Pidilite Industries Limited (NSE: PIDILITIND | BSE: 500331)

By Raveendran R | Updated on: November 5, 2026

Source: Pidilite Industries Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)

Metrics for FY 2025-26 Ended Mar 31, 2026
Profit & Loss (₹ Cr)
Revenue
₹14,600.83 Cr (▲ 11.1%)
Prev Year: ₹13,140.31 Cr
Gross Profit
₹8,111.78 Cr (▲ 13.5%)
Prev Year: ₹7,144.03 Cr
Operating Profit
₹3,124.29 Cr (▲ 17.7%)
Prev Year: ₹2,654.03 Cr
Net‌ Profit
₹2,470.72 Cr (▲ 17.9%)
Prev Year: ₹2,096.17 Cr
Ratios & Margins (% / x)
Gross Margin
55.56 % (▲ 119 bps)
Prev Year: 54.37 %
Operating Margin
21.40 % (▲ 120 bps)
Prev Year: 20.20 %
PAT Margin
16.92 % (▲ 97 bps)
Prev Year: 15.95 %
ROCE
26.37 % (▲ 162 bps)
Prev Year: 24.75 %
ROE
22.36 % (▲ 131 bps)
Prev Year: 21.05 %
ROA
16.01 % (▲ 105 bps)
Prev Year: 14.96 %
Asset Turnover
0.95x (▲ 0.01 pts)
Prev Year: 0.94x
Balance Sheet (₹ Cr)
Total Assets
₹15,432.89 Cr (▲ 10.1%)
Prev Year: ₹14,011.47 Cr
Current Assets
₹8,531.88 Cr (▲ 14.3%)
Prev Year: ₹7,461.99 Cr
Total Liabilities
₹4,384.24 Cr (▲ 8.2%)
Prev Year: ₹4,053.71 Cr
Current Liabilities
₹3,585.37 Cr (▲ 9.0%)
Prev Year: ₹3,289.85 Cr
Total Debt
₹105.91 Cr (▼ 28.0%)
Prev Year: ₹147.18 Cr
Total Equity
₹11,048.65 Cr (▲ 11.0%)
Prev Year: ₹9,957.76 Cr
Working Capital
₹4,946.51 Cr (▲ 18.6%)
Prev Year: ₹4,172.14 Cr
Ratios & Margins (% / x)
Current Ratio
2.38x (▲ 0.11 pts)
Prev Year: 2.27x
Debt to Equity
0.01x (▼ 0.01 pts)
Prev Year: 0.01x
Debt to Assets
0.01x (- 0.00 pts)
Prev Year: 0.01x
Equity Multiplier
1.40x (▼ 0.01 pts)
Prev Year: 1.41x
Cash Flow (₹ Cr)
Operating Cash Flow
₹2,828.45 Cr (▲ 23.7%)
Prev Year: ₹2,286.63 Cr
CapEx
₹592.77 Cr (▲ 31.0%)
Prev Year: ₹452.34 Cr
Free Cash Flow
₹2,235.68 Cr (▲ 21.9%)
Prev Year: ₹1,834.29 Cr
Ratios & Margins (% / x)
FCF Margin
15.31 % (▲ 135 bps)
Prev Year: 13.96 %
Cash ROCE
23.87 % (▲ 255 bps)
Prev Year: 21.33 %
Cash ROE
25.60 % (▲ 264 bps)
Prev Year: 22.96 %
CF to Debt
26.71x (▲ 11.17 pts)
Prev Year: 15.54x

