Pidilite Industries Ltd

₹ 2,662 -1.55%
25 Nov - 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 135,314 Cr.
  • Current Price 2,662
  • High / Low 2,919 / 1,989
  • Stock P/E 104
  • Book Value 130
  • Dividend Yield 0.38 %
  • ROCE 26.1 %
  • ROE 20.2 %
  • Face Value 1.00

Pros

  • Company has been maintaining a healthy dividend payout of 37.4%

Cons

  • Stock is trading at 20.5 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

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
1,807 1,927 1,545 878 1,880 2,299 2,236 1,937 2,626 2,851 2,507 3,101 3,011
1,438 1,463 1,244 811 1,368 1,658 1,775 1,589 2,077 2,302 2,106 2,572 2,511
Operating Profit 368 463 301 66 513 641 461 348 550 549 401 529 500
OPM % 20% 24% 19% 8% 27% 28% 21% 18% 21% 19% 16% 17% 17%
35 41 -19 20 22 22 15 8 15 9 16 14 14
Interest 8 8 10 9 9 12 7 10 12 11 9 9 12
Depreciation 40 42 50 46 48 49 57 57 60 60 62 61 64
Profit before tax 354 455 222 32 478 601 411 290 491 487 346 473 439
Tax % 8% 24% 30% 50% 25% 26% 25% 25% 24% 26% 26% 24% 23%
Net Profit 325 346 157 16 356 446 307 218 376 359 254 358 338
EPS in Rs 6.38 6.73 3.10 0.53 7.01 8.69 6.03 4.33 7.37 7.05 5.00 6.96 6.54
Raw PDF

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 11,470
2,199 2,641 3,120 3,611 4,073 4,188 4,355 4,737 5,707 5,718 5,606 8,065 9,491
Operating Profit 458 485 558 672 771 1,173 1,262 1,341 1,371 1,576 1,686 1,856 1,979
OPM % 17% 16% 15% 16% 16% 22% 22% 22% 19% 22% 23% 19% 17%
41 42 107 38 40 81 115 153 130 97 74 39 53
Interest 36 31 16 16 16 13 14 16 26 34 37 42 41
Depreciation 59 64 69 81 118 100 115 120 133 170 201 240 248
Profit before tax 403 433 581 612 678 1,141 1,248 1,359 1,342 1,470 1,522 1,614 1,744
Tax % 23% 25% 27% 27% 25% 29% 31% 29% 31% 24% 26% 25%
Net Profit 310 325 424 450 514 807 863 966 928 1,122 1,126 1,207 1,309
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 25.55
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: 26%
Compounded Profit Growth
10 Years: 14%
5 Years: 7%
3 Years: 9%
TTM: -3%
Stock Price CAGR
10 Years: 29%
5 Years: 26%
3 Years: 27%
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 Sep 2022
51 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 6,552
336 321 111 46 58 80 98 125 113 288 331 416 680
622 722 853 930 986 996 1,202 1,500 1,643 1,779 2,890 2,675 2,715
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 9,998
564 618 646 729 978 1,137 1,275 1,342 1,448 1,807 4,418 4,703 4,790
CWIP 344 394 428 458 462 158 148 228 242 259 294 225 225
Investments 170 98 294 260 370 706 1,443 1,246 1,548 1,186 516 459 447
965 1,255 1,248 1,481 1,505 1,713 1,904 2,383 2,666 3,270 3,586 4,107 4,536
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 9,998

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%

Shareholding Pattern

Numbers in percentages

9 recently
Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022
69.98 69.92 70.19 70.19 70.19 70.16 70.13 69.99 69.98 69.94 69.94 69.93
11.25 11.50 11.17 10.90 11.39 11.88 12.08 11.78 11.66 11.57 11.13 11.34
8.21 7.90 8.04 8.67 8.24 7.59 7.15 7.29 7.48 7.30 7.48 7.73
0.06 0.05 0.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
10.50 10.63 10.54 10.24 10.18 10.37 10.64 10.94 10.88 11.19 11.45 10.98

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