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 ₹ 133,301 Cr.
- Current Price ₹ 2,622
- High / Low ₹ 2,765 / 1,989
- Stock P/E 99.4
- Book Value ₹ 126
- Dividend Yield 0.38 %
- ROCE 26.1 %
- ROE 20.2 %
- Face Value ₹ 1.00
Pros
- Company is almost debt free.
- Company is expected to give good quarter
- Company has been maintaining a healthy dividend payout of 37.4%
Cons
- Stock is trading at 20.8 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
2,657 | 3,127 | 3,678 | 4,283 | 4,844 | 5,361 | 5,617 | 6,078 | 7,078 | 7,294 | 7,293 | 9,921 | 11,085 | |
2,199 | 2,641 | 3,120 | 3,611 | 4,073 | 4,188 | 4,355 | 4,737 | 5,707 | 5,718 | 5,606 | 8,065 | 9,056 | |
Operating Profit | 458 | 485 | 558 | 672 | 771 | 1,173 | 1,262 | 1,341 | 1,371 | 1,576 | 1,686 | 1,856 | 2,029 |
OPM % | 17% | 16% | 15% | 16% | 16% | 22% | 22% | 22% | 19% | 22% | 23% | 19% | 18% |
41 | 42 | 107 | 38 | 40 | 81 | 115 | 153 | 130 | 97 | 74 | 39 | 54 | |
Interest | 36 | 31 | 16 | 16 | 16 | 13 | 14 | 16 | 26 | 34 | 37 | 42 | 41 |
Depreciation | 59 | 64 | 69 | 81 | 118 | 100 | 115 | 120 | 133 | 170 | 201 | 240 | 244 |
Profit before tax | 403 | 433 | 581 | 612 | 678 | 1,141 | 1,248 | 1,359 | 1,342 | 1,470 | 1,522 | 1,614 | 1,797 |
Tax % | 23% | 25% | 27% | 27% | 25% | 29% | 31% | 29% | 31% | 24% | 26% | 25% | |
Net Profit | 310 | 324 | 424 | 450 | 513 | 803 | 860 | 962 | 925 | 1,116 | 1,131 | 1,208 | 1,341 |
EPS in Rs | 6.13 | 6.39 | 8.27 | 8.77 | 10.00 | 15.66 | 16.77 | 18.95 | 18.21 | 21.97 | 22.26 | 23.76 | 26.38 |
Dividend Payout % | 29% | 30% | 31% | 31% | 29% | 26% | 28% | 32% | 36% | 32% | 38% | 42% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 12% |
3 Years: | 12% |
TTM: | 33% |
Compounded Profit Growth | |
---|---|
10 Years: | 14% |
5 Years: | 7% |
3 Years: | 9% |
TTM: | 1% |
Stock Price CAGR | |
---|---|
10 Years: | 31% |
5 Years: | 26% |
3 Years: | 25% |
1 Year: | 19% |
Return on Equity | |
---|---|
10 Years: | 25% |
5 Years: | 24% |
3 Years: | 23% |
Last Year: | 20% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | |
Reserves | 1,034 | 1,270 | 1,600 | 1,901 | 2,219 | 2,587 | 3,420 | 3,523 | 4,097 | 4,405 | 5,542 | 6,353 |
336 | 321 | 111 | 46 | 58 | 80 | 98 | 125 | 113 | 288 | 331 | 416 | |
622 | 722 | 853 | 930 | 986 | 996 | 1,202 | 1,500 | 1,643 | 1,779 | 2,890 | 2,675 | |
Total Liabilities | 2,043 | 2,364 | 2,616 | 2,928 | 3,315 | 3,714 | 4,770 | 5,199 | 5,904 | 6,523 | 8,814 | 9,494 |
564 | 618 | 646 | 729 | 978 | 1,137 | 1,275 | 1,342 | 1,448 | 1,807 | 4,418 | 4,703 | |
CWIP | 344 | 394 | 428 | 458 | 462 | 158 | 148 | 228 | 242 | 259 | 294 | 225 |
Investments | 170 | 98 | 294 | 260 | 370 | 706 | 1,443 | 1,246 | 1,548 | 1,186 | 516 | 459 |
965 | 1,255 | 1,248 | 1,481 | 1,505 | 1,713 | 1,904 | 2,383 | 2,666 | 3,270 | 3,586 | 4,107 | |
Total Assets | 2,043 | 2,364 | 2,616 | 2,928 | 3,315 | 3,714 | 4,770 | 5,199 | 5,904 | 6,523 | 8,814 | 9,494 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
299 | 367 | 472 | 394 | 552 | 907 | 794 | 796 | 845 | 1,280 | 1,392 | 955 | |
-32 | -239 | -144 | -99 | -436 | -491 | -879 | 39 | -513 | 103 | -1,688 | -558 | |
-229 | -135 | -339 | -242 | -165 | -371 | 41 | -790 | -361 | -849 | -76 | -468 | |
Net Cash Flow | 39 | -7 | -12 | 54 | -49 | 45 | -45 | 46 | -29 | 533 | -372 | -71 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 48 | 46 | 43 | 45 | 44 | 48 | 50 | 56 | 54 | 54 | 66 | 53 |
Inventory Days | 106 | 95 | 95 | 93 | 88 | 89 | 100 | 102 | 95 | 100 | 133 | 114 |
Days Payable | 45 | 43 | 45 | 54 | 45 | 53 | 54 | 69 | 59 | 67 | 109 | 70 |
Cash Conversion Cycle | 109 | 98 | 92 | 84 | 86 | 84 | 96 | 89 | 90 | 88 | 91 | 96 |
Working Capital Days | 34 | 14 | 23 | 33 | 31 | 42 | 46 | 56 | 54 | 45 | 35 | 54 |
ROCE % | 31% | 29% | 34% | 33% | 32% | 46% | 40% | 38% | 35% | 35% | 29% | 26% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Of Schedule of Analyst/Institutional Investor Meetings under the SEBI (LODR) Regulations, 2015
- Audio Recording Q1FY23 Earnings Call 2d
- Disclosure of Voting results of AGM (Regulation 44(3) of SEBI (LODR) Regulations, 2015) 2d
- Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 2d
- Shareholder Meeting / Postal Ballot-Outcome of AGM 2d
Annual reports
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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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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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Financial Year 2010
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Financial Year 2010
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Concalls
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Revenue Breakup
Company earns about 52.5% of its revenues from adhesives & sealants category, followed by Construction & paint chemicals (19%), art& craft materials (8%), industrial adhesives (6%), pigment & preparation (6.2%) & industrial resins & construction chemicals (6%). In total, the company produces ~500 products for its brands.
It has its business divided into 2 divisions, consumer & bazaar products which accounts for 80% of revenues, and B2B products segment which accounts for 19% of revenues [1]