Pidilite Industries

“If the country's growth is in the 6.5, 7 range in real terms, our UVG growth should remain double digit and we would like to keep inching it up that because a lot of these things we do, we create a lot of demand ourselves.”

“So, for a short-term perspective, I think this is a number we would like to deliver, which is a double digit.”

“And so, therefore, we will continue and we want to take this from classic double digit to early teens. I think that's the desire over a period of time.”

“I think, see, we have evaluated VAM ourselves or with one of our large international partners multiple times.”

“So therefore, having a suboptimal size may not help you from pricing in the long term.”

“point of view of cost advantage, I think it doesn't work for us.”

“And as the momentum is building up, we are already trying to see whether we need to put up more plants of this particular render production if it can be done beyond the current facility that we have in Rajasthan.”

“Consumer and Bazaar growth in the quarter was quite broad-based with Consumer and Bazaar UVG was 11.1% and B2B UVG was 9.2%.”

“Our subsidiary performance was good for the quarter with international subsidiaries growing by 21.8%.”

“EBITDA in the international subsidiaries also improved with a growth of 53% versus the top line growth of 21.8%.”

“Domestic subsidiaries too delivered a strong quarter with a revenue growth of 22.2%, again, led by the Consumer and Bazaar businesses, which grew by 22% and B2B businesses grew by also 22%.”

“As I mentioned in my opening remarks, the only business which has seen some headwind, it happens in the monsoon period has been Nina. Others have all grown north of 20%.”

“I wouldn't say that there is any fundamental shift in competitive intensity.”

“It is hard to bake them in fully but as of now, we can assure you that we are seeing reasonably robust demand. You have seen our first quarter number. We have entered third quarter quite well.”

“Arguably in Q2 for the very first time after a long time, urban is slightly ahead of rural.”

“So, this in Europe, in Southern Europe, where this has been around for some time, this can be 15% to 20% of all exterior walls is done in a conventional sense, not the glass and steel towers, which come up now, the conventional ones.”

“So therefore, we are not building any improvement in macro for the rest of the year.”

“We always refer to what has been the VAM consumption rate, which in the second quarter was $1,630, nearly double of what it was in the same period last year and versus $1,370 in the first quarter.”

“However, because of the robust top line growth, we got operating leverage, and against the 720 basis points decline in gross margin, our EBITDA was lower by 430 basis points and came in at the lower end of our range, at 20.4%.”

“was 8.3%, and our H1 EBITDA again came in strong, very much towards the upper end of the range at 23.5%.”

“As soon as West Asia conflict happened, VAM actually shot up to almost $2,000, if I am not mistaken, just $2,000 really shot up.”

“We delivered a very robust in-quarter EBITDA margin of 26.3%, surprising most people actually.”

“on Fevicol, we have piloted products called Multi Lock and X-Per. They are going national in November.”

“In Dr. Fixit, we have a product called Wonderproof which is actually doing really well as we are doing distinct.”

“If you look at M-Seal as a brand, we are just piloting a product called M-Seal Advance, which brings multiple features, one amongst them is to be able to wash your hand very easily and so on and so forth.”

“And similarly, Araldite White X and Araldite Wud X are for the premium segment.”

“Our new Stainoff, which has just been done, is getting a very good response on quick commerce and so on and so forth.”

“And we also got the advantage in quarter 1, as Sandeep also pointed out, of low-cost inventory coming in from previous quarter, Q4 of FY26.”

“The only business that saw some revenue headwinds was Nina, which had challenges because they did not have adequate workfront available for doing waterproofing.”

“So, therefore, and you have seen crude is elevated at about $115.”

“The latest round of pricing, which we are doing, El Nino, which is also going to have some effect, and elevated crude, if it remains and the last unknown is if West Asia conflict flares up even further - impact of those items are not fully baked in.”

“Our exports to be honest with you, our exports out of India into West Asia or going shipped through West Asia, that area are still underperforming because there are challenges in that space.”

“We see no specific advantage. And to that extent, no specific disadvantage to us with this plant coming up.”

“In the current quarter, our stand-alone revenue was under INR4,000 crores with a growth of 21.7% in nominal terms and underpinned by underlying volume growth of 10.7%, which was broad-based.”

“And therefore, in H1, if I were to look at our stand-alone revenues grew by 22%, UVG was 11%.”

“So you will see Roff and Dr. Fixit a lot more in Q3 as well.”

“Efficiency that we will drive from it, productivity and reduction in manpower will be a subsequent discussion.”

“And if you see even first half, Keyur, last year was 10.1%. And this year, first half is 11%.”