📋 Quick Facts: Company Snapshot

Attribute Disclosed Detail
Official Company Name Pidilite Industries Limited
Corporate Identity Number (CIN) L24100MH1969PLC014336
ISIN INE318A01026
NSE Symbol & BSE Scrip Code NSE: PIDILITIND | BSE: 500331
Date of Incorporation / Founding Year 1969 (Founder: Shri B K Parekh)
Registered Office Regent Chambers, 7th Floor, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai – 400 021, Maharashtra
Corporate Headquarters Ramkrishna Mandir Road, Off Mathuradas Vasanji Road, Andheri (E), Mumbai – 400 059, Maharashtra
Telephone & Investor Relations Contact Tel: +91 22 6883 7000 | Email: investor.relations@pidilite.co.in
Chairman / Managing Director & CEO Shri M. B. Parekh (Executive Chairman) & Shri Sudhanshu Vats (Managing Director)
Chief Financial Officer (CFO) & Company Secretary Shri Sandeep Batra (Executive Director Finance & CFO) & Smt. Manisha Shetty (Company Secretary)
Promoter & Holding Group Parekh Family & Promoter Group
Industry / Sector Classification Consumer & Bazaar / Speciality Chemicals & Adhesives
Total Employees / Permanent & Contractual Workforce 10,387 Total Employees (8,614 Permanent Employees, 1,773 Other than Permanent) & 4,228 Workers (221 Permanent Workers, 4,007 Other than Permanent)
Manufacturing Plants / Branches / Offices Count 33 Manufacturing Plants, 9 National Offices, and 5 International Offices
Countries / States Served 36 States/UTs in India and 74 International Countries
Statutory Auditors M/s. B S R & Co. LLP, Chartered Accountants
Registrar and Share Transfer Agent (RTA) MUFG Intime India Private Limited

🏢 The Corporate Identity: Who They Are & Where They Came From

The Big Picture

Pidilite Industries Limited stands as a pioneering force in consumer and industrial specialty chemicals across India and key global markets. From households and student desks to high-rise construction sites and massive industrial packaging lines, the company touches everyday lives through trusted bonding agents, construction chemicals, sealants, and art materials. Over the decades, Pidilite has evolved from an industrial chemical manufacturer into a powerhouse of consumer-facing brands that have become household synonyms for strength, durability, and reliability.

The Founders, Promoters & Their Legacy

The corporate ethos of Pidilite is deeply rooted in the visionary leadership of its founder, the late Shri B. K. Parekh, whose 102nd birth anniversary was celebrated by the company and its community stakeholders. Guided by Executive Chairman Shri M. B. Parekh, Non-Executive Vice Chairman Shri A. B. Parekh, and Executive Vice Chairman Shri A. N. Parekh, the promoter group maintains a steadfast commitment to sustainable development, ethical governance, and long-term value creation. This leadership foundation has fostered an organizational culture prioritizing humility, customer focus, and deep-seated societal contribution.

The Journey: History & Evolution

Incorporated in 1969, Pidilite steadily expanded its footprint beyond traditional adhesive manufacturing by pioneering consumer-friendly packaging and revolutionary product formulations. Through strategic marketing innovations and long-standing creative partnerships with legendary advertising minds like the late Piyush Pandey, flagship brands such as Fevicol transformed from industrial adhesives into deeply emotional, culturally resonant household names. Today, the company commands dominant market share across adhesives, sealants, construction chemicals, and DIY craft products, consistently expanding its portfolio via organic extensions and targeted domestic and international acquisitions.

The Corporate Umbrella

Pidilite operates through an extensive network of domestic and international subsidiaries, joint ventures, and strategic associates. These entities span specialised construction chemicals (such as Nina Percept and Pagel Concrete Technologies), wood finishes (ICA Pidilite), tile and stone solutions (Pidilite Litokol), and early-stage venture investments (Pidilite Ventures Private Limited). By integrating specialized manufacturing capabilities and regional market distribution networks under a unified governance framework, the corporate umbrella ensures agile responses to evolving consumer demands across domestic and international arenas.

⚙️ The Business Engine: What They Do & Where They Operate

The Core Divisions

The company structures its operations around two primary business segments: Branded Consumer & Bazaar (C&B) and Business-to-Business (B2B). The Branded Consumer & Bazaar segment caters to retail consumers, carpenters, painters, plumbers, mechanics, students, and offices. The Business-to-Business segment provides advanced industrial resins, industrial adhesives, organic pigments, and construction chemicals for large project sites and manufacturing industries.

