Pidilite Industries Ltd

Pidilite Industries Ltd

₹ 1,481 0.15%
27 May - close price
About

Pidilite Industries Limited is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY products and polymer emulsions in India. Most of the products have been developed through strong in-house R&D. Our brand name Fevicol has become synonymous with adhesives to millions in India and is ranked amongst the most trusted brands in the country. Some of our other major brands are M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax, Hobby Ideas, Araldite. [1]

Key Points

Revenue Breakup
Company earns about 53% of its revenues from adhesives & sealants category, followed by Construction & paint chemicals (20%), industrial resins & construction chemicals (7%), art & craft materials (6%), industrial adhesives (6%), and pigment & preparation (6%)..
It has its business divided into 2 divisions, consumer & bazaar products which account for ~80% of revenues, and B2B products segment which accounts for ~20% of revenues [1] In total,the company produces ~6500 products for its brands. [2]

  • Market Cap 1,50,722 Cr.
  • Current Price 1,481
  • High / Low 1,575 / 1,259
  • Stock P/E 63.1
  • Book Value 105
  • Dividend Yield 0.68 %
  • ROCE 31.0 %
  • ROE 23.5 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 62.0%

Cons

  • Stock is trading at 14.1 times its book value
  • Working capital days have increased from 47.3 days to 113 days

* 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.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
2,382 2,964 2,780 2,834 2,589 3,146 2,977 3,099 2,851 3,479 3,287 3,436 3,285
1,946 2,292 2,138 2,126 2,061 2,375 2,246 2,350 2,267 2,591 2,480 2,596 2,519
Operating Profit 436 671 643 708 528 771 731 749 584 888 807 840 766
OPM % 18% 23% 23% 25% 20% 25% 25% 24% 20% 26% 25% 24% 23%
21 27 36 60 49 52 72 55 96 84 69 60 58
Interest 7 7 7 7 8 8 8 8 10 10 10 11 10
Depreciation 61 62 62 67 99 72 75 77 84 83 85 86 82
Profit before tax 389 630 609 694 470 742 720 718 585 879 780 803 732
Tax % 25% 26% 25% 25% 25% 26% 25% 26% 24% 26% 25% 25% 25%
291 468 455 523 354 552 542 534 446 650 586 601 547
EPS in Rs 2.86 4.60 4.47 5.14 3.48 5.42 5.33 5.25 4.38 6.39 5.76 5.91 5.38
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4,398 4,731 4,865 5,354 6,094 6,333 6,216 8,896 10,597 11,167 12,073 13,488
3,637 3,636 3,638 4,061 4,800 4,849 4,663 7,115 8,742 8,608 9,237 10,187
Operating Profit 761 1,095 1,227 1,293 1,294 1,484 1,554 1,781 1,855 2,559 2,836 3,300
OPM % 17% 23% 25% 24% 21% 23% 25% 20% 18% 23% 23% 24%
25 68 14 136 189 93 67 32 63 164 273 271
Interest 10 6 6 6 7 13 17 27 29 29 35 41
Depreciation 108 88 90 91 100 126 147 194 222 289 308 336
Profit before tax 669 1,070 1,145 1,331 1,376 1,437 1,457 1,591 1,668 2,404 2,766 3,194
Tax % 25% 30% 32% 28% 29% 23% 26% 25% 25% 25% 25% 25%
502 747 774 955 979 1,102 1,081 1,191 1,257 1,799 2,074 2,384
EPS in Rs 4.89 7.28 7.55 9.41 9.64 10.84 10.64 11.72 12.37 17.69 20.39 23.43
Dividend Payout % 30% 28% 31% 32% 34% 32% 40% 43% 44% 45% 49% 92%
Compounded Sales Growth
10 Years: 11%
5 Years: 17%
3 Years: 8%
TTM: 12%
Compounded Profit Growth
10 Years: 12%
5 Years: 17%
3 Years: 24%
TTM: 14%
Stock Price CAGR
10 Years: 16%
5 Years: 8%
3 Years: 5%
1 Year: -2%
Return on Equity
10 Years: 23%
5 Years: 22%
3 Years: 23%
Last Year: 24%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 51 51 51 51 51 51 51 51 51 51 51 102
Reserves 2,298 2,599 3,348 3,513 4,136 4,414 5,510 6,293 7,057 8,287 9,626 10,564
6 1 0 0 0 73 122 198 187 212 272 276
912 815 896 1,064 1,163 1,281 1,940 2,196 2,385 2,822 3,322 3,680
Total Liabilities 3,267 3,467 4,296 4,628 5,350 5,819 7,623 8,738 9,680 11,371 13,271 14,621
828 917 940 940 951 1,249 1,423 4,235 4,437 4,935 5,202 5,257
CWIP 460 152 127 164 229 248 282 207 351 135 106 327
Investments 700 1,103 1,793 1,786 2,190 1,824 3,482 1,085 1,447 2,813 4,173 4,928
1,278 1,296 1,436 1,738 1,980 2,498 2,438 3,211 3,445 3,487 3,791 4,109
Total Assets 3,267 3,467 4,296 4,628 5,350 5,819 7,623 8,738 9,680 11,371 13,271 14,621

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
573 907 809 799 853 1,228 1,201 857 1,432 2,586 2,229 2,643
-445 -469 -791 24 -488 133 -1,679 -540 -754 -1,736 -1,515 -1,116
-173 -409 -37 -803 -371 -858 19 -436 -673 -623 -882 -1,600
Net Cash Flow -44 29 -19 19 -6 504 -459 -119 6 227 -168 -72
Free Cash Flow 188 787 719 675 694 834 878 535 1,004 2,082 1,800 2,072
CFO/OP 98% 110% 95% 94% 96% 108% 99% 73% 99% 125% 103% 105%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 43 42 46 47 46 46 59 50 45 46 47 50
Inventory Days 101 79 90 91 87 91 126 107 93 85 98 92
Days Payable 56 51 53 62 54 62 102 70 56 70 83 85
Cash Conversion Cycle 88 71 82 76 80 76 82 87 82 60 62 58
Working Capital Days 23 31 36 43 41 32 15 41 38 15 14 113
ROCE % 31% 43% 41% 38% 35% 35% 29% 27% 24% 31% 31% 31%

Insights

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Underlying Volume Growth (Total Standalone)
%

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Total Retail Outlet Reach
Million
Number of Manufacturing Plants (India)
Count
Number of Primary Dealers/Distributors
Count
Total SKUs (Approximate)
Count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
69.91% 69.86% 69.84% 69.78% 69.75% 69.60% 69.59% 69.49% 69.35% 69.33% 69.32% 69.32%
11.34% 11.44% 11.49% 11.31% 11.59% 11.96% 11.79% 11.60% 12.13% 12.08% 12.01% 11.75%
7.92% 8.01% 8.32% 8.93% 8.97% 8.89% 9.15% 9.43% 9.15% 9.15% 9.21% 9.56%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.08%
10.82% 10.70% 10.36% 10.00% 9.71% 9.55% 9.46% 9.47% 9.36% 9.43% 9.40% 9.29%
No. of Shareholders 5,97,0296,00,1175,77,3825,41,1145,23,2925,08,9665,08,9185,17,6185,02,2575,17,1205,21,8505,20,440

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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