Pidilite Industries Ltd logo

Pidilite Industries Ltd

PIDILITIND NSE

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]

AI Verdict: HOLD Confidence: 5%

Pidilite Industries is a high-quality compounder with 23% average ROE over 10 years and near-zero debt, but at 65.1x PE and 14.84x PB, the stock prices in years of future growth. With 72% analyst buy ratings but limited margin of safety, investors should hold existing positions but wait for better entry points.

Key Fundamentals

LargecapSpecialty ChemicalsChemicals
Market Cap
1.6L Cr
Volatility
High Risk
P/E Ratio
66.38
EBITDA
₹3,503 Cr
Return on Equity
20.28%
Debt to Equity
0.05
Book Value
₹106.43
EPS
₹36.93
52W High
₹1,599.3
52W Low
₹1,259

Technical Indicators

Key Insights

Strengths

2
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 61.8%

Weaknesses

2
  • Stock is trading at 14.8 times its book value
  • Working capital days have increased from 51.2 days to 116 days

Growth Rate

Revenue Growth
9.06% ↗
Net Income Growth
18.02% ↗
Cash Flow Change
-16.06% ↘
ROE
3.80% ↗
ROCE
2.60% ↗
EBITDA Margin (Avg.)
-3.24% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
HOLD
Risk medium

Pidilite Industries is a high-quality compounder with 23% average ROE over 10 years and near-zero debt, but at 65.1x PE and 14.84x PB, the stock prices in years of future growth. With 72% analyst buy ratings but limited margin of safety, investors should hold existing positions but wait for better entry points.

Bull Case 8
  • Consistent ROE of 23% over 10 years demonstrates exceptional capital efficiency and durable competitive advantage
  • Company is almost debt free, providing financial resilience and flexibility for future investments without leverage risk
  • Compounded profit growth of 25% over 3 years significantly outpaces sales growth of 7%, indicating strong margin expansion
  • 72.22% of analysts (13 out of 18) rate the stock a Buy, reflecting broad institutional confidence
  • Healthy dividend payout ratio of 61.8% signals shareholder-friendly capital allocation and earnings quality
  • TTM sales growth of 11% shows recovery and acceleration from the 3-year CAGR of 7%
  • 10-year stock CAGR of 16% demonstrates long-term wealth creation track record for patient investors
  • TTM profit growth of 17% outpacing sales growth of 11% indicates operating leverage and pricing power
Bear Case 8
  • PE ratio of 65.1x is extremely elevated, requiring sustained high growth to justify current valuation
  • Price-to-book of 14.84x leaves no margin of safety and prices the stock for perfection
  • Working capital days have deteriorated sharply from 51.2 days to 116 days, signaling potential cash conversion issues
  • Stock CAGR of only 7% over 1 year and 6% over 3 years suggests returns have stalled at current valuations
  • Dividend yield of just 0.63% offers negligible income support relative to the valuation premium paid
  • 16.67% of analysts (3 out of 18) rate the stock a Sell, indicating meaningful disagreement on valuation
  • Compounded sales growth of only 7% over 3 years is modest for a stock commanding 65x earnings
  • 5-year stock CAGR of 8% significantly trails the 10-year CAGR of 16%, suggesting mean reversion in returns

This is AI-generated analysis, not financial advice. Do your own due diligence.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
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
Expenses
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%
Other Income
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
PBT
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%
Net Profit
286
474
459
511
304
571
540
557
428
678
585
624
584
EPS in Rs
2.78
4.6
4.43
5.02
2.96
5.57
5.26
5.43
4.15
6.61
5.69
6.07
5.69
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
4,844
5,361
5,617
6,078
7,078
7,294
7,293
9,921
11,799
12,383
13,140
14,601
Expenses
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%
Other Income
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
PBT
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%
Net Profit
514
807
863
966
928
1,122
1,126
1,207
1,289
1,747
2,096
2,471
EPS in Rs
5
7.83
8.39
9.48
9.1
10.99
11.13
11.88
12.52
17
20.41
24.06
Div. Payout %
29%
26%
28%
32%
36%
32%
38%
42%
44%
47%
49%
89%
Figures in ₹ Crores

