Financials Pidilite Industries Limited

Equities

PIDILITIND

INE318A01026

Diversified Chemicals

Market Closed - NSE India S.E. Other stock markets 12:43:55 03/07/2024 BST			5-day change	1st Jan Change
3,112 ^INR	+0.87%		-0.85%	+14.62%

06-20	Pidilite Industries Limited Receives an Order Issued by the Commercial Tax Officer, Enforecement-2 Chitradurga	CI
06-12	Pidilite Industries Limited Recommends Dividend for the Financial Year Ended 31 March 2024	CI

Valuation

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	633,068	689,219	919,453	1,247,492	1,196,063	1,582,767	-	-
Enterprise Value (EV) ¹	620,044	683,878	917,077	1,246,814	1,194,594	1,533,305	1,553,003	1,547,037
P/E ratio	76.9 x	61.7 x	81.4 x	103 x	94 x	88.7 x	74.3 x	64.2 x
Yield	0.52%	0.52%	0.47%	0.41%	0.47%	0.46%	0.57%	0.64%
Capitalization / Revenue	8.94 x	9.45 x	12.6 x	12.6 x	10.1 x	12.4 x	11.4 x	10.2 x
EV / Revenue	8.76 x	9.38 x	12.6 x	12.6 x	10.1 x	12.4 x	11.2 x	9.98 x
EV / EBITDA	45.1 x	43.4 x	54.4 x	67.5 x	60 x	56.5 x	49.7 x	43.7 x
EV / FCF	106 x	84.2 x	88.3 x	215 x	114 x	103 x	114 x	73.6 x
FCF Yield	0.94%	1.19%	1.13%	0.47%	0.88%	0.97%	0.88%	1.36%
Price to Book	15.3 x	15.5 x	16.4 x	19.5 x	16.6 x	18.7 x	16.4 x	14.2 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	3,112	3,112	3,112
Announcement Date	14/05/19	17/06/20	12/05/21	18/05/22	08/05/23	07/05/24	-	-

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	138,316	154,965
EBITDA ¹	13,762	15,760	16,846	18,473	19,910	27,132	31,219	35,416
EBIT ¹	12,435	14,061	14,839	16,196	17,213	23,726	27,690	31,458
Operating Margin	17.57%	19.28%	20.35%	16.32%	14.59%	19.16%	20.02%	20.3%
Earnings before Tax (EBT) ¹	13,380	14,698	15,225	16,138	17,232	23,794	28,850	33,507
Net income ¹	9,249	11,164	11,312	12,076	12,732	17,294	21,492	24,725
Net margin	13.07%	15.31%	15.51%	12.17%	10.79%	13.97%	15.54%	15.96%
EPS ²	16.20	21.97	22.24	23.75	25.03	33.98	41.90	48.48
Free Cash Flow ¹	5,823	8,124	10,384	5,806	10,521	15,220	13,609	21,033
FCF margin	8.23%	11.14%	14.24%	5.85%	8.92%	12.24%	9.84%	13.57%
FCF Conversion (EBITDA)	42.31%	51.55%	61.64%	31.43%	52.84%	55.02%	43.59%	59.39%
FCF Conversion (Net income)	62.95%	72.77%	91.79%	48.08%	82.63%	80.97%	63.32%	85.06%
Dividend per Share ²	6.500	7.000	8.500	10.00	11.00	14.19	17.78	20.01
Announcement Date	14/05/19	17/06/20	12/05/21	18/05/22	08/05/23	07/05/24	-	-

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	34,675
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	7,962
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%	17.3%
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	28/01/21	12/05/21	11/08/21	10/11/21	25/01/22	18/05/22	10/08/22	09/11/22	24/01/23	08/05/23	10/08/23	-	08/11/23	-	-	-

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	29,764	35,730
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	5,823	8,124	10,384	5,806	10,521	15,220	13,609	21,033
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%	18.3%	18.9%
Assets ¹	54,857	59,987	76,831	91,730	100,203	101,482	117,262	130,965
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	4,439
Capex / Sales	3.71%	6.09%	4.85%	3.78%	4.28%	3.46%	2.99%	2.86%
Announcement Date	14/05/19	17/06/20	12/05/21	18/05/22	08/05/23	07/05/24	-	-

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

3,112 INR

Average target price

2,867 INR

Spread / Average Target

-7.87%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Diversified Chemicals

	1st Jan change	Capi.
PIDILITE INDUSTRIES LIMITED	+14.62%	18.8B
SHIN-ETSU CHEMICAL CO., LTD.	+8.84%	77.81B
BASF SE	-7.23%	42.85B
DUPONT DE NEMOURS, INC.	+2.94%	33.18B
EASTMAN CHEMICAL COMPANY	+6.74%	11.21B
BRENNTAG SE	-23.31%	9.8B
SYENSQO SA/NV	-9.39%	9.53B
SRF LIMITED	-3.98%	8.5B
MITSUBISHI CHEMICAL GROUP CORPORATION	+5.58%	7.96B
SAHARA INTERNATIONAL PETROCHEMICAL COMPANY	-14.83%	5.62B

Diversified Chemicals