Pidilite Industries Q2 FY27 results: net profit up 7.2% to ₹626.46 crore, revenue up 20.9%

How did Pidilite Industries perform in Q2 FY27?

Pidilite Industries reported consolidated revenue of ₹4,298 crore for Q2 FY27, up 20.9% from ₹3,554 crore in Q2 FY26. EBITDA was ₹877.48 crore, up 3.1%, while EBITDA margin declined from 23.9% to 20.4%. Profit before tax rose 5.3% to ₹829.31 crore, and net profit increased 7.2% to ₹626.46 crore.

Basic EPS was ₹6.04 in Q2 FY27, compared with ₹5.69 in Q2 FY26. Against Q1 FY27, revenue fell 5.6% to ₹4,298 crore, EBITDA declined 26.5% to ₹877.48 crore and margin fell 5.8 percentage points to 20.4%. Net profit fell 29.1% to ₹626.46 crore, while basic EPS declined 29.5% to ₹6.04.

On the standalone basis, revenue was ₹3,994.57 crore and profit after tax was ₹647.0 crore in Q2 FY27, against ₹585.9 crore in the year-ago quarter. The company filed unaudited standalone and consolidated results for the quarter and six months ended 30 September 2026, along with the auditors’ limited review report.

What changed in Pidilite Industries' costs and profit?

Total expenses rose 25.4% to ₹3,533 crore from ₹2,817 crore in Q2 FY26. Cost of materials increased 40.3% by ₹544.95 crore to ₹1,896 crore, employee cost rose 8.6% by ₹40.37 crore to ₹511.09 crore, and other expenses increased 10.0% by ₹63.30 crore to ₹698.14 crore. Finance costs declined 4.4% by ₹0.58 crore to ₹12.70 crore, while depreciation was ₹100.06 crore.

Other income rose 28.8% by ₹14.43 crore to ₹64.59 crore, and there was no exceptional item in Q2 FY27 or Q2 FY26. Tax expense increased 2.5% by ₹5.06 crore to ₹207.77 crore. Profit before tax rose 5.3% by ₹41.65 crore to ₹829.31 crore, and net profit increased 7.2% by ₹41.86 crore to ₹626.46 crore.

Against Q1 FY27, total expenses were higher by ₹64.58 crore, with cost of materials up ₹16.65 crore and other expenses lower by ₹26.07 crore. Other income fell ₹27.41 crore to ₹64.59 crore, while tax expense fell ₹100.71 crore to ₹207.77 crore. Q1 FY27 included an exceptional gain of ₹14.41 crore; Q2 FY27 had no exceptional item.

How did the first half of FY27 go?

In H1 FY27, Pidilite Industries reported consolidated revenue of ₹8,849.14 crore, up 21.1% from ₹7,307.54 crore in H1 FY26. Total income rose 21.0% by ₹1,562.32 crore to ₹9,005.73 crore, while profit before tax increased 18.5% by ₹315.08 crore to ₹2,018.98 crore.

Net profit for H1 FY27 was ₹1,509.97 crore, up 19.6% from ₹1,262.73 crore. Basic EPS increased 18.8% to ₹14.61 from ₹12.3. The first-half results therefore showed profit growth below revenue growth.

What do the balance sheet and cash flow show?

Total assets increased to ₹16,228.89 crore as on 30 September 2026 from ₹15,432.89 crore as on 31 March 2026. Total equity rose to ₹11,428.87 crore from ₹11,048.65 crore, while borrowings fell to ₹50.83 crore from ₹105.91 crore. Cash declined to ₹193.38 crore from ₹232.49 crore.

Inventories increased to ₹2,012.92 crore from ₹1,737.60 crore, and trade receivables rose to ₹2,793.79 crore from ₹2,181.10 crore. Trade payables were ₹1,557.33 crore, compared with ₹1,536.63 crore at the previous balance sheet date.

H1 FY27 operating cash flow was ₹1,098.04 crore, lower than ₹1,434.09 crore in H1 FY26. Investing cash flow was ₹170.68 crore against ₹84.07 crore, financing cash flow was negative ₹1,310.09 crore against negative ₹1,585.51 crore, and capital expenditure was ₹264.68 crore against ₹288.70 crore.

