Earnings Review
Pidilite Q2 PAT growth lowest in 3 qtrs, below Street view
This story was originally published at 21:36 IST on 30 October 2025
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--Pidilite Jul-Sept consol net profit INR 5.79 bln
--Analysts saw Pidilite Jul-Sept consol net profit at INR 6.11 bln
--Pidilite Jul-Sept consol revenue INR 35.54 bln
--Analysts saw Pidilite Jul-Sept consol revenue at INR 34.84 bln
--Pidilite Jul-Sept consol net profit INR 5.79 bln vs INR 5.35 bln year ago
--Pidilite Jul-Sept consol revenue INR 35.54 bln vs INR 32.35 bln year ago
--Pidilite Apr-Sept consol net profit INR 12.52 bln vs INR 11.01 bln year ago
--Pidilite Apr-Sept consol revenue INR 73.08 bln vs INR 66.30 bln year ago
--Pidilite Q2 consol consumer, bazaar revenue INR 28.37 bln vs INR 25.81 bln
--Pidilite Q2 consol business to business sales INR 7.61 bln vs INR 7.04 bln
--Pidilite Jul-Sept underlying volume grew 10.3% on year
--Pidilite Jul-Sept consol EBITDA margin 24.0% vs 23.9% year ago
--Pidilite Jul-Sept consol EBITDA INR 8.51 bln, up 10.7% on year
By Rajesh Gajra
NEW DELHI – Pidilite Industries Ltd. reported lower-than-expected bottom line performance for the September quarter. The company, however, met analysts' expectation on its revenue performance, which was helped by both its consumer and bazaar, and business to business, segments.
The synthetic chemicals-based adhesives and sealants manufacturer reported a consolidated net profit of INR 5.8 billion, which was below analysts' estimate of INR 6.1 billion. The consolidated net profit increased by 8.4% on year, but was down 14% on quarter. The on-year growth in bottom line was lower than that in the trailing two quarters.
Pidilite's consolidated revenue from operations rose 10% on year and declined 5.3% on quarter to INR 35.5 billion in the September quarter. The revenue was slightly higher than the analysts' estimate of INR 34.8 billion.
In the September quarter, Pidilite could not hold on to a double-digit growth in its top line that it had posted in the trailing quarter after a gap of 10 quarters. But the company did see a stable standalone underlying volume growth of 10.3% on year in the September quarter.
The larger of the two segments of the company, the consumer and bazaar segment, recorded a consolidated revenue growth of 9.9% on year to INR 28.4 billion in the September quarter. The consolidated business to business segment revenue increased 8.1% on year to INR 7.6 billion. On a standalone basis, the consumer and bazaar sales rose 10.8% on year to INR 26.5 billion, while the business to business segment posted a revenue growth of 8.7% to INR 6.7 billion.
In the business to business segment, "the project business maintained its growth momentum; however, the industrial products export revenue was impacted by higher tariffs," the company said in a press release. The standalone consumer and bazaar segment's standalone underlying volume growth was 10.4% in the September quarter.
Pidilite's consolidated earnings before interest, tax, depreciation, and amortisation rose 11% on year to INR 8.5 billion in the September quarter. The company's consolidated EBITDA margin inched up to 24.0% from 23.9% a year ago. On a standalone basis, the EBIT margin of the consumer and bazaar segment declined to 31.0% from 31.2%, and that of the business to business segment declined to 17.7% from 17.9%.
The company's Managing Director Sudhanshu Vats said in the release that geopolitical developments have a potential to disrupt supply chains and create uncertainty around global tariffs, and the company continues to be vigilant on this front.
Pidilite's consolidated net profit for Apr-Sept increased 14% on year to INR 12.5 billion, on the back of a 10% increase in revenue from operations to INR 73.1 billion. On Thursday, shares of Pidilite closed at INR 1,486.40 on the National Stock Exchange, down 1.4%. End
Edited by Ashish Shirke
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