Q1 2026 Pidilite Industries Ltd Earnings Call Transcript
Key Points
- Pidilite Industries Ltd (BOM:500331) reported a 10.6% increase in stand-alone revenue, driven by a 9.9% underlying volume growth.
- The company announced a special interim dividend of INR10 per share and a bonus issue of 1 to 1, marking the first bonus issue in 15 years.
- EBITDA margins improved by 101 basis points to 25.6%, reflecting strong operational performance.
- Domestic subsidiaries reported a sales growth of 11.5% and a 31.7% increase in EBITDA due to softening input costs.
- International subsidiaries achieved a 6.5% top-line growth with a 9% increase in EBITDA, indicating improved profitability.
- Competitive intensity remains high in certain regions, such as Hyderabad and Gujarat, affecting specific product lines like tile adhesives.
- Kerala is identified as a state facing challenges across various business segments.
- The company is not fully satisfied with the absolute numbers and milestones set for the Haisha paints initiative.
- There is a moderation in B2B growth compared to previous quarters, attributed to geopolitical and tariff uncertainties.
- Gross margins showed a slight decline on a quarter-on-quarter basis, partly due to mix and momentary increases in raw material prices.
(Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Jay Doshi from Kotak Securities. Thank you, and over to you, Mr. Doshi.
Thanks, Manav. Good afternoon, everyone. On behalf of Kotak Institutional Equities, I welcome you all to 1Q FY26 earnings call of Pidilite. We have with us Mr. Sudhanshu Vats, Managing Director; Mr. Kavinder Singh, Joint Managing Director; Mr. Sandeep Batra, Executive Director, Finance and CFO; Mr. Bhavesh Joshi, VP, Domestic Accounts and Taxation. I'll now hand over the call to Mr. Batra for opening remarks.
Over to you, sir.
Thank you. Thank you, Jay, and good afternoon to everybody on the call. I'll quickly share my opening comments and covering the Q1 FY26 results, which were approved at our Board meeting yesterday. To commemorate the 101st birth anniversary of our founder, Shri BK
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