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 ₹ 1,47,294 Cr.
- Current Price ₹ 1,447
- High / Low ₹ 1,575 / 1,310
- Stock P/E 65.6
- 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: | 11% |
| 3 Years: | 8% |
| 1 Year: | 1% |
| 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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Announcement under Regulation 30 (LODR)-Change in Directorate
21 Jan - Appointed Dr. Naushad D. Forbes as Additional Independent Director for five years effective 21 Jan 2026; subject to shareholder approval.
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Intimation Of Q3FY26 Earnings Call
15 Jan - Q3FY26 earnings conference call on February 4, 2026 at 16:00 IST; senior management to present.
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Board Meeting Intimation for Intimation Of Date Of Board Meeting For Consideration Of Unaudited Financial Results For The Third Quarter Ended 31.12.2025
12 Jan - Board meeting 3 Feb 2026 to consider unaudited Q3 and 9-month results for period ended 31 Dec 2025.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7 Jan - Certificate confirming dematerialisation details for quarter ended 31-12-2025 furnished monthly to exchanges; RTA letter enclosed.
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General Updates
6 Jan - PVPL transferred entire Pepperfry stake to TCC via 100% share swap; PVPL now holds 2.20% in TCC.
Annual reports
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Financial Year 2025
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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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]