Pidilite Industries has officially incorporated a joint venture company in Tanzania through its Singapore subsidiary, marking a strategic expansion into the African construction chemicals market.

Joint Venture Incorporation Details

Pidilite International Pte. Ltd., the wholly owned Singapore subsidiary of Pidilite Industries, has partnered with Insignia Limited, a Tanzanian company, to establish Pidilite Insignia Limited. The joint venture was officially incorporated on February 24, 2026, and will focus on the business of construction chemicals and waterproofing materials.

Ownership Structure

The joint venture follows a majority-minority partnership model, with Pidilite International Pte. Ltd. holding 55% of the paid-up share capital of Pidilite Insignia Limited. The remaining 45% stake will be held by Insignia Limited, the local Tanzanian partner.

Strategic Market Entry

This incorporation represents Pidilite Industries' strategic move to establish a presence in the East African construction chemicals market. By partnering with a local Tanzanian entity, the company aims to leverage regional expertise while maintaining operational control through its majority stake.

The joint venture structure allows Pidilite Industries to tap into Tanzania's growing construction sector while benefiting from local market knowledge and established business networks. The focus on construction chemicals and waterproofing materials aligns with the company's core competencies and product portfolio.

Regulatory Compliance

Pidilite Industries has informed both BSE and NSE about the joint venture incorporation in compliance with Regulation 30 requirements. The company has fulfilled its disclosure obligations regarding this material corporate development, ensuring transparency with stakeholders and regulatory authorities.

PI Industries Limited announced its unaudited financial results for the quarter and nine months ended December 31, 2025, revealing a mixed performance with revenue decline but improved profitability. The agrochemicals major's Board of Directors approved the results at their meeting held on February 12, 2026.

Financial Performance Overview

The company's consolidated revenue from operations declined significantly during the quarter, reflecting challenging market conditions. On a nine-month basis, the performance showed similar trends with revenue compression across key business segments.

Segment-wise Performance

The company operates through two primary business segments, with agrochemicals contributing the majority of revenues. The pharma segment continued to face headwinds during the reporting period.

Agrochemicals Segment

• Q3FY26 revenue: ₹13,178 million vs ₹18,381 million in Q3FY25
• Nine months revenue: ₹49,556 million vs ₹60,619 million in 9M FY25
• Segment profit before tax: ₹2,879 million in Q3FY26 vs ₹5,366 million in Q3FY25

Pharma Segment

• Q3FY26 revenue: ₹599 million vs ₹637 million in Q3FY25
• Nine months revenue: ₹1,957 million vs ₹1,301 million in 9M FY25
• Segment recorded profit of ₹580 million in Q3FY26 compared to loss of ₹703 million in Q3FY25

Exceptional Items Impact

The quarter's results were significantly influenced by exceptional items totaling ₹1,051 million gain. This included a write-back of contingent consideration of ₹1,260 million related to acquisitions made by subsidiary PI Health Sciences Limited, partially offset by additional employee benefit obligations of ₹209 million due to new labour codes effective from November 21, 2025.

Dividend Declaration

The Board of Directors declared an interim dividend demonstrating confidence in the company's financial position despite revenue challenges.

Standalone vs Consolidated Performance

On a standalone basis, the company reported revenue from operations of ₹12,696 million in Q3FY26 compared to ₹17,798 million in Q3FY25. Standalone net profit stood at ₹2,816 million versus ₹4,238 million in the corresponding quarter last year. The nine-month standalone revenue was ₹47,913 million against ₹59,230 million in the previous year.

The financial results were reviewed by the Audit Committee and approved by the Board of Directors. Price Waterhouse Chartered Accountants LLP conducted the limited review of both standalone and consolidated financial results, providing unmodified conclusions on the financial statements.