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
Lululemon picks former Nike executive to be its next chief
Heidi O’Neill, who helped grow Nike into a $45 billion giant, will take the top job in September
CANADA: Lululemon has found its next chief executive, and she comes with serious credentials. The athleisure giant named Heidi O’Neill as its new CEO on Wednesday, ending a search that has left the company running on interim leadership since earlier this year. O’Neill will take charge on September 8, 2026, based out of Vancouver, and will join the board on the same day.
O’Neill brings more than three decades of experience across performance apparel, footwear and sport. The bulk of that time was spent at Nike, where she was a central figure in one of corporate sport’s great growth stories, helping take the company from a $9 billion business to a $45 billion global powerhouse. She oversaw product pipelines, brand strategy and consumer connections, and played a significant role in shaping how Nike spoke to athletes around the world. Earlier in her career, she worked in marketing for the Dockers brand at Levi Strauss. She also brings boardroom experience from Spotify Technology, Hyatt Hotels and Lithia and Driveway.
The board was unequivocal in its enthusiasm. “We selected Heidi because of the breadth of her experience, her demonstrated success delivering breakthrough ideas and initiatives at scale, and her ability to be a knowledgeable change and growth agent,” said Marti Morfitt, executive chair of Lululemon’s board.
O’Neill, for her part, was bullish. “Lululemon is an iconic brand with something rare: genuine guest love, a product ethos rooted in innovation, and a global platform still in the early stages of its potential,” she said. “My job will be to accelerate product breakthroughs, deepen the brand’s cultural relevance, and unlock growth in markets around the world.”
Until she arrives, Meghan Frank and André Maestrini will continue as interim co-CEOs, before returning to their previous senior leadership roles once O’Neill steps in.
Lululemon is betting that a Nike veteran who helped build one of the world’s most powerful sports brands can do something similar for an athleisure label that has genuine love from its customers but is still chasing its full global potential. O’Neill has done it before at scale. The question now is whether she can do it again.
