Pidilite Industries (PIDILITIND) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 consolidated revenue grew 10.2% year-over-year to Rs 3,699 Cr, with standalone revenue at INR 3,425–3,436 crore and underlying volume growth of 9.3%.

• Standalone EBITDA margin rose to 24.5% (up 24 bps), and consolidated EBITDA margin improved to 24.2% (up 40 bps); profit after tax grew 12.5% year-over-year.

• Growth was driven by strong volume gains in Consumer & Bazaar and B2B segments, improved gross margins, and new product launches.

• Domestic business showed strong underlying volume growth of 11%, while exports declined 13.5% due to geopolitical challenges.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved by the Board on 3 February 2026.

Financial highlights

• Standalone revenue for Q3 FY26 was ₹3,425–3,436 crore, up from ₹3,099.08 crore in Q3 FY25; consolidated revenue was ₹3,699–3,709.91 crore, up from ₹3,368.91 crore.

• Standalone PAT for Q3 FY26 was ₹601.21 crore, up from ₹534.50 crore; consolidated PAT was ₹623.84 crore, up from ₹557.08 crore.

• Gross margin improved by 200 bps year-over-year, aided by lower input prices.

• One-time wage code provision impacted results by INR 47 crore standalone and INR 52 crore consolidated; manpower costs rose 21.6% in Q3.

• 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.