Brands
Pidilite earnings call: Q3 revenue up 11 per cent, exports slide 13.5 per cent
Domestic volumes rose 11 per cent while exports fell 13.5 per cent, management says
MUMBAI: Pidilite Industries delivered a resilient third quarter, leaning on strong domestic volumes to cushion a sharp export slowdown, management said during its Q3 FY26 earnings call on 4 February.
The Mumbai-based adhesives and construction chemicals maker reported standalone revenue of Rs 3,425 crore, up 11 per cent year on year, driven by underlying volume growth of 9.3 per cent. Domestic volumes grew 11 per cent, extending a recovery trend seen over the past eight quarters, while exports fell 13.5 per cent amid geopolitical disruptions.
Standalone Ebitda margin improved by around 24 basis points to 24.5 per cent, aided by softer input costs, even as the company stepped up advertising and brand investments. Profit after tax rose 12.5 per cent. Consolidated revenue increased 10.2 per cent to just under Rs 3,700 crore.
Managing director Sudhanshu Vats, said the export decline was largely concentrated in the pigments business, which has direct exposure to the US and remains affected by tariff uncertainty. While a potential tariff resolution is still several months away, he said the worst of the export impact was likely behind the company.
Domestic B2B volumes delivered mid-teens growth, with management aiming to restore overall B2B growth to similar levels. The consumer and bazaar segment posted volume growth of 9.7 per cent during the quarter.
The company incurred a one-time charge of Rs 47 crore at the standalone level under the new wage code, covering gratuity and leave encashment provisions.
Vats reiterated Pidilite’s intent to build Roff as its next large brand, following what he described as the company’s “classic playbook”. He said Roff’s positioning remains distinct from mass FMCG cleaning brands, anchored in its adjacency to tiling and construction activity rather than general household use.
Joint managing director Kavinder Singh, said demand across the construction portfolio remained robust, with no signs of slowdown across residential, commercial, infrastructure or industrial segments. Around 70 to 75 per cent of Pidilite’s construction-linked business continues to come from repair and renovation, providing insulation from any slowdown in new builds.
The tile adhesive category, which replaces traditional cement usage, is growing at an estimated 18 to 20 per cent, driven by penetration gains rather than overall tile demand. Management said Pidilite expects to continue outgrowing the category through pricing discipline and distributed manufacturing.
Beyond its core businesses, the company continues to invest in emerging segments such as electronic adhesives, which involve long testing cycles but offer strategic long-term potential. Haisha Paints remains in a calibrated rollout phase, with a wider launch contingent on establishing a clear operating model.
Chief financial officer Sandeep Batra said the company would continue to prioritise growth over short-term margin optimisation, reaffirming its long-term consolidated Ebitda comfort corridor of 20 to 24 per cent.
Brands
Radico Khaitan appoints Kunal Madan as chief marketing officer
Promotions signal focus on premium spirits, global expansion and homegrown leadership
UTTAR PRADESH: Radico Khaitan has elevated two long-serving insiders to its top leadership team, signalling a bold push into premium spirits and global markets. Kunal Madan steps in as chief marketing officer, while Sudhir Upadhyay takes charge as chief sales officer, both part of what managing director Abhishek Khaitan calls a consciously built next-generation leadership bench.
“At Radico Khaitan, our growth has always been powered by people,” Khaitan said. “True leadership is not imported, it is cultivated.” He added that empowering internal talent ensures continuity while keeping the company globally competitive and future-ready.
Madan, with over 20 years of experience across global sales and marketing, will drive brand architecture, marketing strategy, and the premiumisation agenda, including travel retail. Upadhyay, who has 25 years in the industry and was most recently national sales head, will oversee distribution expansion and execution across markets.
The leadership reshuffle comes amid Radico’s intensified focus on premium spirits, a segment driving higher margins and international growth. Last year, Ajay Kakkar was brought on to head the Premium On-Trade vertical, targeting modern and institutional channels to boost presence in high-growth segments.
Meanwhile, Amar Sinha stepped down as chief operating officer after contributing across multiple growth phases. Khaitan acknowledged Sinha’s role in supporting the company’s trajectory, while Sinha described his tenure as “an absolute privilege,” crediting Khaitan’s leadership for shaping the company’s strategic direction.
With a homegrown leadership bench and a clear premium agenda, Radico Khaitan is set to accelerate its global expansion while doubling down on brand elevation and market impact.