Operating Segment FY 2025-26 Net Revenue (₹ in Crores) % Share of Total Revenue Segment Results / PBIT (₹ in Crores) Segment Assets (₹ in Crores) Segment Liabilities (₹ in Crores)
Consumer & Bazaar (C&B) 11,504.50 78.73% 3,546.30 8,341.12 2,986.78
Business to Business (B2B) 3,035.78 20.79% 529.31 2,306.67 841.91
Others 60.55 0.41% (9.28) 46.55 3.08

The Product & Service Catalog

Pidilite’s product catalog spans multiple functional categories designed for both retail and industrial applications. Adhesives & Sealants represent the largest revenue contributor, encompassing synthetic resin adhesives, rubber-based glues, instant adhesives, and tapes. The Construction and Paint Chemicals portfolio features advanced waterproofing systems, tile installation adhesives, wall putties, and repair mortars. Art & Craft materials serve students and creative professionals, while industrial products include packaging adhesives, joinery solutions, and organic pigments.

The Names You Know

The company’s brand portfolio features iconic market leaders that command exceptional brand equity across India and neighbouring geographies. Flagship names like Fevicol, Fevikwik, M-Seal, Dr. Fixit, Roff, and ICA Pidilite define categories in the minds of consumers. Marketing campaigns such as Dr. Fixit’s “Waterproofing ka Baap” featuring Amitabh Bachchan, Fevikwik’s AI-inspired digital engagements, and Fevicol’s legendary outdoor and transit installations continue to drive high brand salience and category expansion.

Mapping the Domestic & Global Reach

Pidilite serves a vast domestic market across 36 states and union territories while extending its footprint internationally across 74 countries. International operations are anchored by key subsidiaries and joint ventures located in the Middle East, Africa, South Asia, and Southeast Asia.

Geography FY 2025-26 Revenue (₹ in Crores) % Share of Total Revenue
India (Domestic) 13,133.99 89.95%
Outside India (Exports & International Subsidiaries) 1,466.84 10.05%
Total Revenue from Operations 14,600.83 100.00%

The Brick & Mortar Footprint

The manufacturing infrastructure comprises 33 strategically located plants across India, backed by 9 corporate and regional offices and 5 international operational hubs. Key domestic production facilities operate in Gujarat (Dahej, Vapi, Amod, Paria), Himachal Pradesh (Baddi, Kala Amb, Nalagarh), Andhra Pradesh (Atchutapuram, Vizag), Maharashtra (Kamothe, Taloja, Mahad, Karad, Shirwal), Jammu & Kashmir, Tamil Nadu, Telangana, Punjab, and Rajasthan, ensuring proximity to major consumption clusters and optimized supply chain efficiency.

📊 The Financial Health: The Numbers Simplified

Multi-Year Financial Highlights (₹ in Crores)

Financial Parameter FY 2025-26 FY 2024-25 FY 2023-24 FY 2022-23 FY 2021-22 Latest YoY (%)
Revenue from Operations (Consolidated) 14,600.83 13,140.31 12,333.00 10,660.00 8,936.00 +11.11%
Profit Before Tax (PBT) 3,320.17 2,822.70 2,404.00 1,668.00 1,591.00 +17.62%
Profit After Tax (PAT – Owners) 2,448.92 2,076.24 1,799.00 1,257.00 1,191.00 +17.95%
Total Equity / Net Worth 11,048.65 9,957.76 8,337.00 7,108.00 6,344.00 +10.96%
Operating Cash Flows 2,828.45 2,286.63 2,096.00 1,478.00 1,395.00 +23.70%

Earnings, Expenses, & Take-Home Profits

Consolidated revenue from operations expanded by 11.12% to reach ₹ 14,600.83 crores in FY 2025-26, up from ₹ 13,140.31 crores in FY 2024-25. Robust volume growth across the Branded Consumer & Bazaar segment, coupled with benign input cost conditions during the earlier part of the fiscal year, enabled the company to drive strong operating leverage and step up brand investments. Profit after tax attributable to owners grew by 17.95% to ₹ 2,448.92 crores.

