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Informist, Tuesday, May 5, 2026
 

By Gunjan Rajput

NEW DELHI – Pidilite Industries Ltd. is expected to report a healthy on-year rise in its net profit and revenue for the March quarter, led by strong volume growth across consumer and construction-linked segments. However, its sequential earnings performance may remain subdued, according to analysts.

The Fevicol maker is expected to report a nearly 18% on-year rise in consolidated net profit to INR 5.26 billion, according to the average of estimates from seven brokerages. Sequentially, the net profit is seen down 16%. The highest estimate for the bottom line is INR 5.73 billion from Equirus Securities Pvt. Ltd., and the lowest is INR 4.68 billion from JM Financial Institutional Securities Pvt. Ltd.  

The company's revenue for the March quarter is expected at INR 34.83 billion, up nearly 11% on year but over down 6% sequentially, according to analysts. The highest revenue estimate for the company is INR 35.72 billion from Equirus Securities, while the lowest is INR 33 billion from JM Financial Institutional Securities.

The company's revenue growth is likely to be driven by 9-11% growth in sales volumes, supported by steady demand in core consumer and bazaar products as well as construction-related categories.
 

For the December quarter, Pidilite Industries reported a consolidated net profit of INR 6.18 billion on revenue from operations of INR 37.10 billion.

The company's earnings before interest, tax, depreciation, and amortisation, or EBITDA, is pegged at INR 7.44 billion, according to the average of estimates. The highest estimate for EBITDA is INR 8.15 billion from Equirus Securities, while the lowest is INR 6.57 billion from JM Financial Institutional Securities. EBITDA is seen surging 26% on-year with EBITDA margin at 23%, supported by operating leverage and gross margin gains, said Nuvama Wealth Management Ltd.

However, the EBITDA margin is projected to expand 130 basis points on-year to 21.4%, even as the company continues to invest in brand building, capacity additions, and distribution expansion, according to Kotak Securities. Similarly, Motilal Oswal expects the EBITDA margin to expand 120 bps on year to 21.5%.

While the domestic consumer segment is expected to remain strong, business-to-business revenue growth may see some impact from geopolitical issues in West Asia, though a sequential recovery is likely on improved exports, according to Kotak Securities.

Equirus Securities said investors will watch out for the company management's commentary on demand outlook in the consumer and bazaar segment, especially in categories such as Roff and Dr Fixit, and growth plans in their business-to-business segment.

Pidilite Industries is scheduled to report its March quarter results on Thursday. Tuesday, shares of the company ended at INR 1,364.20 on the National Stock Exchange, down marginally. The shares are down over 6% since the company reported its December quarterly results.

Of the six brokerage reports on the company available with Informist, five have a ‘buy' recommendation on the stock with an average target price of INR 1,747. This is 28% higher than the market price at Tuesday's closing. One brokerage has a ‘hold' recommendation and set a target price of INR 1,550. This is nearly 13% higher than the current market price.

The following are the March quarter earnings estimates for Pidilite Industries from seven brokerages in descending order of the estimate of net profit in INR billion:
 

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Edited by Tanima Banerjee

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