{"id":182535,"date":"2026-05-08T07:45:41","date_gmt":"2026-05-08T11:45:41","guid":{"rendered":"https:\/\/alphastreet.com\/india\/pidilite-industries-limited-pidilitind-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T07:45:41","modified_gmt":"2026-05-08T11:45:41","slug":"pidilite-industries-limited-pidilitind-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/pidilite-industries-limited-pidilitind-q4-2026-earnings-call-transcript\/","title":{"rendered":"Pidilite Industries Limited (PIDILITIND) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Pidilite Industries Limited (NSE: PIDILITIND) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Sandeep Batra<\/strong> \u2014 Executive Director and Chief Financial Officer<\/em><\/p>\n

Sudhanshu Vats<\/strong> \u2014 Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Jaykumar Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Sonali Salgavkar<\/strong> \u2014 Analyst<\/em><\/p>\n

Naveen Trivedi<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen. Good day and welcome to The Pedalite Industries Limited Q4 and FY26 earnings conference call hosted by Kotak Securities. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star Bin zero on it at the stone pole. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Jaydoshi from Kotak securities. Thank you. And over to you, sir.<\/p>\n

Jaykumar Doshi<\/strong> \u2014 Analyst<\/em><\/p>\n

Thanks, Swapnali. Good afternoon everyone. On behalf of Kotak Institutional Equities, I welcome you all to Q4FY26 earnings call of pedalite. We have with us Mr. Sudanshu Wat, Managing Director, Mr. Kavinder Singh, Joint Managing Director, Mr. Sandeep Batra, Executive Director, Finance and CFO Mr. Bhavesh Joshi, Senior VP, Domestic Accounts and Taxation. I’ll now hand over the call to Mr. Batra for opening remarks. Over to you, sir.<\/p>\n

Sandeep Batra<\/strong> \u2014 Executive Director and Chief Financial Officer<\/em><\/p>\n

Thank you. Thank you, Jay. And good afternoon everybody on the call. I take great pleasure in taking you through the Q4 and FY26 results which were approved by our board at its meeting yesterday. A quick summary of the performance for the quarter. In the current quarter, our standalone revenue at 3,272 crores grew by 15.3% in value terms and was underpinned by an underlying volume growth of 15.3%. This compares to underlying volume growth of 9.8% that we had delivered till December and 9.3% UVG that we delivered in FY25.<\/p>\n

Both our consumer and bazaar and B2B businesses recorded strong UVG. Consumer and bazaar was 15.4% and V2B was 14.8%. I think the only area line of business that saw some disruption was in exports both for consumer bazaar and B2B where in the month of March because of this conflict in Gulf in West Asia, supply chains were disrupted and our export revenues got impacted. However, till February the performance had been strong. Our gross margins also improved versus Q4 last year by 100 basis points and were kind of in line with the immediately preceding quarter.<\/p>\n

Our control on costs where total costs despite little bit of extra charge on account of wage code, all our costs below margin increased. By only 9.2% compared to a sales growth of 15.3. And you can see this operating leverage flowing back to the EBITDA and EBITDA margin at 23.4% expanded by 280bps versus same period last year and for the quarter EBITDA grew by 31.1%. PAD growth was slightly slower largely because of timing differences regarding dividends that we get from our subsidiaries in the last in Last year in Q4 we had received some dividend which in this current year either would have come in the previous quarter or will come subsequently as well as there was a little bit of impact on our treasury income owing to rising bond yields which caused some mark to market impact.<\/p>\n

However, the YTMs remain strong on all our investments. The board also approved a final dividend of 11.5 per share on an expanded share capital. You may note that last year we had announced a one for one bonus. This dividend will be paid subject to approval by the shareholders at the AGM and is in addition to the special dividend that we had given of rupees five a share. So this including the special dividend the payout ratio will be around 70%. If I look at how our subsidiaries performed, the international subsidiaries in the quarter grew by 8% and domestic subsidiaries grew 5.3%.<\/p>\n

In domestic subsidiaries, the waterproofing business which is under the name of Neenah had some headwinds because of environmental challenges in getting work front where they could do waterproofing. So the Neenah waterproofing business would have declined by 16%. But the rest of the businesses which are largely consumer and bazaar recorded very strong growth and very strong profitability. Consequently, our total consolidated revenue grew by 14.1%. EBITDA margin expanded by 310bps. All of it flows down to PAT which grew by 36.6% for the full year.<\/p>\n

Again consolidated revenue at 14,553 crores was up by 11.1% and EBITDA margin expanded by 120bps over all of FY25 and PAT grew by 18% 17.9%. The performance on cash including working capital continues to remain strong and we continue to invest behind capacity as well as other initiatives. So our capex in the year also was higher than what we had spent in the previous year. With this I open the floor for Q and A. Thank you.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and then one on the touchstone Telephone. If you wish to remove yourself from the question queue you may press star and two participants email are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all you may press 1 to ask a question. We will take the first question from the line of Avnish Rai from Nuama Institutional Equities.<\/p>\n

Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Thank you and congrats on very strong numbers. My first question is on the shared swap that you have done with JSW1. Why transfer your BuildNext platform? BuildNext construction solution and is this a financial investment in JSW1 given there is a plan for an IPO and you do compete in paints? I think so could there be some kind of a strategic tie up in paints also? Is that possible?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

So Abhishek, I think as you asked, I think the reason is that we found strategic synergies in doing this transaction. I think BillNext basically has a good home in GSW1. And yes, you are right, post the transaction we will be shareholders of GSW1 as well. As far as the other synergies are concerned, we will explore them as we go along. I think that’s where we are abneesh on this one.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

That’s a very significant statement you’ll explore. So you do compete in paints. In fact you have bidded against each other in paints to acquire Adzo. That option is there, right? In terms of exploring<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

