NSE: PIDILITIND · BSE: 500331
PIDILITE INDUSTRIES LTD
Makes specialty adhesives, sealants and waterproofing products, most recognisably under the Fevicol brand, and sells them to retail consumers and industrial buyers. The Consumer & Bazaar segment generated 79.1% of FY26 segment revenue at ₹10,836.94 crore, while Business to Business accounted for 20.4% at ₹2,800.39 crore; an Others segment contributed the remaining 0.4%. Q4 FY26 saw underlying volume growth of 15.3%, the strongest in recent quarters, with Fevicol posting double-digit growth. Materials are the largest cost at 38.5% of revenue, followed by employee costs at 13.3% and other operating expenses at 18.2%; FY26 capex totalled ₹570 crore. FY26 EBITDA margin stood at 25.8%. A new West India plant for premium white glue and Fevicol is set to commission in Q1 FY27. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Consumer & Bazaar (79%), Business to Business (20%), Others (0%). Brand-led specialty chemicals business with high consumer exposure and periodic raw-material inflation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,921 | 11,799 | 12,383 | 13,140 | 14,601 |
| EBITDA (ex other income) | 1,847 | 1,984 | 2,636 | 2,988 | 3,505 |
| margin % | 18.6 | 16.8 | 21.3 | 22.7 | 24.0 |
| Owners' profit | 1,208 | 1,273 | 1,729 | 2,076 | 2,449 |
| EPS, as reported (₹) | 23.76 | 25.05 | 34.01 | 40.82 | 24.07 |
| ROE % · ROCE % | 18.3 · 22.9 | 17.3 · 21.7 | 20.3 · 26.2 | 21.1 · 26.8 | 22.4 · 28.5 |
| Debt / equity (x) | 0.04 | 0.02 | 0.02 | 0.01 | 0.01 |
| Cash from operations | 955 | 1,558 | 2,724 | 2,285 | 2,829 |
| Capex | (375) | (505) | (559) | (452) | (593) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,235 | 3,369 | 3,141 | 3,753 | 3,554 | 3,710 | 3,583 | 4,552 |
| Profit before tax | 726 | 752 | 577 | 916 | 788 | 840 | 779 | 1,190 |
| Net profit | 540 | 557 | 428 | 678 | 585 | 624 | 584 | 884 |
| EPS (₹) | 10.51 | 10.86 | 8.30 | 13.22 | 5.69 | 6.07 | 5.69 | 8.57 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consumer & Bazaar | 11,574 | 78.0 |
| Business to Business | 3,211 | 21.6 |
| Others | 61 | 0.4 |
| Total, before eliminations | 14,845 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PIDILITE INDUSTRIES LTD ◆ | 1,42,095 | 53.6 | 12.86 | 37.6 | 22.4 | 28.0 | 14.9 | 28.6 |
| SRF LTD | 69,659 | 32.2 | 4.96 | 21.6 | 13.1 | 13.1 | 13.4 | 25.2 |
| GUJARAT FLUOROCHEM LTD | 47,075 | 76.8 | 5.95 | 37.4 | 7.3 | 8.7 | 13.5 | 27.7 |
| NAVIN FLUORINE INT. LTD | 43,610 | 55.1 | 10.97 | 39.3 | 16.7 | 16.4 | 23.0 | 37.5 |
| AETHER INDUSTRIES LIMITED | 20,905 | 88.6 | 8.51 | 56.8 | 8.9 | 11.4 | — | 33.8 |
| DEEPAK NITRITE LTD | 20,257 | 25.9 | 3.45 | 21.0 | 9.4 | 10.2 | 12.6 | 21.5 |
| AARTI INDUSTRIES LTD | 15,871 | 29.9 | 2.67 | 17.1 | 7.0 | 4.4 | 13.0 | 16.2 |
| FINE ORGANIC IND. LTD. | 15,604 | 35.6 | 5.86 | 25.5 | 15.7 | 20.0 | 15.9 | 28.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 53.6 | 23.1 | 78 of 99 | 21% |
| P/B | 12.9 | 2.8 | 95 of 99 | 4% |
| ROCE | 28.0 | 10.1 | 7 of 106 | 94% |
| ROE | 22.4 | 8.1 | 8 of 99 | 93% |
| Debt / Equity | 0.0 | 0.2 | 21 of 99 | 80% |
| EBITDA margin | 28.6 | 15.5 | 14 of 99 | 87% |
| Revenue growth | 21.3 | 24.4 | 53 of 94 | 44% |
| Profit growth | 30.3 | 55.1 | 55 of 92 | 41% |
| Market cap | 142095 | 699 | 1 of 108 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27 sales up 21.7%, but EBITDA margin falls on material costs | investor communications | medium | — | — |
| 28 Oct 2026 · Q2 FY27 sales rise 21.7%, PAT up 10.4% despite margin compression | compliance | low | — | — |
| 28 Oct 2026 · Q2 FY27 revenue up 21%, but profit growth trails sales | results | high | — | — |
| 28 Oct 2026 · Q2 sales rise 21 percent, but margins narrow and profit growth stays modest | results | high | — | — |
| 27 Oct 2026 · Pidilite appoints two leaders as chief business officers | compliance | minimal | — | — |
| 27 Oct 2026 · Pidilite grants 144,270 employee stock options at Rs 1 | capital market events | low | — | — |
| 13 Oct 2026 · Pidilite Industries to hold Q2FY27 earnings call on 29 October 2026 | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Pidilite board to consider Q2 FY26 results on 28 Oct 2026 | results | low | — | — |
| 9 Oct 2026 · Pidilite appoints Amit Agarwal as CFO Designate | management changes | medium | — | — |
| 8 Oct 2026 · Quarterly compliance certificate on share dematerialisation filed with depositories | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.