Pidilite Industries logo

Pidilite Industries

PIDILITIND NSE

Key Fundamentals

LargecapSpecialty ChemicalsChemicals
Market Cap
1.6L Cr
Volatility
Moderate
P/E Ratio
60.22
EBITDA
₹3,785 Cr
Return on Equity
22.36%
Debt to Equity
0.04
Book Value
₹106.42
EPS
₹36.93
52W High
₹1,707.5
52W Low
₹1,259

Tapetide Score

Data-driven rating, 0–100. How it works →

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 14.7 times its book value

Growth Rate

Revenue Growth
11.05% higher than 3Y
Net Income Growth
17.87% lower than 3Y
Cash Flow Change
23.7% higher than 3Y
ROE
6.22% lower than 3Y
ROCE
6.27% lower than 3Y
EBITDA Margin (Avg.)
4.56% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Pidilite Industries, with a market cap of ₹1,57,246 Cr, is a near debt-free specialty chemicals company delivering consistent ROE of 23-24% and TTM profit growth of 20%. However, the stock trades at a P/E of 59.7x and 14.74x book value, reflecting a significant premium to broader market averages.

Bull Case 7
  • Almost debt-free balance sheet provides financial resilience and flexibility for organic and inorganic growth
  • Consistently high ROE averaging 23% over 10 years and 24% in the last year, indicating efficient capital allocation and strong moat
  • TTM profit growth of 20% outpacing TTM sales growth of 14%, suggesting margin expansion and improving operating leverage
  • Compounded profit CAGR of 25% over 3 years demonstrates accelerating earnings momentum post-pandemic
  • Healthy dividend payout ratio of 48.0% with a 1.37% yield signals shareholder-friendly capital return policy
  • 10-year compounded sales CAGR of 11% reflects durable demand for its adhesives and construction chemicals portfolio
  • 10-year stock CAGR of 16% has rewarded long-term holders with consistent wealth creation above market returns
Bear Case 7
  • P/E of 59.7x is significantly elevated versus the chemicals sector median and broader Nifty 50 average of ~22x, leaving limited margin of safety
  • Price-to-book of 14.74x implies the market is pricing in substantial future growth that may already be discounted
  • 1-year stock CAGR of just 2% and 5-year CAGR of 6% suggest recent returns have lagged the broader market despite strong fundamentals
  • 5-year compounded sales CAGR of 15% is partly inflated by a low COVID-era base, while the 3-year sales CAGR moderates to 7%
  • Dividend yield of 1.37% is modest on an absolute basis, offering limited income cushion if capital appreciation stalls
  • Reliance on crude oil-linked raw materials such as VAM (vinyl acetate monomer) exposes margins to commodity price volatility
  • At 59.7x earnings, any miss on quarterly growth expectations could trigger sharp de-rating given the premium valuation

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

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 1
  • ₹10.4L GST penalty from Bihar Sep 1

    Bihar GST authorities imposed a ₹10,42,207 penalty for FY21. Pidilite is reviewing the order and may appeal, though management says no material financial impact.

Positives 1
  • ₹11.50 dividend, ₹1,170Cr payout Aug 20

    Shareholders approved a ₹11.50 per share dividend at the 57th AGM, absorbing ₹1,170.46 crore from current profits. Directors were also re-elected.

Neutral 4
  • Bangladesh subsidiary closure Sep 3

    Pidilite decided to close subsidiary Nina Percept Bangladesh Private Limited. No financial details or reasons were disclosed.

  • Multiple analyst meetings scheduled Sep 1

    Pidilite scheduled meetings with Aberdeen Asset Management (Sep 8), Axis Capital (Aug 31), and HDFC Mutual Fund (Aug 24), signalling active institutional engagement.

  • CIDO Vivek Sharma resigns Aug 25

    Vivek Sharma's resignation as Chief Information and Digital Officer was accepted, with October 31, 2026 as his last working day.

  • 89,340 ESOP shares allotted Aug 21

    Pidilite allotted 89,340 equity shares at Re.1 par under ESOP-2016, taking total share capital from 1,017,790,348 to 1,017,879,688 shares — negligible dilution.

TL;DR: Pidilite's recent news flow is largely routine with no major operational surprises. The ₹11.50 dividend (₹1,170Cr) reflects strong profit generation, while the GST penalty is immaterial at ₹10.4 lakh. The Bangladesh subsidiary closure and CIO departure bear watching but lack detail to signal deeper issues. Overall a steady period with active institutional interest, suggesting stable near-term sentiment.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
4,149
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
Figures in ₹ Crores

Cash Flow

Particulars 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

Particulars 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
18
ROCE %
32%
45%
39%
36%
33%
33%
28%
25%
24%
30%
30%
31%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.50%Promot.69.24%Public7.68%DIIs9.88%FIIs11.69%As ofJun 2026

Documents

Frequently Asked Questions about Pidilite Industries

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 trades as PIDILITIND on the NSE and under code 500331 on the BSE.
Which sector does Pidilite Industries Ltd belong to?
Pidilite Industries Ltd is classified under the Chemicals sector, in the Specialty Chemicals industry.
What is the market capitalisation of Pidilite Industries Ltd?
Pidilite Industries Ltd has a market capitalisation of ₹1,57,246 Cr, which places it in the Large Cap band.
What is the PE ratio of Pidilite Industries Ltd?
Pidilite Industries Ltd trades at a PE ratio of 60.22, on earnings per share of ₹36.93, against a book value of ₹106.42 per share.
What is the 52-week high and low of Pidilite Industries Ltd?
Over the last 52 weeks Pidilite Industries Ltd has traded between ₹1,259 and ₹1,707.5.
Does Pidilite Industries Ltd pay dividends?
Pidilite Industries Ltd has a dividend yield of 1.37%.
What is the Return on Equity (ROE) of Pidilite Industries Ltd?
Pidilite Industries Ltd reported a return on equity of 22.36%. Its debt-to-equity ratio is 0.04.

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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