Goldman Sachs has maintained its buy rating on Pidilite Industries with a target price of ₹1,700 per share after the company reported in-line Q2FY26 results. The brokerage said volume growth in the Consumer & Bazaar (C&B) segment continues to accelerate, reaffirming the company’s strong brand positioning and distribution depth.
Margins remained stable during the quarter, with gross margin expansion largely reinvested in advertising and promotion to sustain demand. Goldman Sachs said management reiterated its positive demand outlook supported by rural recovery, improved housing activity, and stable raw material costs.
The brokerage expects continued momentum in C&B volumes to drive earnings growth in the second half of FY26. It added that Pidilite’s strong pricing power and operational leverage provide comfort on maintaining mid-teen EBITDA margins despite increased marketing spends.
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