While most FMCG names are still peeling off the effects of rural slowdown, Pidilite decided to launch a bonus issue after 15 years — and a special dividend — just to flex on Founder B.K. Parekh’s 101st birth anniversary. Q1 FY26 saw consolidated revenue up 10.6% YoY to ₹3,742 crore, with underlying volume growth (UVG) at 9.9% and EBITDA margins rising 101 bps to 25.6%. Rural growth outpaced urban, Dr. Fixit and Roff tile adhesives stuck to double-digit gains, and even the paint pilot Haisha kept adding dealers. Input costs stayed benign, letting management talk about landing margins at the top end of their 20–24% guidance band.
Why it matters? Because eight straight quarters of double-digit B2B UVG and steady core category growth make Pidilite the rare glue stock that hasn’t lost its bond.
Stick around—things get spicier two scrolls down.
AT A GLANCE • Revenue +10.6% – 9.9% UVG led by rural, both C&B and B2B strong • EBITDA margin 25.6% – 101 bps up YoY, VAM blip aside • Bonus 1:1 + ₹10/sh dividend – 15 years since last bonus • Haisha paint pilot – growing in all 5 states, dealers + tinting machines up
MANAGEMENT’S KEY COMMENTARY
Sandeep Batra (CFO): “Bonus issue after 15 years, special dividend too.” Translation: Numbers so good, we’re gifting ourselves a party hat.
Sudhanshu Vats (MD): “AP and Gujarat issues eased; Kerala a current weak spot.” Translation: We fix leaks fast — except maybe God’s own country.
“Roff tile adhesive portfolio is complete and growing faster than market.” Translation: Our tiles stick harder than the competition’s excuses.
“UnoFin pivoting from retail to large projects like Jewar Airport.” Translation: Go big, spray fast, avoid labour drama.
“Rural and rurban doubling direct coverage over 5 years.” Translation: We’ve gone deeper into Bharat than your favourite OTT app.
“Margins likely at high end of 20–24% band this year.” Translation: Barring a geopolitical curveball, the glue factory’s printing cash.