Consolidated Statement of Profit and Loss FY 2025-26 (₹ in Crores) FY 2024-25 (₹ in Crores) Latest YoY (%)
Revenue from Operations 14,600.83 13,140.31 +11.11%
Other Income 266.18 247.22 +7.67%
Total Income 14,867.01 13,387.53 +11.05%
Cost of Materials Consumed 5,620.81 5,393.15 +4.22%
Purchases of Stock-in-Trade 898.54 741.89 +21.11%
Changes in inventories of Finished Goods, Stock-in-Trade and Work-in-Progress (30.30) (138.76) -78.16%
Employee Benefits Expense 1,941.22 1,741.62 +11.46%
Finance Costs 54.22 50.35 +7.69%
Depreciation, Amortisation and Impairment Expense 394.71 358.48 +10.11%
Other Expenses 2,651.56 2,389.90 +10.95%
Total Expenses 11,530.76 10,536.63 +9.43%
Profit before Share of profit / (loss) of Associates and Joint Venture, Exceptional Items and Tax 3,336.25 2,850.90 +17.02%
Share of loss in Associates and Joint Venture (net of tax) (2.37) (3.28) -27.74%
Profit before Exceptional Items and Tax 3,333.88 2,847.62 +17.08%
Exceptional Items 13.71 24.92 -44.98%
Profit before Tax 3,320.17 2,822.70 +17.62%
Total Tax Expense 849.45 726.53 +16.92%
Profit for the year 2,470.72 2,096.17 +17.87%
Profit Attributable to Owners of the Company 2,448.92 2,076.24 +17.95%
Profit Attributable to Non-Controlling Interests 21.80 19.93 +9.38%

Assets, Borrowings, & Net Worth

The balance sheet reflects a robust financial position with total consolidated assets expanding to ₹ 15,432.89 crores as of 31st March 2026. Total equity attributable to owners strengthened significantly to ₹ 10,832.17 crores, supported by retained earnings and strong operational cash generation. Current borrowings stood at ₹ 105.91 crores, while non-current borrowings remained at nil.

Consolidated Balance Sheet As at 31st March 2026 (₹ in Crores) As at 31st March 2025 (₹ in Crores) Latest YoY (%)
ASSETS
Property, Plant and Equipment 2,515.30 2,409.82 +4.38%
Right of Use Assets 415.42 426.31 -2.55%
Capital Work-In-Progress 328.87 128.95 +155.04%
Goodwill 1,287.04 1,282.21 +0.38%
Other Intangible Assets 1,555.87 1,586.95 -1.96%
Investments accounted for using the equity method 166.22 100.07 +66.10%
Non-Current Financial & Tax Assets 507.03 470.52 +7.76%
Other Non-Current Assets 82.77 48.74 +69.82%
Total Non-Current Assets 6,901.01 6,549.48 +5.37%
Inventories 1,737.60 1,685.09 +3.12%
Current Investments & Financial Assets 6,476.24 5,382.92 +20.31%
Other Current Assets 318.04 393.98 -19.28%
Total Current Assets 8,531.88 7,461.99 +14.34%
TOTAL ASSETS 15,432.89 14,011.47 +10.14%
EQUITY AND LIABILITIES
Equity Share Capital 101.78 50.86 +100.12%
Other Equity 10,730.39 9,703.60 +10.58%
Non-Controlling Interests 216.48 203.30 +6.48%
Total Equity 11,048.65 9,957.76 +10.96%
Non-Current Financial Liabilities & Provisions 386.22 358.46 +7.74%
Deferred Tax Liabilities (net) 412.65 405.40 +1.79%
Total Non-Current Liabilities 798.87 763.86 +4.58%
Borrowings (Current) 105.91 147.18 -28.04%
Lease Liabilities (Current) 91.85 86.73 +5.90%
Trade Payables 1,536.63 1,390.05 +10.54%
Other Current Financial & Non-Financial Liabilities 1,558.93 1,385.87 +12.49%
Current Tax Liabilities (net) 34.43 30.38 +13.33%
Total Current Liabilities 3,585.37 3,289.85 +8.98%
TOTAL LIABILITIES 4,384.24 4,053.71 +8.15%
TOTAL EQUITY AND LIABILITIES 15,432.89 14,011.47 +10.14%

