PIDILITIND · Chemicals
Pidilite Industries Ltd. reported revenue of ₹3,369 cr for October to December 2024, +7.6% on the year and +4.1% on the quarter.
Operating profit (EBITDA) was ₹798 cr, a margin of 23.7%, −2 bps on the year and −5 bps on the quarter. Over the last 7 quarters the margin has ranged from 19.8% to 23.9%, averaging 22.6%. Operating costs grew +7.7%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹557 cr, +9.0% on the year and +3.1% on the quarter, with earnings per share of ₹5.43. Profit before other income, one-offs and tax grew 7.1%, so the profit growth came from the business itself. The tax rate of 26% is in line with its recent average.
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 ₹19.22 over the last four quarters, the stock at ₹1,502.80 trades at 78.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
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, When the results were filed. 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.
| 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 ₹3,369 cr (+7.6% on the year) and net profit of ₹557 cr (+9.0% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved +7.1% on the year, against +9.0% for reported profit.
None of the 7 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.