Financials Pidilite Industries Limited

Equities

PIDILITIND

INE318A01026

Diversified Chemicals

Market Closed - NSE India S.E. Other stock markets 07:43:53 2024-05-31 am EDT			5-day change	1st Jan Change
2,970 ^INR	-0.98%		-0.09%	+9.37%

May. 27	Pidilite Industries Limited Receives an Order Issued by the Office of the Commissioner, Chandigarh Imposing a Penalty of INR 9,87,868 in Relation to GST audit	CI
May. 15	Pidilite Industries Limited Receives Order from the State Tax Officer, Ranchi, Jharkhand	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	633,068	689,219	919,453	1,247,492	1,196,063	1,510,315	-	-
Enterprise Value (EV) ¹	620,044	683,878	917,077	1,246,814	1,194,594	1,533,305	1,481,823	1,464,469
P/E ratio	76.9 x	61.7 x	81.4 x	103 x	94 x	88.7 x	70.5 x	60.8 x
Yield	0.52%	0.52%	0.47%	0.41%	0.47%	0.48%	0.59%	0.67%
Capitalization / Revenue	8.94 x	9.45 x	12.6 x	12.6 x	10.1 x	12.4 x	11 x	9.76 x
EV / Revenue	8.76 x	9.38 x	12.6 x	12.6 x	10.1 x	12.4 x	10.8 x	9.46 x
EV / EBITDA	45.1 x	43.4 x	54.4 x	67.5 x	60 x	56.5 x	47.4 x	41.3 x
EV / FCF	106 x	84.2 x	88.3 x	215 x	114 x	98.3 x	104 x	70.3 x
FCF Yield	0.94%	1.19%	1.13%	0.47%	0.88%	1.02%	0.96%	1.42%
Price to Book	15.3 x	15.5 x	16.4 x	19.5 x	16.6 x	17.8 x	15.6 x	13.6 x
Nbr of stocks (in thousands)	507,978	508,124	508,153	508,288	508,314	508,609	-	-
Reference price ²	1,246	1,356	1,809	2,454	2,353	2,970	2,970	2,970
Announcement Date	5/14/19	6/17/20	5/12/21	5/18/22	5/8/23	5/7/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	70,787	72,945	72,927	99,210	117,991	123,830	137,731	154,787
EBITDA ¹	13,762	15,760	16,846	18,473	19,910	27,132	31,255	35,460
EBIT ¹	12,435	14,061	14,839	16,196	17,213	23,726	27,762	31,512
Operating Margin	17.57%	19.28%	20.35%	16.32%	14.59%	19.16%	20.16%	20.36%
Earnings before Tax (EBT) ¹	13,380	14,698	15,225	16,138	17,232	23,794	28,888	33,529
Net income ¹	9,249	11,164	11,312	12,076	12,732	17,294	21,520	24,826
Net margin	13.07%	15.31%	15.51%	12.17%	10.79%	13.97%	15.62%	16.04%
EPS ²	16.20	21.97	22.24	23.75	25.03	33.98	42.10	48.83
Free Cash Flow ¹	5,823	8,124	10,384	5,806	10,521	15,220	14,217	20,828
FCF margin	8.23%	11.14%	14.24%	5.85%	8.92%	12.24%	10.32%	13.46%
FCF Conversion (EBITDA)	42.31%	51.55%	61.64%	31.43%	52.84%	55.02%	45.49%	58.74%
FCF Conversion (Net income)	62.95%	72.77%	91.79%	48.08%	82.63%	80.97%	66.07%	83.89%
Dividend per Share ²	6.500	7.000	8.500	10.00	11.00	14.19	17.66	19.82
Announcement Date	5/14/19	6/17/20	5/12/21	5/18/22	5/8/23	5/7/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	22,990	22,355	19,368	26,264	28,507	25,071	31,011	30,112	29,976	26,892	32,751	31,927	63,512	32,113	28,534	-
EBITDA ¹	6,424	4,621	3,476	5,496	5,490	4,011	5,295	4,999	4,959	4,577	7,060	6,984	-	7,450	6,257	-
EBIT ¹	5,929	-	2,910	4,893	4,886	3,441	4,682	4,362	4,272	3,815	6,326	6,390	-	6,740	6,066	-
Operating Margin	25.79%	-	15.02%	18.63%	17.14%	13.73%	15.1%	14.49%	14.25%	14.19%	19.31%	20.01%	-	20.99%	21.26%	-
Earnings before Tax (EBT) ¹	6,012	4,112	2,897	4,908	4,867	3,459	4,732	4,355	4,173	3,925	6,441	6,357	-	6,826	5,892	-
Net income ¹	4,418	3,062	2,201	3,746	3,585	2,544	3,536	3,324	3,042	2,830	4,682	4,710	-	5,048	4,249	6,000
Net margin	19.22%	13.7%	11.36%	14.27%	12.58%	10.15%	11.4%	11.04%	10.15%	10.52%	14.29%	14.75%	-	15.72%	14.89%	-
EPS ²	8.690	6.020	4.330	7.370	7.050	5.000	6.950	6.540	5.980	5.560	9.200	9.249	-	10.07	7.988	11.81
Dividend per Share ²	-	8.500	-	-	-	10.00	-	-	-	11.00	-	-	-	-	13.74	-
Announcement Date	1/28/21	5/12/21	8/11/21	11/10/21	1/25/22	5/18/22	8/10/22	11/9/22	1/24/23	5/8/23	8/10/23	-	11/8/23	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	13,024	5,341	2,376	678	1,469	14,869	28,493	45,846
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,823	8,124	10,384	5,806	10,521	15,220	14,217	20,828
ROE (net income / shareholders' equity)	24.3%	26.9%	22.5%	20.1%	18.7%	24%	23.5%	23.6%
ROA (Net income/ Total Assets)	16.9%	18.6%	14.7%	13.2%	12.7%	18.5%	18.5%	19.5%
Assets ¹	54,857	59,987	76,831	91,730	100,203	101,482	116,208	127,034
Book Value Per Share ²	81.70	87.70	110.0	126.0	142.0	166.0	190.0	219.0
Cash Flow per Share ²	16.60	25.20	27.40	18.80	30.60	40.70	41.50	46.10
Capex ¹	2,625	4,439	3,538	3,747	5,054	4,305	4,138	4,550
Capex / Sales	3.71%	6.09%	4.85%	3.78%	4.28%	3.46%	3%	2.94%
Announcement Date	5/14/19	6/17/20	5/12/21	5/18/22	5/8/23	5/7/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Pidilite Industries Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

2,970 INR

Average target price

2,839 INR

Spread / Average Target

-4.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Diversified Chemicals

	1st Jan change	Capi.
PIDILITE INDUSTRIES LIMITED	+9.37%	18.1B
SHIN-ETSU CHEMICAL CO., LTD.	-1.05%	74.34B
BASF SE	-0.76%	46.86B
DUPONT DE NEMOURS, INC.	+6.80%	34.35B
EASTMAN CHEMICAL COMPANY	+12.81%	11.92B
SYENSQO SA/NV	-3.01%	10.43B
BRENNTAG SE	-20.72%	10.33B
ASAHI KASEI CORPORATION	-1.35%	9.04B
SRF LIMITED	-11.01%	7.84B
MITSUBISHI CHEMICAL GROUP CORPORATION	-3.85%	7.52B

Diversified Chemicals