PIDILITE INDUSTRIES LIMITED |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 2,920 INR | +2.91% |
|
-1.11% | +7.54% |
| May. 09 | Jefferies Adjusts Pidilite Industries Price Target to INR2,800 From INR2,930, Keeps at Hold | MT |
| May. 08 | Transcript : Pidilite Industries Limited, Q4 2024 Earnings Call, May 08, 2024 |
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 | 1,485,114 | - | - |
| Enterprise Value (EV) 1 | 620,044 | 683,878 | 917,077 | 1,246,814 | 1,194,594 | 1,533,305 | 1,458,147 | 1,449,887 |
| P/E ratio | 76.9 x | 61.7 x | 81.4 x | 103 x | 94 x | 88.7 x | 69 x | 60 x |
| Yield | 0.52% | 0.52% | 0.47% | 0.41% | 0.47% | 0.49% | 0.56% | 0.66% |
| Capitalization / Revenue | 8.94 x | 9.45 x | 12.6 x | 12.6 x | 10.1 x | 12.4 x | 10.8 x | 9.6 x |
| EV / Revenue | 8.76 x | 9.38 x | 12.6 x | 12.6 x | 10.1 x | 12.4 x | 10.6 x | 9.38 x |
| EV / EBITDA | 45.1 x | 43.4 x | 54.4 x | 67.5 x | 60 x | 56.5 x | 46.8 x | 41 x |
| EV / FCF | 106 x | 84.2 x | 88.3 x | 215 x | 114 x | 96.6 x | 85.6 x | 71.9 x |
| FCF Yield | 0.94% | 1.19% | 1.13% | 0.47% | 0.88% | 1.04% | 1.17% | 1.39% |
| Price to Book | 15.3 x | 15.5 x | 16.4 x | 19.5 x | 16.6 x | 17.5 x | 15.2 x | 13.1 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 | 2,920 | 2,920 | 2,920 |
| 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 | 137,625 | 154,646 |
| EBITDA 1 | 13,762 | 15,760 | 16,846 | 18,473 | 19,910 | 27,132 | 31,172 | 35,368 |
| EBIT 1 | 12,435 | 14,061 | 14,839 | 16,196 | 17,213 | 23,726 | 27,602 | 31,347 |
| Operating Margin | 17.57% | 19.28% | 20.35% | 16.32% | 14.59% | 19.16% | 20.06% | 20.27% |
| Earnings before Tax (EBT) 1 | 13,380 | 14,698 | 15,225 | 16,138 | 17,232 | 23,794 | 28,750 | 33,107 |
| Net income 1 | 9,249 | 11,164 | 11,312 | 12,076 | 12,732 | 17,294 | 21,344 | 24,505 |
| Net margin | 13.07% | 15.31% | 15.51% | 12.17% | 10.79% | 13.97% | 15.51% | 15.85% |
| EPS 2 | 16.20 | 21.97 | 22.24 | 23.75 | 25.03 | 33.98 | 42.30 | 48.69 |
| Free Cash Flow 1 | 5,823 | 8,124 | 10,384 | 5,806 | 10,521 | 15,220 | 17,039 | 20,153 |
| FCF margin | 8.23% | 11.14% | 14.24% | 5.85% | 8.92% | 12.24% | 12.38% | 13.03% |
| FCF Conversion (EBITDA) | 42.31% | 51.55% | 61.64% | 31.43% | 52.84% | 55.02% | 54.66% | 56.98% |
| FCF Conversion (Net income) | 62.95% | 72.77% | 91.79% | 48.08% | 82.63% | 80.97% | 79.83% | 82.24% |
| Dividend per Share 2 | 6.500 | 7.000 | 8.500 | 10.00 | 11.00 | 14.19 | 16.32 | 19.32 |
| 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 | 26,966 | 35,227 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 5,823 | 8,124 | 10,384 | 5,806 | 10,521 | 15,220 | 17,039 | 20,153 |
| ROE (net income / shareholders' equity) | 24.3% | 26.9% | 22.5% | 20.1% | 18.7% | 24% | 23.4% | 23.5% |
| ROA (Net income/ Total Assets) | 16.9% | 18.6% | 14.7% | 13.2% | 12.7% | 18.5% | 19.2% | 19.5% |
| Assets 1 | 54,857 | 59,987 | 76,831 | 91,730 | 100,203 | 101,482 | 110,981 | 125,389 |
| Book Value Per Share 2 | 81.70 | 87.70 | 110.0 | 126.0 | 142.0 | 166.0 | 192.0 | 222.0 |
| 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 | 4,199 | 4,410 |
| Capex / Sales | 3.71% | 6.09% | 4.85% | 3.78% | 4.28% | 3.46% | 3.05% | 2.85% |
| 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
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
HOLD
Number of Analysts
17
Last Close Price
2,920
INR
Average target price
2,813
INR
Spread / Average Target
-3.68%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +7.54% | 17.78B | |
| -1.96% | 74.28B | |
| +0.05% | 46.91B | |
| +2.38% | 32.93B | |
| -6.58% | 12.09B | |
| -0.23% | 10.66B | |
| +3.37% | 9.55B | |
| +5.01% | 8.28B | |
| -8.19% | 8.08B | |
| -4.26% | 6.38B |
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- Financials Pidilite Industries Limited