Pidilite Industries (PIDILITIND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue grew 10.2% year-over-year to just under INR 3,700 crore, with standalone revenue at INR 3,425–3,436 crore and underlying volume growth of 9.3%.

• Standalone and consolidated PAT rose 12.5% and 12.0% year-over-year, respectively, with gross margin improving by 200 bps and EBITDA margin reaching 24.2%–24.5%.

• Growth was driven by strong domestic performance, especially in Consumer & Bazaar, and new product launches in art essentials and construction chemicals.

• The Board approved unaudited results and a 1:1 bonus share issue in September 2025, with all EPS restated accordingly.

• Statutory auditors issued an unmodified limited review opinion on the results.

Financial highlights

• Standalone revenue: INR 3,425–3,436 crore (+11% YoY); consolidated revenue: just under INR 3,700 crore (+10.2% YoY).

• Standalone PAT: INR 601.21 crore (+12.5% YoY); consolidated PAT: INR 623.84 crore (+12.0% YoY).

• Gross margin improved to 55.7% in Q3 FY26, up 200 bps year-over-year.

• Manpower costs rose due to a one-time wage code provision; exceptional items included impairment losses on loans.

• Standalone and consolidated basic EPS for Q3 FY26 were ₹5.91 and ₹6.07, respectively, adjusted for bonus shares.

Outlook and guidance

• Management remains optimistic, expecting domestic growth supported by favorable monsoons, GST 2.0, and infrastructure push.

• Export headwinds from geopolitical issues are expected to ease, with no sharp declines anticipated in Q4 or Q1.

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

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

• EBITDA margin corridor remains 20%–24%, with reinvestment of margin gains into growth initiatives.