Pidilite Q2 revenue grows 20.9% ........

Pidilite Industries Limited reported consolidated revenue of ₹4,298 crore in Q2 FY27, up 20.9% year on year. Consolidated profit after tax increased 7.2% to ₹626 crore. The key issue is the gap between revenue and profit growth. Revenue expanded strongly, but EBITDA increased only 3.1%, with EBITDA margin at 20.5%. This suggests that cost and margin pressure limited the conversion of higher sales into operating profit. My view is that the revenue performance is encouraging, but the earnings quality needs closer monitoring. The company is showing demand growth, yet the slower profit expansion indicates that volume growth alone may not be enough to drive earnings at the same pace. I will watch whether margins improve in the next quarter and whether the company can sustain double-digit revenue growth without further pressure on profitability. Stance: Positive on revenue momentum, cautious on near-term margin conversion. PIDILITIND