Pidilite Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Pidilite Industries Ltd filed with BSE on 12 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Pidilite reported standalone Q1 FY27 revenue growth of 22.2% to Rs 4,237 crores, with underlying volume growth of 11.3%, driven by price increases taken to offset input cost inflation. EBITDA margin expanded to 26.4% aided by proactive pricing and lower-cost inventory consumption, while B2B exports declined due to geopolitical disruptions in key markets. Management discussed competitive dynamics in tile adhesives and waterproofing, progress on new product launches including Fevicol X-PER, M-Seal Advanced and UnoFin, and reiterated its long-standing 20% to 24% EBITDA margin range for the year.
Numbers mentioned
Standalone revenue growth: 22.2% (Q1 FY27)
p. 3
“Standalone revenues grew by 22.2% with an underlying volume growth of 11.3%.”
Sandeep Batra, page 3 of the filed PDF · View the filing
Standalone revenue: INR4,237 crores (Q1 FY27)
p. 3
“In absolute terms, the revenue was INR4,237 crores.”
Sandeep Batra, page 3 of the filed PDF · View the filing
Consumer and Bazaar underlying volume growth: 12.2% (Q1 FY27)
p. 3
“If you look at the underlying volume growth for the quarter, Consumer and Bazaar businesses, underlying volume growth was 12.2% and B2B was 7.3%.”
Sandeep Batra, page 3 of the filed PDF · View the filing
B2B exports underlying volume growth: -8.4% (Q1 FY27)
p. 3
“B2B exports UVG for the quarter was -8.4%.”
Sandeep Batra, page 3 of the filed PDF · View the filing
Gross margin: 52.5% (Q1 FY27)
p. 3
“Gross margins at 52.5% were lower than last year same period by 90 basis points.”
Sandeep Batra, page 3 of the filed PDF · View the filing
VAM consumption price: $1,370 (Q1 FY27)
p. 3
“VAM consumption in the quarter was at $1,370 as compared to last year $924 and the fourth quarter was in the $800 range.”
Sandeep Batra, page 3 of the filed PDF · View the filing
Total cost increase: 14.5% (Q1 FY27)
p. 3
“The total cost increase was 14.5%.”
Sandeep Batra, page 3 of the filed PDF · View the filing
EBITDA margin: 26.4% (Q1 FY27)
p. 4
“EBITDA margins at 26.4% improved by 80 basis points quarter-on-quarter and profit after tax grew by 27.7%.”
Sandeep Batra, page 4 of the filed PDF · View the filing
Profit after tax growth: 27.7% (Q1 FY27)
p. 4
“EBITDA margins at 26.4% improved by 80 basis points quarter-on-quarter and profit after tax grew by 27.7%.”
Sandeep Batra, page 4 of the filed PDF · View the filing
Domestic subsidiaries revenue growth: 11.5% (Q1 FY27)
p. 4
“Domestic subsidiaries grew by 11.5% and international subsidiaries grew by 12%”
Sandeep Batra, page 4 of the filed PDF · View the filing
International subsidiaries revenue growth: 12% (Q1 FY27)
p. 4
“Domestic subsidiaries grew by 11.5% and international subsidiaries grew by 12%”
Sandeep Batra, page 4 of the filed PDF · View the filing
Consolidated revenue: INR4,541 crores (Q1 FY27)
p. 4
“Consolidated revenues at INR4,541 crores were up by 21.3%.”
Sandeep Batra, page 4 of the filed PDF · View the filing
Consolidated profit after tax growth: 30.3% (Q1 FY27)
p. 4
“EBITDA margin improved by 120 basis points over same period last year, and profit after tax grew by 30.3%.”
Sandeep Batra, page 4 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin range — 20% to 24% · FY27
stated firmly by Sudhanshu Vats
p. 12
“And I think, of course, our range is known to you, which is 20% to 24%.”
