Pidilite Inds.

₹3146 -14.3 | 0.5%

WEBSITE BSE:500331 NSE : PIDILITE 09 Dec, 12:04

Market Cap ₹160010 Cr.

Stock P/E 91.5

P/B 18.4

Current Price ₹3146

Book Value ₹ 171.3

Face Value 1

52W High ₹3414.4

Dividend Yield 0.51%

52W Low ₹ 2490

Edit Ratio

Pidilite Inds. Research see more...

A Detail Equity Research Report on Pidilite Industries Limited

Initial Coverage: PIDILITE

Digital initiatives and solid supply chain should stem growth of Pidilite Industries Limited

Overview Inc. Year: 1969Industry: Chemicals

Pidilite Industries Limited, which is engaged in consumer and commercial specialty chemicals. The Company operates thru 2 segments: Consumer & Bazaar (C&B) and Business to Business (B2B). C&B section is engaged within the sale of products particularly to end users, which are retail users, such as carpenters, painters, plumbers, mechanics, households, college students, places of work and other. Its sales include especially adhesives, sealants, artwork and craft substances and production and paint chemical substances. B2B segment is engaged in the sale of merchandise to end users, that are mainly big commercial enterprise users. This consists of Industrial Products (IP), together with adhesives, synthetic resins, natural pigments, pigment preparations, construction chemical compounds (tasks) and surfactants, and caters to various industries, inclusive of packaging, textiles, paints, joineries, printing inks, paper, leather. Its subsidiaries are Pidilite Adhesives Pvt Ltd, and Tenax Pidilite India Pvt Ltd

Pidilite Inds. Share Price

New

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

Show Value Show %

Peer Comparison

Pidilite Inds. Quarterly Results

#(Fig in Cr.)	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Net Sales	3101	3011	2998	2689	3275	3076	3130	2902	3395	3235
Other Income	11	11	5	23	23	32	37	49	54	57
Total Income	3112	3022	3003	2712	3299	3108	3167	2951	3449	3292
Total Expenditure	2572	2511	2502	2230	2568	2396	2388	2325	2583	2466
Operating Profit	540	511	501	482	730	711	779	626	867	826
Interest	9	12	15	12	12	13	13	13	12	12
Depreciation	61	64	69	76	73	75	79	113	84	88
Exceptional Income / Expenses	0	0	0	0	0	0	0	-72	0	0
Profit Before Tax	470	436	417	394	645	623	687	428	770	726
Provision for Tax	116	101	111	107	170	163	177	122	198	185
Profit After Tax	354	335	306	287	475	460	511	306	572	542
Adjustments	-0	-2	-2	-4	-6	-10	-0	-6	-5	-7
Profit After Adjustments	354	332	304	283	468	450	510	301	567	535
Adjusted Earnings Per Share	7	6.5	6	5.6	9.2	8.9	10	5.9	11.1	10.5

Pidilite Inds. Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Net Sales	4283	4844	5361	5617	6078	7078	7294	7293	9921	11799	12383	12662
Other Income	45	45	78	112	148	147	149	79	36	50	140	197
Total Income	4328	4890	5439	5729	6227	7225	7444	7372	9957	11849	12523	12859
Total Expenditure	3612	4073	4188	4357	4737	5710	5718	5612	8074	9815	9676	9762
Operating Profit	716	816	1251	1372	1490	1515	1725	1760	1884	2034	2847	3098
Interest	16	16	13	14	16	26	34	37	42	48	51	50
Depreciation	81	118	100	115	120	133	170	201	240	270	341	364
Exceptional Income / Expenses	-6	-5	0	0	0	-18	-55	-4	0	0	-72	-72
Profit Before Tax	612	678	1141	1248	1359	1342	1470	1522	1614	1723	2379	2611
Provision for Tax	165	169	334	385	393	413	348	396	407	434	632	682
Profit After Tax	447	509	807	863	966	928	1122	1126	1207	1289	1747	1931
Adjustments	3	4	-4	-3	-4	-3	-6	5	1	-16	-18	-18
Profit After Adjustments	450	513	803	860	962	925	1116	1131	1208	1273	1729	1913
Adjusted Earnings Per Share	8.8	10	15.7	16.8	19	18.2	22	22.3	23.8	25	34	37.5

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	5%	19%	12%	11%
Operating Profit CAGR	40%	17%	13%	15%
PAT CAGR	36%	16%	13%	15%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	24%	12%	19%	21%
ROE Average	22%	21%	22%	25%
ROCE Average	31%	27%	29%	34%

Pidilite Inds. Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	1953	2271	2638	3471	3574	4148	4456	5593	6404	7212	8407
Minority's Interest	4	5	43	127	175	207	216	240	199	234	210
Borrowings	0	1	6	5	7	9	25	12	2	0	0
Other Non-Current Liabilities	86	80	112	145	234	239	212	534	565	648	661
Total Current Liabilities	886	959	915	1022	1208	1301	1615	2435	2325	2411	2798
Total Liabilities	2928	3315	3714	4770	5199	5904	6523	8814	9494	10505	12076
Fixed Assets	729	978	1137	1275	1342	1448	1807	4418	4703	4914	5451
Other Non-Current Assets	558	666	425	361	548	874	955	881	775	1029	789
Total Current Assets	1642	1671	2151	3134	3309	3582	3761	3515	4016	4562	5833
Total Assets	2928	3315	3714	4770	5199	5904	6523	8814	9494	10505	12076