How has Pidilite Industries done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters, and profit also rose year on year in each of the last eight quarters. Revenue reached ₹4,551.55 crore and profit ₹883.51 crore in Q1 FY27, the highest levels in the reported series, while the EBITDA margin peaked at 26.2%.

Q2 FY27 marked a sequential pullback: revenue fell to ₹4,297.59 crore, profit to ₹626.46 crore and EBITDA margin to 20.4%. The lowest revenue in the reported series was ₹3,141.14 crore in Q4 FY25, while the lowest profit was ₹427.52 crore in that quarter.

Which businesses drove the quarter?

Consumer & Bazaar reported revenue of ₹3,423.57 crore in Q2 FY27, up 20.7% from the year-ago quarter, and EBIT of ₹900.13 crore. The segment’s EBIT margin was 26.3%. Business to Business revenue was ₹912.59 crore, up 19.9%, while EBIT was ₹114.14 crore and EBIT margin was 12.5%.

Others recorded revenue of ₹25.37 crore, up 79.5%, and EBIT of negative ₹1.47 crore, compared with negative ₹2.55 crore in Q2 FY26. Its EBIT margin was negative 5.8%.

What else did the company announce?

Pidilite Industries filed its unaudited standalone and consolidated results for the quarter and six months ended 30 September 2026 on 28 October 2026. The board approved the results, the statement of assets and liabilities, the statement of cash flow and the auditors’ limited review report during a meeting that began at 02:00 p.m. and concluded at 6:30 p.m.

The company also filed its Q2 FY27 earnings presentation on 28 October 2026. The available same-day filings did not state a dividend, fund raise or board appointment.

What did Pidilite Industries' management say?

Management maintained an EBITDA margin corridor of 20%-24% for Q3 FY27 and H2 FY27, ideally slightly above the upper end of the range. The company expects underlying volume growth to remain double-digit in the near term and has an ambition to move toward early teens over time. Management also plans an additional 3%-5% price increase in areas with heightened inflation, with another round possible towards end-Q3 or early-Q4.

Sandeep Batra, Executive Director and CFO, said the VAM consumption rate reached $1,630 in Q2, nearly double the year-ago level and above $1,370 in Q1. Management attributed the pressure to elevated input costs and volatility, while noting that pricing actions and disciplined cost management helped absorb the impact.

Sudhanshu Vats, Managing Director, said the company remained confident of delivering the 20%-24% EBITDA margin corridor for Q3 and the full second half, ideally slightly above the upper end. Management cited broad-based underlying volume growth, including Consumer & Bazaar UVG of 11.1% and B2B UVG of 9.2%, and identified crude and petrochemical input inflation, geopolitical disruption and demand pressure as risks.

How did Pidilite Industries shares react?

The filing was released after market hours. From the price when the results appeared, the stock fell 1.0% after 5 minutes, 1.4% after 15 minutes and 1.4% after 30 minutes. It closed the reaction day 1.9% above its pre-results close, while the Specialty Chemicals median gain was 0.4% and the Nifty 100 gained 1.1%.

By the next day’s close, the stock was up 4.7% from its pre-results close, compared with a 1.8% fall for the industry median and a 1.4% gain for the Nifty 100. By the fifth session, it was up 10.9% from the pre-results close, against a 1.9% industry median gain; the Nifty 100 comparison was unavailable.

Earlier reaction-day moves were mixed: the stock fell 1.7% on 4 August 2026, rose 0.7% on 7 May 2026, rose 2.3% on 3 February 2026 and fell 2.6% on 30 October 2025.

How did other Specialty Chemicals companies do?

Among 69 other Specialty Chemicals companies that have filed for the quarter, the median revenue growth was 28.9%. Pidilite Industries grew revenue more slowly than 49 peers and faster than 19 peers. Of the 63 peers for which profit was compared, 53 reported higher profit. The peer data was available as of 6 November 2026.