Pidilite Industries CEO Interaction: Constructive Growth Outlook Intact, Pricing and Operating Leverage to Mitigate RM Inflation Headwind

Research evidence excerpt

Pidilite Industries CEO Interaction: Constructive Growth Outlook Intact, Pricing and Operating Leverage to Mitigate RM Inflation Headwind

J P M O R G A N Asia Pacific Equity Research

10 June 2026

Pidilite Industries

CEO Interaction: Constructive Growth Outlook Intact, Overweight

Pricing and Operating Leverage to Mitigate RM Inflation PIDI.NS, PIDI IN

Headwind Price (09 Jun 26):Rs1,481.80

Price Target (Sep-27):Rs1,630.00

We hosted Mr. Sudhanshu Vats, MD, and Mr. Sandeep Batra, CFO, as part of the Consumer, Retail, Media

ACJPM India Consumer CEO/CFO Fireside Chat Series. PIDI’s medium-term Latika Chopra, CFA

growth outlook remains constructive, underpinned by strong India consumption (91-22) 6157-3584

and housing/construction tailwinds, despite near-term inflation and geopolitical latika.chopra@jpmorgan.com

volatility. Strategically, the company is prioritizing sustainable Underlying Himanshu Singh

Volume Growth (UVG) over pure pricing, while deepening its moat through (91-22) 6157-3610

premiumization in core adhesives, faster growth in underpenetrated categories himanshu.x6.singh@jpmorgan.com

such as tile adhesives and waterproofing, and further expansion of its Growth & Saransh S Gokhale

Pioneer portfolio, which now contributes nearly half of the business and could add (91-22) 6157 3578

saransh.gokhale@jpmchase.com

~100bps to UVG annually. Key strategic initiatives include scaling direct J.P. Morgan India Private Limited, J.P. Morgan

distribution beyond the current 40k+ towns, using AI-led route-to-market Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

improvements, building Pidilite Professional Solutions, and selectively investing

in Horizon 2 opportunities such as Unofin, electronic adhesives and rural/small-

town paints.