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. 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.