As these marketplaces come up abnish, I think the spirit in which you should take it is that as these marketplaces come up and I think GSW1 and there’s also Bella Pivot and all that, I think these will go well beyond their own products for them to be successful marketplaces and therefore and there is always inquiry on that sort of other products, including ours. So our point of view is that we will keep evaluating it in a manner of speaking and see when it is right for us to be on one or many of these marketplaces.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

And on my question, whether this is a financial investment, historically I’ve seen that Pitylight likes to have taken these kind of distribution new consumer platforms to get access to data, to get some preferential orders, etc. So is this a financial investment or is it more strategic?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

So see it is at this moment through the transfer of buildings, a financial investment. We own shares there in JSW1. Therefore I think the point is because in this kind of places I think that concept of so what you rightly speak about is correct that when we look at<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

You know,<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Very new startups or we always have some kind of we want to take a deeper look at them. We have some investment in these cases but in this one that philosophy applied to BuildNext where we had indeed invested. You are absolutely right. Now having seen that for some time, we think JSW1 is the right home for BuildNext to take BuildNext further as we go forward. And I think in that context with this transaction we will become a small shareholder with JSW.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

Our shareholding in JSW will be quite insignificant. So BuildNext was strategic for us and BuildNext and for I think JSW was for JSW1 also BuildNext was strategic and we felt that the business can is best served with an owner like JSW who can provide it scale and profitability. So we were very happy to swap our shareholding there. Our shareholding will be insignificant in JSW1<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Thank you. My second question is on demand side. So we have seen very good recovery across most of the FMCG name and Sudanshu. You have worked obviously in FMCG and now in PD Lite. So are you seeing a genuine demand recovery because in low case there was obviously no GST direct benefit of any cut. Plus biscuit company today in a call said that some of their Oman manufacturing has been transferred to India. So any one of in this quarter 15% volume growth extremely impressive but that way ahead of what you have delivered in the past few quarters 9 to 11% range.<\/p>\n

So is there anything new, anything one off any Oman business, Middle east business has been transferred to India?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

No. First of all there are no one offs. I think I can ask Sadeep to further elaborate but absolutely no one offs. I think on the demand recovery. You know I’ve been saying this and I said this in the morning in media interactions also avnish. I definitely believe that in the quarter that’s gone by quarter one calendar and quarter four financial I think there has been seen urban demand and we’ve seen it and you’ve seen it across the sector across other companies in FMCG sector. I think some of it is flowing through in my opinion from the actions taken in the past.<\/p>\n

Basically the GST 2.0 and also in our case in discretionary categories I think the budget announcements which happened in previous year budgets by Hon. Finance Minister and you know that basically where she gave in arguably about 100,000 crores in the hands of tax paying Indians I think so there is that you are seeing in discretionary as well. So coupled with both and while we have no direct benefit on GST as a company. You are absolutely right. But I think GST reduction coupled with some other environment gave a fillip to discretionary sector.<\/p>\n

A combination of both classic consumer good and a little bit of discretionary. I think that has helped avnish. So these are all these numbers and before March disruption and the West Asia conflict we saw some very good numbers in February as well. And both in January and February as a matter of fact we had a very very good February. I can share that with you now that the quarter so I think therefore it is irrespective of any of these things. I think there has been a buoyancy as I travel across the country, both large cities and small towns, I continue to see a buoyancy in demand and I think we have to wait and watch as to how long it continues and if at all any of the West Asia conflict has any would be a headwind to it as we go forward.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

One last follow up and I’ll end there. So if the entire company has seen 15% volume growth will it be fair to say that even the core parts overall Sevycol including the recent innovations past few years that also would have grown high single to double digit early double digit?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Absolutely. As a matter of fact I think you’ve not been following I’ve been saying this. So if you look at if I was to let I think maybe this question will come by many people. Let me just spend a minute on sort of talking about the quarter that went by or the quarter we are talking about quarter four. So I think we’ve delivered this 15.4% in CNB and overall 15.3. I think if I was to look at it our growth categories and growth brands first of all delivered continued the momentum but delivered at the higher end of the growth band.<\/p>\n

We talk about so that is rof Dr. Fixit both of them delivered really well, you know Abneesh but coupled with that and that’s the we basically our core businesses delivered well as well especially ferry Call, you know delivered a double digit growth in the quarter that went by. So you are absolutely right. I think the combination of basically the portfolio in general firing quite uniformly in this case and Sandeep was jokingly saying that all our batsmen played quite well. So I think that’s the thing which has happened.<\/p>\n

So therefore I think that is the case. But having said that Avish, if you look at it we’ve been talking about this for some time and I think as a company we would like to continue to Raise the growth as we go forward. And what I’m happy about is to hear talk about the FY26 growth UVG growth number, which is about 11.3, that has come in at about 100, 120bps higher than the previous. So our desire and our planning is to therefore keep raising this systematically. And I think as we go forward, we will see that the other thing which you see in EBITDA margins, which Sandeep talked about, which is basically we delivered about a 300bps expansion in EBITDA margins, see 100 of that is coming through gross margin, which is largely material benefit, which is flown through.<\/p>\n

But the balance is also coming through operating leverage. And that’s an interesting point again. So the moment we lift up growth, I think our operating leverage kicks in better and sharper. So I think that’s the piece. So that in some ways is the story of the quarter and I think maybe relevant to some of the other questions which come in later as well.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Thank you. That’s all from my side. Thank<\/p>\n

Operator<\/strong><\/p>\n

You. Thank you. A reminder to all the participants, you may press star and one to ask a question. We will take the next question from the line of Sonali Salgavkar from Jefferies. Please go ahead.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Thank you for the opportunity and congratulations on a great set of numbers. I have three questions. Firstly, on the Middle east supply chain disruption, as we are standing in May, what is the extreme of supply chain disruption? Mainly in van. We understand that there was a significant jump in your operating margin in Q4, probably because you had the earlier lower cost inventory. But right now the data suggests that 1 prices have 5.4. So how do we foresee to navigate this situation? Sorry<\/p>\n

Operator<\/strong><\/p>\n

To interrupt. In between scenario, could you please repeat your question and use your handset mode?<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yes. Is this better?<\/p>\n

