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Pidilite Industries Limited (PIDILITIND)

📊 NSE: PIDILITIND 🏢 Chemicals 📅 Last Updated: 12/14/2025 11:00

📢 Recent Corporate Announcements

Pidilite Liquidates Inoperative Step-Down Bangladesh Subsidiary NPBPL

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Sep 2026, 06:52 PM

Pidilite Industries announced the voluntary liquidation of its wholly-owned step-down subsidiary, Nina Percept (Bangladesh) Private Limited (NPBPL), effective August 19, 2026. The entity had been inoperative since incorporation due to a lack of viable business opportunities. For the fiscal year ended March 31, 2026, NPBPL contributed nil turnover, an income loss of BDT 7,01,654, and held a net worth of BDT 30,13,824. Given the immaterial size relative to Pidilite's TTM revenue of ₹15,125 Cr, the closure has no operational or financial impact on the company.

Voluntary liquidation of step-down subsidiary NPBPL effective August 19, 2026
Entity generated Nil revenue with an annual loss of BDT (7,01,654) as of March 31, 2026
Net worth of the liquidated entity stood at BDT 30,13,824 (~₹21-25 lakh)
Closure has negligible impact against Pidilite's TTM revenue of ₹15,125 Cr

💡 No action is required as this is routine legal housekeeping. Investors should focus on domestic volume demand trends and input cost fluctuations (VAM prices).

Pidilite Schedules 1-on-1 Investor Meeting with Aberdeen Asset Management on Sept 8, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Sep 2026, 03:03 PM

Pidilite Industries has informed the stock exchanges regarding an upcoming physical meeting with an institutional investor. The meeting is scheduled with Aberdeen Asset Management on September 8, 2026, from 01:00 PM to 02:00 PM in Mumbai. This is a routine 1-on-1 interaction in compliance with SEBI LODR Regulation 30(6). No unpublished price-sensitive information is expected to be shared.

Institutional meeting scheduled for September 8, 2026
Meeting timing set for 01:00 PM to 02:00 PM IST
Interaction with a single institution: Aberdeen Asset Management
Mode of interaction: Physical meeting in Mumbai

💡 Track if any investor presentation or transcript/outcome is subsequently filed with the exchanges following the meet.

Pidilite Receives GST Penalty Order of Rs 10.42 Lakh for FY 2020-21; to File Appeal

🟡 NEUTRAL ⭐ 2/10

REGULATORY 📅 01 Sep 2026, 02:07 PM

Pidilite Industries has received an Order-in-Original dated August 31, 2026, from the Superintendent of Central GST & C. Excise, Fatuha Range, Bihar. The order levies a penalty of Rs 10,42,207 under the provisions of the Central Goods and Services Tax Act for FY 2020-21. Pidilite stated that the order is appealable and it is evaluating steps to contest the order before the appellate authorities. Given the company's TTM revenue of Rs 15,125 Cr and TTM PAT of Rs 2,653 Cr, the penalty has no material financial or operational impact.

Order-in-Original dated August 31, 2026, received from Central GST & C. Excise, Fatuha Range, Bihar
Imposes a penalty of Rs 10,42,207 under CGST Act provisions for FY 2020-21
Company is reviewing the order to exercise its right of appeal before higher authorities
Management confirms no material impact on company financials or operations

💡 Track standard quarterly disclosures for updates on tax litigation, though this specific penalty carries no material operational or financial risk.

Pidilite Chief Information & Digital Officer Vivek Sharma Resigns, Effective Oct 31, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 25 Aug 2026, 03:54 PM

Pidilite Industries has informed exchanges that Mr. Vivek Sharma, Chief Information and Digital Officer (categorized as Senior Management Personnel), has tendered his resignation on August 24, 2026. He is leaving to pursue external career opportunities. His last working day with the company will be October 31, 2026, providing an orderly transition window of over two months. The operational impact on core manufacturing and distribution is expected to be minimal.

Mr. Vivek Sharma resigned from his role as Chief Information and Digital Officer on August 24, 2026
His official last working day at Pidilite Industries is scheduled for October 31, 2026
The departure leaves an approximately 2-month handover and transition period
The resignation is categorized under Regulation 30 disclosure requirements for Senior Management Personnel

💡 Monitor upcoming exchange filings for the appointment of a successor to head Pidilite's IT and digital operations.

