Pidilite Industries (PIDILITIND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue grew 10.2% year-over-year to Rs 3,709.91 crore, with standalone revenue at Rs 3,436.18 crore and underlying volume growth of 9.3%.

• Consumer & Bazaar segment led revenue and profit, with Q3 FY26 standalone revenue at Rs 2,802.31 crore and segment result at Rs 873.02 crore.

• Export volumes declined 13.5% due to geopolitical challenges, impacting overall growth.

• Board approved unaudited financial results for Q3 and nine months ended 31 December 2025; statutory auditors issued an unmodified limited review opinion.

• Growth was driven by strong volume gains in core segments, improved gross margins, and new product launches.

Financial highlights

• Q3 FY26 consolidated PAT increased 12.0% year-over-year to Rs 623.84 crore; standalone PAT up 12.5% to Rs 601.21 crore.

• Gross margin improved to 55.7% in Q3 FY26, up 200 bps year-over-year, aided by lower input prices.

• Standalone EBITDA margin rose by 24 bps to 24.5%, despite a one-time wage code provision and higher advertising spend.

• Manpower costs rose due to a one-time provision from new labour code.

• Standalone and consolidated basic EPS for Q3 FY26 were ₹5.91 and ₹6.07, respectively, both up year-over-year.

Outlook and guidance

• Management remains optimistic, expecting domestic conditions to improve with favorable monsoons, GST 2.0, and infrastructure push.

• Export headwinds are expected to ease, with minimal further decline anticipated in Q4 and Q1.

• The company continues to monitor regulatory changes, especially the implementation of new labour codes, and will adjust financials as needed.

• Focus continues on volume-led, profitable growth through brand, supply chain, and people investments.

• EBITDA margin is expected to remain at the upper end of the 20%-24% range for the full year.