Pidilite Industries Q4 Results Review: Dolat Capital Maintains 'Buy' Rating Post Inline Earnings

Pidilite's net sales grew by 8.2% YoY to Rs 31.4 billion led by strong underlying volume growth across categories and geographies. Sales grew by 15.3% on five-year CAGR basis in Q4 FY25. Gross margin expanded by 160bps YoY to 55.0% in Q4 FY25. A 160/20bps decline in raw material cost/other expenses was fully offset by a 160bps increase in employee cost, resulting in Ebitda margin expansion of 30bps to 20.1%.