Pidilite reported a strong 3QFY16 (consol) with above-estimate growth in revenue ( 11.4% YoY to Rs 13.4bn) and APAT ( 49.3% to Rs 1.86bn). This is creditworthy in a weak demand scenario. Gains in gross margins (GM) continued ( 745bps YoY to 51.6%), helped by soft RMs (VAM and crude prices down ~33% YoY) and better mix. This led to a strong EBITDA growth of 53.4% YoY at Rs 2.95bn (603bps rise in EBITDA margins at 22%).