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Pidilite Industries (PIDILITIND) investor relations material

Pidilite Industries Q2 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 25/26 earnings summary31 Oct, 2025

Executive summary

  • Q2 FY26 consolidated revenue grew 9.8% year-over-year to Rs 3,554.44 crore, with standalone revenue at Rs 3,287.31 crore, driven by strong Consumer & Bazaar and B2B segment performance and stable EBITDA margin at 24%.

  • H1 FY26 consolidated revenue rose 10.2% to Rs 7,307.54 crore, with PAT up 13.7% and EBITDA margin at 24.6%.

  • Rural demand outperformed urban, but urban markets improved, with both segments expected to maintain momentum.

  • Statutory auditors issued an unmodified limited review opinion on both standalone and consolidated results.

  • Major capital returns included a 1:1 bonus share issue and significant dividends.

Financial highlights

  • Q2 FY26: Net sales Rs 3,554.44 crore (+9.8%), EBITDA Rs 851 crore (+10.7%), PAT Rs 584.60 crore (+8.3%), gross margin at 54.3%.

  • H1 FY26: Net sales Rs 7,307.54 crore (+10.2%), EBITDA Rs 1,792 crore (+13.3%), PAT Rs 1,262.73 crore (+13.7%).

  • Consumer & Bazaar segment UVG was 10.4%, B2B UVG 9.9%, and total standalone UVG 10.3%.

  • Domestic subsidiaries posted 10.7% revenue growth and 22.6% EBITDA growth; international subsidiaries saw 4.5% revenue growth.

  • Standalone basic EPS for Q2 FY26 was ₹5.76 (adjusted for bonus shares); consolidated basic EPS was ₹5.65.

Outlook and guidance

  • Management expects benign input costs, particularly for VAM, to persist for the next 3–6 months, supporting margin stability.

  • EBITDA margin is expected to remain within the 20%-24% corridor, with potential to stay at the higher end if input costs remain favorable.

  • Double-digit underlying volume growth is expected to continue in the second half, supported by a resilient business model and diversified portfolio.

  • Optimism for improved domestic environment, supported by favorable monsoons, GST 2.0, and construction sector growth.

  • Management continues to focus on growth in core segments and operational efficiency.

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Frequently asked questions

Pidilite Industries Ltd manufactures and markets adhesives, sealants, construction chemicals, and art materials. Its products are used in industrial, consumer, and construction sectors across India and international markets. The company is headquartered in Mumbai, India, and its shares are listed on the NSE.

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