Pidilite Industries Schedules 1-on-1 Institutional Investor Meet on August 31, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Aug 2026, 02:55 PM

Pidilite Industries Limited has informed the exchanges of a scheduled single-institution physical meeting with Axis Capital in Mumbai. The interaction is set for August 31, 2026, from 05:00 PM to 06:00 PM IST. This is a standard regulatory intimation pursuant to SEBI LODR regulations with no operational or financial impact.

Physical meeting scheduled with Axis Capital (Single Institution)
Interaction date: 31st August, 2026
Interaction time: 05:00 PM to 06:00 PM IST in Mumbai

💡 Track subsequent exchange filings for any investor presentation or discussion summaries uploaded following the interaction.

Pidilite Industries Allots 89,340 Equity Shares Under ESOP-2016

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 21 Aug 2026, 02:57 PM

Pidilite Industries Limited has allotted 89,340 equity shares of face value Re. 1/- each under its Employee Stock Option Plan-2016 (ESOP-2016) on August 21, 2026. The shares were issued at par for cash to eligible employees exercising their options. Following this allotment, the company's total paid-up share capital increased from 1,017,790,348 to 1,017,879,688 shares. The dilution is negligible at less than 0.01% of total share capital.

Allotment of 89,340 equity shares of face value Re. 1/- each under ESOP-2016
Allotment made for cash at par to eligible employees
Total share count increased from 1,017,790,348 to 1,017,879,688 shares
New shares rank pari passu with existing equity shares

💡 This is a routine administrative share allotment resulting in negligible equity dilution. No investor action is required.

Pidilite Submits 57th AGM Minutes; Confirms ₹11.50/Share Dividend & FY26 Accounts

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 20 Aug 2026, 02:47 PM

Pidilite Industries Limited has submitted the official minutes of its 57th Annual General Meeting held on August 4, 2026. Shareholders approved all 5 resolutions with over 97% requisite majorities, including the adoption of audited FY26 financial statements. The meeting confirmed a special interim dividend of ₹10 per share (absorbing ₹508.67 crore) and declared a final dividend of ₹11.50 per share (absorbing ₹1,170.46 crore). Additionally, director re-appointments for Shri A B Parekh and Shri Kavinder Singh were ratified.

Final dividend of ₹11.50 per share approved, absorbing ₹1,170.46 crore from profits.
Special interim dividend of ₹10.00 per share (absorbing ₹508.67 crore) confirmed.
Adoption of FY26 financial statements approved with 99.80% majority.
Re-appointment of directors Shri A B Parekh (97.12% votes in favour) and Shri Kavinder Singh (99.59% in favour) approved.
Ratification of cost auditor remuneration for FY27 passed with 99.87% approval.

💡 Track the upcoming Q2 FY27 operational results and raw material (VAM) price trends, as this filing is a standard post-AGM statutory disclosure.

Pidilite Schedules 1-on-1 Analyst Meeting with HDFC Mutual Fund on August 24, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 19 Aug 2026, 05:49 PM

Pidilite Industries Limited has notified the exchanges of a scheduled physical one-on-one institutional investor meeting. The company management will meet with HDFC Mutual Fund on August 24, 2026, between 10:00 AM and 11:00 AM in Mumbai. This is a routine institutional interaction under SEBI LODR Regulation 30(6) without any new commercial or financial disclosures.

Meeting scheduled with HDFC Mutual Fund on August 24, 2026
Time slot allocated is from 10:00am to 11:00am
Interaction format is a physical single institution meeting in Mumbai

💡 Track post-meeting disclosures or presentation uploads if shared by the company to check for any qualitative commentary on demand and raw material trends.

21.3% Consolidated Revenue Growth in Q1FY27; Volume Growth at 11.3%

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 12 Aug 2026, 06:11 PM

Pidilite reported a strong Q1FY27 with consolidated revenue reaching 4,541 cr, up 21.3% YoY. Standalone volume growth was robust at 11.3%, led by the Consumer & Bazaar segment at 12.2%, while B2B exports saw a volume decline of 8.4% due to geopolitical issues. Despite VAM consumption prices rising to $1,370/tonne from $924/tonne YoY, EBITDA margins improved to 26.4% through operating leverage and price increases. The company continues to focus on rural markets and high-growth segments like waterproofing, which saw mid-teen growth.

