Pidilite Industries Q3 Results Review  — Motilal Oswal Reiterates 'Neutral' Stance On Rich Valuations

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Motilal Oswal Report

Pidilite Industries Ltd. reported consolidated revenue growth of 8% YoY in Q3 FY25, with underlying volume growth of 10% (estimate 9%). The consumer business witnessed value and volume growth of 5% and 7% YoY, reflecting a similar trend in 9M FY25. B2B business reported 19% and 22% value and volume growth.

The impact of price cuts is diminishing, with the value and volume gap narrowing to 200 bp versus more than 400 bp in H1 FY25.

Demand has shown some softness, particularly in the urban market. Rural growth continues to outperform urban growth. We model a 9% volume growth in FY25E and ~7%/13% revenue growth in FY25E/FY26E.

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