Sudhanshu Vats, page 12 of the filed PDF · View the filing
EBITDA margin position within range — middle to higher end of the band · FY27
stated conditionally by Sudhanshu Vats
p. 19
“if the volatility is not going to increase and some situation eases a little bit there, even if it remains dynamic, your assumption is correct that we would manage the business well within the band.”
Sudhanshu Vats, page 19 of the filed PDF · View the filing
Underlying volume growth — double digit
stated as an aspiration by Sudhanshu Vats
p. 20
“we will deliver double digit. As a matter of fact, our endeavor will be to slowly but surely inch it up a little bit.”
Sudhanshu Vats, page 20 of the filed PDF · View the filing
Exports recovery
stated conditionally by Sudhanshu Vats
p. 4
“as the geopolitical situation stabilizes, our exports will come back.”
Sudhanshu Vats, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said exports will come back as contracts remain in place, though some customers may have made alternate arrangements in the interim.
Answered by Sudhanshu Vats
Asked by Abneesh Roy: When geopolitical issues resolve, will export demand come back as pent-up demand or was it lost to competitors?
p. 4
“as the situation normalizes, a lot of our export business will come back. It will come back.”
Sudhanshu Vats, page 4 of the filed PDF · View the filing
Management said their branded, non-captive business model remains sound and does not expect material impact.
Answered by Sudhanshu Vats
Asked by Abneesh Roy: Does the largest paint company's VAM/VAE capacity change competitive positioning?
p. 5
“the competitive advantage case for India from availability of base raw material, from the point of view of the scale needed to get that kind of cost leverage and advantage does not seem to come through in all our conversations.”
Sudhanshu Vats, page 5 of the filed PDF · View the filing
Management confirmed rebates are being given dynamically depending on raw material moves, and competitors tend to follow similar pricing actions.
Answered by Sudhanshu Vats
Asked by Abneesh Roy: With VAM and crude falling sharply, are the double-digit price hikes now excessive, leading to rebates?
p. 7
“it's possible that in a period, I'm saying we would be giving a rebate, and that's absolutely correct.”
Sudhanshu Vats, page 7 of the filed PDF · View the filing
Management said margins had fallen into high teens in the past and prefers to retain the wider corridor for operating flexibility.
Answered by Sandeep Batra
Asked by Abneesh Roy: Should the lower end of the 20% margin guidance be revised given recent outperformance?
p. 7
“our margins had indeed fallen into the high teens. And of course, they recovered and the world that we are living in with all these risks and uncertainties, we would still prefer to keep a corridor, which gives us enough operating flexibility.”
Sandeep Batra, page 7 of the filed PDF · View the filing
Management said demand is holding well with no specific monthly weakness, framing the quarter's UVG as a continuation of a positive trend.
Answered by Sudhanshu Vats
Asked by Jay Doshi: Was there moderation in Consumer & Bazaar UVG in June versus prior quarters, and is 11-12% the new normal?
p. 8
“I can tell you very, very categorically that the demand is holding quite well. So I think we are not seeing any kind of concern on demand at the moment at all.”
Sudhanshu Vats, page 8 of the filed PDF · View the filing
Kavinder Singh said the category faces intense competition but Pidilite is maintaining and accelerating momentum through plant network, quality consistency, and cost management.
Answered by Kavinder Singh
Asked by Jay Doshi: Is competitive intensity in tile adhesives changing due to a new regional cement company entrant?
p. 9
“we are maintaining our momentum. In fact, we are accelerating, number one.”
Kavinder Singh, page 9 of the filed PDF · View the filing
Management said no meaningful demand impact was observed since customers plan project budgets over longer horizons rather than reacting to short-term price moves.
Answered by Sudhanshu Vats
Asked by Arnab Mitra: Has demand shown price elasticity after the price hikes, and did tile/material shortages affect growth?
p. 11
“we have not seen any impact on demand at the moment. And also, most of the pricing, I think, has gone into the market by June.”