Consolidated revenue increased 21.3% YoY to 4,541 cr.
Standalone underlying volume growth (UVG) reached 11.3%, with Consumer & Bazaar at 12.2%.
VAM consumption cost rose to $1,370 per tonne compared to $924 in the same period last year.
Consolidated Profit After Tax (PAT) grew by 30.3% YoY.
Shareholders approved a dividend of 11.50 per share during the AGM.

💡 Investors should monitor the trajectory of VAM prices and the recovery of export volumes in international markets like Bangladesh and Egypt. The execution of the 'Pidilite Professional Solutions' strategy in the projects and waterproofing segment remains a key growth driver to watch.

Pidilite to Participate in Motilal Oswal Global Investor Conference on August 18, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 05:51 PM

Pidilite Industries has announced its participation in the Motilal Oswal 22nd Annual Global Investor Conference in Mumbai. The group meeting with institutional investors is scheduled for August 18, 2026, from 10:00 am to 01:00 pm. This is a routine regulatory filing under SEBI (LODR) Regulations, 2015, and does not contain any new financial data or material business updates. Investors should note that the schedule is subject to change due to exigencies.

Meeting scheduled for August 18, 2026, in Mumbai.
Time slot allocated is from 10:00 am to 01:00 pm.
Participation in the Motilal Oswal 22nd Annual Global Investor Conference.
Interaction mode is a physical group meeting with institutional investors.

💡 Monitor the company's website or exchange filings for any investor presentations or transcripts released following the conference for updates on management's outlook.

Pidilite to Attend Institutional Investor Conference in Singapore on August 13-14, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 06:29 PM

Pidilite Industries has scheduled a two-day interaction with institutional investors at the Avendus Spark INDX - Asia Edition 2026 conference. The event will be held physically in Singapore on August 13th and 14th, 2026, from 10:00 am to 5:00 pm. As a market leader with a ₹1,33,590 Cr market cap, such meetings are standard practice for engaging with global capital. No material non-public information is expected to be shared during these group sessions.

Conference scheduled for August 13-14, 2026, in Singapore.
Daily interaction window set between 10:00 am and 05:00 pm.
Format is a physical conference involving group meetings.
Company maintains a strong ROCE of 31.0% and TTM revenue of ₹14,327 Cr.

💡 Investors should watch for any post-conference presentations or transcripts filed with the exchanges for updated management commentary on raw material (VAM) price trends and rural demand.

Pidilite Industries Releases Q1FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Aug 2026, 06:13 PM

Pidilite Industries has informed the exchanges that the audio recording of its Q1FY27 earnings call, held on August 5, 2026, is now available on its website. This is a standard regulatory compliance following the announcement of quarterly financial results. The call provides management commentary on the company's performance for the quarter ended June 2026. Investors can use this to gain insights into volume growth, raw material price trends (VAM), and rural market performance.

Earnings call for Q1FY27 conducted on August 5, 2026
Audio recording uploaded to the company's website under the Investor Relations section
Compliance maintained under Regulation 30 of SEBI (LODR) Regulations, 2015
Company reported TTM revenue of ₹14,327 Cr as of the latest financial cycle

💡 Investors should listen to the recording or wait for the transcript to understand management's outlook on Vinyl Acetate Monomer (VAM) price volatility and the progress of rural distribution expansion.

Pidilite 57th AGM: Shareholders Approve Dividend and Re-appointment of Directors

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 04 Aug 2026, 07:12 PM

Pidilite Industries concluded its 57th Annual General Meeting on August 4, 2026, with all five proposed resolutions passed by the requisite majority. Shareholders approved the adoption of FY26 financial statements (TTM Revenue: 14,327 Cr) and the declaration of a dividend. The re-appointment of directors Shri A B Parekh and Shri Kavinder Singh was confirmed, with the former receiving 97.12% votes in favor. A total of 5,21,369 shareholders were eligible to vote as of the July 28, 2026, cut-off date.

57th AGM successfully conducted on August 4, 2026, via video conferencing.
Dividend declaration resolution passed with 99.99% of valid votes cast in favor.
Re-appointment of Shri A B Parekh as Director approved with 97.12% favor despite 2.88% votes against.
Total of 5,21,369 shareholders were on record as of the July 28, 2026, cut-off date.
Ratification of Cost Auditor remuneration for FY27 approved with 99.87% majority.

💡 Monitor the dividend payout timeline and track the company's execution of its 5-6% projected growth strategy in upcoming quarterly results.

