Pidilite Industries Ltd — FY25 Financial Highlights & Growth Trajectory

Q4 FY25 Performance • Net sales (consolidated, excluding Pidilite USA and Pulvitec Brazil) rose ~10.2% YoY to ₹3,130 crore, driven by underlying volume growth (UVG) of ~9.8%. • Consumer & Bazaar (C&B) segment UVG was ~8.0%, while Business-to-Business (B2B) segment had strong UVG of ~16.4%. • Gross margins improved (≈ 154 basis points over Q4 FY24, 86 bps over Q3 FY25), helped by favourable input costs. • EBITDA (before non-operating income) was ~₹633 crore, up ~10%. EBITDA margin stayed around 20.6%, in line with Q4 FY24. • Profit After Tax (PAT) surged ~40-41% YoY to ~₹428 crore, aided by lower exceptional losses (₹25 crore in Q4 FY25 vs ₹72 crore in Q4 FY24). FY25 Full-Year Performance • Full-year net sales (excluding certain international units) grew ~8.1%. UVG for the year was ~9.3%. C&B UVG ~7.2%, B2B UVG ~19.2%. • Gross margins expanded ~254 bps over last year due to lower input costs. • EBITDA before non-operating income rose ~11%, with full-year EBITDA margin ~23.6% (up from ~22.9%). • Profit Before Tax (PBT, excluding exceptional items) increased ~16%. • PAT for FY25 was ~₹2,096 crore, a growth of ~20% YoY. Cost, Investment & Other Key Metrics • Advertising & Sales Promotion (A&SP) spends increased to ~5.4% of net sales in Q4 (up from ~4.7% a year earlier), signaling focus on demand generation. • Standalone business also showed strong growth: in Q4 net sales up ~10%, EBITDA ~11% YoY; PAT growth of ~26% YoY after accounting for different exceptional items. • Final dividend proposed was ₹20 per share. Outlook & Risks • Pidilite aims to continue with volume-led growth especially in B2B, alongside growth in its C&B business. Improvement in demand (construction, real estate, home improvement) and favourable monsoons could help. • Margin strength depends on continued benign input costs; any adverse movement in raw material or energy costs could put pressure.