Pidilite Industries Ltd

pidilite.com BSE: 500331 NSE : PIDILITIND

About [ edit ]

Pidilite Industries is engaged in the manufacture of adhesives and glues, including rubber based glues and adhesives. The Consumer & Bazaar Products segment includes products, such as adhesives, sealants, art and craft material and others, construction and paint chemicals.(Source : Company Web-site )

Key Points [ edit ]

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 ^#

Leadership Position
The company's adhesive business in the country of India with a 70% market share. ^# It is an iconic brand in the domestic adhesives segment, where it is synonymous with the product itself. ^#

Brand Building
The company is the owner of some iconic brands like Fevicol, Dr. Fixit, Fevi-Kwik, M-Seal, Roff, Chemifix, etc. engaged in various related activities. The company has rolled out many multimedia campaigns for all its product categories which is one of the key reasons for its leadership in many product categories in the country. ^#

Infrastructure
Company has an established infrastructure and network of 23 manufacturing facilities and 25 co-makers across India. It plans to add ~12 new facilities till 2022. ^#
It has strong R&D infrastructure with 3 R&D in-house centres in India & 2 international R&D centres in the country of Singapore. The company saw a 150% increase in R% D spending since 2015. ^#

Distribution Network
The company has an established & extensive pan-India network, comprising over 5,000 distributors, servicing 200,000 dealers, retailers and contractors across India. ^#

Global Presence
It has a global presence with operations in 9 countries and presence in ~80 countries. It also operates about 19 subsidiaries internationally. ^#
It has a strong presence in Bangladesh and a presence of 15+ years in its market. Pidilite has a play across major categories in the country & has expanded its distribution network aggressively. It has setup its 2nd manufacturing facility in the country and considers it as a drive market for the business. ^#

Website BSE NSE

Market Cap ₹ 85,672 Cr.
Current Price ₹ 1,686
High / Low ₹ 1,850 / 1,186
Stock P/E 85.4
Book Value ₹ 95.2
Dividend Yield 0.42 %
ROCE 34.6 %
ROE 26.8 %
Face Value ₹ 1.00

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Pros

Company is almost debt free.
Company has a good return on equity (ROE) track record: 3 Years ROE 26.11%
Company has been maintaining a healthy dividend payout of 33.07%

Cons

Stock is trading at 17.72 times its book value
The company has delivered a poor sales growth of 8.53% over past five years.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	1,485	1,834	1,757	1,848	1,639	2,017	1,807	1,927	1,545	878	1,880	2,299
	1,211	1,452	1,391	1,507	1,360	1,573	1,438	1,463	1,244	811	1,368	1,658
Operating Profit	274	382	366	341	279	444	368	463	301	66	513	641
OPM %	18%	21%	21%	18%	17%	22%	20%	24%	19%	8%	27%	28%
Other Income	53	33	26	28	47	40	35	41	-19	20	22	22
Interest	4	7	6	6	7	7	8	8	10	9	9	12
Depreciation	30	30	32	32	39	38	40	42	50	46	48	49
Profit before tax	293	377	354	331	280	439	354	455	222	32	478	601
Tax %	16%	36%	35%	34%	15%	33%	8%	24%	30%	50%	25%	26%
Net Profit	244	239	232	219	235	293	324	342	158	27	356	442
EPS in Rs	4.81	4.70	4.56	4.32	4.63	5.77	6.38	6.73	3.10	0.53	7.01	8.69
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	1,986	2,194	2,657	3,127	3,678	4,283	4,844	5,361	5,617	6,078	7,078	7,294	6,602
	1,785	1,812	2,189	2,643	3,094	3,618	4,078	4,188	4,355	4,737	5,708	5,721	5,081
Operating Profit	202	382	469	484	584	665	766	1,173	1,262	1,341	1,370	1,573	1,521
OPM %	10%	17%	18%	15%	16%	16%	16%	22%	22%	22%	19%	22%	23%
Other Income	29	34	30	43	81	45	45	81	115	153	131	100	46
Interest	44	38	36	31	16	16	16	13	14	16	26	34	40
Depreciation	59	67	59	64	69	81	118	100	115	120	133	170	194
Profit before tax	128	311	403	433	581	612	678	1,141	1,248	1,359	1,342	1,470	1,333
Tax %	13%	13%	23%	25%	27%	27%	25%	29%	31%	29%	31%	24%
Net Profit	112	273	310	324	424	450	513	803	860	962	925	1,116	983
EPS in Rs	2.20	5.39	6.13	6.39	8.27	8.77	10.00	15.66	16.77	18.95	18.21	21.97	19.33
Dividend Payout %	40%	28%	29%	30%	31%	31%	29%	26%	28%	32%	36%	32%

Compounded Sales Growth
10 Years:	13%
5 Years:	9%
3 Years:	9%
TTM:	-11%

Compounded Profit Growth
10 Years:	16%
5 Years:	18%
3 Years:	10%
TTM:	-18%

Stock Price CAGR
10 Years:	28%
5 Years:	24%
3 Years:	24%
1 Year:	11%

Return on Equity
10 Years:	27%
5 Years:	27%
3 Years:	26%
Last Year:	27%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	25	51	51	51	51	51	51	51	51	51	51	51	51
Reserves	669	821	1,034	1,270	1,600	1,901	2,219	2,587	3,420	3,523	4,097	4,405	4,785
Borrowings	609	469	336	321	111	46	58	80	98	125	113	288	263
	384	509	622	722	853	930	986	996	1,202	1,500	1,643	1,779	1,860
Total Liabilities	1,687	1,850	2,043	2,364	2,616	2,928	3,315	3,714	4,770	5,199	5,904	6,523	6,958
	551	546	564	618	646	729	978	1,137	1,275	1,342	1,448	1,807	1,881
CWIP	282	293	344	394	428	458	462	158	148	228	242	259	304
Investments	25	268	170	98	294	260	370	706	1,443	1,246	1,548	1,186	2,067
	829	743	965	1,255	1,248	1,481	1,505	1,713	1,904	2,383	2,666	3,270	2,706
Total Assets	1,687	1,850	2,043	2,364	2,616	2,928	3,315	3,714	4,770	5,199	5,904	6,523	6,958

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	237	392	299	367	472	394	552	907	794	796	845	1,280
	-222	-313	-32	-239	-144	-99	-436	-491	-879	39	-513	103
	-27	-194	-229	-135	-339	-242	-165	-371	41	-790	-361	-849
Net Cash Flow	-12	-116	39	-7	-12	54	-49	45	-45	46	-29	533

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %	14%	26%	31%	29%	34%	33%	32%	46%	40%	38%	35%	35%
Debtor Days	53	49	48	46	43	45	44	48	50	56	54	54
Inventory Turnover	3.39	3.20	4.06	4.11	4.21	4.29	4.39	4.15	3.99	3.86	4.20	3.72

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
69.78	69.76	69.74	69.76	69.75	69.75	69.71	69.98	69.92	70.19	70.19	70.19
10.37	11.83	11.87	11.44	11.71	11.46	11.10	11.25	11.50	11.17	10.90	11.39
9.09	8.01	7.70	7.95	7.71	7.91	8.72	8.21	7.90	8.04	8.67	8.24
0.08	0.07	0.07	0.07	0.06	0.06	0.06	0.06	0.05	0.07	0.00	0.00
10.68	10.33	10.62	10.77	10.76	10.82	10.40	10.50	10.63	10.54	10.24	10.18

Pidilite Industries Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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