30.3% PAT Growth in Q1 FY27; Consolidated Revenue Rises 21.3% YoY to Rs 4,541 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 02:50 PM

Pidilite Industries reported a strong start to FY27 with consolidated revenue growing 21.3% YoY to Rs 4,541 Cr. Profitability outperformed revenue growth, with consolidated PAT rising 30.3% to Rs 884 Cr. The growth was supported by a healthy 11.3% underlying volume growth (UVG) in the standalone business, despite a 90 bps contraction in gross margins to 52.5% due to inflationary pressures from the West Asia crisis. The core Consumer & Bazaar segment remains robust, growing 22.5% YoY.

Consolidated Net Sales reached Rs 4,541 Cr, representing a 21.3% YoY growth.
Standalone Underlying Volume Growth (UVG) stood at 11.3%, driven by domestic demand.
Consolidated PAT grew by 30.3% YoY to Rs 884 Cr, reflecting strong operating leverage.
Consumer & Bazaar (C&B) segment revenue grew 22.5% with a UVG of 12.2%.
Exports UVG declined by 8.4% due to ongoing geopolitical conditions impacting international trade.

💡 Investors should monitor the trend in raw material costs (specifically VAM prices) and the company's ability to maintain EBITDA margins above 26%. The recovery of the export business and the performance of new 'Pioneer' categories like waterproofing and tile adhesives will be key growth drivers to watch in subsequent quarters.

30.3% PAT Growth in Q1 FY27; Consolidated Revenue up 21.3% to ₹4,541 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 04 Aug 2026, 02:36 PM

Pidilite Industries reported a strong start to FY27 with consolidated revenue growing 21.3% YoY to ₹4,541 Cr, driven by 11.3% underlying volume growth. Profit After Tax (PAT) surged 30.3% to ₹884 Cr, significantly outperforming revenue growth due to operational efficiencies. The core Consumer & Bazaar segment saw robust volume growth of 12.2%, while the B2B segment grew volumes by 7.3%. Despite a 70 bps contraction in gross margins due to the West Asia crisis, EBITDA margins expanded by 120 bps to 26.3% through disciplined cost management and price increases.

Consolidated Net Sales grew 21.3% YoY to ₹4,541 Cr for Q1 FY27
Consolidated Profit After Tax (PAT) increased by 30.3% YoY to ₹884 Cr
Underlying Volume Growth (UVG) stood at 11.3% on a consolidated basis
Consumer & Bazaar (C&B) segment revenue grew 22.5% with 12.2% volume growth
EBITDA margins improved by 120 bps YoY to 26.3% despite inflationary pressures

💡 Investors should monitor the sustainability of double-digit volume growth in the Consumer & Bazaar segment and track VAM price trends, as gross margins saw a slight contraction of 70-90 bps due to global supply chain disruptions.

View All PIDILITIND Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 6.1% YoY to INR 13,140 Cr in FY25. Domestic subsidiaries in the Consumer & Bazaar (C&B) segment grew 6.1% to INR 500.83 Cr, while the Business to Business (B2B) segment grew 9.2% to INR 378.32 Cr. On a standalone basis, C&B underlying volume grew 7.2% and B2B volume grew 19.2%.

Geographic Revenue Split

International subsidiaries reported sales growth of 6.8% on a constant currency basis. Asia contributed INR 323.47 Cr (3.0% growth) and Middle East & Africa contributed INR 308.59 Cr (11.1% growth). The company fully exited the Americas market in March 2024 by divesting its Brazil business.

Profitability Margins

Operating margin expanded to 22.9% in FY25 from 21.9% in FY24, driven by softened input prices. In Q1 FY26, operating margins further improved to 25.1% compared to 23.9% in the previous year. Standalone Profit After Tax (PAT) for FY25 was INR 1,792 Cr.

EBITDA Margin

Consolidated EBITDA grew by 20.0% in FY25. International subsidiary EBITDA margins improved from 13.8% to 14.2%. Domestic C&B EBITDA grew 6.5% to INR 68.92 Cr, while B2B EBITDA grew 16.7% to INR 30.25 Cr. Margins benefited from lower raw material costs and efficient cost control.

Capital Expenditure

Total capital expenditure in FY25 was INR 420.44 Cr, a decrease from INR 499.21 Cr in the previous year. Funds were primarily allocated to manufacturing units, offices, laboratories, warehouses, and information technology to support long-term growth.

