Pidilite Inds.

₹2633.3 -0.3 | 0%

WEBSITE BSE:500331 NSE : PIDILITE 09 Jun, 12:13

Market Cap ₹133837 Cr.

Stock P/E 105.1

P/B 18.6

Current Price ₹2633.3

Book Value ₹ 141.9

Face Value 1

52W High ₹2916.9

Dividend Yield 0.42%

52W Low ₹ 1988.6

Edit Ratio

Pidilite Inds. Research see more...

Initial Coverage: PIDILITE

Digital initiatives and solid supply chain should stem growth of Pidilite Industries Limited

Overview Inc. Year: 1969Industry: Chemicals

Pidilite Industries Limited, which is engaged in consumer and commercial specialty chemicals. The Company operates thru 2 segments: Consumer & Bazaar (C&B) and Business to Business (B2B). C&B section is engaged within the sale of products particularly to end users, which are retail users, such as carpenters, painters, plumbers, mechanics, households, college students, places of work and other. Its sales include especially adhesives, sealants, artwork and craft substances and production and paint chemical substances. B2B segment is engaged in the sale of merchandise to end users, that are mainly big commercial enterprise users. This consists of Industrial Products (IP), together with adhesives, synthetic resins, natural pigments, pigment preparations, construction chemical compounds (tasks) and surfactants, and caters to various industries, inclusive of packaging, textiles, paints, joineries, printing inks, paper, leather. Its subsidiaries are Pidilite Adhesives Pvt Ltd, and Tenax Pidilite India Pvt Ltd

Pidilite Inds. Share Price

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

Pidilite Inds. Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Net Sales	2299	2236	1937	2626	2851	2507	3101	3011	2998	2689
Other Income	20	17	6	14	5	11	11	11	5	23
Total Income	2319	2253	1943	2640	2856	2518	3112	3022	3003	2712
Total Expenditure	1658	1775	1589	2077	2302	2106	2572	2511	2502	2230
Operating Profit	661	478	354	563	554	412	540	511	501	482
Interest	12	7	10	12	11	9	9	12	15	12
Depreciation	49	57	57	60	60	62	61	64	69	76
Exceptional Income / Expenses	0	-4	0	0	0	0	0	0	0	0
Profit Before Tax	600	410	287	491	483	341	470	436	417	394
Provision for Tax	155	104	72	116	127	92	116	101	111	107
Profit After Tax	445	306	215	375	356	249	354	335	306	287
Adjustments	-3	0	5	-0	3	5	-0	-2	-2	-4
Profit After Adjustments	442	306	220	375	358	254	354	332	304	283
Adjusted Earnings Per Share	8.7	6	4.3	7.4	7.1	5	7	6.5	6	5.6

Pidilite Inds. Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	3127	3678	4283	4844	5361	5617	6078	7078	7294	7293	9921	11799
Other Income	43	70	45	45	78	112	148	147	149	79	36	50
Total Income	3170	3749	4328	4890	5439	5729	6227	7225	7444	7372	9957	11849
Total Expenditure	2643	3085	3612	4073	4188	4357	4737	5710	5718	5612	8074	9815
Operating Profit	527	664	716	816	1251	1372	1490	1515	1725	1760	1884	2034
Interest	31	16	16	16	13	14	16	26	34	37	42	48
Depreciation	64	69	81	118	100	115	120	133	170	201	240	270
Exceptional Income / Expenses	0	2	-6	-5	0	0	0	-18	-55	-4	0	0
Profit Before Tax	433	581	612	678	1141	1248	1359	1342	1470	1522	1614	1717
Provision for Tax	110	160	165	169	334	385	393	413	348	396	407	435
Profit After Tax	323	422	447	509	807	863	966	928	1122	1126	1207	1282
Adjustments	2	2	3	4	-4	-3	-4	-3	-6	5	1	-8
Profit After Adjustments	324	424	450	513	803	860	962	925	1116	1131	1208	1273
Adjusted Earnings Per Share	6.4	8.3	8.8	10	15.7	16.8	19	18.2	22	22.3	23.8	25.1

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	36%	12%	12%	12%
Operating Profit CAGR	7%	8%	7%	14%
PAT CAGR	7%	9%	7%	14%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	26%	22%	20%	25%
ROE Average	20%	23%	24%	26%
ROCE Average	26%	30%	32%	34%

Pidilite Inds. Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	1321	1652	1953	2271	2638	3471	3574	4148	4456	5593	6404
Minority's Interest	1	1	4	5	43	127	175	207	216	240	199
Borrowings	92	0	0	1	6	5	7	9	25	12	2
Other Non-Current Liabilities	58	67	86	80	112	145	234	239	212	534	565
Total Current Liabilities	893	897	886	959	915	1022	1208	1301	1615	2435	2325
Total Liabilities	2364	2616	2928	3315	3714	4770	5199	5904	6523	8814	9494
Fixed Assets	618	646	729	978	1137	1275	1342	1448	1807	4418	4703
Other Non-Current Assets	428	534	558	666	425	361	548	874	955	881	775
Total Current Assets	1319	1436	1642	1671	2151	3134	3302	3582	3761	3515	4016
Total Assets	2364	2616	2928	3315	3714	4770	5199	5904	6523	8814	9494

Pidilite Inds. Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	83	77	65	118	56	100	55	102	73	606	327
Cash Flow from Operating Activities	367	472	394	552	907	794	796	845	1280	1392	955
Cash Flow from Investing Activities	-239	-144	-99	-436	-491	-879	39	-513	103	-1688	-558
Cash Flow from Financing Activities	-135	-339	-242	-165	-371	41	-790	-361	-849	-76	-468
Net Cash Inflow / Outflow	-7	-12	54	-49	45	-45	46	-29	533	-372	-71
Closing Cash & Cash Equivalent	77	65	118	69	101	56	102	73	606	327	256

