Earnings Review
Pidilite Q3 PAT, sales miss estimates by thin margin
This story was originally published at 21:17 IST on 3 February 2026
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--Pidilite Oct-Dec consol net profit INR 6.18 bln
--Pidilite Oct-Dec consol revenue INR 37.10 bln
--Pidilite Oct-Dec consol net profit INR 6.18 bln vs INR 5.52 bln year ago
--Pidilite Oct-Dec consol revenue INR 37.10 bln vs INR 33.69 bln year ago
--Pidilite Apr-Dec consol net profit INR 18.70 bln vs INR 16.54 bln year ago
--Pidilite Apr-Dec consol revenue INR 110.17 bln vs INR 99.99 bln year ago
--Pidilite Q3 consumer, bazaar revenue INR 29.74 bln vs INR 26.73 bln yr ago
--Pidilite Q3 business-to-business sales INR 7.78 bln vs INR 7.57 bln yr ago
--Pidilite Oct-Dec consol EBITDA INR 8.94 bln, up 12% on year
--Pidilite Oct-Dec consol EBITDA margin 24.2% vs 23.8% year ago
--Pidilite Q3 consumer, bazaar underlying volume growth 9.7% on year
--Pidilite Oct-Dec underlying volume grew 9.3% on year
By Prateem Rohanekar
MUMBAI – Pidilite Industries Ltd.'s bottom line and top line for the December quarter missed the consensus estimate by a thin margin. The rise in expenses of the company was almost similar to that in revenue, which weighed down the profit growth. While the revenue from consumer and bazaar segment rose in double digits, that from the business-to-business segment saw a moderate growth.
The 'Fevicol' maker reported consolidated net profit of INR 6.18 billion, up nearly 12% on year. This was lower than INR 6.26 billion estimated for the reporting quarter. Its revenue from operations for the Oct-Dec quarter was INR 37.10 billion, up over 10% on year. Analysts expected the company to report INR 37.26 billion revenue for the quarter. The company reported an underlying volume growth in its net sales of over 9% for the December quarter.
Total expense rose 10% on year to INR 29.30 billion due to a rise in employee benefit expenses, purchases of stock-in-trade, and other expenses largely adding up to it. The cost of materials consumed, which was a major contribution to the company's overall expenditure, came in at INR 13.62 billion, up nearly 2% on year. However, employee benefit expenses at INR 5.26 billion, rose over 21% on year, purchases of stock-in-trade rose over 11% on year at INR 2.22 billion, and other expenses increased over 13% on year to INR 6.76 billion.
The company's revenue from consumer and bazaar segment rose over 11% on year to INR 29.74 billion. The consumer and bazaar segment contributed above 80% to the company's total revenue from operations. While the business-to-business segment reported a revenue of INR 7.77 billion, up just 3%. The segment was partly impacted by slower exports of industrial pigment products, the Mumbai-based company said in the post-earnings press release.
The company reported earnings before interest, tax, depreciation, and amortisation of INR 8.94 billion for Oct-Dec, up 12% on year. While the company's EBITDA margin was at 24.2%, up 40 basis points.
The company's net profit for the period Apr-Dec was INR 18.70 billion, up over 13% on year, while net sales for the nine-month period was INR 110.17 bln, up over 10% on year.
An improvement in domestic operating environment, favourable monsoons, and continued indirect impact of goods and services tax rate cut on demand, coupled with infrastructure and urbanisation impetus given by the Union Budget augered well for the company, it said in the presentation.
Tuesday, shares of the company closed over 1% higher at INR 1,427.80 on the National Stock Exchange. The company reported its quarterly results after market hours. End
Edited by Akul Nishant Akhoury
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