Operator<\/strong><\/p>\n

Yeah,<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Slightly better.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yes. Thank you very much. Sorry for this. So my first question is regarding the Middle east disruption. The van prices have surged. So right now it has almost surged by 70% since the start of the conflict. So how do we foresee to navigate the situation right now?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Yeah, yeah, Sonali. So therefore this. I think so. When you look at West Asia conflict as a management team and as a company, we have three key priorities. I think our first and foremost priority is the safety of our people there. You know, we have an operation in Dubai, so I’m very happy to report that we are doing well on that count. I think that’s our top priority. Our second and a very important priority, supply, security. And perhaps that’s what your question is. About. So I think what we’ve done is to sort of look at all our raw material and therefore map out everything which we sort of consume and see how each one of them gets affected.<\/p>\n

Fortunately for us, we started discussing a possible Iran conflict almost a month before actually the conflict happened. So therefore we’ve basically been able to map some of these things out. We’ve been constantly looking at alternate supplies, if possible, wherever possible. So I think as a company in this, what we are doing is we basically take this day by day, every day, but more importantly, weekly, monthly, quarterly. And I’m again happy to report that in the quarter that we are in, we’ve secured ourselves on almost everything.<\/p>\n

There are a few surprises that keep coming up, but we are finding very innovative solutions. We are extensively in touch with people where we can get the thing. So supply security is largely taken care of. Lastly, to the point of inflation, which is the third point, I think inflation is real. On our weighted average raw material basket, inflation is anywhere between 40 to 50%. And therefore we are looking at that here. Our strategy is very clear. Our strategy is that we will first pass on the absolute increase in our raw material prices in rupee terms in a calibrated fashion, because our focus will remain growth and discipline demand generation in the market.<\/p>\n

So I think we want to sort of continue to drive growth and continue to sort of build demand for the products we have. And in this context, we’ve taken one price increase in early to mid April and we have taken another price increase in early May. So I think, therefore, we are doing this and we will keep watching this situation. I think there are two possible scenarios. One is that West Asia perhaps has a pause or a solution in the month of May itself, more likely a pause, and therefore you come back to somewhat normalcy as you sort of.<\/p>\n

So that is likely scenario in the month of May. We are hopeful on that scenario, to be honest with you. The other scenario is that the conflict continues for longer. If the conflict. In the first scenario, we feel that the demand is likely to remain buoyant in a country like India and the inflation will be manageable as we go forward. Although there will be inflation in the year. In the second scenario, we cross the bridge when we come to it, but we are doing a little bit of scenario planning from a security supply, security point of view, and.<\/p>\n

And we remain quite confident of our disciplined execution in this space.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Understood, sir. So may I ask, what is the quantum of the two price hikes that you have taken in April and May?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

So the price hikes are different by category and you will get that information from the market as well. But to just give you an so there are certain categories where there is not that much increase in the raw material prices. A few categories, but they are there as well. There the price increase is very muted. But there is on the other extent the VAM pricing which I’m sure you’ve already heard from Sandeep, I think it’s already holding it around $1,800. In that case it’s a Sedicol as a brand and that our Sedicol division there we’ve taken about a 5% increase in April and we’ve followed it up with another 7, 8%.<\/p>\n

Seven to nine again varies from product category, product to product within the Ferricault division as well early May so I would suffice to say about 12 to 15% price increase.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Understood.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

Also Sonali, I think the raw material situation is changing every day. There was a period where costs were only going up but if I look at last week 10 days Given that oil also has corrected from 110 to below $100, we’ve also seen some reversal of some of the increases that we had factored in. So it’s a very dynamic situation, something that we are watching very very closely on a weekly basis. And suffice to say that for now significant amount of the cost increase in rupees terms has been factored in.<\/p>\n

It’s not that we have run down all our low cost inventory in March. We have a very healthy inventory and particularly in some critical raw materials like warm, we carry much higher than normal covers. So we have some protection against inventory even going into the first quarter. And it’s something in the situation that we continue to watch very very closely.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Well noted sir. So my second question is regarding ROF which is especially healthy application to now. I do cover other building material sectors like tiles as well which is why I would also be aware that March, April as a month as these two months there was severe shortage of gas supply especially for the MODI cluster where many of the organized style players also have their plants. So the production and the capacity utilization has been severely impacted. It’s interesting to understand that ROF as a category has grown very well for us throughout Q4.<\/p>\n

So would you help us understand exactly, you know, where the end demand was for rof, which categories, which region so that we can help bridge this gap.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Yeah Sonal. So first of all let me comment and I think you know I as I was saying earlier also I keep traveling all over the country. So I think your point that Morbi got affected is absolutely correct. As a matter of fact, most industries that are gas powered did get affected in a reasonably significant way. That’s correct. Absolutely correct. However, I want to make a small correction that when it comes to tiles, the stock in the pipeline, first and foremost with the dealer and a little bit otherwise as well is very, very high.<\/p>\n

It’s considerably higher than most other categories. So my understanding is, at least for the players who are the formalized sector, those players, the stock cover is quite high. It runs. So therefore the impact of that, immediate impact of that on demand is not likely to be seen and will be an impact only if it’s a protracted West Asia conflict with a severe gas issue even then. So therefore the fact that gas powered industries have got affected. Absolutely correct. They were operating at a very low capacity utilization in this period.<\/p>\n

Absolutely correct. But is there stock available in the market? Absolutely, yes. Is construction going on and therefore ties getting fixed and therefore Ross getting used? Absolutely. So I think that’s how I would say at least things will change. Supposing it’s a protracted and a severe bastard conflict, which is the scenario. So the. So the probability of that at this moment is a little low in our judgment or in everyone’s judgment.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Understood. So very clear. And last question from my end. Any update? Update on payment?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

The last question is update on paints.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yes.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

