Pidilite Industries
Pidilite Industries
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Key Insights
Strengths
2- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 48.0%
Weaknesses
1- Stock is trading at 13.8 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Pidilite Industries has a market capitalisation of about ₹1,53,318 crore. It trades at a P/E of 58.2x and a P/B of 14.39x, with a dividend yield of 1.41%. Profit growth has run well ahead of sales: 3-year compounded profit growth is 25% against 7% for sales. Return on equity has stayed between 22% and 24% over 3, 5 and 10 years. Stock returns have trailed earnings growth over the last 1, 3 and 5 years, at 3%, 7% and 5% CAGR respectively.
- Return on equity has been steady at 23% over 10 years, 22% over 5 years and 23% over 3 years, and reached 24% last year. This points to lasting pricing power and efficient use of capital in the adhesives and sealants business.
- Compounded profit growth of 25% over 3 years and 20% TTM is far ahead of sales growth of 7% and 14% over the same periods. This shows significant margin expansion and operating leverage.
- TTM sales growth of 14% is double the 3-year sales CAGR of 7%. This suggests top-line momentum is picking up after a slower stretch.
- The company is almost debt-free, so its balance sheet can fund capex, acquisitions or higher payouts without leverage risk. This matters for a company with a market cap of about ₹1,53,318 crore.
- The dividend payout ratio of 48.0% and dividend yield of 1.41% give shareholders a steady cash return while the business keeps compounding.
- The stock's 3-year CAGR of 7% trails the 25% profit CAGR over the same period. Part of the valuation premium has therefore been absorbed by earnings growth rather than by a price correction.
- Over 10 years the stock has compounded at 16% a year, ahead of the 12% profit CAGR and 11% sales CAGR. This reflects a long record of the market paying a premium for the franchise.
- A P/E of 58.2x implies an earnings yield of about 1.7%. That leaves little margin of safety if growth slows or margins normalise.
- A price-to-book ratio of 14.39x is high in absolute terms. It is flagged as a key concern, since the valuation depends heavily on sustained high returns.
- The P/E of 58.2x against 20% TTM profit growth gives an implied PEG of about 2.9x. On the 3-year sales CAGR of 7%, the valuation looks stretched relative to top-line growth.
- Three-year sales growth of 7% is below the 10-year sales CAGR of 11%. Underlying volume and demand growth have slowed from historical levels.
- Much of the 25% 3-year profit CAGR comes from margin expansion rather than revenue, since sales grew only 7%. Margin-led growth is typically sensitive to input costs such as petrochemical-derived raw materials and may be hard to repeat.
- Shareholder returns have been weak recently: 1-year stock CAGR of 3%, 3-year of 7% and 5-year of 5%, well below the 10-year CAGR of 16%. The multiple has been compressing.
- The 5-year profit CAGR of 17% is below the 3-year figure of 25%. If growth reverts toward the 10-year profit CAGR of 12%, the current 58.2x multiple could face more pressure.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Revenue growth nears 15% Sep 24
Revenue growth is estimated at 14-15%, driven by volume growth above 10% and trending toward low teens. Pricing adds another 200-300 bps. The update followed the analyst and investor meeting scheduled for Sep 23.
- Hwaseung footwear adhesives tie-up Sep 28
Pidilite has partnered with South Korea's Hwaseung Chemical to bring advanced footwear adhesives to India. The products are low-VOC, non-flammable and compliant with REACH and Prop 65, which strengthens Pidilite's industrial adhesives portfolio.
- Exit from loss-making Finemake Sep 29
Pidilite Ventures will transfer its entire stake in Finemake Technologies to the founders. Finemake reported a net loss of ₹7.82 crore in FY26, so the exit removes a small drag on consolidated earnings.
- Nina Percept Bangladesh closure Sep 3
Pidilite has decided to close its subsidiary Nina Percept Bangladesh Private Limited. No financial details or reasons were disclosed, and the closure looks like portfolio rationalisation with limited impact.
- ₹53.66 crore block trade flagged Sep 29
About 3,62,383 shares changed hands on BSE near ₹1,480.85 per share, worth ₹53.66 crore in total. This is a real-time signal, not a confirmed exchange-reported event.