Balance Sheet

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Borrowings
58
80
98
125
113
288
331
416
391
382
454
417
Other Liabilities
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
Fixed Assets
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
Other Assets
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
Figures in ₹ Crores

Cash Flow

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
552
907
794
796
845
1,280
1,392
955
1,558
2,724
2,287
2,828
Investing
-436
-491
-879
39
-513
103
-1,688
-558
-899
-1,769
-1,542
-1,224
Financing
-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
Figures in ₹ Crores

Ratios

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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%

Shareholding Pattern

As of Mar 2026
Promoters 69.32%
FIIs 11.75%
DIIs 9.64%
Public 7.79%
Others 1.50%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
70.16%
70.13%
69.99%
69.98%
69.94%
69.94%
69.94%
69.94%
69.94%
69.92%
69.86%
69.84%
69.77%
69.75%
69.60%
69.60%
69.50%
69.36%
69.33%
69.33%
69.32%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
11.31%
11.58%
11.96%
11.79%
11.60%
12.13%
0.00%
12.00%
11.75%
DIIs
7.25%
6.93%
7.09%
7.28%
7.11%
7.32%
7.47%
8.13%
8.47%
7.93%
7.81%
8.11%
8.94%
8.98%
8.91%
9.16%
9.43%
9.15%
8.53%
9.26%
9.64%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
8.84%
8.95%
9.30%
9.27%
9.50%
9.66%
9.43%
9.28%
9.41%
9.22%
9.16%
8.85%
8.54%
8.29%
8.16%
8.08%
8.09%
7.98%
7.97%
7.91%
7.79%
Others
13.74%
14.00%
13.62%
13.48%
13.44%
13.08%
13.16%
12.64%
12.18%
12.94%
13.16%
13.20%
1.45%
1.39%
1.37%
1.38%
1.38%
1.36%
14.17%
1.50%
1.50%
No. of Shareholders
2,75,949
3,21,594
4,10,821
4,84,597
5,62,810
6,20,875
5,75,479
5,86,075
6,18,327
5,97,029
6,00,117
5,77,382
5,41,114
5,23,292
5,08,966
5,08,918
5,17,618
5,02,257
5,07,732
5,21,850
5,20,440

Documents

Frequently Asked Questions about Pidilite Industries Ltd

What does Pidilite Industries Ltd do?
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 adhesi...
Where is Pidilite Industries Ltd (PIDILITIND) listed?
Pidilite Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: PIDILITIND and BSE: 500331. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Pidilite Industries Ltd belong to?
Pidilite Industries Ltd operates in the Commodities sector within the Chemicals & Petrochemicals industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Pidilite Industries Ltd?
Pidilite Industries Ltd has a market capitalisation of approximately ₹163351.49 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Pidilite Industries Ltd?
The Price-to-Earnings (PE) ratio of Pidilite Industries Ltd is 66.38. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Pidilite Industries Ltd?
Over the past 52 weeks, Pidilite Industries Ltd has traded between a low of ₹1,259 and a high of ₹1,599.3. This range helps investors understand the stock's price volatility and recent trading levels.
Does Pidilite Industries Ltd pay dividends?
Yes, Pidilite Industries Ltd has a dividend yield of 0.63%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Pidilite Industries Ltd?
Pidilite Industries Ltd has a Return on Equity (ROE) of 20.28%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Pidilite Industries Ltd on Tapetide?
On Tapetide, you can view Pidilite Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

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]

Website pidilite.com
CEO Mr. Madhukar Balvantray Parekh
Employees 8,153
Listed 1993-10-25
Face Value ₹ 1
Issued Size 1,01,77,14,032

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