Pidilite Inds. Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	6.39	8.27	8.77	10	15.66	16.77	18.95	18.21	21.97	22.26	23.76
CEPS(Rs)	7.61	9.57	10.3	12.22	17.7	19.08	21.39	20.89	25.43	26.11	28.46
DPS(Rs)	1.9	2.6	2.7	2.9	4.15	4.75	6	6.5	7	8.5	10
Book NAV/Share(Rs)	26.01	32.22	38.08	44.28	51.38	67.48	70.21	81.47	87.48	109.55	125.33
Core EBITDA Margin(%)	14.72	15.22	14.81	15.02	20.58	20.78	21.57	19.33	21.61	23.05	18.62
EBIT Margin(%)	14.11	15.31	13.86	13.51	20.24	20.82	22.1	19.32	20.61	21.39	16.69
Pre Tax Margin(%)	13.17	14.91	13.5	13.21	20.01	20.59	21.85	18.95	20.15	20.88	16.27
PAT Margin (%)	9.82	10.82	9.86	9.91	14.16	14.24	15.54	13.12	15.38	15.44	12.16
Cash Profit Margin (%)	11.76	12.58	11.65	12.2	15.92	16.14	17.46	14.99	17.71	18.19	14.58
ROA(%)	14.64	16.94	16.13	16.29	22.97	20.35	19.38	16.72	18.06	14.69	13.18
ROE(%)	26.83	28.38	24.81	24.09	32.92	28.33	27.5	24.1	26.15	22.5	20.22
ROCE(%)	30.26	35.06	33.43	32.05	45.73	40.16	37.82	34.37	33.81	29.86	26.48
Receivable days	41.18	38.66	38.43	39.48	41.22	44.26	50.09	51.42	53.65	60.3	50.62
Inventory Days	47.96	45.78	45.21	44.11	40.6	40.59	44.76	44.83	46.63	54.14	53.88
Payable days	39.8	41.29	46.18	46.46	49.84	52.84	59.04	57.22	64.45	87.98	68.92
PER(x)	27.79	31.81	34.81	60.1	37.79	41.66	48.47	68.24	61.74	81.31	103.35
Price/Book(x)	6.83	8.17	8.02	13.57	11.52	10.36	13.08	15.25	15.51	16.52	19.59
Dividend Yield(%)	1.07	0.99	0.88	0.48	0.7	0.68	0.65	0.52	0.52	0.47	0.41
EV/Net Sales(x)	2.9	3.66	3.62	6.36	5.65	6.38	7.67	8.91	9.38	12.58	12.57
EV/Core EBITDA(x)	17.19	20.27	21.67	37.72	24.2	26.11	31.28	41.61	39.64	52.13	66.22
Net Sales Growth(%)	17.66	17.64	16.45	13.1	10.67	4.77	8.22	16.44	3.06	-0.02	36.04
EBIT Growth(%)	5.49	28.8	5.34	10.33	66.39	9.37	8.88	-0.48	9.92	3.75	6.16
PAT Growth(%)	4.62	30.74	5.99	13.75	58.74	6.94	11.92	-3.9	20.86	0.36	7.16
EPS Growth(%)	4.31	29.43	6.1	13.95	56.62	7.12	12.98	-3.93	20.68	1.3	6.73
Debt/Equity(x)	0.24	0.07	0.02	0.03	0.03	0.03	0.03	0.03	0.04	0.04	0.05
Current Ratio(x)	1.48	1.6	1.85	1.74	2.35	3.07	2.73	2.75	2.33	1.44	1.73
Quick Ratio(x)	0.97	1.02	1.18	1.07	1.67	2.36	2.07	2.04	1.75	0.94	1
Interest Cover(x)	15.08	38.49	38.49	44.34	86.97	90.61	88.44	52.46	44.74	41.89	39.35
Total Debt/Mcap(x)	0.04	0.01	0	0	0	0	0	0	0	0	0

Pidilite Inds. Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	70.19	70.16	70.13	69.99	69.98	69.94	69.94	69.94	69.94	69.94
FII	11.39	11.88	12.08	11.78	11.66	11.57	11.13	11.34	11.08	10.61
DII	8.25	7.59	7.15	7.3	7.48	7.3	7.48	7.74	8.12	8.46
Public	10.18	10.37	10.64	10.94	10.88	11.19	11.45	10.98	10.86	10.99
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	35.67	35.65	35.64	35.56	35.56	35.55	35.55	35.55	35.55	35.55
FII	5.79	6.04	6.14	5.98	5.93	5.88	5.66	5.76	5.63	5.39
DII	4.19	3.86	3.64	3.71	3.8	3.71	3.8	3.93	4.13	4.3
Public	5.17	5.27	5.41	5.56	5.53	5.69	5.82	5.58	5.52	5.59
Others	0	0	0	0	0	0	0	0	0	0
Total	50.81	50.82	50.82	50.82	50.82	50.83	50.83	50.83	50.83	50.83

Pros

Company has a good return on equity (ROE) track record: 3 Years ROE 23%
Debtor days have improved from 87.98 to 68.92days.
Company has reduced debt.
Company is almost debt free.

Cons

Stock is trading at 18.6 times its book value.
The company has delivered a poor profit growth of 6% over past five years.

* 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.