Pidilite Inds.

₹2936.3 -33.4 | 1.1%

WEBSITE BSE:500331 NSE : PIDILITE 26 Dec, 16:01

Market Cap ₹149354 Cr.

Stock P/E 85.5

P/B 17.3

Current Price ₹2936.3

Book Value ₹ 169.8

Face Value 1

52W High ₹3414.4

Dividend Yield 0.54%

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

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Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

Pidilite Inds. Quarterly Results

#(Fig in Cr.)
Net Sales
Other Income
Total Income
Total Expenditure
Operating Profit
Interest
Depreciation
Exceptional Income / Expenses
Profit Before Tax
Provision for Tax
Profit After Tax
Adjustments
Profit After Adjustments
Adjusted Earnings Per Share

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
Net Sales	3878	4398	4731	4865	5354	6094	6333	6216	8896	10597	11167
Other Income	43	43	71	110	136	192	152	73	40	63	166
Total Income	3921	4441	4802	4975	5491	6285	6484	6290	8936	10660	11333
Total Expenditure	3205	3637	3611	3640	4062	4802	4849	4669	7123	8742	8617
Operating Profit	716	803	1190	1335	1429	1483	1635	1621	1812	1918	2715
Interest	10	10	6	6	6	7	13	17	27	29	29
Depreciation	69	108	88	90	91	100	126	147	194	222	289
Exceptional Income / Expenses	-6	-18	-27	-94	0	0	-59	-0	0	0	7
Profit Before Tax	631	669	1070	1145	1331	1376	1437	1457	1591	1668	2404
Provision for Tax	162	167	323	371	376	397	335	375	399	411	604
Profit After Tax	469	502	747	774	955	979	1102	1081	1191	1257	1799
Adjustments	0	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	469	502	747	774	955	979	1102	1081	1191	1257	1799
Adjusted Earnings Per Share	9.1	9.8	14.6	15.1	18.8	19.3	21.7	21.3	23.4	24.7	35.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	5%	22%	13%	11%
Operating Profit CAGR	42%	19%	13%	14%
PAT CAGR	43%	19%	13%	14%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	10%	7%	16%	19%
ROE Average	23%	21%	22%	24%
ROCE Average	32%	28%	29%	33%

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	2040	2349	2651	3399	3564	4187	4465	5561	6344	7108	8337
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	591	749	1075	1120	1512	1665	2057	2031	2439	2507	2789
Total Current Liabilities	866	932	803	1232	1372	1648	1857	2918	2918	3781	4747
Total Liabilities	3496	4030	4529	5751	6448	7500	8379	10510	11701	13396	15873
Fixed Assets	611	828	917	940	940	951	1249	1423	4235	4437	4935
Other Non-Current Assets	1362	1667	1763	1700	2361	2942	3425	5627	3226	3489	3585
Total Current Assets	1523	1536	1849	3112	3147	3608	3704	3460	4239	5470	7350
Total Assets	3496	4030	4529	5751	6448	7500	8379	10510	11701	13396	15873

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	51	88	38	65	46	66	60	564	110	148	153
Cash Flow from Operating Activities	398	573	907	809	799	853	1228	1201	857	1432	2586
Cash Flow from Investing Activities	-140	-445	-469	-791	24	-488	133	-1679	-540	-754	-1737
Cash Flow from Financing Activities	-221	-173	-409	-37	-803	-371	-858	19	-436	-673	-623
Net Cash Inflow / Outflow	37	-44	29	-19	19	-6	504	-459	-119	6	226
Closing Cash & Cash Equivalent	88	44	66	47	66	60	564	110	148	153	380

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)	9.14	9.79	14.56	15.09	18.81	19.28	21.68	21.28	23.44	24.73	35.38
CEPS(Rs)	10.48	11.89	16.28	16.85	20.61	21.25	24.16	24.17	27.26	29.1	41.07
DPS(Rs)	2.7	2.9	4.15	4.75	6	6.5	7	8.5	10	11	16
Book NAV/Share(Rs)	39.78	45.82	51.63	66.09	70.01	82.23	87.66	108.93	124.15	138.98	163.73
Core EBITDA Margin(%)	16.31	16.25	22.11	23.12	23.54	21.2	23.43	24.9	19.92	17.51	22.83
EBIT Margin(%)	15.53	14.48	21.24	21.71	24.36	22.7	22.9	23.71	18.19	16.01	21.79
Pre Tax Margin(%)	15.29	14.28	21.12	21.6	24.24	22.59	22.69	23.43	17.88	15.74	21.53
PAT Margin (%)	11.36	10.72	14.75	14.6	17.4	16.07	17.4	17.4	13.39	11.86	16.11
Cash Profit Margin (%)	13.02	13.02	16.48	16.31	19.06	17.71	19.38	19.76	15.58	13.96	18.7
ROA(%)	13.57	13.34	17.45	15.05	15.66	14.04	13.88	11.45	10.73	10.02	12.3
ROE(%)	24.85	22.87	29.89	25.64	27.51	25.33	25.53	21.65	20.11	18.8	23.38
ROCE(%)	33.37	30.8	42.95	38.02	38.41	35.7	33.53	29.24	26.82	25.02	31.51
Receivable days	36.29	37.74	38.4	39.9	43.12	43.86	45.58	53.01	45.36	43.35	44.3
Inventory Days	42.44	40.66	37.09	36.18	39.46	40.89	42.21	50.1	49.6	51.72	46.06
Payable days	55.13	56.27	48.81	52.02	54.41	52.25	58.67	82.99	64.72	55.99	66.75
PER(x)	33.41	61.38	40.63	46.3	48.83	64.44	62.57	85.05	104.75	95.17	85.21
Price/Book(x)	7.68	13.11	11.46	10.57	13.12	15.11	15.48	16.62	19.78	16.94	18.41
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)	4	6.99	6.4	7.35	8.7	10.34	10.8	14.79	14.02	11.28	13.7
EV/Core EBITDA(x)	21.68	38.29	25.43	26.8	32.59	42.47	41.8	56.7	68.84	62.29	56.33
Net Sales Growth(%)	16.4	13.4	7.57	2.84	10.05	13.81	3.92	-1.84	43.1	19.13	5.38
EBIT Growth(%)	2.09	5.83	58.59	6.98	16.25	3.46	4.83	1.6	9.8	4.84	43.45
PAT Growth(%)	1.7	7.1	48.79	3.63	23.44	2.54	12.47	-1.83	10.17	5.52	43.14
EPS Growth(%)	1.7	7.09	48.78	3.63	24.63	2.5	12.45	-1.85	10.15	5.52	43.05
Debt/Equity(x)	0	0	0	0	0	0	0	0.01	0.02	0	0
Current Ratio(x)	1.76	1.65	2.3	2.53	2.29	2.19	1.99	1.19	1.45	1.45	1.55
Quick Ratio(x)	1.17	1.07	1.69	2.07	1.83	1.74	1.6	0.85	0.96	1.03	1.28
Interest Cover(x)	66.12	71.34	184.13	202.54	220.68	193.78	108.24	86.73	59.4	59.46	82.6
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 55.99 to 66.75days.
Stock is trading at 17.3 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.