India · Delayed Price · Currency is INR Pidilite Industries Earnings Call Transcripts
Fiscal Year 2026
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Q3 FY26 saw 11% revenue growth and 9.3% volume growth, with strong domestic performance offsetting export declines. Gross margins improved, and EBITDA margin reached 24.5%. Robust growth in waterproofing and tile adhesives, ongoing innovation, and brand investments support a positive outlook.
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Q2 FY26 saw 9.8% consolidated revenue growth, driven by strong consumer, bazaar, and B2B segments, with rural demand outpacing urban but urban showing improvement. Margins remained stable due to benign input costs, and management expects continued double-digit volume growth and margin stability in the near term.
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Q1 FY26 delivered 10.6% revenue growth and 15.8% EBITDA growth, driven by strong volume gains across segments and robust rural performance. Margins are expected to remain at the higher end of guidance, with continued focus on innovation, premiumization, and distribution expansion.
Fiscal Year 2025
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Q4 and FY25 saw strong double-digit revenue and volume growth, margin expansion, and robust B2B performance. Management remains optimistic for FY26, targeting continued double-digit volume growth, but notes risks from global uncertainties and input cost volatility.
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Q3 FY25 delivered 9.7% volume and 9.3% revenue growth, with B2B segment leading at 21.7%. Gross margins improved YoY, but demand strain persists in both urban and rural markets. Management remains cautiously optimistic, focusing on brand investment and expansion opportunities.
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Q2 FY25 saw 7% revenue growth and 8% UVG, with strong B2B and rural performance. Margins expanded on benign input costs, and H1 PAT rose 19%. Management remains cautiously optimistic for H2, expecting benefits from government capex and rural demand.
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Underlying volume growth was 9.6% with strong B2B and rural performance, gross and EBITDA margins expanded year-over-year, and double-digit volume growth remains the target. Input costs are stable, and margins are expected to stay at the higher end of the guided range.