Pidilite Inds. Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	65	118	56	100	55	102	73	606	327	256	258
Cash Flow from Operating Activities	394	552	907	794	796	845	1280	1392	955	1558	2724
Cash Flow from Investing Activities	-99	-436	-491	-879	39	-513	103	-1688	-558	-899	-1769
Cash Flow from Financing Activities	-242	-165	-371	41	-790	-361	-849	-76	-468	-656	-742
Net Cash Inflow / Outflow	54	-49	45	-45	46	-29	533	-372	-71	2	212
Closing Cash & Cash Equivalent	118	69	101	56	102	73	606	327	256	258	459

Pidilite Inds. Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	8.77	10	15.66	16.77	18.95	18.21	21.97	22.26	23.76	25.05	34
CEPS(Rs)	10.3	12.22	17.7	19.08	21.39	20.89	25.43	26.11	28.46	30.66	41.06
DPS(Rs)	2.7	2.9	4.15	4.75	6	6.5	7	8.5	10	11	16
Book NAV/Share(Rs)	38.08	44.28	51.38	67.48	70.21	81.47	87.48	109.55	125.33	141.03	165.11
Core EBITDA Margin(%)	14.81	15.02	20.58	20.78	21.57	19.33	21.61	23.05	18.62	16.82	21.86
EBIT Margin(%)	13.86	13.51	20.24	20.82	22.1	19.32	20.61	21.39	16.69	15.01	19.63
Pre Tax Margin(%)	13.5	13.21	20.01	20.59	21.85	18.95	20.15	20.88	16.27	14.6	19.21
PAT Margin (%)	9.86	9.91	14.16	14.24	15.54	13.12	15.38	15.44	12.16	10.92	14.11
Cash Profit Margin (%)	11.65	12.2	15.92	16.14	17.46	14.99	17.71	18.19	14.58	13.21	16.86
ROA(%)	16.13	16.29	22.97	20.35	19.38	16.72	18.06	14.69	13.18	12.89	15.48
ROE(%)	24.81	24.09	32.92	28.33	27.5	24.1	26.15	22.5	20.22	19.04	22.45
ROCE(%)	33.43	32.05	45.73	40.16	37.82	34.37	33.81	29.86	26.48	25.18	30.55
Receivable days	38.43	39.48	41.22	44.26	50.09	51.42	53.65	60.3	50.62	45.87	47.31
Inventory Days	45.21	44.11	40.6	40.59	44.76	44.83	46.63	54.14	53.88	54.32	47.63
Payable days	46.18	46.46	49.84	52.84	59.04	57.22	64.45	87.98	68.92	57.05	67.32
PER(x)	34.81	60.1	37.79	41.66	48.47	68.24	61.74	81.31	103.35	93.97	88.66
Price/Book(x)	8.02	13.57	11.52	10.36	13.08	15.25	15.51	16.52	19.59	16.69	18.26
Dividend Yield(%)	0.88	0.48	0.7	0.68	0.65	0.52	0.52	0.47	0.41	0.47	0.53
EV/Net Sales(x)	3.62	6.36	5.65	6.38	7.67	8.91	9.38	12.58	12.57	10.13	12.35
EV/Core EBITDA(x)	21.67	37.72	24.2	26.11	31.28	41.61	39.64	52.13	66.22	58.74	53.72
Net Sales Growth(%)	16.45	13.1	10.67	4.77	8.22	16.44	3.06	-0.02	36.04	18.93	4.95
EBIT Growth(%)	5.34	10.33	66.39	9.37	8.88	-0.48	9.92	3.75	6.16	6.95	37.25
PAT Growth(%)	5.99	13.75	58.74	6.94	11.92	-3.9	20.86	0.36	7.16	6.8	35.58
EPS Growth(%)	6.1	13.95	56.62	7.12	12.98	-3.93	20.68	1.3	6.73	5.44	35.74
Debt/Equity(x)	0.02	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.05	0.02	0.02
Current Ratio(x)	1.85	1.74	2.35	3.07	2.74	2.75	2.33	1.44	1.73	1.89	2.09
Quick Ratio(x)	1.18	1.07	1.67	2.36	2.07	2.04	1.75	0.94	1	1.14	1.58
Interest Cover(x)	38.49	44.34	86.97	90.61	88.44	52.46	44.74	41.89	39.35	37.17	47.48
Total Debt/Mcap(x)	0	0	0	0	0	0	0	0	0	0	0

Pidilite Inds. Shareholding Pattern

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	69.94	69.94	69.94	69.94	69.92	69.86	69.84	69.77	69.75	69.6
FII	11.13	11.34	11.08	10.61	11.34	11.44	11.49	11.31	11.58	11.96
DII	7.48	7.74	8.12	8.46	7.91	8.01	8.31	8.93	8.97	8.9
Public	11.45	10.98	10.86	10.99	10.83	10.69	10.35	9.99	9.7	9.54
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	35.55	35.55	35.55	35.55	35.54	35.52	35.52	35.49	35.48	35.4
FII	5.66	5.76	5.63	5.39	5.76	5.82	5.85	5.75	5.89	6.08
DII	3.8	3.93	4.13	4.3	4.02	4.07	4.23	4.54	4.56	4.53
Public	5.82	5.58	5.52	5.59	5.5	5.44	5.27	5.08	4.93	4.85
Others	0	0	0	0	0	0	0	0	0	0
Total	50.83	50.83	50.83	50.83	50.83	50.85	50.86	50.86	50.86	50.86

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Company is almost debt free.

Cons

Debtor days have increased from 57.05 to 67.32days.
Stock is trading at 18.4 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.