Cash Flow: Tracking the Money Movement

Operating cash flows remained exceptionally strong, rising to ₹ 2,828.45 crores in FY 2025-26 from ₹ 2,286.63 crores in FY 2024-25. Capital allocation during the year directed ₹ 592.77 crores toward capital expenditures for manufacturing facilities, laboratories, and warehouses, while financial investments and dividend disbursements accounted for cash outflows under investing and financing activities.

Consolidated Statement of Cash Flows FY 2025-26 (₹ in Crores) FY 2024-25 (₹ in Crores) Latest YoY (%)
Net cash flows generated from Operating Activities [A] 2,828.45 2,286.63 +23.70%
Purchase of Property, Plant and Equipment (CapEx) & Intangibles (592.77) (452.34) +31.05%
Other Investing Cash Flow Movements (Net) (631.33) (1,089.25) -42.04%
Net cash flows used in Investing Activities [B] (1,224.10) (1,541.59) -20.59%
Net cash flows used in Financing Activities [C] (1,672.77) (917.94) +82.23%
Net Decrease in Cash and Cash Equivalents [A+B+C] (68.42) (172.90) -60.43%
Cash and Cash Equivalents at the beginning of the year 286.62 458.91 -37.54%
Cash and Cash Equivalents at the end of the year 218.20 286.62 -23.87%

Funding the Future: CapEx, CWIP & R&D Spending

Capital expenditure during the year totaled ₹ 561.53 crores, directed towards expanding manufacturing capacity, automation, R&D infrastructure, and IT capabilities. Research and development recurring expenditure stood at ₹ 110.18 crores, alongside capital investments in R&D of ₹ 7.23 crores, reinforcing the company’s commitment to continuous product innovation and sustainable formulation technologies.

🗺️ The Corporate Family Tree: Structure & Investments

Subsidiaries, Associates, & Joint Ventures (Form AOC-1)

Pidilite maintains a diverse portfolio of subsidiaries and associates supporting its domestic and international manufacturing, distribution, and strategic objectives.

Entity Name Relationship Country % Shareholding Turnover (₹ in Crores) Profit / (Loss) After Tax (₹ in Crores)
ICA Pidilite Pvt Ltd Subsidiary India 50.00% 402.21 35.30
Pidilite Lanka (Pvt) Ltd Subsidiary Sri Lanka 76.00% 64.52 5.93
Building Envelope Systems India Ltd Subsidiary India 60.00% 34.11 3.91
Pidilite Litokol Pvt Ltd Subsidiary India 60.00% 113.01 11.28
Tenax Pidilite India Pvt Ltd Subsidiary India 70.00% 55.72 8.47
Pidilite Grupo Puma Manufacturing Ltd Subsidiary India 50.00% 22.60 (10.69)
Vinyl Chemicals (India) Ltd Associate India 40.64% Not Disclosed 6.68 (Share Considered)
Buildnext Construction Solutions Pvt Ltd Associate India 36.20% Not Disclosed (5.81) (Share Considered)

Strategic Investments & Treasury Holdings

The group maintains robust treasury reserves, holding ₹ 3,919.83 crores in current investments (predominantly mutual funds and debt instruments) and ₹ 263.56 crores in non-current investments, including alternative investment funds (such as Fireside Ventures) and strategic equity holdings in home décor and digital home improvement platforms.

