Pidilite Industries Ltd

Pidilite Industries Ltd

₹ 2,703 -1.43%
04 Mar 4:01 p.m.
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 1,37,477 Cr.
  • Current Price 2,703
  • High / Low 2,805 / 2,275
  • Stock P/E 79.2
  • Book Value 147
  • Dividend Yield 0.40 %
  • ROCE 24.5 %
  • ROE 18.7 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 42.4%

Cons

  • 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.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,957 1,857 1,719 2,363 2,584 2,230 2,790 2,715 2,710 2,382 2,964 2,780 2,834
1,384 1,449 1,395 1,834 2,053 1,842 2,303 2,251 2,242 1,946 2,292 2,138 2,126
Operating Profit 573 408 324 529 531 388 487 464 468 436 671 643 708
OPM % 29% 22% 19% 22% 21% 17% 17% 17% 17% 18% 23% 23% 25%
19 12 6 17 7 10 11 28 3 21 27 36 60
Interest 6 4 6 9 7 5 4 7 10 7 7 7 7
Depreciation 37 39 45 49 49 51 50 53 57 61 62 62 67
Profit before tax 549 376 279 488 482 342 443 433 403 389 630 609 694
Tax % 25% 26% 26% 23% 26% 26% 25% 22% 27% 25% 26% 25% 25%
409 277 207 373 359 252 333 337 296 291 468 455 523
EPS in Rs 8.06 5.44 4.08 7.35 7.06 4.96 6.56 6.63 5.83 5.72 9.20 8.94 10.28
Raw PDF

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 TTM
2,816 3,332 3,878 4,398 4,731 4,865 5,354 6,094 6,333 6,216 8,896 10,597 10,961
2,328 2,722 3,205 3,637 3,636 3,638 4,061 4,800 4,849 4,663 7,115 8,742 8,502
Operating Profit 488 609 673 761 1,095 1,227 1,293 1,294 1,484 1,554 1,781 1,855 2,458
OPM % 17% 18% 17% 17% 23% 25% 24% 21% 23% 25% 20% 18% 22%
29 71 36 25 68 14 136 189 93 67 32 63 144
Interest 24 8 10 10 6 6 6 7 13 17 27 29 29
Depreciation 48 53 69 108 88 90 91 100 126 147 194 222 252
Profit before tax 444 620 631 669 1,070 1,145 1,331 1,376 1,437 1,457 1,591 1,668 2,322
Tax % 25% 26% 26% 25% 30% 32% 28% 29% 23% 26% 25% 25%
335 461 469 502 747 774 955 979 1,102 1,081 1,191 1,257 1,736
EPS in Rs 6.59 8.99 9.14 9.79 14.57 15.09 18.81 19.28 21.68 21.28 23.44 24.73 34.14
Dividend Payout % 29% 29% 30% 30% 28% 31% 32% 34% 32% 40% 43% 44%
Compounded Sales Growth
10 Years: 12%
5 Years: 15%
3 Years: 19%
TTM: 5%
Compounded Profit Growth
10 Years: 11%
5 Years: 6%
3 Years: 3%
TTM: 42%
Stock Price CAGR
10 Years: 25%
5 Years: 19%
3 Years: 16%
1 Year: 18%
Return on Equity
10 Years: 23%
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 Sep 2023
Equity Capital 51 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 6,293 7,057 7,409
264 60 8 6 1 0 0 0 73 122 198 187 191
665 786 842 912 815 896 1,064 1,163 1,281 1,940 2,196 2,385 2,736
Total Liabilities 2,301 2,579 2,889 3,267 3,467 4,296 4,628 5,350 5,819 7,623 8,738 9,680 10,387
496 534 611 828 917 940 940 951 1,249 1,423 4,235 4,437 4,700
CWIP 371 409 431 460 152 127 164 229 248 282 207 351 257
Investments 333 547 574 700 1,103 1,793 1,786 2,190 1,824 3,482 1,085 1,447 1,938
1,101 1,089 1,273 1,278 1,296 1,436 1,738 1,980 2,498 2,438 3,211 3,445 3,492
Total Assets 2,301 2,579 2,889 3,267 3,467 4,296 4,628 5,350 5,819 7,623 8,738 9,680 10,387

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 1,201 857 1,432
-243 -191 -140 -445 -469 -791 24 -488 133 -1,679 -540 -754
-138 -330 -221 -173 -409 -37 -803 -371 -858 19 -436 -673
Net Cash Flow -10 -10 37 -44 29 -19 19 -6 504 -459 -119 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 50 45
Inventory Days 117 115 110 101 79 90 91 87 91 126 107 93
Days Payable 50 53 65 56 51 53 62 54 62 102 70 56
Cash Conversion Cycle 109 102 88 88 71 82 76 80 76 82 87 82
Working Capital Days 5 10 27 23 31 36 43 41 34 20 46 39
ROCE % 31% 35% 33% 31% 43% 41% 38% 35% 35% 29% 27% 24%

Shareholding Pattern

Numbers in percentages

5 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
70.16% 70.13% 69.99% 69.98% 69.94% 69.94% 69.93% 69.93% 69.94% 69.91% 69.86% 69.84%
11.88% 12.08% 11.78% 11.66% 11.57% 11.13% 11.34% 11.08% 10.61% 11.34% 11.44% 11.49%
7.59% 7.15% 7.29% 7.48% 7.30% 7.48% 7.73% 8.12% 8.45% 7.92% 8.01% 8.32%
10.37% 10.64% 10.94% 10.88% 11.19% 11.45% 10.98% 10.85% 10.98% 10.82% 10.70% 10.36%
No. of Shareholders 2,75,9493,21,5944,10,8214,84,5975,62,8106,20,8755,75,4795,86,0756,18,3275,97,0296,00,1175,77,382

* 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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Documents

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