PIDILITIND Q3 FY26 earnings call.
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Revenue
₹3,710 Cr
verified against source
Revenue YoY
11%
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 Industries delivered a strong Q3 FY26 with standalone revenue of INR 3,425 crore, up 11% YoY driven by 9.3% underlying volume growth. Domestic business momentum remained robust at 11% UVG, marking the second consecutive quarter above 11%, with consumer & bazaar growing 9.7% and B2B delivering 7.4%. The primary drag was exports, which declined 13.5% due to geopolitical headwinds affecting the pigments business. Gross margins expanded ~200bps on benign VAM prices (~$830/ton vs $884 YoY), though a one-time provision of INR 47 crore for the new wage code offset some gains. Despite stepping up A&SP spend, EBITDA margin improved 24bps to 24.5%. PAT grew 12.5%. Management targets the 20%-24% EBITDA corridor over full year while reinvesting margin gains into brand building. Key growth brands—Roff, Dr. Fixit—are accelerating, with tile adhesive category growing ~18-20%. The main risk is export recovery timing; management expects improvement as new tariff frameworks crystallize.
Colored figures show movement against the previous available record.
Guidance to track
- While Q3 margins are above the range, management expects full-year to land at the upper end of the 20%-24% corridor as gains are reinvested into growth initiatives.
- Sustainable price growth of 100-150 bps expected going forward, though not as a formulaic quarterly target; tactical pricing opportunities continue to be identified.
- Management expects export decline to moderate from Q4 onwards as US tariff clarity materializes; B2B plans and alternate geographies (EU, others) will support recovery.
- Domestic B2B business, which delivered mid-teens growth, is expected to return to double-digit/mid-teens trajectory with plan Bs in place.
Risks flagged
- While management expects improvement from Q4, the exact timeline remains dependent on US tariff implementation and new plan Bs fructifying. The EU trade deal benefit is 6-9 months away (second half of next fiscal).
- 18-20% tile adhesive category growth depends on continued contractor education and demonstration; player missteps (inferior products) could hurt category perception and slow penetration.
- Haisha Paints is making 'steady progress' but right-to-win model not yet polished; Electronic Adhesives requires 12-18 months testing cycles for automotive/consumer electronics specifications.
- Management cited multiple pioneering products (Fevicol Shoefix, Fevicryl YouDo, Fevicol Nail-Free Ultra, Litokol/Roff Starlike) as 'very early' or 'running away,' but actual revenue contribution remains to be demonstrated in coming quarters.
Key quotes
- The domestic franchise remains strong, and the underlying volume growths there have been inching up over the last eight quarters. Both in Q3 and in Q2, the UVG was in excess of 11%.
- This is largely behind us. We should see action based on the new tariff rate, hopefully maybe by the turn of this quarter itself, but definitely as we move forward. We also feel that the impact on B2B per se in this quarter and future quarters will also be minimal because we've got other plan Bs.
- Our renovation and repair account for maybe 70%-75%. And new construction is more like 25%, maybe a little higher. So first of all, we are well equipped, even if there is a downturn in new construction.
- If you look at the nine-month consolidated growth, that's around 10%. So therefore, you are seeing a flip in the growth. Our EBITDA corridor is 20%-24%. We are also very conscious that we should have right profitability at the same time, focus on building capabilities, building brands, and all of that leading to improvement in revenue growth.
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