PIDILITIND · Chemicals
Pidilite Industries Ltd. reported revenue of ₹4,298 cr for July to September 2026, +20.9% on the year and −5.6% on the quarter. That is faster than this quarter has grown in recent years (+7.5% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹16,143 cr, +16.8% on the four before.
Operating profit (EBITDA) was ₹877 cr, a margin of 20.4%, −351 bps on the year and −583 bps on the quarter. Over the last 8 quarters the margin has ranged from 20.1% to 26.2%, averaging 23.3%. Operating costs grew +26.5%, faster than revenue at +20.9%, so operating profit grew less than sales.
Net profit was ₹626 cr, +7.0% on the year and −29.2% on the quarter, with earnings per share of ₹6.03. Profit before other income, one-offs and tax grew 3.7%, so 3 points of the headline growth came from outside the core business. The tax rate of 25% is in line with its recent average. Profit over the last four quarters totals ₹2,718 cr, +20.9% on the four before.
Of the 8 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Pidilite Industries Ltd. ranks 6th on revenue growth; the sector median is +45.5%. Its margin moved −351 bps on the year against a sector median of −271 bps.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹26.36 over the last four quarters, the stock at ₹1,502.80 trades at 57.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
EBITDA margin 20.4%, −351 bps on the year (−583 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,130 cr | ₹2,902 cr | ₹3,395 cr | ₹3,235 cr | ₹3,369 cr | ₹3,141 cr | ₹3,753 cr | ₹3,554 cr | ₹3,710 cr | ₹3,583 cr | ₹4,552 cr | ₹4,298 cr |
| YoY | — | — | +4% | +5% | +8% | +8% | +11% | +10% | +10% | +14% | +21% | +21% |
| EBITDA margin | 23.7% | 19.8% | 23.9% | 23.7% | 23.7% | 20.1% | 25.1% | 23.9% | 24.1% | 23.2% | 26.2% | 20.4% |
| Other income, % of PBT | 5% | −5% | 7% | 8% | 7% | 10% | 9% | 6% | 7% | 7% | 9% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 29% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 25% | 26% | 25% |
| Net profit | ₹511 cr | ₹304 cr | ₹571 cr | ₹540 cr | ₹557 cr | ₹428 cr | ₹678 cr | ₹585 cr | ₹624 cr | ₹584 cr | ₹884 cr | ₹626 cr |
| YoY | — | — | +20% | +18% | +9% | +41% | +19% | +8% | +12% | +36% | +30% | +7% |
| Core profit YoY | — | — | +15% | +13% | +7% | +16% | +16% | +10% | +12% | +38% | +30% | +4% |
| EPS | ₹5.02 | ₹2.96 | ₹5.57 | ₹5.26 | ₹5.43 | ₹4.15 | ₹6.61 | ₹5.69 | ₹6.07 | ₹5.69 | ₹8.57 | ₹6.03 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Pidilite Industries Ltd. reported revenue of ₹4,298 cr (+20.9% on the year) and net profit of ₹626 cr (+7.0% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +3.7% on the year, against +7.0% for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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