Credit Rating & Borrowing

The company maintains a 'Crisil AAA/Stable' long-term rating and 'Crisil A1+' short-term rating. It remains term debt-free at the standalone level with a robust interest coverage ratio of 60.3 times and a low consolidated gearing of 0.06 times as of March 31, 2025.

⚙️ Operational Drivers

Raw Materials

Vinyl Acetate Monomer (VAM) is identified as a key raw material. While specific cost percentages for each material are not disclosed, raw materials collectively are the primary cost driver, and their price softening led to a 100 bps expansion in operating margins.

Import Sources

Key raw materials, specifically VAM, are imported, making the company's cost structure susceptible to global price cycles and foreign exchange fluctuations.

Capacity Expansion

The company invested INR 420.44 Cr in fixed assets for manufacturing units and warehouses in FY25. While specific MTPA figures are not provided, the investment is aimed at supporting the 5-6% projected medium-term revenue growth.

Raw Material Costs

Raw material prices softened in FY25, which allowed the company to take price reductions to stimulate volume growth while still expanding operating margins by 100 basis points to 22.9%.

Manufacturing Efficiency

Efficiency is driven by healthy operating leverage and volume growth, particularly in the B2B segment which saw a 19.2% volume increase, helping offset price reductions.

Logistics & Distribution

Pidilite operates an extensive pan-India distribution network comprising over 5,300 distributors, providing a significant barrier to entry for competitors.

📈 Strategic Growth

Expected Growth Rate

5-6%

Growth Strategy

Growth will be achieved through innovation in underpenetrated segments like waterproofing and tile adhesives, expanding the distribution reach in rural markets (which are currently outpacing urban growth), and focusing on niche products such as floor coatings and wood finishes. The company also utilizes Pidilite Ventures to invest in early-stage startups to scout for ancillary growth opportunities.

Products & Services

Adhesives, sealants, waterproofing solutions, tile jointers, floor coatings, wood finishes, pigment emulsions, synthetic resins, and surfactants.

Brand Portfolio

Pidilite (Master Brand), ICA PIL (Joint Venture), and various brands within the Consumer & Bazaar and B2B segments.

New Products/Services

Focus on underpenetrated waterproofing and tile jointers, and niche products like floor coatings. The company is also increasing its stake in successful startups via Pidilite Ventures.

Market Expansion

Targeting South and South-East Asia, East Africa, and the Middle East for international growth. Domestically, there is a strategic focus on rural markets which are showing higher growth rates than urban centers.

Market Share & Ranking

Market leader in the domestic adhesives and sealants industry.

Strategic Alliances

Joint venture with ICA (ICA PIL) for wood finishes. The company also invested INR 34.89 Cr in Pidilite Ventures Pvt Ltd to manage startup investments.

🌍 External Factors

Industry Trends

The industry is seeing a shift toward specialized construction chemicals like waterproofing and tile adhesives. Pidilite is positioning itself by expanding into these underpenetrated categories to sustain its market leadership.

Competitive Landscape

Pidilite's presence across multiple price points and categories acts as an effective barrier against both organized and unorganized competition.

Competitive Moat

The moat is built on a massive distribution network of 5,300+ distributors and strong brand equity in commoditized products. This is sustainable due to the high cost for competitors to replicate such a deep pan-India reach.

Macro Economic Sensitivity

Demand is highly sensitive to government infrastructure spending, construction activity, and rising per capita income, which supported the 6.1% revenue growth in FY25.

Consumer Behavior

There is a notable shift with rural markets outpacing urban growth, prompting the company to deepen its rural distribution footprint.

Geopolitical Risks

International operations (accounting for ~6.8% growth) are vulnerable to geopolitical and economic uncertainties in the Middle East, Africa, and Asia.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to standard manufacturing and pollution norms; the company maintains robust internal control systems to ensure compliance with all applicable laws.

Environmental Compliance

The company emphasizes ESG commitment to enhance stakeholder confidence and access to capital markets, though specific compliance costs are not listed.

Taxation Policy Impact

The effective tax rate is not explicitly stated, but the company reported a standalone PAT of INR 1,792 Cr against a PBT (before exceptional items) that grew 16.2%.

Legal Contingencies

The company has no outstanding term loans and has not accepted any public deposits, reducing regulatory risk related to debt. Specific pending court case values are not disclosed.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (VAM) and erratic monsoons are the primary risks, with the potential to impact margins and demand by significant percentages if unfavorable.