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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹3,583 Cr
verified against source
Revenue YoY
15.3%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Pidilite delivered a standout Q4 with standalone revenue of ₹3,272 crore growing 15.3% YoY, driven by 15.3% underlying volume growth (UVG) — a sharp acceleration from 9.8% in 9M FY26. Both consumer & bazaar (15.4% UVG) and B2B (14.8% UVG) fired on all cylinders, with core brands like Fevicol posting double-digit growth and growth categories (Dr. Fixit, Roff) at the higher end of their band. EBITDA margin expanded 280 bps YoY to 23.4%, aided by 100 bps gross margin improvement and operating leverage. The West Asia conflict disrupted March exports and is driving 40-50% weighted average RM inflation, but management has taken two price hikes (cumulative ~12-15% in key categories) and secured supply. Guidance: committed to 20-24% EBITDA margin corridor and focused on sustaining double-digit UVG. Risk: if the conflict persists, demand compression from cumulative inflation across building materials could pressure volumes.
Colored figures show movement against the previous available record.
Guidance to track
- Management reiterated commitment to the 20-24% EBITDA margin band despite raw material inflation, with FY26 at the higher end.
- Cumulative price increase of ~12-15% in key categories (e.g., Fevicol) to pass on RM inflation; blended company-level pricing ~4-5% in April and another 7-8% in early May.
- Management aims to continue driving UVG expansion, with FY26 UVG up ~120 bps YoY; FY27 target not quantified due to uncertainty.
- FY26 capex was ~₹570 crore; investments continue in growth categories, automation, and new plants (e.g., West India premium white glue/ Fevicol plant commissioning in Q1 FY27).
Risks flagged
- If the conflict persists, 40-50% RM inflation could compress margins and demand; management has secured supply but uncertainty remains.
- Analyst raised concern that 12-15% price hikes across building materials (pipes, paints, cement) could lead to volume backlash; management acknowledged risk but said demand intact so far.
- March exports were impacted by West Asia conflict; while exposure is small, prolonged disruption could affect pigments and finished goods exports.
- Management admitted that finding the right business model for larger towns is unresolved; full-scale expansion awaits a clear 'right to win'.
Key quotes
- Our first endeavor will be to reinvest all the headroom that we have in margin behind getting faster growth because there is no substitute for growth.
- We've taken one price increase in early to mid-April and we have taken another price increase in early May. So I think therefore we are doing this and we will keep watching this situation.
- Our strategy is that we will first pass on the absolute increase in our raw material prices in rupee terms in a calibrated fashion because our focus will remain growth and disciplined demand generation.
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