New Delhi, Aug. 11 -- Pidilite Industries Ltd is sailing through smoothly despite a challenging demand environment for consumer discretionary companies in general. The adhesives maker clocked nearly double-digit underlying volume growth (UVG) of 9.9% in the June quarter (Q1FY26). The consumer and bazaar (C&B) segment's UVG came in 9.3%, the best in the past five quarters. Business-to-business (B2B) UVG was 12.6%.

Note that paint companies, another discretionary play, have had a rough Q1FY26. Most large paint makers saw modest volume growth and lacklustre margin owing to elevated competition and muted demand.

In contrast, Pidilite's management said demand for its products was healthy across regions. Rural markets continued to outperform ...