India · Delayed Price · Currency is INR Pidilite Industries Earnings Call Transcripts
Fiscal Year 2026
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Q4 and FY26 saw strong double-digit revenue and volume growth, margin expansion, and robust performance across core and growth brands. Management is navigating raw material inflation with calibrated price hikes and expects continued growth, though macro uncertainties remain.
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Q3 FY26 saw 11% revenue growth and 9.3% volume growth, with strong domestic performance offsetting export declines. Gross margin improved by 200 bps, and profit after tax rose 12.5%. Management expects export headwinds to ease and aims to sustain double-digit growth.
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Q2 FY26 saw strong double-digit volume and value growth, with improved gross margins and stable EBITDA margins. Rural demand outpaced urban, but urban is recovering, and input costs are expected to remain benign. Export growth was subdued due to tariffs, while domestic segments performed robustly.
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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 revenue grew 10.2% year-over-year, with strong volume growth in both consumer and B2B segments. Gross and EBITDA margins expanded, and full-year PAT rose 20%. Management expects double-digit volume growth in FY26, barring prolonged geopolitical risks.
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Q3 saw 9.7% volume and 9.3% revenue growth, with gross margins up 100 bps year-over-year. B2B momentum remains strong, rural growth outpaces urban, and input costs are expected to stay benign in Q4. Management remains cautiously optimistic amid macro uncertainties.
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Revenue grew 7% YoY in Q2 FY25 with 8% underlying volume growth, led by strong B2B and rural performance. Gross and EBITDA margins expanded, and PAT rose 18%. Management remains cautiously optimistic for H2, expecting continued margin strength and rural outperformance.
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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.