Pidilite Inds.

₹2913.9 77.4 | 2.7%

WEBSITE BSE:500331 NSE : PIDILITE 10 May, 16:01

Market Cap ₹148204 Cr.

Stock P/E 85.7

P/B 17.6

Current Price ₹2913.9

Book Value ₹ 165.3

Face Value 1

52W High ₹3116

Dividend Yield 0.55%

52W Low ₹ 2293.1

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

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Peer Comparison

Pidilite Inds. Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Net Sales	2851	2507	3101	3011	2998	2689	3275	3076	3130	2902
Other Income	5	11	11	11	5	23	23	32	37	49
Total Income	2856	2518	3112	3022	3003	2712	3299	3108	3167	2951
Total Expenditure	2302	2106	2572	2511	2502	2230	2568	2396	2388	2325
Operating Profit	554	412	540	511	501	482	730	711	779	626
Interest	11	9	9	12	15	12	12	13	13	13
Depreciation	60	62	61	64	69	76	73	75	79	113
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	-72
Profit Before Tax	483	341	470	436	417	394	645	623	687	428
Provision for Tax	127	92	116	101	111	107	170	163	177	122
Profit After Tax	356	249	354	335	306	287	475	460	511	306
Adjustments	3	5	-0	-2	-2	-4	-6	-10	-0	-6
Profit After Adjustments	358	254	354	332	304	283	468	450	510	301
Adjusted Earnings Per Share	7.1	5	7	6.5	6	5.6	9.2	8.9	10	5.9

Pidilite Inds. Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	3678	4283	4844	5361	5617	6078	7078	7294	7293	9921	11799	12383
Other Income	70	45	45	78	112	148	147	149	79	36	50	141
Total Income	3749	4328	4890	5439	5729	6227	7225	7444	7372	9957	11849	12525
Total Expenditure	3085	3612	4073	4188	4357	4737	5710	5718	5612	8074	9815	9677
Operating Profit	664	716	816	1251	1372	1490	1515	1725	1760	1884	2034	2846
Interest	16	16	16	13	14	16	26	34	37	42	48	51
Depreciation	69	81	118	100	115	120	133	170	201	240	270	340
Exceptional Income / Expenses	2	-6	-5	0	0	0	-18	-55	-4	0	0	-72
Profit Before Tax	581	612	678	1141	1248	1359	1342	1470	1522	1614	1723	2383
Provision for Tax	160	165	169	334	385	393	413	348	396	407	434	632
Profit After Tax	422	447	509	807	863	966	928	1122	1126	1207	1289	1752
Adjustments	2	3	4	-4	-3	-4	-3	-6	5	1	-16	-22
Profit After Adjustments	424	450	513	803	860	962	925	1116	1131	1208	1273	1729
Adjusted Earnings Per Share	8.3	8.8	10	15.7	16.8	19	18.2	22	22.3	23.8	25	34

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	19%	17%	14%	12%
Operating Profit CAGR	8%	6%	6%	12%
PAT CAGR	7%	5%	6%	12%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	16%	16%	20%	25%
ROE Average	19%	21%	22%	25%
ROCE Average	25%	27%	30%	34%

Pidilite Inds. Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1652	1953	2271	2638	3471	3574	4148	4456	5593	6404	7212
Minority's Interest	1	4	5	43	127	175	207	216	240	199	234
Borrowings	0	0	1	6	5	7	9	25	12	2	0
Other Non-Current Liabilities	67	86	80	112	145	234	239	212	534	565	648
Total Current Liabilities	897	886	959	915	1022	1208	1301	1615	2435	2325	2411
Total Liabilities	2616	2928	3315	3714	4770	5199	5904	6523	8814	9494	10505
Fixed Assets	646	729	978	1137	1275	1342	1448	1807	4418	4703	4914
Other Non-Current Assets	534	558	666	425	361	548	874	955	881	775	1029
Total Current Assets	1436	1642	1671	2151	3134	3309	3582	3761	3515	4016	4562
Total Assets	2616	2928	3315	3714	4770	5199	5904	6523	8814	9494	10505

Pidilite Inds. Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	77	65	118	56	100	55	102	73	606	0	0
Cash Flow from Operating Activities	472	394	552	907	794	796	845	1280	1392	955	1558
Cash Flow from Investing Activities	-144	-99	-436	-491	-879	39	-513	103	-1688	-558	-899
Cash Flow from Financing Activities	-339	-242	-165	-371	41	-790	-361	-849	-76	-468	-656
Net Cash Inflow / Outflow	-12	54	-49	45	-45	46	-29	533	-372	-71	2
Closing Cash & Cash Equivalent	65	118	69	101	56	102	73	606	327	256	258

