Pidilite Industries, maker of Fevicol, Dr. Fixit and M-Seal, reports into a quarter where raw-material costs ran hot — VAM consumption was $1,370/t in Q1 FY27 vs $924 a year ago and Brent climbed from ~$86-91 to ~$102-108 through July-September. The print will speak to whether double-digit underlying volume growth held against category-wide inflation, and whether EBITDA margins stay above the 20-24% FY27 corridor management has committed to.
| Results date | October 28, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 4,541 Cr (consolidated net sales, Q1 FY27) |
| Previous quarter PAT | Rs. 884 Cr (consolidated, Q1 FY27) |
| Previous quarter EBITDA margin | 26.3% (consolidated, Q1 FY27) |
| Market cap | Rs. 152,682.72 Cr |
| CMP | Rs. 1,487.7 |
The Board of Pidilite Industries Ltd will meet on 28 Oct 2026 to approve the unaudited financial results for Q2 FY27 (quarter ended 30 Sep 2026), under Regulation 29 of SEBI LODR.
The Q2 FY27 earnings call is scheduled for 29 Oct 2026 at 3:30 pm IST, hosted via ICICI Securities. Participants include MD Sudhanshu Vats, Joint MD Kavinder Singh, ED (Finance) & CFO Sandeep Batra, CFO-Designate Amit Agarwal and Sr. VP Bhavesh Joshi.
The quarter tests whether Pidilite's double-digit underlying volume growth commitment survives the raw-material inflation management flagged in May, against a soft base of 10.3% UVG in Q2 FY26. Cost pressure is the dominant story: VAM consumption was $1,370/t in Q1 FY27 vs $924 a year ago after a spike toward ~$2,000, and Brent crude rose from ~$86-91/bbl in July to ~$102-108 by late September, consistent with the 40-50% weighted-average COGS-basket inflation management flagged. Gross margin was already down 90 bps YoY at 52.5% in Q1 FY27, and management has said FY27 will likely trend toward the lower end of the 20-24% EBITDA margin corridor, which it prefers not to change despite Q1 printing at 26.4% standalone. The export leg remains the clear drag — B2B exports UVG was (8.4)% in Q1 FY27 after (21.8)% in Q4 FY26 and (28.8)% in Q3 FY26, and the Gulf/West Asia conflict was still active as of late October, so the promised export recovery had not materialised. External demand proxies were supportive, with FMCG value growth at a six-quarter high of 8.6% (rural 10.6%) and cement volumes up 6-7% in July-August 2026. The call will also cover the West India premium white glue/Fevicol plant commissioned in Q1 FY27, capex within the 3-5% of sales band, and the first appearance of CFO-Designate Amit Agarwal, appointed 9 Oct 2026.
EBITDA margin vs the 20%-24% FY27 corridor: Q1 FY27 printed 26.4% standalone, above the corridor.
VAM trajectory and trade rebate strategy
Double-digit UVG and B2B export drag
Capex, strategic initiatives and management transition
Risk follow-ups
Management has said it stays committed to the 20%-24% EBITDA margin corridor for FY27, though it indicated the year will likely trend toward the lower end due to raw-material inflation. On the Q1 FY27 call it said it will maintain the corridor for flexibility and prefers not to change the lower end despite margins printing above it.
VAM consumption was $1,370/t in Q1 FY27 vs $924 a year ago, after spiking from ~$800-900 toward ~$2,000 before falling. Management has taken staggered price increases of 12-15% in the Fevicol division across April-May and said it may offer trade rebates if VAM falls, noting it covered the raw-material price increase but 'did not cover fully for the margin'.
Management expects exports to come back as the geopolitical situation stabilizes, noting most export contracts are in place though some customers may have made alternate arrangements. B2B exports UVG was (8.4)% in Q1 FY27, after (21.8)% in Q4 FY26 and (28.8)% in Q3 FY26.
Consolidated net sales rose 21.3% YoY to Rs. 4,541 Cr in Q1 FY27, supported by underlying volume growth of 11.3% overall and 12.2% in the Consumer & Bazaar segment. Management said it commenced FY27 'on a strong footing with broad-based growth' across both segments.