Pidilite Industries Limited (NSE: PIDILITIND | BSE: 500331)
Source: Pidilite Industries Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 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