So paints, I think, see what is happening on paints is two, three things, I think. One, as we look at our business, we are seeing better or good traction if I can use the word, in urban India, which is rural and very, very small town. So that part of the business is doing well. We were there in the five southern states. South decay, as you guys know. But we’ve gone into West Bengal, gone into Bihar, so our urban piece is doing okay. I think when we start looking at slightly bigger towns, what we call internally small town India, I think that’s where what is the unique, the uniqueness which Pedalite has to bring in?<\/p>\n

What is the tweak needed in the business model? What will be our USP as Pedalite to give us that right to win is something still work in progress. And I think once we are able to solve for that is when you will see a full scale expansion. Other than that, we are sort of at it. There is growth, as I told you, good growth in Ruben, I can tell you, and I think so. We will keep working towards finding that unique PID light signature and therefore our right to win.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Understood, sir. Thank you. Very clear and all the best to the team.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Sid Gandhi from iifl. Captain, please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Hi, this is Percy Pantaki here. Sir, continuing on the cost inflation part, could you help us with understanding at the current spot prices for your product portfolio bucket, what is the overall weighted average inflation in the cogs?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

So I spoke about it in the sometime back. Percy, I think first of all good to hear from you. But I think it’s a in the range of 40 to 50 cent as our weighted average raw material basket. So I think that’s where it is, that is at the current replacement price. But as Sandeep very rightly pointed out just in the previous question, I think if I am not mistaken, the situation is rather dynamic. So I’m saying the point is if we were to look at the peak that number, this is the number. But I think we are seeing a few raw materials coming off.<\/p>\n

So therefore that’s why I tell you the approach which I highlighted and maybe I’ll repeat it and then the risk of repetition for everyone is actually our approach is that we’re looking at this replacement margin, so to say at the current costs and seeing that first and foremost how do we transfer these costs in a calibrated fashion into the market? Calibrated and sort of say over staggered a little bit. We’ve done two rounds, one in mid April and one in early May. And then we keep watching the situation as we go forward to take any further action because our topmost priority is to continue basically our focus on growth and continue to do all the demand generation activities which we need to do.<\/p>\n

And as a matter of fact you may have seen that we have continued with our big campaign on ferry call in this environment. I think that’s of course above the line but we are doing a lot of stuff below the line as well, which is our field marketing activity. So our focus is on continuing to remain steadfast on delivering a double digit underlying volume growth and do demand generation appropriately as we go forward.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Just a clarification, this 40 to 50% was for the cogs of Fevicol or the company as a whole.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Weighted average company, my dear.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Okay, got it. Second question is in the past, based on your experience for your product portfolio, what is the price elasticity of demand? So what I am trying to say is that let’s say in an environment of close to zero pricing growth, last year you did a volume of let’s say 10% now supposing this year also if the inflation was flat and the growth was zero, assuming demand being similar, like that’s the base case that zero pricing and 10 volume. But if let’s say the pricing goes from zero to let’s say a 10 or a 15, the volume which is at 10, that comes down to how much?<\/p>\n

So is it 50% of the price increase, which is the volume back? Is it a 20%? Is it 80%? What is your experience and what is the expectation given the current macro situation?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

The current macro situation first of all is rather unique. It’s different from anything which has happened in the past, including Covid, because I was recently in the market. There is 30% increase in pipe, there is about 15% increase in paints. We are around similar zone and as of now cement is not declared, but there would be increase in cement as we go forward. There will be increase in fuel prices as we go forward, which have not yet been declared. So the cumulative impact of a lot of this on demand is something which needs to be studied, needs to be understood.<\/p>\n

And as I was saying that previous question, see my request to you all is that there are basically two scenarios. Scenario one, which is that West Asia conflict is contained or at least partly resolved in the month of May and there is a good chance of that, to be honest with you. That’s our understanding. Scenario two is West Asia conflict continues for much longer and it’s also. It is longer and it is tougher or whatever word I can use. So basically in the case of scenario one, I think we are going into the hypothesis that the demand buoyancy which India saw in the last quarter of FY26 will more or less sustain and therefore in that if we then manage the inflation better as we go forward, and therefore inflation will also hopefully come down in the second half of the year, although you’ll have to manage inflation through this year.<\/p>\n

I think in the combination of these two, you’ve got to do from a demand generation point of view and growth, treat it as business as usual. That is our going in position now. What happens if the scenario two plays out? I think we are currently focused on supply security in that scenario and we will talk about it if that scenario plays out.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

So as of now, should we just assume that whatever pricing you take is completely incremental to the top line and there is no volume backlash that you expect?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

This I leave to you. I will not be able to give you your formula for the thing, but so some of it, to be honest with you, with this kind of inflation Policy, to be honest. And again now on a more serious note, if you were to look at FY27 with the kind of inflation across categories, across businesses, will there be some demand compression? What will be the quantity of demand compression and when will it come? Is difficult to predict at the moment. I can tell you for the quarter, I can tell you for the period which we have seen.<\/p>\n

So what I have seen up to now, and we’ve been traveling quite extensively because of this dynamism in the situation, I can tell you as of now it seems rather intact. But with this kind of inflation, once it’s settles in fully, should there be any kind of demand contraction, how much will it be and when will it be? Is something to be watched out for. So to be fair to say that the full year, should you assume that it will be the same? My answer is no. But should we continue to see the momentum in the quarter one My answer is perhaps yes.<\/p>\n

So I think, you know, here now as we go forward, we’ve got to look at month, maybe ideally week, month and a quarter and then see. And then keep revising it as you go forward. So a week, month, quarter again a week, month, quarter and that’s the way you got to decide here. Here you cannot talk of two years full of this year because it’s very, very dynamic, my friend.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Got it. Last question on margins. Assuming that we settle, let’s say at 85 to 90 kind of crude level for the rest of the year, what kind of margin can we expect? Do we expect it at the lower end of your band, which you said, you earlier said that you want to maintain a 20 to 24% kind of band. So do we expect it closer to a 20% this year if the crude sort of remains at a 85, 90 level?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

