Pidilite Industries LimitedQ2 FY27 Results & Financial Update
Pidilite Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹4,297.59 Cr, PAT ₹626.46 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Pidilite Industries Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Pidilite Industries Limited reported consolidated revenue from operations of Rs 4,297.59 crores for the second quarter ended September 30, 2026, marking a sequential decrease of 5.58% compared to Rs 4,551.55 crores in the preceding quarter ended June 30, 2026.
Consolidated Profit Before Tax (PBT) stood at Rs 834.23 crores for Q2 FY27, compared to Rs 1,177.58 crores in Q1 FY27, reflecting lower operating profitability sequentially due to seasonal demand patterns and input cost movements.
Consolidated Profit After Tax (PAT) for the quarter was reported at Rs 626.46 crores, translating to basic earnings per share of Rs 6.04, compared to a PAT of Rs 883.51 crores and EPS of Rs 8.55 in the previous quarter.
Total consolidated income for the quarter reached Rs 4,362.18 crores, which includes other income of Rs 64.59 crores, down from Rs 4,643.55 crores in the June 2026 quarter.
Total consolidated expenses for Q2 FY27 aggregated to Rs 3,632.87 crores, encompassing material consumption of Rs 1,896.09 crores, stock-in-trade purchases of Rs 332.50 crores, employee benefits of Rs 511.09 crores, depreciation of Rs 100.06 crores, finance costs of Rs 12.70 crores, and other expenses of Rs 698.14 crores.
The Consumer and Bazaar segment remained the dominant revenue engine, delivering segment revenue of Rs 3,423.57 crores and segment results of Rs 900.13 crores during the quarter, while the Business to Business segment contributed Rs 912.59 crores in revenue and Rs 114.14 crores in segment results.
During the quarter, the company progressed with capital allocation initiatives, including share allotments under its Employee Stock Option Plan (ESOP) and maintaining robust liquidity reserves across investments and cash equivalents.
01 · Business model
What does Pidilite Industries do?
Pidilite Industries Limited is a prominent Indian manufacturer specializing in consumer and specialty chemicals, with market leadership in adhesives, sealants, waterproofing solutions, and art and craft materials. Its flagship brands, such as Fevicol, command deep consumer and trade loyalty.
The company operates primarily through two segments: Consumer and Bazaar (C&B) and Business to Business (B2B). The C&B segment caters to retail users, carpenters, painters, plumbers, mechanics, households, students, and offices. The B2B segment serves large industrial users with industrial adhesives, synthetic resins, organic pigments, construction chemicals for projects, and surfactants.
Pidilite distributes its products through a vast, entrenched nationwide network reaching hardware stores, timber marts, stationery outlets, and modern trade channels, backed by direct engagement with influencers like carpenters and contractors.
The economic model relies heavily on raw material cost management, distribution depth, brand equity, and continuous expansion into adjacent categories such as paint chemicals and construction waterproofing.
02 · Historical context
What shaped the business before this quarter
Previously, the company paid a final dividend of Rs 11.50 per equity share of face value Re 1 each, aggregating to Rs 1,170.46 crores for FY 2025-26, as approved by members at the Annual General Meeting held on August 4, 2026.
Earlier, in August 2026, Pidilite Ventures Private Limited completed the transfer of its entire investment in associate company BuildNext Construction Technologies Private Limited to JSW One Platforms Limited via a share swap agreement, generating a gain of Rs 14.41 crores.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹4,297.59 Cr | ₹4,551.55 Cr |
| Total income | ₹4,362.18 Cr | ₹4,643.55 Cr |
| Profit before tax | ₹834.23 Cr | ₹1,177.58 Cr |
| Profit after tax | ₹626.46 Cr | ₹883.51 Cr |
| EPS | ₹6.04 | ₹8.55 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 14.6% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 19.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹64.59 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Generated Rs 3,423.57 crores in revenue out of total consolidated operations, serving retail users, carpenters, painters, and households with adhesives, sealants, and construction chemicals.
Contributed Rs 912.59 crores in revenue, driven by industrial products, synthetic resins, pigments, and project construction chemicals supplied to large business users.
What drove margins
Cost of materials consumed stood at Rs 1,896.09 crores for the consolidated entity during Q2 FY27, reflecting primary input pressures for chemical derivatives.
Employee benefit expenses were recorded at Rs 511.09 crores, while other expenses aggregated to Rs 698.14 crores on a consolidated basis.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Reported segment revenue of Rs 3,423.57 crores and segment results of Rs 900.13 crores for Q2 FY27, compared to revenue of Rs 3,680.58 crores and results of Rs 1,190.53 crores in Q1 FY27.
Delivered segment revenue of Rs 912.59 crores and segment results of Rs 114.14 crores, compared to revenue of Rs 917.76 crores and results of Rs 172.75 crores in the preceding quarter.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The company allotted 89,340 equity shares on August 21, 2026, and 660,480 equity shares on September 18, 2026, of face value Re 1 each under ESOP 2016.
The company granted options for 144,270 equity shares on October 27, 2026, under Employee Stock Option Plan - 2016.
07 · Reported developments
What changed operationally
Statutory auditors B S R & Co. LLP issued an unmodified limited review report on both standalone and consolidated financial results for the quarter ended September 30, 2026.
08 · Items worth noticing
The line items that can distort a quick read
During the half year ended September 30, 2026, the transfer of investment in BuildNext resulted in a gain of Rs 14.41 crores recorded under exceptional items.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flows generated from operating activities for the six months ended September 30, 2026, stood at Rs 1,098.11 crores.
Capital allocation & funding
Consolidated current borrowings were reported at Rs 50.83 crores as at September 30, 2026, down from Rs 105.91 crores as at March 31, 2026.
Consolidated finance costs for Q2 FY27 were contained at Rs 12.70 crores.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Subsidiary Liquidation
Nina Percept (Bangladesh) Pvt. Ltd. was voluntarily liquidated with effect from August 19, 2026.
11 · Previous-quarter changes
What changed since the previous quarter
Consolidated revenue from operations decreased by 5.58% from Rs 4,551.55 crores in Q1 FY27 to Rs 4,297.59 crores in Q2 FY27.
12 · Key Q&A
The quarter, answered directly
What does Pidilite Industries do?
Pidilite Industries Limited is a prominent Indian manufacturer specializing in consumer and specialty chemicals, with market leadership in adhesives, sealants, waterproofing solutions, and art and craft materials. Its flagship brands, such as Fevicol, command deep consumer and trade loyalty.
What is the clearest takeaway from Q2 FY27?
Pidilite Industries Limited reported consolidated revenue from operations of Rs 4,297.59 crores for the second quarter ended September 30, 2026, marking a sequential decrease of 5.58% compared to Rs 4,551.55 crores in the preceding quarter ended June 30, 2026.
What drove revenue or demand?
Generated Rs 3,423.57 crores in revenue out of total consolidated operations, serving retail users, carpenters, painters, and households with adhesives, sealants, and construction chemicals.
What mattered most for margins or profitability?
Cost of materials consumed stood at Rs 1,896.09 crores for the consolidated entity during Q2 FY27, reflecting primary input pressures for chemical derivatives.
What changed operationally beyond the headline numbers?
The company allotted 89,340 equity shares on August 21, 2026, and 660,480 equity shares on September 18, 2026, of face value Re 1 each under ESOP 2016.
What should the next disclosure help confirm?
Monitor subsequent quarterly financial disclosures and operational updates for recovery in C&B segment margins and demand trends.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Next Financial Results: Monitor subsequent quarterly financial disclosures and operational updates for recovery in C&B segment margins and demand trends.
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