Sudhanshu Vats, page 11 of the filed PDF · View the filing
Management confirmed a one-off benefit from carryover lower-priced inventory that will partly unwind in Q2, while still expecting to manage within the stated margin range.
Answered by Sudhanshu Vats
Asked by Arnab Mitra: Did low-cost inventory benefit margins this quarter, and will margins moderate as higher-cost inventory flows through?
p. 12
“there was some amount of carry over inventory as well. So that's a correct observation. And I think that got consumed in the last quarter.”
Sudhanshu Vats, page 12 of the filed PDF · View the filing
Management described steady growth in core categories at 1x-2x GDP and accelerated momentum in growth categories at 2x-4x, maintaining a roughly 50-50 split.
Answered by Sudhanshu Vats
Asked by Rahul Maheshwari: How are core, growth, and pioneer categories performing, and what is the distribution expansion trajectory?
p. 13
“we are seeing accelerated momentum in the underlying volume growth in some of our categories.”
Sudhanshu Vats, page 13 of the filed PDF · View the filing
Kavinder Singh said UnoFin is seeing early green shoots and acceptance among architects but declined to commit to a specific revenue figure.
Answered by Kavinder Singh
Asked by Rahul Maheshwari: What is the progress update on UnoFin, and is it on track for Rs 100 crores?
p. 13
“we are beginning to see green shoots on the UnoFin side of the business.”
Kavinder Singh, page 13 of the filed PDF · View the filing
Management said some time-weighted pricing benefit will flow into Q2/Q3, but this could be offset by rebates tied to raw material volatility.
Answered by Sudhanshu Vats
Asked by Latika Chopra: Will the cumulative price increases in Consumer & Bazaar sustain into Q2, or is there a lagged pricing impact still to come?
p. 15
“there could be theoretically a time-weighted advantage of this, but it may get nullified with some of the rebates and other business.”
Sudhanshu Vats, page 15 of the filed PDF · View the filing
Management said that scenario is plausible but conditional on commodity stability, without firmly committing to it.
Answered by Sudhanshu Vats
Asked by Percy Panthaki: If crude and commodities stay around mid-80s, would Pidilite land at the higher end of the 20-24% margin range this year?
p. 19
“it is quite possible that we could be middle to higher end of the band, easily. It's possible.”
Sudhanshu Vats, page 19 of the filed PDF · View the filing
Sandeep Batra tied volume growth guidance to a multiple of real GDP growth, implying double-digit UVG assuming 6-6.5% GDP growth.
Answered by Sandeep Batra
Asked by Percy Panthaki: Is 9-10% UVG the expected medium-term run rate over a 3-4 year period?
p. 20
“on the hypothesis that real GDP in India will grow at the 6%, 6.5% range. If you apply the range that we give for our core growth categories, you will end up at a double-digit underlying volume growth.”
Sandeep Batra, page 20 of the filed PDF · View the filing
Risks flagged
Geopolitical issues affecting export markets and demand
p. 3
“overall exports for the company also degrew in the first quarter, largely because of geopolitical issues in some of our key markets.”
Sandeep Batra, page 3 of the filed PDF · View the filing
Volatility in VAM and crude prices affecting cost planning
p. 15
“this kind of volatility, I think, is very unprecedented in my opinion.”
Sudhanshu Vats, page 15 of the filed PDF · View the filing
Rising competitive intensity in tile adhesives category
p. 9
“this category is facing intense competition.”
Kavinder Singh, page 9 of the filed PDF · View the filing
Emerging competition in waterproofing category from multinational and local players
p. 21
“There are competitors in this business. It's not that the category does not have competitors. There are multinational competitors, there are local competitors, and they've been around for some time.”
Kavinder Singh, page 21 of the filed PDF · View the filing
Margin moderation expected in second quarter as lower-cost inventory benefit unwinds
p. 12
“That benefit will unravel in the second quarter because we have bought inventory or materials at higher prices than what prevailed today.”
Sandeep Batra, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.