So it will depend on the crude is one marker. But I think, as Pradeep was saying, I think some of the other raw materials are linked to crude, but not entirely. So depends on what is the inflation, because some of the inflation could be much higher than crude as well, or in many cases it could be lower. So it depends on that. As far as we are concerned at this moment, I would say we’ve guided a corridor of 20 to 24%. We stay committed to that guidance and last year, of course, the benign input costs we delivered at the higher end of the guidance.<\/p>\n

This year with the raw material inflation, it will be different, but we stay committed to that kind of number. So I think you are right, it could be. It will depend as we go Forward. It’s very difficult to say for the year and I think these things are only meaningful for the year, not for a quarter or anything.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Understood. Thank you very much, sir. That’s all from me all the way.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. A reminder to all the participants, you may press star and one to ask a question. We will take the next question from the line of Mevin Trivedi from Motila Loswal Financial Services. Please go ahead.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Yeah. Hi, good evening everyone. My first question is on the in the consumer and Bazaar. Can you give us a bit more understanding about this sharp 15% volume growth which we had witnessed in the fourth quarter was in the Rebank benefit also built up in the fourth quarter and how should we see the trend going ahead?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

What benefits? As I couldn’t get that. What did you say?<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Some trade 3 bank benefits in anticipation of price equity would have been seen.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Oh, I didn’t follow. Yeah, no, no, no. So as I was saying in response to an earlier question, I think first of all we have been seeing reasonable buoyancy in demand and I can share with you that we had a very robust February. And I can also share with you that at Pitylight we have continued with our philosophy of not loading in any form in the month of March. So we always have and which is a well tested old pinlight practice which is to sort of, you know, towards the second half of March, contrary to what many other companies may do, we actually sort of, you know, we don’t not only not load, we go a little slow and then we start fast in April.<\/p>\n

That is the pattern we follow and that’s been what we’ve been doing this year has been very similar, I can tell you that. I think is it half a percent here and there? Some of that could have happened somewhere. You can’t vouch for every 100%. But the point is that we followed this philosophy and the same has been practiced as we went into March and the same has also with data being seen with our start to April. So I think therefore to answer your question, no, if I could say so, this is a buoyancy and as we were saying earlier, see the thing is that we’ve seen this buoyancy and therefore what has happened is that our growth categories have delivered to very well on growth so that momentum has continued as only accelerated and some of our growth brands have delivered at the higher end of our growth brand guidance and our core categories have also done well, including our big brand which is delivered in double digit.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Is it fair to say that<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

There Are things like innovation, things like field marketing, many of those. So I don’t get into that detail. So all that work is happening within continuously doing some of this and we’ve been lifting it up. Between you and me, I think you know I and Sandeep have been talking about lifting our growth for some time now and I think what I want to do share is that for the year I think that’s the way to look at it. In the year we’ve been we managed to lift our underlying volume growth which is most important.<\/p>\n

Forget price here there price there underlying volume grows by about 100 plus bps. And I think that’s, that’s, that is the journey we would like to stay get fast on.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Sure. That’s. Thank you so much. And any color about the the market share point of view also. So although consumer and Bazaar is a very diversified portfolio but any, any core categories where you can give us some sense about how has been our market share during this period or how has been the kind of industry growth during this time especially the core categories if you can give us some color.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Yes. So I think as I said the same point, there’s been a buoyancy in the market. So there the market would have grown a bit better. But I think our performance is a combination of three things. I think a natural buoyancy, particularly a little bit more buoyancy in urban India. And therefore for us while our rural growths have come in ahead actually again like year on year even in this year and this quarter but our urban growth have picked up. So I think therefore there is buoyancy. The second piece which is there is that all the work which we do we’ve intensified in several areas.<\/p>\n

Our work on demand generation and field marketing. And I think that’s bearing some fruit particularly in construction, chemicals and Dr. Fix it. And lastly I think there is some market share gain as well because the kind of growth we are seeing we are clearly growing ahead of the market in some of our growth categories and maybe in some of our core categories.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Sure. And in terms of the price hike you mentioned about you will take very calibrated approach this time despite there’s been sharp headline inflation. How are you seeing the competition side? Are they also following similar approach or you see that there can be an opportunity given you may have a cost efficiency and you also like Sandeep was mentioning about, you also have inventory in your hand. So do you think that these are the times when you can further look for a market share gain?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

No, I think the way we are looking at it. First of all, I think factually the competition has done similar kind of price increases. A few of them actually did it in March as well some of them but I think so therefore price increase has been commensurate rate. It’s not similar comparable. I think the point is that we would like to continue to do what is right to gain share and I think we wouldn’t do anything just tactical to be honest with you. And as far as we are concerned to Sandeep’s point as well, we are initially passing on the increase in raw material cost in absolute rupee terms.<\/p>\n

So therefore some of the question which we have comes in handy in sort of managing the margin also as we go following.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Sure, sure. Just last one, bookkeeping the employee expenses up only 3% in the standalone in this quarter. Despite like this year we have been kind of quite double digit growth. And if even if I look at the annualized number it is stand over 8% up. How should we look at this expense going ahead and any, any one off in the this quarter?<\/p>\n

Sandeep Batra<\/strong><\/p>\n

Yeah, there was a little bit of one off. So I think the first of all, I think the right way to look at manpower cost is to take the full year manpower cost and from that you strip out all the impact of this wage code that I think will give you the comparable full year manpower cost number and that for your projections you could divide it by four and that’s your base for next year, specifically in this quarter and compared to the base quarter which was fourth quarter of last year. So what we had done was in the fourth quarter of last year we had recognized a provision of about 17, 18 crores towards a discretionary benefit to be given to employees because of the new wage code.<\/p>\n

We felt that there was no need to continue with that discretionary benefit given that everybody’s gratuity benefits will get elevated under the new wage code. So that discretionary benefit we rolled back in the fourth quarter, both amounts are round. If I round off around 20, 20 crores. So for sake of comparison, you subtract 20 crores from Q4 last year, add 20 crores to Q4 this year and you will get about 11, 11 and a half percent increase in wage costs which is pretty much in line with which would be the right number.<\/p>\n

