Pidilite Industries Ltd (PIDILITIND)

Chemicals · Chemicals · NSE · Updated 1 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹1,628.9 ↑ 6.76% (1Y)

🎯 Key Takeaways

Pidilite Industries is in a phase of structural growth driven by innovation and strategic reinvestment in high-potential segments like electronics adhesives and waterproofing chemicals. Management is leveraging margin resilience and volume expansion in domestic markets to fuel long-term gains in underpenetrated construction and industrial segments, despite export headwinds.
Revenue grew 27% QoQ to ₹4,552 in Q1FY27.
⚠️ Raw material and freight cost volatility continues to pressure gross margins, with management acknowledging exposure to global inflation and geopoliti

Market Cap

₹1.66 L Cr

P/E Ratio

62.6

P/B Ratio

15.30

ROE

24.7%

ROCE

33.4%

Debt/Equity

0.01

Div Yield

1.32%

Promoter

69.2%

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📖 The Story

Pidilite Industries is in a phase of structural growth driven by innovation and strategic reinvestment in high-potential segments like electronics adhesives and waterproofing chemicals. Management is leveraging margin resilience and volume expansion in domestic markets to fuel long-term gains in underpenetrated construction and industrial segments, despite export headwinds.

📰 What's Happening

In Q1 FY27, Pidilite reported consolidated revenue of ₹4,541 crores (21.3% YoY growth) and consolidated profit growth of 30.3%, supported by 12.2% volume growth in Consumer/Bazaar segments and new product launches such as Fevicol X-PER and M-Seal Advanced. EBITDA margin expanded by 80–120 bps to 26.4%, reflecting pricing discipline and carry-over inventory benefits, even as gross margin declined 90 bps due to raw material volatility. Management highlighted export growth of -8.4% due to geopolitical pressures but expects recovery as conditions normalize. Volume growth in high-potential segments outpaced B2B, and the company is targeting 2x–4x expansion in growth businesses like electronics adhesives, reinvesting margins into innovation and capacity.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	3,554	3,710	3,583	4,552
Operating Profit	751	793	736	1,097
OPM %	21.1%	21.4%	20.5%	24.1%
Net Profit	585	624	584	884
EPS	₹5.69	₹6.07	₹5.69	₹8.57

Revenue and profitability have shown consistent upward momentum, with consolidated revenue rising from ₹3,554 crores in September 2025 to ₹4,552 crores by June 2026, accompanied by expanding operating margins and net profit growth outpacing revenue gains. Despite gross margin pressure from input costs, EBITDA margin improvement and stable operating leverage suggest effective cost management and pricing power. The sequential rise in profitability, even amid macro volatility, indicates that management’s operational controls and product innovation are translating into tangible financial gains.

🔮 Management Outlook & What's Next

Management has maintained its gross margin guidance of 20–24% and EBITDA margin guidance of 20–24%, citing confidence in margin resilience despite input cost pressures. They expect export growth to recover as geopolitical conditions improve and have emphasized reinvestment of margins into high-growth areas such as electronics and industrial adhesives. Volume growth in Consumer/Bazaar segments is expected to continue outpacing B2B, supported by structural tailwinds in underpenetrated construction chemicals like tile adhesives and waterproofing.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	51	51	102	102
Reserves	8,664	9,704	9,452	10,730
Borrowings	379	454	443	106
Total Liabilities	12,755	14,011	13,898	15,433
Fixed Assets	2,617	2,836	2,904	5,774
Investments	2,546	3,551	3,304	4,350
Total Assets	12,755	14,011	13,898	15,433

The balance sheet shows stable leverage with borrowings remaining low and consistent at ₹106 crores (March 2026), while equity and reserves have grown steadily, reflecting strong retained earnings and capital efficiency. Total assets have increased from ₹13,898 crores in March 2025 to ₹15,433 crores in March 2026, indicating asset base expansion aligned with growth. The company maintains a strong capital structure with minimal debt and a focus on internal funding, supporting its reinvestment agenda without significant financial risk.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+2,828
Investing	-1,224
Financing	-1,673
Net Cash Flow	-68

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	69.3%	69.3%	69.3%	69.2%
FII	12.2%	12.0%	11.8%	11.7%
DII	9.1%	9.3%	9.7%	9.9%
Public	8.0%	7.9%	7.8%	7.7%
# Shareholders	5,07,732	5,21,850	5,20,440	5,09,811

Promoter holding remains stable at approximately 69.24%, indicating confidence in long-term control and strategy. Institutional investor interest is evident with FII and DII holdings showing slight fluctuations but maintaining a combined stake of around 21.5% in Q1FY27. The number of public shareholders has increased slightly, suggesting retail investor engagement. No significant dilution or pledging has been observed, and shareholding patterns remain stable, reflecting consistent investor confidence.

⚖️ Peer Comparison — Chemicals

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
PIDILITIND	1.66 L Cr	62.6	33.4%	24.7%	0.01
SRF	76,916	35.6	15.6%	15.4%	0.36
LINDEINDIA	55,474	101.5	17.5%	12.8%	0.00
FLUOROCHEM	52,441	85.7	9.6%	7.7%	0.34
NAVINFLUOR	43,655	55.2	22.2%	19.9%	0.31
GODREJIND	39,359	33.5	9.2%	19.8%	4.57
HSCL	33,953	42.2	20.7%	17.1%	0.16
DEEPAKNTR	24,047	30.7	15.3%	13.4%	0.26
AETHER	22,519	95.5	13.8%	10.6%	0.08
AARTIIND	19,602	36.9	9.2%	9.5%	0.68

🔗 Peer Stock Analyses

SRF LINDEINDIA FLUOROCHEM NAVINFLUOR GODREJIND

⚠️ Risk Factors

1. Raw material and freight cost volatility continues to pressure gross margins, with management acknowledging exposure to global inflation and geopolitical disruptions. 2. Export performance remains vulnerable to external geopolitical tensions, as evidenced by -8.4% export growth in Q1 FY27, which could delay recovery in international markets. 3. While volume growth is strong in domestic segments, sustained margin expansion depends on pricing discipline and cost control amid persistent inflationary pressures.

📋 Recent Filings

🧠 Analyst's Read

Pidilite is executing a disciplined growth strategy with improving profitability and reinvestment in future-facing segments, supported by strong domestic demand and innovation. Investors should monitor margin resilience amid input cost pressures, export recovery trends, and the pace of expansion in high-potential growth businesses as key near-term catalysts.

Based on filing content and financial data. Not a recommendation.

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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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