Pidilite Expands Haisha Paints to Eastern India with Cautious, Phased Approach

Pidilite Industries is expanding its Haisha paints brand into Odisha and deeper into eastern India, marking a key step in its phased national rollout. Initially launched two years ago in South India (Telangana, Andhra Pradesh, Karnataka, Tamil Nadu), the expansion targets rural and semi-urban markets, aligning with the company’s strategy of cautious, market-led growth. Speaking to FE, MD Sudhanshu Vats said the paints business is growing steadily—quarter-on-quarter and month-on-month—validating Pidilite’s entry into the category. However, the company is deliberately delaying a full-scale national launch to fine-tune its business model and strengthen its competitive edge amid rising competition from Asian Paints, Berger, Kansai Nerolac, JSW Paints, and Birla Opus. Pidilite had earlier evaluated the acquisition of Akzo Nobel’s Indian decorative business but exited due to valuation concerns. Vats confirmed the company continues to assess inorganic opportunities, focusing on specialised, high-margin adjacencies while avoiding commoditised segments. In H1 FY26, Pidilite posted revenue of ₹7,307 crore (+10.2%) and profit of ₹1,263 crore (+13.6%), with EBITDA margins at ~24% on benign input costs. Its growth portfolio (Araldite, Dr Fixit, Roff) contributes 48% of revenue, while core adhesive brands like Fevicol make up the rest. With rural demand outpacing urban sales, Pidilite expects double-digit volume growth in H2, driven by innovation, home improvement trends, and broader market outreach. GST benefits are expected to boost urban recovery in the second half.