So take the full year number, take out the one off because of wage code and that becomes your base for FY2627 and specifically for Q4. I have addressed your housekeeping question. The actual comparable growth is about 11 and a half percent.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Perfect. Thank you so much and all the best.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

Thank you. Thank<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

You.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Rajeshwari from I thought pms. Please go ahead.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Thanks for the opportunity and congratulations to the great UVG recorder. I have three questions. So the first is on the manufacturing CapEx. I understand that the growth in final categories would need more investment but in core categories can we show that we have invested ahead of demand or it still needs continuous expansion?<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt in between. Rajeshwathi, can you please repeat your question and use handset mode?<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yeah, sure. Is it better now?<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yes, yes, it’s better.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yeah, yeah, sure. I have three questions. First is on the manufacturing categories so understand the growth and final category should be more investment in terms of manufacturing. But in core categories are you sure that you have invested ahead of demand or continuous expansion? And I would like to know the level of cooperation that you have done in manufacturing.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Yeah, so first question. I think we talked about it in the past also our capex tends to be rajsh 3 to 5% of our revenue turnover. I think Sandeep also alluded to it in his opening commentary.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

I<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Think so. Therefore, you know, and last year we’ve come in at about the median of that number or least at an average of that number. So I think that’s the thing. And as far as our capex philosophy is concerned, there are three buckets in which we do capex. One is classic growth capex in order to sort of anticipate our growth in different growth categories and in general as growth and see how we are placed as capacity, do we have the right capacity and Therefore there is CapEx to augment and be ready for the growth.<\/p>\n

The second CapEx which we do incar and is around basically automation, consolidation and major renovation of some of our existing core categories, especially premium, white blue. So I think that’s one area where as we speak in this quarter, one of FY27 we would be commissioning a large plant in West India for our premium white flu and fenny call I think. So that’s an area which we keep doing from time to time. And third is for newer categories or newer areas we get into. So those are the three buckets.<\/p>\n

We will continue to invest in all three buckets appropriately. But suffice to say the band is 3 to 5% and I think we’ll remain in that band. Pradeep, you want to add?<\/p>\n

Sandeep Batra<\/strong><\/p>\n

No, no, I think you’ve covered it. So capex is something that others are outcap. Capacity planning is something that we do very, very rigorously because the last thing we want is not being able to put material on the shelf because we run out of capacity. Obviously the growth businesses will require more Capex because they will run out of capacity faster. But even in core we would do Capex not only to augment capacity but also to automate and to make the whole manufacturing process efficient. Last year we would have spent close to 570 crores on capex compared to 430 in the prior year.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yeah, that helps. And my second question is that we have around six segments, right? Three in consumer and bazaar and three in B2B. So how many of these six segments we have export exposure like the B2B pigments and preparations we are already exporting. But I want to understand about the rest of the segments and the geographical coverage.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Yeah, so our major export exposure is in pigments as you rightly pointed out, Rajeshwari. Although having said that, we do export our finished goods to many countries but that export basically need not follow the West Asia route all the time. There is some export to West Asia directly. So therefore our direct exposure on exports is pigments and in finished goods there is West Asia export, but then there are export to other places which are perhaps independent of this conflict. So therefore overall suffice to say that our exposure to exposure exports is small as a company as perilite and therefore exports not coming through will not dent the overall performance of our company in any significant measure.<\/p>\n

If exports come through, that will be the icing of the cake.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yeah, thank you. And then my last question is that I would like to know how much percentages are raw material baskets constitutes vam, you know, to understand the impact of crude volatility in our margins better.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

So as of if you look at last year it would be less than 10% of our. And I’m expressly calling out that if you look at FY25 26 VAM would be under 10% of our raw material consumption. For the company this year it would be a different story. But last year was less than 10%.<\/p>\n

Sonali Salgavkar<\/strong><\/p>\n

Yeah, that is. Thank you. That’s all so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Jaya Doshi from Kotak Securities. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yeah, hi. Thanks for the opportunity. See for the past 11 quarters you were consistently delivering a 10% UVG which accelerated to 15% in 4Q. So if one assumes that West Asia situation, you know, probably stabilizes and raw material prices normalize in the next two, three months, should we expect FY27 UVG to be higher than FY26, say somewhere between 11 to 15%.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

So Jay, I think this is a, to answer your question, this is our secret position. I think if you look at, of course you’ve talked about last 8, 10 quarters and then a blip in this quarter that is also right. And that’s one way to look at it. The way I am looking at it is a bit more, you know, if you look at year on year, I think so therefore we’ve been expanded by about 120bips in FY26 in terms of UVG. So therefore, you know. So yeah, I think this about hundred odd BIPS expansion as we go forward is something we are planning for and we would like to deliver.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

I think if I may add, Jay, I think this question would have been asked for the last two years that your margins are expanding, input costs are benign. So what are you doing? And our response has always been that our first endeavor will be to reinvest all the headroom that we have in margin behind getting faster growth because there is no substitute for growth. And I think if you see the result over the last 7 or 8 quarters each quarter last year our UVG was more than 9% and for the year we were nearly 200bps higher than what we declared in FY25.<\/p>\n

So the endeavor from our side is to drive investments so that we can get faster growth. So that as an intent has not changed. It remains. We saw results all of last year and we saw very healthy results in the last quarter. So that remains our endeavor. What will be the outcome? I think given the situation that we are in, it will be very difficult to hazard as a guess as to what will happen in this year. It is not a normal year. If it was a normal year, maybe yes, what you are saying would have been something that we could have agreed to.<\/p>\n

