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 ₹ 1,47,019 Cr.
- Current Price ₹ 1,445
- High / Low ₹ 1,620 / 1,310
- Stock P/E 65.5
- Book Value ₹ 93.9
- Dividend Yield 0.69 %
- ROCE 29.8 %
- ROE 23.0 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 46.6%
- Company's working capital requirements have reduced from 25.8 days to 18.7 days
Cons
- Stock is trading at 15.4 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
Commodities Chemicals Chemicals & Petrochemicals Specialty Chemicals
Part of BSE 500 BSE 100 BSE 200 BSE Dollex 200 Nifty Next 50
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4,283 | 4,844 | 5,361 | 5,617 | 6,078 | 7,078 | 7,294 | 7,293 | 9,921 | 11,799 | 12,383 | 13,140 | 13,818 | |
| 3,611 | 4,073 | 4,188 | 4,355 | 4,737 | 5,707 | 5,718 | 5,606 | 8,065 | 9,813 | 9,675 | 10,130 | 10,597 | |
| Operating Profit | 672 | 771 | 1,173 | 1,262 | 1,341 | 1,371 | 1,576 | 1,686 | 1,856 | 1,986 | 2,708 | 3,011 | 3,221 |
| OPM % | 16% | 16% | 22% | 22% | 22% | 19% | 22% | 23% | 19% | 17% | 22% | 23% | 23% |
| 38 | 40 | 81 | 115 | 153 | 130 | 97 | 74 | 39 | 55 | 63 | 221 | 247 | |
| Interest | 16 | 16 | 13 | 14 | 16 | 26 | 34 | 37 | 42 | 48 | 51 | 50 | 54 |
| Depreciation | 81 | 118 | 100 | 115 | 120 | 133 | 170 | 201 | 240 | 270 | 341 | 358 | 383 |
| Profit before tax | 612 | 678 | 1,141 | 1,248 | 1,359 | 1,342 | 1,470 | 1,522 | 1,614 | 1,723 | 2,379 | 2,823 | 3,032 |
| Tax % | 27% | 25% | 29% | 31% | 29% | 31% | 24% | 26% | 25% | 25% | 27% | 26% | |
| 450 | 514 | 807 | 863 | 966 | 928 | 1,122 | 1,126 | 1,207 | 1,289 | 1,747 | 2,096 | 2,247 | |
| EPS in Rs | 4.39 | 5.00 | 7.83 | 8.39 | 9.48 | 9.10 | 10.99 | 11.13 | 11.88 | 12.52 | 17.00 | 20.41 | 21.88 |
| Dividend Payout % | 31% | 29% | 26% | 28% | 32% | 36% | 32% | 38% | 42% | 44% | 47% | 49% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 12% |
| 3 Years: | 10% |
| TTM: | 9% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 15% |
| 5 Years: | 13% |
| 3 Years: | 20% |
| TTM: | 14% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 18% |
| 5 Years: | 13% |
| 3 Years: | 3% |
| 1 Year: | -9% |
| Return on Equity | |
|---|---|
| 10 Years: | 24% |
| 5 Years: | 22% |
| 3 Years: | 22% |
| Last Year: | 23% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 102 |
| Reserves | 1,901 | 2,219 | 2,587 | 3,420 | 3,523 | 4,097 | 4,405 | 5,542 | 6,353 | 7,161 | 8,356 | 9,704 | 9,452 |
| 46 | 58 | 80 | 98 | 125 | 113 | 288 | 331 | 416 | 391 | 382 | 454 | 443 | |
| 930 | 986 | 996 | 1,202 | 1,500 | 1,643 | 1,779 | 2,890 | 2,675 | 2,902 | 3,286 | 3,775 | 3,901 | |
| Total Liabilities | 2,928 | 3,315 | 3,714 | 4,770 | 5,199 | 5,904 | 6,523 | 8,814 | 9,494 | 10,505 | 12,076 | 13,984 | 13,898 |
| 729 | 978 | 1,137 | 1,275 | 1,342 | 1,448 | 1,807 | 4,418 | 4,703 | 4,914 | 5,451 | 5,705 | 5,760 | |
| CWIP | 458 | 462 | 158 | 148 | 228 | 242 | 259 | 294 | 225 | 406 | 148 | 129 | 155 |
| Investments | 260 | 370 | 706 | 1,443 | 1,246 | 1,548 | 1,186 | 516 | 459 | 881 | 2,235 | 3,551 | 3,304 |
| 1,481 | 1,505 | 1,713 | 1,904 | 2,383 | 2,666 | 3,270 | 3,586 | 4,107 | 4,304 | 4,242 | 4,598 | 4,679 | |
| Total Assets | 2,928 | 3,315 | 3,714 | 4,770 | 5,199 | 5,904 | 6,523 | 8,814 | 9,494 | 10,505 | 12,076 | 13,984 | 13,898 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 394 | 552 | 907 | 794 | 796 | 845 | 1,280 | 1,392 | 955 | 1,558 | 2,724 | 2,287 | |
| -99 | -436 | -491 | -879 | 39 | -513 | 103 | -1,688 | -558 | -899 | -1,769 | -1,542 | |
| -242 | -165 | -371 | 41 | -790 | -361 | -849 | -76 | -468 | -656 | -742 | -918 | |
| Net Cash Flow | 54 | -49 | 45 | -45 | 46 | -29 | 533 | -372 | -71 | 2 | 212 | -173 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 45 | 44 | 48 | 50 | 56 | 54 | 54 | 66 | 53 | 47 | 49 | 50 |
| Inventory Days | 93 | 88 | 89 | 100 | 102 | 95 | 100 | 133 | 114 | 98 | 86 | 103 |
| Days Payable | 54 | 45 | 53 | 54 | 69 | 59 | 67 | 109 | 70 | 57 | 70 | 85 |
| Cash Conversion Cycle | 84 | 86 | 84 | 96 | 89 | 90 | 88 | 91 | 96 | 88 | 66 | 68 |
| Working Capital Days | 29 | 27 | 36 | 40 | 49 | 48 | 36 | 23 | 43 | 40 | 19 | 19 |
| ROCE % | 33% | 32% | 45% | 39% | 36% | 33% | 33% | 28% | 25% | 24% | 30% | 30% |
Documents
Announcements
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Audio Recording Of Earnings Call
2d - Audio recording of Q2 FY26 earnings call (31 Oct 2025) uploaded to investor relations webpage.
- Announcement under Regulation 30 (LODR)-Investor Presentation 30 Oct
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Intimation Under Reg 30
30 Oct - Pidilite to buy 7,27,200 PCTWL shares for Rs.72,720, raising stake 60%→100% by Nov 11, 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
30 Oct - Q2 FY26 net sales Rs3,272Cr, PAT Rs586Cr; H1 sales Rs6,740Cr; results announced Oct 30, 2025.
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Unaudited Financial Results Qe 30.09.2025
30 Oct - Q2 ended 30 Sep 2025: standalone revenue Rs3,287.31cr; PAT Rs585.90cr; 1:1 bonus shares; Rs20+10 dividends.
Annual reports
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Financial Year 2025
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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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]