Pidilite Industries Ltd(PIDILITIND)

NSE: PIDILITINDBSE: 500331

₹ 1,514+2.99%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1.54 L crNext results: 28 Oct 2026Website: www.pidilite.comUpdated: 24 Oct 2026

About

Pidilite Industries is India's leading maker of adhesives, sealants, construction chemicals and art materials, best known for the Fevicol, Dr. Fixit and M-Seal brands. In FY26 the company reported consolidated revenue of Rs 14,600.83 Cr and PAT of Rs 2,470.72 Cr. It operates 33 manufacturing plants across 36 states and union territories and exports to 74 countries.^[1]

Business segments

Consumer & Bazaar: adhesives, sealants, art & craft, construction and paint chemicals sold to retail end-users; 78.0% of FY26 segment revenue at Rs 11,573.75 Cr, EBIT margin 30.6%.^[2]
Business to Business: industrial adhesives, synthetic resins, organic pigments, pigment preparations, construction chemicals (projects) and surfactants; 21.6% of FY26 segment revenue at Rs 3,211.1 Cr, EBIT margin 16.5%.^[2]
In FY25, Consumer & Bazaar net revenue was Rs 10,335.14 Cr and B2B Rs 2,748.35 Cr (consolidated).^[3]

Products and brands

Adhesives and sealants account for 58.3% of FY26 turnover; pigments, paint chemicals and industrial resins account for 35.7%.^[4]
Dr. Fixit, Roff and Pidilite Projects Group delivered underlying volume growth in the 2x - 4x GDP range in Q1 FY27.^[5]
Q1 FY27 launches: Fevicol X-PER with anti-bending technology, and M-Seal Advanced, a water-washable, low-VOC solvent cement for CPVC, UPVC and PVC pipes.^[5]
Nio Pro, a premium tile adhesive from a JV with Spanish partners, is being scaled from 1 plant to 4 plants as of Q1 FY27.^[5]
Polyurethane adhesive technology was fully absorbed in FY26; PU sealant technology in FY25.^[4]
Electronics adhesives (CollTech partnership) secured repeat commercial orders from a couple of customers as of Q2 FY26.^[6]
Jowat hot-melt adhesives were gaining traction in woodworking/joinery and packaging & conversion as of Q2 FY26.^[6]

Operations

33 manufacturing plants and 9 offices across 36 states/UTs in India, plus 5 international offices, as of FY26.^[4]
8,835 employees on the rolls as of 31 March 2026.^[4]
A large new plant for premium white glue/Fevicol in West India was being commissioned in Q1 FY27.^[7]
R&D covers adhesives, sealants, tile and stone solutions, resins, pigments, dispersions, coatings, waterproofing and construction chemicals.^[4]

Key operating numbers

Standalone underlying volume growth: 11.3% in Q1 FY27; 15.3% in Q4 FY26; 11.1% in FY26 vs 9.3% in FY25.^[5]
Q1 FY27 volume growth: Consumer & Bazaar 12.2%; B2B 7.3%, with domestic B2B 10.4% and exports -8.4%.^[5]
Standalone gross margin 52.5% in Q1 FY27 vs 54.7% in FY26; VAM cost rose to $1,370/unit in Q1 FY27 vs $924 in Q1 FY26.^[5]
Advertising and sales promotion: Rs 153 Cr in Q1 FY27 (+36.6% YoY); Rs 561 Cr in FY26 (+19.1% YoY).^[5]

Customers and distribution

Products reach households, students, offices, carpenters, painters, plumbers and mechanics through wholesalers, distributors, retailers and e-commerce.^[4]
Exports were 7.01% of FY26 turnover, serving 74 countries.^[4]
Export volumes fell 8.4% in Q1 FY27 on geopolitical conditions; contracts described as mostly intact.^[5]

Subsidiaries and international presence

Major international subsidiaries in Dubai, Bangladesh, Sri Lanka, Thailand and Kenya; they grew 12% in Q1 FY27.^[4]
Middle East & Africa subsidiary EBITDA grew 106.6% YoY and Asia 40.8% YoY in Q1 FY27.^[5]
Pargro Investments, an NBFC held via Bhimad Commercial, provides small-value retail loans within the company's ecosystem.^[4]
Haisha Paints piloted in 5 southern states and expanded into West Bengal and Bihar as of Q4 FY26.^[7]

Expansion and capex

FY26 capex was ~Rs 570 Cr vs Rs 430 Cr in FY25; stated ongoing target is 3 - 5% of sales.^[7]
Standalone capex was Rs 420.44 crores in FY25 vs Rs 499.21 crores in FY24.^[3]

Recent developments

Price hikes of about 4 - 5% in April 2026 and 7 - 8% in early May 2026; Fevicol division cumulative ~12 - 15%.^[7]
March 2026 West Asia conflict disrupted export supply chains and VAM sourcing from Saudi Arabia; company shifting to China and other sources.^[7]
BuildNext platform transferred to JSW One in Q4 FY26 for a small equity stake in JSW One.^[7]
Sudhanshu Vats became MD and Kavinder Singh JMD from 10 April 2025; Bharat Puri became non-executive.^[3]
The FY26 annual report names counterfeiting, single-source input supply, plastic waste EPR compliance, changing consumer preferences and cyber security as risks.^[4]

Market Cap

₹1,54,207 Cr

High / Low

₹1,708 / 1,259

Stock P/E

58.2

Price / Book

14.2

Book Value

₹106

EPS

₹24.1

No. of Shares

101.78 Cr

ROCE

31.2%

ROE

23.8%

OPM

22.8%

Debt / Equity

0.01

Sales

₹14,601 Cr

Net Profit

₹2,471 Cr

Promoter holding

69.2%

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Pidilite Industries Ltd(PIDILITIND)

About

Business segments

Products and brands

Operations

Key operating numbers

Customers and distribution

Subsidiaries and international presence

Expansion and capex

Recent developments

Signal history

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