But this year is very unique and special. So I don’t think we will hazard a guess as to what will be the UVG for this year. It is too early to say.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Understood. One bookkeeping question. So UEG is basically volume and mix right now. If ROF is growing much faster than the company and because it’s a low value product, does it have a, you know, is basically is your tonnage growth even growing faster than uvg?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Absolutely. We have talked about it many times. What you call total volume growth is order of magnitude different from our uvg. And that’s a great question you asked, Jay. Most people treat our UVG as volume growth. This is not volume growth. This is turnover growth at constant price. And our total volume growth is order of magnitude different order of magnitude<\/p>\n

Sandeep Batra<\/strong><\/p>\n

Multiples of that. Yeah,<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

It is absolutely.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

A couple of more questions. One is, are you seeing an organized player sort of struggle a little bit because of supply chain disruptions, hurting them more than, you know, a large organization like yours? And if so, then have you started seeing some market share gains in some categories where, you know, your market share are still sort of, you know, not as high as, let’s say 80, 90% that you may have in Sarikur?<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

There are market share gains in tile adhesive, but that does not have that much of a unorganized play. The four top four, five players pretty much account for 90, 80 to 90%. I think your point is generally correct, Jay, which is that basically the unorganized sector struggles a little bit in this kind of volatility, without doubt. And basically compared to more organized players and more. I think very early at this moment to say, to comment on this, but we are ready to we stay focused on securing supplies, making sure that we have goods available and servicing the demand.<\/p>\n

So therefore, to that extent we are very well equipped. And if some of this gives us some additional gains in the market, then so be it. I think that’s the piece which is there. But a lot of it is slightly early. I think in my opinion,<\/p>\n

Sandeep Batra<\/strong><\/p>\n

And I just want to correct you, Jay, we don’t have 80, 90% share in Srivicola. I don’t want to go that on record. I’ll correct it. Okay,<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Maybe we’ll ask you offline because you always One final one. I think FY26 was a year where, you know, there was acceleration in waterproofing and we had called out a couple of quarters back another three, four years prior to that, waterproofing was not growing as fast as what perhaps we would have liked. Does that momentum continue? And in that case, why is it that Mena Percept is still sort of having volatility from quarter to quarter? Not being that great.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

No. So I think the first question is absolutely the first part of your question is affirmative that indeed we have seen our waterproofing business get back to the kind of levels that a growth category should grow at and that growth rates have improved every quarter. I think the issue with Neenah is not about lack of orders. We have a very, very healthy order book. I think what happens in winter period, particularly end of Q3, beginning of Q4, is that because of these pollution restrictions, lot of construction sites don’t get permission to do work.<\/p>\n

So. So you may not get work front availability. So in cities like Delhi, Bombay, Hyderabad, the local authorities will impose restrictions. You are aware of this. Grab one, grab two, grab three, that happens in Delhi. So a lot of activity gets curtailed and that construction is one activity that gets impacted. It’s not waterproofing that gets impacted, but overall, if that site is not allowed to do any work, they can’t do waterproofing also. Not that, I mean our processes are not creating dust, pollution or anything of that sort, but the overall site work comes to a bit of a halt.<\/p>\n

Yeah,<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

That’s a great point, Sandeep. And just to build on it, Jay, I think so. Retail waterproofing and therefore to study swine and therefore you are seeing very good growth in dotted fixes or retail waterproofing and smaller jobs which are done at homes and all that continue. But also these construction jobs which Sandeep referred to, which is where Neena steps in, Nina steps in for more specific, you know, apply and supply kind of jobs. So that’s where it gets a little bit slightly seasonal. The order book is there, we can deliver.<\/p>\n

So I think the fundamentals are all okay. I don’t think there’s anything to worry about.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

In fact, also our projects order proofing that has grown even faster than retail because we started off, we were a late starter in that category. So the waterproofing product sales have done exceptionally well. It’s just that the application in some sites has got impacted because of these local restrictions.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Understood, thank you so much and congratulations on it. Thank you. Thank<\/p>\n

Sandeep Batra<\/strong><\/p>\n

You,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Avimeta from Macquarie Capital. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yeah. Hi team. Am I audible?<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Yes,<\/p>\n

Sandeep Batra<\/strong><\/p>\n

You are. Yes.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yeah. Just one question. Conceptual, you know, as a, you know, while we, when we look at consumer staple companies, we do understand price hikes tend to be relatively favorable from a revenue growth perspective for our categories. Because, you know, Petellite is not one category, it’s multiple categories that we understand. How would you classify this? Would you say that price hikes are neutral, negative, positive, how should we look at it? And I’m not talking about very sharp price increases obviously, but assuming this West Asia conflict kind of cools over.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Yeah. So Avi, I think like you said, for CPG companies or FMCG companies, even for Pedalite, both in our, we have a consumer business, but also the bazaar business. Not sharp price increases with you yourself qualified also, but price increases, if you have a little that inflation, you can get that Price increase with demand situation remaining the same, you will get your UVG and on top of that you will get the prices.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Absolutely. For us as well.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Perfect, perfect. And just second bookkeeping question. I missed this VAM number for the quarter and if you had shared this, if you could kind of just highlight that, that’s all from my side.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

VAM for the last quarter was around $840 a ton. Pretty much in line with the previous quarter.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Okay, thank you, that’s all.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

Thank you,<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the last follow up question from the line of Abneesh Roy from Nuama Institutional Equities. Please go ahead.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Yeah, very quick follow up. Even one hour is up. The first is VAM supply demand. Any change to any factory has gone out of production or anything in Middle East, US or Iran has hit any clarity under the demand side, any acceleration local.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

So yes there were some supply disruptions from vendors who are located in that area. So we had a supply source in Saudi Arabia which obviously got impacted. But I think there is abundant supply globally. So I mean or in the region from which we would be most cost effectively sourcing. So we looked at, we had in the past also looked at such supply sources and particularly lot of it will be in China. So those are the sources that we are now exploring in terms of ensuring our supply continuity. So there is no, there is no concern on availability.<\/p>\n

Now<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Last time we had seen the VAM remain inflationary for a fairly long time. So this time it’s basically geopolitical issue. So if that gets resolved so it could cool off also very quickly. Right. I’m not saying it can go back to the earlier price but current prices can cool off significantly.<\/p>\n

