Underlying Volume Growth (UVG)
15.3%
+5.5pp YoY
Accelerated from 9.8% in 9M FY26 and 9.3% in FY25; driven by broad-based demand recovery.
PIDILITE
Other
05 May 2026
Pidilite Industries Limited — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Consumer & Bazaar UVG
15.4%
+5.4pp YoY
Core and growth categories both performed well; Fevicol delivered double-digit growth.
B2B UVG
14.8%
+5.0pp YoY
Strong performance across construction chemicals and industrial adhesives.
VAM Price (Q4)
$840/ton
flat QoQ
Key raw material; prices have since spiked due to West Asia conflict, driving 40-50% RM inflation.
Management Guidance
EBITDA margin corridor of 20-24% for FY27
Management reiterated commitment to the 20-24% EBITDA margin band despite raw material inflation, with FY26 at the higher end.
Management guidance marginsTwo price hikes taken in April and May 2026
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 guidance revenueFocus on sustaining double-digit underlying volume growth
Management aims to continue driving UVG expansion, with FY26 UVG up ~120 bps YoY; FY27 target not quantified due to uncertainty.
Management guidance growthCapex to remain 3-5% of revenue
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).
Management guidance capexKey Risks
West Asia conflict escalation and raw material inflation
If the conflict persists, 40-50% RM inflation could compress margins and demand; management has secured supply but uncertainty remains.
high · management_commentaryDemand compression from cumulative price increases
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.
medium · analyst_questionExport disruption due to supply chain issues
March exports were impacted by West Asia conflict; while exposure is small, prolonged disruption could affect pigments and finished goods exports.
low · management_commentaryPaints business expansion still work in progress
Management admitted that finding the right business model for larger towns is unresolved; full-scale expansion awaits a clear 'right to win'.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Pidilite Industries's revenue in Q4 FY26?
Pidilite Industries reported revenue of ₹3,583 Cr in Q4 FY26, representing a +15.3% change compared to the same quarter last year.
What guidance did Pidilite Industries management give for FY27?
EBITDA margin corridor of 20-24% for FY27: Management reiterated commitment to the 20-24% EBITDA margin band despite raw material inflation, with FY26 at the higher end. Two price hikes taken in April and May 2026: 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. Focus on sustaining double-digit underlying volume growth: Management aims to continue driving UVG expansion, with FY26 UVG up ~120 bps YoY; FY27 target not quantified due to uncertainty. Capex to remain 3-5% of revenue: 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).
What are the key risks for Pidilite Industries in FY27?
Key risks include West Asia conflict escalation and raw material inflation — If the conflict persists, 40-50% RM inflation could compress margins and demand; management has secured supply but uncertainty remains.; Demand compression from cumulative price increases — 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.; Export disruption due to supply chain issues — March exports were impacted by West Asia conflict; while exposure is small, prolonged disruption could affect pigments and finished goods exports.; Paints business expansion still work in progress — Management admitted that finding the right business model for larger towns is unresolved; full-scale expansion awaits a clear 'right to win'..
Did Pidilite Industries meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Pidilite Industries Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.