Pidilite Industries delivered a strong financial performance for the quarter and full year ended 31st March, 2026, with the Board of Directors approving the audited standalone and consolidated financial results at its meeting held on 7th May, 2026. The statutory auditors, M/s. B S R & Co. LLP (Firm Registration No. 101248W/W-100022), issued an unmodified audit opinion on both standalone and consolidated results under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company reported broad-based volume growth across its Consumer & Bazaar and Business-to-Business segments, alongside meaningful margin expansion at both the standalone and consolidated levels. Following the results, Jefferies maintained a Hold rating on Pidilite Industries with a target price of ₹1390, acknowledging the Q4 beat driven by healthy volume growth and margin expansion across segments, while flagging volatility in VAM (Vinyl Acetate Monomer) prices and geopolitical risks from the Middle East conflict as key near-term monitorables. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the Q4 FY26 Earnings Call held on Friday, 8th May, 2026 has been uploaded and is available on the company's investor relations page at www.pidilite.com/investor-relations/listing-information .

Q4 FY26 Standalone Financial Highlights

For the quarter ended 31st March, 2026, Pidilite Industries reported standalone revenue from operations of Rs 3,284.80 Cr, with net sales of Rs 3,272 Cr reflecting a year-on-year growth of 15.3%. This was supported by an Underlying Volume Growth (UVG) of 15.3%. The Consumer and Bazaar (C&B) segment recorded a UVG of 15.4%, while the Business to Business (B2B) segment recorded a UVG of 14.8%. Within B2B, domestic business continued its double-digit momentum with a UVG of 21.5%, though exports UVG declined by 21.8%.

Gross Margins improved by approximately 100 bps to 55.6% compared to 54.6% in Q4 FY25. EBITDA margins expanded by approximately 280 bps to 23.4% from 20.6% in Q4 FY25, while PAT margins improved by approximately 100 bps to 16.7% from 15.7% in Q4 FY25. The following table presents the standalone earnings summary for Q4 FY26:

Note: New Labour Code impact of Rs 59.3 Cr for FY 25-26 (Q4 FY26: Rs 11.7 Cr) on Staff Costs; Rs 15 Cr for FY 25-26 (Q4 FY26: Rs 15 Cr) on Other Expenses.

The audited standalone statement reported basic earnings per share of Rs 5.38 and diluted EPS of Rs 5.37 for Q4 FY26 (not annualised), compared to Rs 4.38 basic and Rs 4.38 diluted in Q4 FY25. For the full year, basic EPS stood at Rs 23.43 and diluted EPS at Rs 23.37, adjusted for the 1:1 bonus share issuance approved through postal ballot on 11th September, 2025 and allotted on 24th September, 2025.

FY 2025-26 Full Year Standalone Performance

For the full year FY 2025-26, standalone revenue from operations reached Rs 13,487.59 Cr, with net sales growing 11.8% to Rs 13,437 Cr, aided by a UVG of 11.1%. The C&B segment recorded a UVG of 11.1% and the B2B segment recorded a UVG of 11.2%. Gross Profit margin expanded by 90 bps to 54.7%, supported by lower input costs, while EBITDA margin expanded by approximately 100 bps to 24.6%. PAT at 17.7% increased by 15.0% for the full year. Standalone profit for the year stood at Rs 2,384.30 Cr versus Rs 2,073.83 Cr in FY25. Total standalone assets as at 31st March, 2026 stood at Rs 14,621.30 Cr, with total equity of Rs 10,665.37 Cr. Net cash flows generated from operating activities stood at Rs 2,643.23 Cr for the year ended 31st March, 2026, compared to Rs 2,228.71 Cr in the prior year.

Q4 FY26 and FY26 Consolidated Performance

On a consolidated basis, Pidilite Industries reported net sales of Rs 35.83B (Rs 3,572 Cr) for Q4 FY26, reflecting a growth of 14.1% over Rs 31.4B (Rs 3,130 Cr) in the same quarter last year. EBITDA for the quarter stood at Rs 8.3B (Rs 833 Cr), up 31.6%, with EBITDA margin improving by approximately 310 bps to 23.25% from 20.15% in Q4 FY25. Consolidated net profit for Q4 FY26 grew to Rs 5.79B compared to Rs 4.2B in the year-ago quarter, reflecting a growth of 36.6%. Gross Margins improved by approximately 160 bps compared to Q4 last year, driven by lower input costs. The following table presents the consolidated performance for both the quarter and full year:

Note: New Labour Code impact of Rs 62.8 Cr for FY 25-26 (Q4 FY26: Rs 10.7 Cr) on Staff Costs; Rs 16.8 Cr for FY 25-26 (Q4 FY26: Rs 16.8 Cr) on Other Expenses.

