• Q1 performance drivers: Pidilite achieved 11.3% underlying volume growth, supported by steady demand, disciplined replacement-cost pricing, and the consumption of low-cost carryover inventory.
• EBITDA margin guidance: Full-year margins are expected to remain within the guided corridor of 20% to 24%, with the company likely delivering towards the higher end of the range.
• Pricing and rebates: Due to volatility in raw material and crude prices, the company plans to pass on rebates to customers where input costs decline in order to protect demand and volume growth.
• B2B export recovery: Export volume improvement in the B2B segment remains contingent on geopolitical developments and shipping normalization through the Strait of Hormuz, alongside expansion into other export markets.
• Grupo Puma JV: The partnership with Grupo Puma is expanding Pidilite's premium portfolio, led by strong demand growth for NeoPro tile adhesives and favorable architect reception for Unofin renders.