👥 Power & Control: Who Pulls the Strings?

The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)

The Board of Directors comprises eminent industry leaders, governance experts, and promoter directors ensuring balanced oversight.

Name of Director / KMP Designation / Role DIN Category
Shri M B Parekh Executive Chairman 00180955 Executive Director (Promoter)
Shri Sudhanshu Vats Managing Director 05234702 Executive Director
Shri Kavinder Singh Joint Managing Director 06994031 Executive Director
Shri A B Parekh Non-Executive Vice Chairman 00035317 Non-Executive Director (Promoter)
Shri A N Parekh Executive Vice Chairman 00111366 Executive Director (Promoter)
Shri Bharat Puri Non-Executive Non-Independent Director 02173566 Non-Executive Non-Independent
Shri Sandeep Batra Executive Director Finance & CFO 00871843 Executive Director
Shri Swaminathan K Director – Operations 08958758 Executive Director
Shri Rajeev Vasudeva Independent Director 02066480 Independent Director
Shri Murali Sivaraman Independent Director 01461231 Independent Director
Shri Rajeev Gupta Independent Director 00241501 Independent Director
Shri J S Deepak Independent Director 02194470 Independent Director
Smt. Meena Ganesh Independent Director 00528252 Independent Director
Dr. Vivek Raghavan Independent Director 02672829 Independent Director
Shri Sandeep Kataria Independent Director 05183714 Independent Director
Dr. Naushad Forbes Independent Director 00630825 Independent Director
Smt. Manisha Shetty Company Secretary – Key Managerial Personnel

Who Owns the Stock? Shareholding Pattern

The shareholding structure reflects strong promoter commitment alongside institutional confidence from mutual funds, foreign portfolio investors, and retail shareholders.

Shareholder Category Number of Shares % of Total Shares
Promoter and Promoter Group 70,55,09,560 69.32%
Foreign Institutional Investors (FIIs) & FPIs 11,95,87,572 11.75%
UTI, Mutual Funds, Banks, Insurance Companies, AIFs & Trusts 9,10,90,131 8.95%
Corporate Bodies & Indian Public / Others 10,15,79,025 9.98%
Total 1,01,77,66,288 100.00%

🎯 The Strategic Outlook: Future Plans & Potential Pitfalls

Competitive Advantages & Economic Moats

Pidilite’s enduring economic moat is built upon unshakeable brand equity, unrivaled rural and urban distribution reach, extensive carpenter and contractor loyalty programs, and relentless innovation in adhesive and waterproofing technologies. The company’s ability to pass on raw material cost inflation through strategic pricing actions, supported by rigorous supply chain management, underpins its consistent profitability and volume-led growth model.

What Could Go Wrong? Key Challenges & Business Risks

Macro-economic headwinds, including geopolitical conflicts in West Asia, can drive up crude oil derivative prices and key input costs while creating supply chain disruptions across major shipping routes. Furthermore, intense regional competition, slower growth in the construction and housing sectors, and currency volatility in international subsidiaries pose near-term risks to margin expansion and volume off-take.

The Next Chapter: Growth & CapEx Initiatives

Management remains focused on expanding core categories while accelerating growth in construction chemicals, wood finishes, and project-based waterproofing solutions. Strategic investments in digital transformation, automated warehousing, sustainability initiatives (including plastic waste management and renewable energy adoption), and rural market penetration are expected to fuel steady compounding growth.

The Verdict: Strategic Outlook & Conclusion

Pidilite Industries enters the future with a fortified balance sheet, industry-leading brand moats, and a seasoned management team capable of navigating macro-economic cycles. With robust cash generation, disciplined capital allocation, and an unyielding focus on quality and innovation, the company is well-positioned to deliver sustainable, profitable volume growth for all stakeholders over the long term.

Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.

Official Site: https://www.pidilite.com