+0.35 L
SBI Dividend Yield Fund SBI Mutual Fund₹130 Crheld
SBI ESG Exclusionary Strategy Fund SBI Mutual Fund₹118 Crheld
Nippon India Balanced Advantage Fund Nippon India Mutual Fund₹85 Crheld
SBI Quant Fund SBI Mutual Fund₹66 Cr+1.99 L
HDFC Arbitrage Fund HDFC Mutual Fund₹64 Cr+2.30 L
SBI Nifty Next 50 ETF SBI Mutual Fund₹63 Cr+0.01 L
SBI Nifty Next 50 Index Fund SBI Mutual Fund₹49 Cr+0.12 L

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 Aug 2026

11 added, 8 trimmed — net +1.99 L shares (+3.8%)

Funds are sitting on
+10%
vs est. average cost
Held by funds
₹927 Cr
29 schemes · ≈ 0.50% of the company
Biggest holder
Nippon India ETF Nifty Next 50 Junior BeES
₹185 Cr · 2.1% of that fund
Longest holder
Nippon India ETF Nifty 100
10y 6m · since Mar '16

Shares held by these funds +80%

Aug '23 55.41 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1567, this stock must grow earnings at 34% every year for 5 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹532 — downside of 66%.

Growth the price implies
33.7% a year
for 5 years, fading to 5%
It has actually compounded at
22.7% a year
net profit, FY23–FY26 · EPS 23.2%
The gap
0.2 pp
-66% downside if it only repeats history
Price today ₹1,566.9 Value at the reference growth ₹531.8
Why this baseline, and what it is built on

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

Change the assumptions yourself →

All earnings calls (6)

Read the Q1 FY27 call →

Learn to analyse Pidilite Industries Limited

Guides on how to read this kind of business and the numbers that matter.