Guidance ledger · Q4 FY26

Pidilite Industries Limited PIDILITIND

3 revisions on record · 3 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered EBITDA margin corridor positioning Q3 FY26 → Q4 FY26

~~high end of 20-24% likely~~ → lower end of 20-24% expected given RM inflation

“last year, of course, with benign input costs, we delivered at the higher end of the guidance. This year, with the raw material inflation, it will be different, but we stay committed to that kind of number”

↓ lowered FY forward UVG guidance Q3 FY26 → Q4 FY26

~~double-digit UVG commitment maintained~~ → no guidance - too early to say given unique macro

“this year is very unique and special. So I don't think we will hazard a guess as to what will be the UVG for this year. It's too early to say”

↓ lowered Input cost / VAM trajectory Q3 FY26 → Q4 FY26

~~benign - VAM $830-$880 range, no near-term concern~~ → 40-50% WA basket inflation, VAM at $1,800

“inflation is real on our weighted average raw material basket, inflation is anywhere between 40% to 50%”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.