Pidilite stays glued to growth

Fevicol-maker Pidilite Industries Ltd has held up relatively well amid the recent market downturn. While Nifty Next 50 has dropped 9% so far in 2025, Pidilite's stock has slipped 6%, cushioned by its ability to sustain healthy volume growth in a challenging demand environment.

- Pallavi Pengonda

At its recent analyst meeting, Pidilite reiterated its goal of double-digit volume growth in the medium term and an EBITDA margin of 20-24%. For the nine months ended December (9MFY25), volumes rose 9.2%, while the EBITDA margin was just shy of the upper-end 24% mark, keeping Pidilite on track to meet its goal for FY25.

Its margin is already elevated this year, supported by lower input costs. Pidilite's core categories, including established brands like Fevicol and Fevi Kwik, enjoy high market maturity and share. The growth portfolio, including Dr. Fixit and Roff, consists of categories with significant potential. The pioneer segment has newer products such as Dr. Cipy, Jowat, and Haisha, offering market creation opportunities.