Pidilite Industries Ltd

₹ 2,291 -1.06%
27 Jan - 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 116,437 Cr.
  • Current Price 2,291
  • High / Low 2,919 / 1,989
  • Stock P/E 95.6
  • Book Value 128
  • Dividend Yield 0.44 %
  • ROCE 27.0 %
  • ROE 21.3 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 37.4%

Cons

  • Stock is trading at 17.9 times its book value
  • The company has delivered a poor sales growth of 11.4% 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.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
1,663 1,319 772 1,630 1,957 1,857 1,719 2,363 2,584 2,230 2,790 2,715 2,710
1,234 1,033 677 1,158 1,384 1,449 1,395 1,834 2,053 1,842 2,303 2,251 2,242
Operating Profit 429 285 95 472 573 408 324 529 531 388 487 464 468
OPM % 26% 22% 12% 29% 29% 22% 19% 22% 21% 17% 17% 17% 17%
39 -20 20 22 19 12 6 17 7 10 11 28 3
Interest 3 4 3 3 6 4 6 9 7 5 4 7 10
Depreciation 32 36 35 36 37 39 45 49 49 51 50 53 57
Profit before tax 433 225 77 455 549 376 279 488 482 342 443 433 403
Tax % 24% 29% 26% 26% 25% 26% 26% 23% 26% 26% 25% 22% 27%
Net Profit 330 160 57 339 409 277 207 373 359 252 333 337 296
EPS in Rs 6.50 3.14 1.12 6.67 8.06 5.44 4.08 7.35 7.06 4.96 6.56 6.63 5.83
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 TTM
2,367 2,816 3,332 3,878 4,398 4,731 4,865 5,354 6,094 6,333 6,216 8,340 10,444
1,923 2,328 2,722 3,205 3,637 3,636 3,638 4,061 4,800 4,849 4,663 6,733 8,637
Operating Profit 444 488 609 673 761 1,095 1,227 1,293 1,294 1,484 1,554 1,607 1,807
OPM % 19% 17% 18% 17% 17% 23% 25% 24% 21% 23% 25% 19% 17%
28 29 71 36 25 68 14 136 189 93 67 222 52
Interest 30 24 8 10 10 6 6 6 7 13 17 26 27
Depreciation 44 48 53 69 108 88 90 91 100 126 147 175 211
Profit before tax 397 444 620 631 669 1,070 1,145 1,331 1,376 1,437 1,457 1,627 1,621
Tax % 24% 25% 26% 26% 25% 30% 32% 28% 29% 23% 26% 22%
Net Profit 304 335 461 469 502 747 774 955 979 1,102 1,081 1,269 1,219
EPS in Rs 6.00 6.59 8.99 9.14 9.79 14.57 15.09 18.81 19.28 21.68 21.28 24.96 23.98
Dividend Payout % 29% 29% 29% 30% 30% 28% 31% 32% 34% 32% 40% 40%
Compounded Sales Growth
10 Years: 11%
5 Years: 11%
3 Years: 11%
TTM: 23%
Compounded Profit Growth
10 Years: 14%
5 Years: 9%
3 Years: 10%
TTM: 0%
Stock Price CAGR
10 Years: 26%
5 Years: 21%
3 Years: 15%
1 Year: -7%
Return on Equity
10 Years: 25%
5 Years: 24%
3 Years: 23%
Last Year: 21%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Sep 2022
51 51 51 51 51 51 51 51 51 51 51 51 51
Reserves 1,089 1,321 1,681 1,988 2,298 2,599 3,348 3,513 4,136 4,414 5,510 6,366 6,462
287 264 60 8 6 1 0 0 0 73 122 194 469
573 665 786 842 912 815 896 1,064 1,163 1,281 1,940 1,813 2,232
Total Liabilities 1,999 2,301 2,579 2,889 3,267 3,467 4,296 4,628 5,350 5,819 7,623 8,424 9,214
441 496 534 611 828 917 940 940 951 1,249 1,423 1,732 4,340
CWIP 327 371 409 431 460 152 127 164 229 248 282 207 181
Investments 400 333 547 574 700 1,103 1,793 1,786 2,190 1,824 3,482 3,446 1,028
832 1,101 1,089 1,273 1,278 1,296 1,436 1,738 1,980 2,498 2,438 3,038 3,664
Total Assets 1,999 2,301 2,579 2,889 3,267 3,467 4,296 4,628 5,350 5,819 7,623 8,424 9,214

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
298 371 511 398 573 907 809 799 853 1,228 1,201 766
-36 -243 -191 -140 -445 -469 -791 24 -488 133 -1,679 -326
-222 -138 -330 -221 -173 -409 -37 -803 -371 -858 19 -433
Net Cash Flow 39 -10 -10 37 -44 29 -19 19 -6 504 -459 7

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 44 42 40 43 43 42 46 47 46 46 59 51
Inventory Days 135 117 115 110 101 79 90 91 87 91 126 109
Days Payable 54 50 53 65 56 51 53 62 54 62 102 68
Cash Conversion Cycle 125 109 102 88 88 71 82 76 80 76 82 92
Working Capital Days 27 5 10 27 23 31 36 43 41 34 20 46
ROCE % 30% 31% 35% 33% 31% 43% 41% 38% 35% 35% 29% 27%

Shareholding Pattern

Numbers in percentages

6 recently
Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022
69.92 70.19 70.19 70.19 70.16 70.13 69.99 69.98 69.94 69.94 69.93 69.93
11.50 11.17 10.90 11.39 11.88 12.08 11.78 11.66 11.57 11.13 11.34 11.08
7.90 8.04 8.67 8.24 7.59 7.15 7.29 7.48 7.30 7.48 7.73 8.12
0.05 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10.63 10.54 10.24 10.18 10.37 10.64 10.94 10.88 11.19 11.45 10.98 10.85

* 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.

Click on the line-items to see the names of individual entities.

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