Pidilite Inds. Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	8.27	8.77	10	15.66	16.77	18.95	18.21	21.97	22.26	23.76	25.05
CEPS(Rs)	9.57	10.3	12.22	17.7	19.08	21.39	20.89	25.43	26.11	28.46	30.66
DPS(Rs)	2.6	2.7	2.9	4.15	4.75	6	6.5	7	8.5	10	11
Book NAV/Share(Rs)	32.22	38.08	44.28	51.38	67.48	70.21	81.47	87.48	109.55	125.33	141.03
Core EBITDA Margin(%)	15.22	14.81	15.02	20.58	20.78	21.57	19.33	21.61	23.05	18.62	16.82
EBIT Margin(%)	15.31	13.86	13.51	20.24	20.82	22.1	19.32	20.61	21.39	16.69	15.01
Pre Tax Margin(%)	14.91	13.5	13.21	20.01	20.59	21.85	18.95	20.15	20.88	16.27	14.6
PAT Margin (%)	10.82	9.86	9.91	14.16	14.24	15.54	13.12	15.38	15.44	12.16	10.92
Cash Profit Margin (%)	12.58	11.65	12.2	15.92	16.14	17.46	14.99	17.71	18.19	14.58	13.21
ROA(%)	16.94	16.13	16.29	22.97	20.35	19.38	16.72	18.06	14.69	13.18	12.89
ROE(%)	28.38	24.81	24.09	32.92	28.33	27.5	24.1	26.15	22.5	20.22	19.04
ROCE(%)	35.06	33.43	32.05	45.73	40.16	37.82	34.37	33.81	29.86	26.48	25.18
Receivable days	38.66	38.43	39.48	41.22	44.26	50.09	51.42	53.65	60.3	50.62	45.87
Inventory Days	45.78	45.21	44.11	40.6	40.59	44.76	44.83	46.63	54.14	53.88	54.32
Payable days	41.29	46.18	46.46	49.84	52.84	59.04	57.22	64.45	87.98	68.92	57.05
PER(x)	31.81	34.81	60.1	37.79	41.66	48.47	68.24	61.74	81.31	103.35	93.97
Price/Book(x)	8.17	8.02	13.57	11.52	10.36	13.08	15.25	15.51	16.52	19.59	16.69
Dividend Yield(%)	0.99	0.88	0.48	0.7	0.68	0.65	0.52	0.52	0.47	0.41	0.47
EV/Net Sales(x)	3.66	3.62	6.36	5.65	6.38	7.67	8.91	9.38	12.58	12.57	10.13
EV/Core EBITDA(x)	20.27	21.67	37.72	24.2	26.11	31.28	41.61	39.64	52.13	66.22	58.74
Net Sales Growth(%)	17.64	16.45	13.1	10.67	4.77	8.22	16.44	3.06	-0.02	36.04	18.93
EBIT Growth(%)	28.8	5.34	10.33	66.39	9.37	8.88	-0.48	9.92	3.75	6.16	6.95
PAT Growth(%)	30.74	5.99	13.75	58.74	6.94	11.92	-3.9	20.86	0.36	7.16	6.8
EPS Growth(%)	29.43	6.1	13.95	56.62	7.12	12.98	-3.93	20.68	1.3	6.73	5.44
Debt/Equity(x)	0.07	0.02	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.05	0.02
Current Ratio(x)	1.6	1.85	1.74	2.35	3.07	2.74	2.75	2.33	1.44	1.73	1.89
Quick Ratio(x)	1.02	1.18	1.07	1.67	2.36	2.07	2.04	1.75	0.94	1	1.14
Interest Cover(x)	38.49	38.49	44.34	86.97	90.61	88.44	52.46	44.74	41.89	39.35	37.17
Total Debt/Mcap(x)	0.01	0	0	0	0	0	0	0	0	0	0

Pidilite Inds. Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	69.98	69.94	69.94	69.94	69.94	69.94	69.92	69.86	69.84	69.77
FII	11.66	11.57	11.13	11.34	11.08	10.61	11.34	11.44	11.49	11.31
DII	7.48	7.3	7.48	7.74	8.12	8.46	7.91	8.01	8.31	8.93
Public	10.88	11.19	11.45	10.98	10.86	10.99	10.83	10.69	10.35	9.99
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	35.56	35.55	35.55	35.55	35.55	35.55	35.54	35.52	35.52	35.49
FII	5.93	5.88	5.66	5.76	5.63	5.39	5.76	5.82	5.85	5.75
DII	3.8	3.71	3.8	3.93	4.13	4.3	4.02	4.07	4.23	4.54
Public	5.53	5.69	5.82	5.58	5.52	5.59	5.5	5.44	5.27	5.08
Others	0	0	0	0	0	0	0	0	0	0
Total	50.82	50.83	50.83	50.83	50.83	50.83	50.83	50.85	50.86	50.86

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 21%
Debtor days have improved from 68.92 to 57.05days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 17.6 times its book value.
The company has delivered a poor profit growth of 5% over past five years.

* 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.