TL;DR: Pidilite's core business looks strong, with estimated revenue growth of 14-15% led by more than 10% volume growth and support from pricing. The company is trimming its portfolio by exiting loss-making Finemake and closing its Bangladesh subsidiary, while the Hwaseung partnership adds new technology in industrial adhesives. None of these articles points to a clear risk, though the 200-300 bps pricing contribution still has to hold up against input costs and competition. The trend is improving, and the next quarterly results should show whether volume growth in the low teens is turning into margin expansion.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,275 | 3,076 | 3,130 | 2,902 | 3,395 | 3,235 | 3,369 | 3,141 | 3,753 | 3,554 | 3,710 | 3,583 | 4,552 |
| Expenses | 2,569 | 2,398 | 2,388 | 2,327 | 2,583 | 2,467 | 2,571 | 2,509 | 2,812 | 2,704 | 2,816 | 2,753 | 3,358 |
| Operating Profit | 706 | 678 | 742 | 575 | 812 | 768 | 798 | 632 | 941 | 850 | 894 | 831 | 1,194 |
| OPM % | 22% | 22% | 24% | 20% | 24% | 24% | 24% | 20% | 25% | 24% | 24% | 23% | 26% |
| Other Income | 23 | 32 | 37 | -23 | 54 | 57 | 56 | 55 | 86 | 50 | 60 | 57 | 109 |
| Interest | 12 | 13 | 13 | 13 | 12 | 12 | 12 | 14 | 14 | 13 | 13 | 14 | 13 |
| Depreciation | 73 | 75 | 79 | 113 | 84 | 88 | 90 | 97 | 97 | 100 | 101 | 97 | 97 |
| PBT | 644 | 622 | 687 | 426 | 770 | 725 | 752 | 576 | 916 | 787 | 840 | 777 | 1,192 |
| Tax % | 26% | 26% | 26% | 29% | 26% | 25% | 26% | 26% | 26% | 26% | 26% | 25% | 26% |
| Net Profit | 474 | 459 | 511 | 304 | 571 | 540 | 557 | 428 | 678 | 585 | 624 | 584 | 884 |
| EPS in Rs | 4.6 | 4.43 | 5.02 | 2.96 | 5.57 | 5.26 | 5.43 | 4.15 | 6.61 | 5.69 | 6.07 | 5.69 | 8.57 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 15,399 |
| Expenses | 4,073 | 4,188 | 4,355 | 4,737 | 5,707 | 5,718 | 5,606 | 8,065 | 9,813 | 9,675 | 10,130 | 11,080 | 11,630 |
| Operating Profit | 771 | 1,173 | 1,262 | 1,341 | 1,371 | 1,576 | 1,686 | 1,856 | 1,986 | 2,708 | 3,011 | 3,521 | 3,769 |
| OPM % | 16% | 22% | 22% | 22% | 19% | 22% | 23% | 19% | 17% | 22% | 23% | 24% | 24% |
| Other Income | 40 | 81 | 115 | 153 | 130 | 97 | 74 | 39 | 55 | 63 | 221 | 248 | 275 |
| Interest | 16 | 13 | 14 | 16 | 26 | 34 | 37 | 42 | 48 | 51 | 50 | 54 | 54 |
| Depreciation | 118 | 100 | 115 | 120 | 133 | 170 | 201 | 240 | 270 | 341 | 358 | 395 | 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 | 3,596 |
| 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 | 2,676 |
| 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 | 26.02 |
| Div. Payout % | 29% | 26% | 28% | 32% | 36% | 32% | 38% | 42% | 44% | 47% | 49% | 48% | — |
Balance Sheet
| Particulars | 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 |
| 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 | 4,149 |
| Total Liabilities | 3,315 | 3,714 | 4,770 | 5,199 | 5,904 | 6,523 | 8,814 | 9,494 | 10,505 | 12,076 | 13,984 | 15,399 |
| 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 | 4,947 |
| Total Assets | 3,315 | 3,714 | 4,770 | 5,199 | 5,904 | 6,523 | 8,814 | 9,494 | 10,505 | 12,076 | 13,984 | 15,399 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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 |
Ratios
| Particulars | 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 | 18 |
| ROCE % | 32% | 45% | 39% | 36% | 33% | 33% | 28% | 25% | 24% | 30% | 30% | 31% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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Documents
Frequently Asked Questions about Pidilite Industries
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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]
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