Pidilite Industries Earnings Summary — Q1 FY2027
Pidilite Delivers 21% Consolidated Revenue Growth and Strong Profit Expansion in Q1 FY27
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 27.0% sequentially in Q1 FY2027.
- Revenue of ₹4,552 Cr is 21.3% higher year-on-year.
- Revenue has compounded at 22.1% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹872 Cr is 29.7% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 60.6% annualised across the period.
- Operating margin stands at 26.2% in Q1 FY2027.
- Operating margin expanded by 116 bps year-on-year.
- Over the last two years operating margin has expanded by 232 bps.
- PBT margin is 26.2%.
- Expense growth of 19.4% remained below revenue growth of 21.3%.
- Operating profit of ₹1,194 Cr is 26.9% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 80/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 4,552 | 3,583 | 3,710 | 3,554 | 3,753 | 3,141 | 3,369 | 3,235 | 3,395 | 2,902 |
| Expenses | Improving | 3,358 | 2,753 | 2,816 | 2,704 | 2,812 | 2,509 | 2,571 | 2,467 | 2,583 | 2,327 |
| Operating Profit | Improving | 1,194 | 831 | 894 | 850 | 941 | 632 | 798 | 768 | 812 | 575 |
| Operating Margin | Improving | 26.2% | 23.2% | 24.1% | 23.9% | 25.1% | 20.1% | 23.7% | 23.7% | 23.9% | 19.8% |
| Other Income | Volatile | 109 | 57 | 60 | 50 | 86 | 55 | 56 | 57 | 54 | -23 |
| Interest | Stable | 13 | 14 | 13 | 13 | 14 | 14 | 12 | 12 | 12 | 13 |
| Depreciation | Stable | 97 | 97 | 101 | 100 | 97 | 97 | 90 | 88 | 84 | 113 |
| Profit Before Tax | Improving | 1,192 | 777 | 840 | 787 | 916 | 576 | 752 | 725 | 770 | 426 |
| Tax | Improving | 308 | 193 | 216 | 203 | 238 | 149 | 195 | 185 | 198 | 122 |
| Net Profit | Improving | 872 | 579 | 618 | 579 | 672 | 422 | 552 | 535 | 567 | 301 |
| Net Margin | Improving | 19.2% | 16.2% | 16.7% | 16.3% | 17.9% | 13.4% | 16.4% | 16.5% | 16.7% | 10.4% |
Key Takeaways
- Delivered robust consolidated revenue growth of 21.3% YoY, driven by strong underlying volume growth (UVG) of 11.3% standalone.
- Consumer & Bazaar (C&B) segment remains the primary growth engine, recording a standalone UVG of 12.2% during the quarter.
- Standalone EBITDA margins improved to 26.4%, benefiting from proactive pricing adjustments and operating leverage despite higher VAM costs.
- Consolidated PAT increased by 30.3% YoY to ₹883.5 Crores, including a one-time exceptional gain of ₹14.41 Crore from the sale of BuildNext stake.
- International subsidiaries showed marked improvement with 12% revenue growth, led by strong performance in Bangladesh, Egypt, and Kenya.
- B2B export volumes faced headwinds, declining 8.4% due to geopolitical challenges in key global markets.
Management Guidance
Management expects demand to remain positive and is focused on maintaining standalone volume growth in the 10-12% range. They intend to maintain EBITDA margins within the 20-24% corridor long-term, utilizing tactical rebates if raw material prices soften.
Sentiment Shift
Improving
Performance exceeded recent historical averages for volume growth, and the company demonstrated strong pricing power to protect margins during input cost volatility.
Outlook
The company maintains a constructive outlook on domestic demand across retail and professional segments. It plans to continue investing in innovation (e.g., Fevicol X-PER) and supply chain expansion to counter emerging competition in the tile adhesive category.
From the Annual Report (Key Quotes)
“We have delivered a strong set of results... underlying volume growth for the quarter, Consumer and Bazaar businesses was 12.2% and B2B was 7.3%.”
“At Pidilite, we have always believed in a win-win philosophy where we will make sure that the value to our customers is right.”
“As the geopolitical situation stabilizes, our exports will come back.”
Official Quarterly Documents
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This summary is AI-generated from Pidilite Industries's latest quarterly filing and earnings call. For informational purposes only — not investment advice.