PIDILITIND
Large CapPidilite Industries Limited
Consumer
Pidilite is a pioneer in Consumer & Specialty Chemicals, operating in Adhesives & sealants, construction chemicals, art & craft products, and polymer emulsions. Key brands include Fevicol, M-Seal, Fevikwik, Roff, and Dr. Fixit. The company operates 32 plants, 6 international setups, and serves 80+ countries.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 70/100Rev +14% YoY · PAT +36% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,583 Cr | +14.1% | -3.4% |
| EBITDA | ₹831 Cr | +31.5% | -7.0% |
| Operating margin | 23.0% | +300 bps | -100 bps |
| PAT | ₹584 Cr | +36.5% | -6.4% |
| PAT margin | 16.3% | +267 bps | -52 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Pidilite reports strong Q4 FY26 with 15.3% standalone revenue growth, driven by 15.3% UVG. Gross Margins improved by 100 bps to 55.6%, and EBITDA Margins expanded by 280 bps to 23.4% YoY. Full-year FY26 revenue grew 11.8% with 11.1% UVG and 100 bps EBITDA margin expansion.
Pidilite delivered robust Q4 and FY26 results, marked by strong underlying volume growth across both Consumer & Bazaar and Domestic B2B segments. Significant margin expansion was achieved due to lower input costs. Management expresses confidence in continued domestic demand and disciplined execution, focusing on profitable volume-led growth and strategic investments, despite potential input cost volatility.
Standalone Results - % of Total Sales based on FY 2025-26
Latest issuer-disclosed distribution across 3 reported categories.
Consumer & Bazaar (C&B) Segment
C&B segment recorded strong UVG of 15.4% in Q4 FY26 and 11.1% for FY26, showing continued acceleration.
Domestic Business to Business (B2B)
Domestic B2B recorded robust UVG of 21.5% in Q4 FY26, maintaining double-digit growth momentum.
New Product Innovation
Introduced advanced adhesives for challenging substrates and high-performance footwear adhesives, targeting premium segments.
Brand Building & Marketing
Engaged in impactful marketing initiatives like 'Jodi Salamat Rahe' for Fevicol Shoefix and partnerships with TATA WPL for Dr Fixit, winning multiple awards.
Strong Domestic Demand Momentum
Management expects the momentum in domestic demand to continue in the year ahead.
Lower Input Costs
Gross Profit margin expanded by 90 bps in FY26, primarily on account of lower input costs.
Lower B2B Exports
B2B exports UVG declined by 21.8% in Q4 FY26, impacting overall B2B revenue growth.
Potential Input Cost Volatility
Management anticipates a potential impact on input costs in the year ahead.
Lower Other Income
Other Income, as a percentage of sales, is lower by ~230 bps due to lower investment returns (MTM Impact) and nil dividend from subsidiaries in Q4 FY26.
General Economic Conditions
Future results could differ materially due to factors like general economic conditions.
Foreign Exchange Fluctuations
Potential risks and uncertainties include foreign exchange fluctuations.
Competitive Pressures
Competitive product and pricing pressures are identified as potential risks.
Regulatory Developments
Regulatory developments could cause actual results to differ materially.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The earnings presentation primarily provides Q4 and full-year results compared to the previous year. This comparison is more relevant for a consumer business to account for seasonality and assess underlying performance trends.
Underlying Volume Growth (UVG)
Q4 FY26 Standalone UVG was 15.3%. C&B recorded 15.4% UVG, while B2B recorded 14.8% UVG (Domestic B2B 21.5%, Exports -21.8%). FY26 Standalone UVG was 11.1%.
Gross Margins
Gross Margins for Q4 FY26 were 55.6%, an improvement of ~100 bps over Q4 FY25 (54.6%). For FY26, Gross Profit margin was 54.7%, expanding by 90 bps.
EBITDA Margins
EBITDA Margins for Q4 FY26 were 23.4% (Standalone), improving by ~280 bps over Q4 FY25 (20.6%). Consolidated EBITDA margin was 23.3%, improving ~310 bps. FY26 Standalone EBITDA margin was 24.6%, expanding ~100 bps.
Input Costs
Gross Profit margin expanded in FY26 due to lower input costs. Management expects potential impact on input costs in the year ahead.
Confidence in Execution
Management is confident of disciplined execution as they navigate the current supply side environment.
Strategic Focus
Strategic focus remains on driving consistent, profitable, volume-led growth through continued investments in innovation, brand building, and strengthening supply chain capabilities.
Risk Mitigation
A balanced approach will help sustain momentum while mitigating risks from external volatility.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Underlying Volume Growth (UVG) | Q4 FY26 Standalone UVG: 15.3% | Sustained double-digit UVG across C&B and Domestic B2B segments, indicating continued market penetration and demand. |
| Gross Margins | Q4 FY26 Gross Margins: 55.6% | Ability to maintain or further expand gross margins, especially in light of anticipated input cost volatility. |
| B2B Exports Performance | Q4 FY26 B2B Exports UVG: -21.8% | Signs of recovery and positive growth in the B2B export segment, which was a drag in Q4 FY26. |
| Other Income Contribution | Q4 FY26 Other Income as % of sales: Lower by ~230 bps YoY | Reversal of negative MTM impact on investment returns and resumption of subsidiary dividends to support other income. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
49Neutralnear 52W low
Technical chart
PIDILITINDdaily · 3Y+0.6%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 59.
- SMA20 rising (~4.8% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 3% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 21.0%.
- Quality contributes 17/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
- Cash flow is weaker at 7/10; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 69.3%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 99th pctile, median 67 · Large: 97th pctile, median 74
243 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 69.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.1%.
- ▸10 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 60.40
- P/B
- 13.77
- EV/EBITDA
- 38.09
- Market Cap
- 148575.00Cr
Profitability
- ROE
- 23.90%
- ROCE
- 31.00%
- ROA
- 16.01%
- Dividend Y
- 0.69%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 65.13×
- Altman Z
- 8.92
- Book Value
- 106.00
Cash Flow
- FCF Yield
- 1.08%
- FCF Positive Y
- 10/5
- OCF
- 2828.00 Cr
- EPS TTM
- 24.06
Shareholding
- Promoter Hold
- 69.32%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.