While the rest of Dalal Street is arguing about capex cycles and China Plus One, Pidilite Industries quietly glued another quarter together. Q2 FY26 numbers look tighter than Fevikwik on a broken slipper — Revenue ₹ 3,554 Cr, PAT ₹ 585 Cr, and an EBITDA margin near 24 %. The cherry? A 1:1 bonus issue plus ₹ 30 total dividend (₹ 20 final + ₹ 10 special) — clearly, management believes in sticking profits back to shareholders too.
At ₹ 1,486 per share, the company’s market cap sits at ₹ 1.51 Lakh Cr, P/E 67×, and ROCE ≈ 30 %. Nearly debt-free, cash-rich, and still commanding 70 % of India’s adhesive market — Pidilite is what happens when Monopoly and R&D meet jugaad.
So what’s next for the king of “chipkao aur chhod do”? Let’s find out before the glue dries.
2. Introduction
Every Indian home has two religions: cricket and Fevicol. When the sofa breaks, we don’t call the carpenter — we call that blue bottle with the smiling elephant.
Founded in 1959 by Balvant Parekh — India’s original adhesive alchemist — Pidilite turned a humble white glue into a national emotion. Today, the company sells 6,500 products across 80 countries, runs 26 plants, and controls nearly every aisle of your neighbourhood hardware store.
FY26 so far looks solid. H1 sales = ₹ 6,740 Cr (+10 %), H1 PAT = ₹ 1,263 Cr (+8 %). The firm’s business cocktail is 80 % Consumer & Bazaar (C&B) and 20 % B2B, but the margin is where the party’s at — a creamy 23 %.
Management also had a leadership shuffle — Bharat Puri gracefully exited; Sudhanshu Vats and Kavinder Singh are now driving strategy. Meanwhile, R&D labs in India, Singapore, and USA are brewing the next Fevicol 2.0.
If Warren Buffett ever visited India, he’d probably carry a sample bag of Fevicol MR and whisper, “This is what brand moat looks like.”
3. Business Model – WTF Do They Even Do?
Pidilite’s model is deceptively simple: make sticky things, sell them everywhere, and never let customers switch.
Two primary divisions:
Consumer & Bazaar (≈ 80 %) – Adhesives, sealants, art & craft, construction chemicals. Everyday India stuff — Fevicol, M-Seal, Dr. Fixit, Fevicryl, Fevistik, Hobby Ideas.
B2B (≈ 20 %) – Industrial adhesives, resins, pigments, and polymer emulsions used by furniture, packaging & paint players.
They own literal synonyms of the product: Fevicol = adhesive, Dr. Fixit = waterproofing, Fevikwik = instant bond. Try searching “glue” on Amazon India — you’ll just get Fevicol in different hairstyles.
Global presence? 9 countries + exports to 80 more. Joint venture with Spain’s Grupo Puma for premium construction chemicals — because apparently even walls deserve foreign collaborations.
In short: Pidilite sells habit, not products. Once you’re stuck, you’re family.
4. Financials Overview
Metric
Latest Qtr (Q2 FY26)
YoY Qtr (Q2 FY25)
Prev Qtr (Q1 FY26)
YoY %
QoQ %
Revenue (₹ Cr)
3,554
3,235
3,753
+9.9 %
-5.3 %
EBITDA (₹ Cr)
850
768
941
+10.7 %
-9.7 %
PAT (₹ Cr)
585
540
678
+8.4 %
-13.7 %
EPS (₹)
5.69
5.26
6.61
+8.2 %
-13.9 %
Annualised EPS ≈ ₹ 22.8 → P/E ≈ 65× @ CMP ₹ 1,486
🧾 Commentary: Sales up ~10 %, margins stable near 24 %. Slight sequential