Naveen Trivedi<\/strong><\/p>\n

Yes, yes, yes, yes, yes.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Now last quick question. Essentially you mentioned on pricing on Sebicol but as a portfolio also you have seen 40, 50% RM inflation. So as an analyst it will be very good to understand overall console price hike. Will it be more like 7 to 8% in the India India business?<\/p>\n

Sandeep Batra<\/strong><\/p>\n

No higher than that. I think Sudanshu mentioned at a company level we’ve taken in April around 4 to 5% and in early May another 7 to 8%. These are blended at company level it will be different at different categories. For different categories. But at a blended company level that’s the quantum of pricing that has already gone in.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Just a quick one to add to Sandeep’s point. So while factually exactly correct and that’s what we’ve been saying but you see in our bazaar business the situation is a bit dynamic. So now Therefore for the year and our to be clear, because I’m saying all of you guys, so for the year, depending on how the raw material will behave. If supposing as you just your first question which you said, could it cool off quickly? If it indeed cools off quickly, it’ll have to be passed back in some form. So therefore can you build in that for the year?<\/p>\n

The answer at this moment is no, but let’s see how the things play out. And therefore that equation and our focus abnish, as I’m telling again and again Sandeep and I began been absolutely reiterating is to drive underlying volume growth, to drive demand and to stay steadfast on growth. So not try and do some short termism on any kind of price.<\/p>\n

Jaykumar Doshi<\/strong><\/p>\n

Understood? Thanks for taking my follow up question. That’s all from my side. Thank you.<\/p>\n

Sudhanshu Vats<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Ladies and gentlemen, as there are no further questions from the participants. With that concludes the question and answer session. I now hand the conference back to the management for closing comments.<\/p>\n

Sandeep Batra<\/strong><\/p>\n

No, no further closing comments. Thank you everybody on the call for their continued interest in Pidlite and we’ll see you again around our after our Q1 results. Thank you. Bye.<\/p>\n

Operator<\/strong><\/p>\n

Thank you members of the management. On behalf of Kotak securities, we conclude the Pedalite Industries Limited conference call. Thank you all for joining with us today. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Pidilite Industries Limited (NSE: PIDILITIND) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Sandeep Batra \u2014 Executive Director and Chief Financial Officer Sudhanshu Vats \u2014 Managing Director Analysts: Jaykumar Doshi \u2014 Analyst Sonali […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":129648,"url":"https:\/\/alphastreet.com\/india\/pidilite-industries-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182535,"position":0},"title":"Pidilite Industries Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 20, 2022","format":false,"excerpt":"https:\/\/youtu.be\/5W_i6dTxXI8 Key highlights from Pidilite Industries Limited (PIDILITIND) Q4 FY22 Earnings Concall Q&A Highlights: Abneesh Roy from Edelweiss asked about the competitive intensity in adhesives from regional players. Bharat Puri MD said that intensity over the last 1-2 years have been lesser than normal, largely due to large number of\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":137078,"url":"https:\/\/alphastreet.com\/india\/pidilite-industries-limited-q2-fy23-earnings-conference-call-insights\/","url_meta":{"origin":182535,"position":1},"title":"Pidilite Industries Limited Q2 FY23 Earnings Conference Call Insights","author":"Praveen","date":"November 22, 2022","format":false,"excerpt":"Key highlights from Pidilite Industries Limited (PIDILITIND) Q2 FY23 Earnings Concall Q&A Highlights: [00:06:02] Avi Mehta from Macquarie asked about VAM consumption rate for the quarter. Sandeep Batra CFO replied that VAM consumption rate was $2,491 per tonne vs. $2,231 in 1Q23. And in 2Q22, it was $2,071 per tonne.\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":145571,"url":"https:\/\/alphastreet.com\/india\/pidilite-industries-limited-q4-fy23-earnings-conference-call-insights\/","url_meta":{"origin":182535,"position":2},"title":"Pidilite Industries Limited Q4 FY23 Earnings Conference Call Insights","author":"Praveen","date":"May 10, 2023","format":false,"excerpt":"Key highlights from Pidilite Industries Limited (PIDILITIND) Q4 FY23 Earnings Concall Management Update: [00:05:54] PIDILITIND said it is hopeful for the future and expects profitable growth due to lower input costs, less inflation, and growth in infrastructure and construction. Q&A Highlights: [00:06:56] Abneesh Roy from Nuvama enquired about the launch\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":166607,"url":"https:\/\/alphastreet.com\/india\/pidilitind-q3-2024-2025-call-highlights-rural-demand-resilience-crude-price-challenges-distribution-expansion\/","url_meta":{"origin":182535,"position":3},"title":"PIDILITIND Q3 2024-2025 Call Highlights: Rural Demand Resilience, Crude Price Challenges & Distribution Expansion!","author":"Praveen","date":"January 27, 2025","format":false,"excerpt":"Pidilite Industries Ltd., a leading adhesives manufacturer in India renowned for its adhesive brands like Fevicol and Dr. Fixit, in its Q3 earnings call discussed about softening in both urban and rural markets, with rural areas still showing stronger growth. The B2B sector grew by 21.7%, bolstered by projects, adhesives,\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2024\/07\/CC_Image_8.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182535,"position":4},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":125443,"url":"https:\/\/alphastreet.com\/india\/earnings-pidilites-q2-2022-performance\/","url_meta":{"origin":182535,"position":5},"title":"Earnings: Pidilite’s Q2 2022 performance","author":"Nishad","date":"November 10, 2021","format":false,"excerpt":"Pidilite Industries(NSE: PIDILITIND) reported its second-quarter 2022 results today after the market hours. The company's net sales were at \u20b92,613 crores growing by 41% year on year. Net sales for thehalf-year ended stood at \u20b94,541 crores and grew by 66% over the same period last year. EBITDA before non-operating income\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=182535"}],"version-history":[{"count":0,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=182535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}