Pidilite Industries Ltd

Pidilite Industries Ltd

₹ 1,476 1.77%
08 May - 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 1,50,224 Cr.
  • Current Price 1,476
  • High / Low 1,575 / 1,259
  • Stock P/E 61.1
  • Book Value 106
  • Dividend Yield 0.68 %
  • ROCE 31.0 %
  • ROE 23.9 %
  • Face Value 1.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 61.8%

Cons

  • Stock is trading at 13.9 times its book value
  • Working capital days have increased from 51.2 days to 116 days

* 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.

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
2,689 3,275 3,076 3,130 2,902 3,395 3,235 3,369 3,141 3,753 3,554 3,710 3,583
2,232 2,569 2,398 2,388 2,327 2,583 2,467 2,571 2,509 2,812 2,704 2,816 2,753
Operating Profit 458 706 678 742 575 812 768 798 632 941 850 894 831
OPM % 17% 22% 22% 24% 20% 24% 24% 24% 20% 25% 24% 24% 23%
23 23 32 37 -23 54 57 56 55 86 50 60 57
Interest 12 12 13 13 13 12 12 12 14 14 13 13 14
Depreciation 76 73 75 79 113 84 88 90 97 97 100 101 97
Profit before tax 393 644 622 687 426 770 725 752 576 916 787 840 777
Tax % 27% 26% 26% 26% 29% 26% 25% 26% 26% 26% 26% 26% 25%
286 474 459 511 304 571 540 557 428 678 585 624 584
EPS in Rs 2.78 4.60 4.43 5.02 2.96 5.57 5.26 5.43 4.15 6.61 5.69 6.07 5.69
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
4,844 5,361 5,617 6,078 7,078 7,294 7,293 9,921 11,799 12,383 13,140 14,601
4,073 4,188 4,355 4,737 5,707 5,718 5,606 8,065 9,813 9,675 10,130 11,084
Operating Profit 771 1,173 1,262 1,341 1,371 1,576 1,686 1,856 1,986 2,708 3,011 3,517
OPM % 16% 22% 22% 22% 19% 22% 23% 19% 17% 22% 23% 24%
40 81 115 153 130 97 74 39 55 63 221 252
Interest 16 13 14 16 26 34 37 42 48 51 50 54
Depreciation 118 100 115 120 133 170 201 240 270 341 358 395
Profit before tax 678 1,141 1,248 1,359 1,342 1,470 1,522 1,614 1,723 2,379 2,823 3,320
Tax % 25% 29% 31% 29% 31% 24% 26% 25% 25% 27% 26% 26%
514 807 863 966 928 1,122 1,126 1,207 1,289 1,747 2,096 2,471
EPS in Rs 5.00 7.83 8.39 9.48 9.10 10.99 11.13 11.88 12.52 17.00 20.41 24.06
Dividend Payout % 29% 26% 28% 32% 36% 32% 38% 42% 44% 47% 49% 89%
Compounded Sales Growth
10 Years: 11%
5 Years: 15%
3 Years: 7%
TTM: 11%
Compounded Profit Growth
10 Years: 12%
5 Years: 17%
3 Years: 25%
TTM: 17%
Stock Price CAGR
10 Years: 17%
5 Years: 10%
3 Years: 6%
1 Year: -1%
Return on Equity
10 Years: 23%
5 Years: 22%
3 Years: 23%
Last Year: 24%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 51 51 51 51 51 51 51 51 51 51 51 102
Reserves 2,219 2,587 3,420 3,523 4,097 4,405 5,542 6,353 7,161 8,356 9,704 10,730
58 80 98 125 113 288 331 416 391 382 454 417
986 996 1,202 1,500 1,643 1,779 2,890 2,675 2,902 3,286 3,775 4,184
Total Liabilities 3,315 3,714 4,770 5,199 5,904 6,523 8,814 9,494 10,505 12,076 13,984 15,433
978 1,137 1,275 1,342 1,448 1,807 4,418 4,703 4,914 5,451 5,705 5,774
CWIP 462 158 148 228 242 259 294 225 406 148 129 329
Investments 370 706 1,443 1,246 1,548 1,186 516 459 881 2,235 3,551 4,350
1,505 1,713 1,904 2,383 2,666 3,270 3,586 4,107 4,304 4,242 4,598 4,981
Total Assets 3,315 3,714 4,770 5,199 5,904 6,523 8,814 9,494 10,505 12,076 13,984 15,433

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
552 907 794 796 845 1,280 1,392 955 1,558 2,724 2,287 2,828
-436 -491 -879 39 -513 103 -1,688 -558 -899 -1,769 -1,542 -1,224
-165 -371 41 -790 -361 -849 -76 -468 -656 -742 -918 -1,673
Net Cash Flow -49 45 -45 46 -29 533 -372 -71 2 212 -173 -68
Free Cash Flow 143 742 671 524 591 836 1,040 581 1,060 2,171 1,839 2,239
CFO/OP 94% 104% 92% 91% 91% 106% 105% 76% 99% 124% 100% 105%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 44 48 50 56 54 54 66 53 47 49 50 55
Inventory Days 88 89 100 102 95 100 133 114 98 86 103 98
Days Payable 45 53 54 69 59 67 109 70 57 70 85 86
Cash Conversion Cycle 86 84 96 89 90 88 91 96 88 66 68 66
Working Capital Days 27 36 40 49 48 36 23 43 40 19 19 116
ROCE % 32% 45% 39% 36% 33% 33% 28% 25% 24% 30% 30% 31%

Insights

In beta
Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Underlying Volume Growth (Total Standalone)
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Total Retail Outlet Reach
Million
Number of Manufacturing Plants (India)
Count
Number of Primary Dealers/Distributors
Count
Total SKUs (Approximate)
Count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
69.91% 69.86% 69.84% 69.78% 69.75% 69.60% 69.59% 69.49% 69.35% 69.33% 69.32% 69.32%
11.34% 11.44% 11.49% 11.31% 11.59% 11.96% 11.79% 11.60% 12.13% 12.08% 12.01% 11.75%
7.92% 8.01% 8.32% 8.93% 8.97% 8.89% 9.15% 9.43% 9.15% 9.15% 9.21% 9.56%
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.04% 0.08%
10.82% 10.70% 10.36% 10.00% 9.71% 9.55% 9.46% 9.47% 9.36% 9.43% 9.40% 9.29%
No. of Shareholders 5,97,0296,00,1175,77,3825,41,1145,23,2925,08,9665,08,9185,17,6185,02,2575,17,1205,21,8505,20,440

* 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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