Pidilite Industries Ltd
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]
- Market Cap ₹ 1,31,892 Cr.
- Current Price ₹ 2,594
- High / Low ₹ 2,919 / 1,989
- Stock P/E 105
- Book Value ₹ 140
- Dividend Yield 0.39 %
- ROCE 24.4 %
- ROE 18.6 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 41.5%
Cons
- Stock is trading at 18.6 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.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2,816 | 3,332 | 3,878 | 4,398 | 4,731 | 4,865 | 5,354 | 6,094 | 6,333 | 6,216 | 8,340 | 10,597 | |
2,328 | 2,722 | 3,205 | 3,637 | 3,636 | 3,638 | 4,061 | 4,800 | 4,849 | 4,663 | 6,733 | 8,742 | |
Operating Profit | 488 | 609 | 673 | 761 | 1,095 | 1,227 | 1,293 | 1,294 | 1,484 | 1,554 | 1,607 | 1,855 |
OPM % | 17% | 18% | 17% | 17% | 23% | 25% | 24% | 21% | 23% | 25% | 19% | 18% |
29 | 71 | 36 | 25 | 68 | 14 | 136 | 189 | 93 | 67 | 222 | 63 | |
Interest | 24 | 8 | 10 | 10 | 6 | 6 | 6 | 7 | 13 | 17 | 26 | 29 |
Depreciation | 48 | 53 | 69 | 108 | 88 | 90 | 91 | 100 | 126 | 147 | 175 | 222 |
Profit before tax | 444 | 620 | 631 | 669 | 1,070 | 1,145 | 1,331 | 1,376 | 1,437 | 1,457 | 1,627 | 1,668 |
Tax % | 25% | 26% | 26% | 25% | 30% | 32% | 28% | 29% | 23% | 26% | 22% | 25% |
Net Profit | 335 | 461 | 469 | 502 | 747 | 774 | 955 | 979 | 1,102 | 1,081 | 1,269 | 1,257 |
EPS in Rs | 6.59 | 8.99 | 9.14 | 9.79 | 14.57 | 15.09 | 18.81 | 19.28 | 21.68 | 21.28 | 24.96 | 24.73 |
Dividend Payout % | 29% | 29% | 30% | 30% | 28% | 31% | 32% | 34% | 32% | 40% | 40% | 44% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 15% |
3 Years: | 19% |
TTM: | 27% |
Compounded Profit Growth | |
---|---|
10 Years: | 11% |
5 Years: | 6% |
3 Years: | 3% |
TTM: | -1% |
Stock Price CAGR | |
---|---|
10 Years: | 25% |
5 Years: | 18% |
3 Years: | 21% |
1 Year: | 17% |
Return on Equity | |
---|---|
10 Years: | 24% |
5 Years: | 22% |
3 Years: | 20% |
Last Year: | 19% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | |
Reserves | 1,321 | 1,681 | 1,988 | 2,298 | 2,599 | 3,348 | 3,513 | 4,136 | 4,414 | 5,510 | 6,366 | 7,057 |
264 | 60 | 8 | 6 | 1 | -0 | -0 | -0 | 73 | 122 | 194 | 187 | |
665 | 786 | 842 | 912 | 815 | 896 | 1,064 | 1,163 | 1,281 | 1,940 | 1,813 | 2,385 | |
Total Liabilities | 2,301 | 2,579 | 2,889 | 3,267 | 3,467 | 4,296 | 4,628 | 5,350 | 5,819 | 7,623 | 8,424 | 9,680 |
496 | 534 | 611 | 828 | 917 | 940 | 940 | 951 | 1,249 | 1,423 | 1,732 | 4,437 | |
CWIP | 371 | 409 | 431 | 460 | 152 | 127 | 164 | 229 | 248 | 282 | 207 | 351 |
Investments | 333 | 547 | 574 | 700 | 1,103 | 1,793 | 1,786 | 2,190 | 1,824 | 3,482 | 3,446 | 1,447 |
1,101 | 1,089 | 1,273 | 1,278 | 1,296 | 1,436 | 1,738 | 1,980 | 2,498 | 2,438 | 3,038 | 3,445 | |
Total Assets | 2,301 | 2,579 | 2,889 | 3,267 | 3,467 | 4,296 | 4,628 | 5,350 | 5,819 | 7,623 | 8,424 | 9,680 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
371 | 511 | 398 | 573 | 907 | 809 | 799 | 853 | 1,228 | 1,201 | 766 | 1,432 | |
-243 | -191 | -140 | -445 | -469 | -791 | 24 | -488 | 133 | -1,679 | -326 | -754 | |
-138 | -330 | -221 | -173 | -409 | -37 | -803 | -371 | -858 | 19 | -433 | -673 | |
Net Cash Flow | -10 | -10 | 37 | -44 | 29 | -19 | 19 | -6 | 504 | -459 | 7 | 6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 42 | 40 | 43 | 43 | 42 | 46 | 47 | 46 | 46 | 59 | 51 | 45 |
Inventory Days | 117 | 115 | 110 | 101 | 79 | 90 | 91 | 87 | 91 | 126 | 109 | 93 |
Days Payable | 50 | 53 | 65 | 56 | 51 | 53 | 62 | 54 | 62 | 102 | 68 | 56 |
Cash Conversion Cycle | 109 | 102 | 88 | 88 | 71 | 82 | 76 | 80 | 76 | 82 | 92 | 82 |
Working Capital Days | 5 | 10 | 27 | 23 | 31 | 36 | 43 | 41 | 34 | 20 | 46 | 54 |
ROCE % | 31% | 35% | 33% | 31% | 43% | 41% | 38% | 35% | 35% | 29% | 27% | 24% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 6h
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
25 May - Of Schedule of Analyst/Institutional Investor Meetings under the SEBI (LODR) Regulations, 2015
- Announcement under Regulation 30 (LODR)-Newspaper Publication 24 May
- Shareholder Meeting / Postal Ballot-Notice of Postal Ballot 24 May
- Intimation Under Regulation 30 Of The SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015 19 May
Annual reports
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Concalls
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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]