For the full year, consolidated revenue from operations reached Rs 14,600.83 Cr, up from Rs 13,140.31 Cr in FY25. Consolidated total assets as at 31st March, 2026 stood at Rs 15,432.89 Cr versus Rs 14,011.47 Cr as at 31st March, 2025. Total consolidated equity stood at Rs 11,048.65 Cr, with equity attributable to owners of the Company at Rs 10,832.17 Cr and non-controlling interests at Rs 216.48 Cr. Consolidated basic EPS for FY26 stood at Rs 24.07 and diluted EPS at Rs 24.01, adjusted for the bonus share issuance. Net cash flows generated from consolidated operating activities stood at Rs 2,828.45 Cr for the year ended 31st March, 2026. The consolidated results comprise Pidilite Industries Limited (Parent Company), 34 subsidiary companies (including one partnership firm), 7 associate companies, and a joint venture.

Analyst View

Jefferies maintained a Hold rating on Pidilite Industries with a target price of ₹1390, following the Q4 FY26 results. The brokerage acknowledged the quarter's beat, driven by healthy volume growth and margin expansion across segments. However, Jefferies highlighted volatility in VAM (Vinyl Acetate Monomer) prices and geopolitical risks stemming from the Middle East conflict as key near-term monitorables that could weigh on the company's near-term outlook.

Segment Performance

The C&B and B2B segments both demonstrated healthy growth for the quarter and full year on a standalone basis, as detailed in the tables below.

Consumer and Bazaar (C&B)

The C&B segment's EBIT percentage improved by approximately 430 bps for the segment. On a consolidated basis, C&B segment revenue for FY26 stood at Rs 11,573.75 Cr versus Rs 10,391.53 Cr in FY25.

Business to Business (B2B)

The B2B segment's EBIT percentage improved by approximately 130 bps. The project business maintained its growth momentum, though Industrial Products export revenue was impacted by the Middle East conflict. On a consolidated basis, B2B segment revenue for FY26 stood at Rs 3,211.10 Cr versus Rs 2,995.21 Cr in FY25.

Domestic Subsidiaries reported net sales of Rs 161 Cr for Q4 FY26 (growth of 22.1%) and Rs 586 Cr for FY26 (growth of 17.1%). Overseas Subsidiaries reported net sales of Rs 85 Cr for Q4 FY26 (growth of 11.2%) and Rs 341 Cr for FY26 (growth of 5.5%).

Management Commentary

Commenting on the results, Mr. Sudhanshu Vats, Managing Director, Pidilite Industries Limited, said: "We have delivered strong mid-teens UVG and Revenue growth with robust expansion in margins, underscoring the strength of our brands and business model. Consumer & Bazaar segment continued to accelerate, while Business-to-Business segment made steady progress despite external challenges. Looking ahead, we are confident of our disciplined execution as we navigate the current supply side environment. We expect the momentum in domestic demand to continue as we manage the potential impact on input costs in the year ahead. Our strategic focus remains on driving consistent, profitable, volume-led growth through continued investments in innovation, brand building, and strengthening our supply chain capabilities. This balanced approach will help us sustain momentum while mitigating risks from external volatility."

Awards, Recognition and New Products

Pidilite Industries received several accolades during the period, underscoring the strength of its brand portfolio:

• Fevicol won a coveted Silver Effie for Sustained Success
• Fevicol MR bagged a Bronze Effie in the Integrated Advertising Campaign category at the Effie India Awards
• Fevicol's Teeka Id campaign won Gold for purpose-driven integrated communication at the SAC Awards
• Fevikwik AI campaign won Gold at SAC under the 'Next Gen format' category and Gold at the afaqs! CommuniCon Awards 2026 in the Best Use of AI in PR and Communications category
• The Pidilite Design Team won multiple awards at the ET Brand Equity Design & Creativity Awards, including 'Best In-House Design Studio' and a Special Jury Award for 'Most Creative Brand of the Year'
• Pidilite was recognised as one of India's Top 20 Innovative Companies of 2025 at the CII Industrial Innovation Award 2025

On the product front, the company introduced a high-performance footwear adhesive delivering excellent initial tack and superior final bond strength across a wide range of footwear materials, and an advanced adhesive engineered to bond any substrate to any sheet, including challenging combinations like Acrylic to WPC.

Dividend and Shareholder Information

The Board of Directors has recommended a final dividend of Rs 11.50 per equity share of Re. 1/- each for the financial year ended 31st March, 2026, subject to approval of shareholders at the 57th Annual General Meeting, to be paid within 30 days from the date of the AGM. This is in addition to a special interim dividend of Rs 5 (post bonus), making the total dividend payout ratio 70.2%. As of 31st March, 2026, the company operates across 80+ countries, with 32 plants, 30 co-makers, 8,800+ employees (standalone), 5,150+ distributors, 810+ products, and 6,100+ SKUs.

Investor Information

Pidilite Industries has notified the stock exchanges of a scheduled analyst and institutional investor meeting with Seafarer Capital, in compliance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The intimation was submitted on 6th May, 2026, and the information has also been hosted on the company's official website.

Meeting Details

The company has disclosed the following schedule for the upcoming institutional investor interaction:

Regulatory Compliance

The disclosure has been made in accordance with Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, which mandates listed companies to inform stock exchanges of scheduled analyst and institutional investor meetings. Pidilite Industries has noted that dates are subject to change due to exigencies on the part of investors or the company.

The intimation was signed by Manisha Shetty, Company Secretary, on behalf of Pidilite Industries.