Pidilite Industries Ltd.Revenue +22%, Margin 26.4%, Exports Weak

Pidilite reported Q1 FY27 standalone revenue of ₹4,237 Cr, up 22.2%, with underlying volume growth of 11.3%: Consumer and Bazaar grew 12.2% and B2B 7.3%, held back by exports, where B2B export volume fell 8.4% on geopolitical disruption.

Price increases across all categories, taken to offset higher input costs with VAM at about $1,370 a tonne against $924 a year earlier, lifted revenue growth well above volume growth. Gross margin was 52.5%, down 90 bps, but costs below gross margin grew only 14.5%, lifting standalone EBITDA margin to 26.4% and PAT 27.7%. Consolidated revenue was ₹4,541 Cr, up 21.3%, with EBITDA margin up 120 bps and PAT up 30.3%. Management said part of the margin came from low-cost inventory and lighter schemes that will reverse in Q2, kept its 20% to 24% corridor, and said the year could land in the middle to upper end if crude holds near the mid-80s. Demand is described as steady, with most price rises in by June and some rebates possible as VAM falls.