NSE:PIDILITIND · Risk Score Report

NSE:PIDILITINDNSEBasic Materials

Pidilite Industries Limited

📊 Specialty Chemicals

Day ₹1,391

₹1,404 Neutral

52W ₹1,259

₹1,575 Neutral

₹1,399.20

▲ ₹6.60 (+0.47%)

Vol: 120,080 · Avg: 809,365

As of April 29, 2026 · 06:35 IST

COMPOSITE RISK SCORE

VAL:2/25 · FIN:18/25 · GRO:16/25 · TECH:16/25

📈 P/E RATIO

62.4x

Trailing

📖 P/B RATIO

14.9x

Price to Book

💰 EPS

₹22.42

TTM

🏛 MARKET CAP

₹142,407Cr

Large Cap

📊 ROE

21.3%

Return on Equity

📈 REV GROWTH

10.1%

YoY

🏢 Company Analysis · Pidilite Industries Limited

💼 BUSINESS MODEL

Pidilite Industries Limited, together with its subsidiaries, engages in the manufacture and sale of various chemicals in India and internationally..
The company operates through the Consumer & Bazaar, and Business to Business segments..
The Consumer & Bazaar segment offers adhesives, sealants, art and craft materials; and construction and paint chemicals for carpenters, painters, plumbers, mechanics, households, students, and offices..
The Business to Business segment provides industrial adhesives, synthetic resins, construction chemicals, organic pigments, pigment preparations, and surfactants for various industries, including packaging, joineries, textiles, paints, printing inks, paper, and leather..
Operates in Specialty Chemicals within the Basic Materials sector.
Workforce of 8,153 employees.

🏰 MOAT & COMPETITION

Mega-cap (₹142,407 Cr) — dominant market position with significant scale advantages.
Profit margin of 16.2% — moderate pricing power.
Key competitors: Pidilite Inds., Clean Science, Fine Organic, Styrenix Perfor..

🚀 CATALYSTS

No specific near-term catalysts identified from available data.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹1,200 — ₹1,915 (mean ₹1,550, 19 analysts).
Favorable asymmetry — upside potential of +37% vs downside floor of -14% (2.6x reward-to-risk).
P/E of 62.4x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (19 analysts).
Latest quarter earnings grew 12% YoY — positive trajectory.

✅ PROS

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 46.6%
Company's working capital requirements have reduced from 25.8 days to 18.7 days

❌ CONS

Stock is trading at 14.9 times its book value

VALUATION

2/25

25% WEIGHT

P/E at 62x
P/B at 14.9x
Analyst target: ₹1550 (+10.8%)
1Y return: -6.2%

FINANCIAL HEALTH

18/25

25% WEIGHT

ROE: 21.3%
Profit margin: 16.2%
Revenue growth: 10.1%
Debt/Equity: 5%

GROWTH

16/25

25% WEIGHT

Revenue growth: 10.1%
Earnings growth: 11.8%
Beta: 0.35
Sector: Basic Materials

TECHNICAL

16/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

62.4x

Trailing twelve months

P/B RATIO

14.9x

Price to Book value

ROE

21.3%

Return on Equity

PROFIT MARGIN

16.2%

Net profit margin

OPM

21.4%

Operating profit margin

ANALYST TARGET

₹1,550

Range: ₹1,200 - ₹1,915

Yahoo Finance ↗

PEG RATIO

3.08

Price/Earnings to Growth

EV/EBITDA

43.2x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

0.72%

Annual yield

ROA

16.6%

Return on Assets

GROSS MARGIN

54.7%

Gross profit margin

INDUSTRY AVERAGES — SPECIALTY CHEMICALS

P/E 31.8x (above avg)

P/B 2.5x (sector fair)

ROCE 24.9% (above avg)

ROE 18% (sector good)

OPM 15% (sector good)

Div Yield 0.49%

D/E <40 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹3,235 Cr	—	₹535 Cr	—	N/A	25.5%
Q3 FY25	₹3,369 Cr	+4.1%	₹552 Cr	+3.3%	N/A	25.3%
Q4 FY25	₹3,095 Cr	-8.1%	₹422 Cr	-23.5%	N/A	21.9%
Q1 FY26	₹3,753 Cr	+21.3%	₹672 Cr	+59.2%	N/A	27.4%
Q3 FY26	₹3,710 Cr	-1.2%	₹618 Cr	-8.1%	N/A	25.7%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹9,880 Cr	—	₹1,208 Cr	—	₹955 Cr	—
FY23	₹11,752 Cr	+18.9%	₹1,273 Cr	+5.4%	₹1,558 Cr	+63.0%
FY24	₹12,337 Cr	+5.0%	₹1,729 Cr	+35.8%	₹2,724 Cr	+74.9%
FY25	₹13,094 Cr	+6.1%	₹2,076 Cr	+20.1%	₹2,287 Cr	-16.1%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Pidilite Industries Limited Makes Its Money

🏦 Snapshot of Pidilite Industries Limited's Balance Sheet

💸 Looking into Pidilite Industries Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	3,275	3,076	3,130	2,902	3,395	3,235	3,369	3,141	3,753	3,554	3,710
YOY Sales Growth %	5.61%	2.15%	4.42%	7.91%	3.67%	5.16%	7.63%	8.25%	10.54%	9.88%	10.12%
Expenses +	2,569	2,398	2,388	2,327	2,583	2,467	2,571	2,509	2,812	2,704	2,816
Material Cost %	50.98%	48.69%	47.12%	46.58%	46.20%	45.65%	45.68%	44.96%	45.88%	44.96%	43.50%
Employee Cost %	10.85%	11.81%	11.91%	12.87%	12.29%	13.47%	12.88%	14.48%	12.37%	13.24%	14.18%
Operating Profit	706	678	742	575	812	768	798	632	941	850	894
OPM %	22%	22%	24%	20%	24%	24%	24%	20%	25%	24%	24%
Other Income +	23	32	37	-23	54	57	56	55	86	50	60
Exceptional items	0	0	0	-72	0	0	0	-25	0	0	-6
Other income normal	23	32	37	49	54	57	56	80	86	50	66
Interest	12	13	13	13	12	12	12	14	14	13	13
Depreciation	73	75	79	113	84	88	90	97	97	100	101
Profit before tax	644	622	687	426	770	725	752	576	916	787	840
Tax %	26%	26%	26%	29%	26%	25%	26%	26%	26%	26%	26%
Net Profit +	474	459	511	304	571	540	557	428	678	585	624
Minority share	-6	-8	-0	-4	-4	-6	-5	-5	-6	-5	-6
Exceptional items AT	0	0	0	-50	0	0	0	-18	0	0	-4
Profit excl Excep	474	459	511	354	571	540	557	446	678	585	628
Profit for PE	468	450	510	350	567	535	552	441	672	579	622
Profit for EPS	468	450	510	301	567	535	552	422	672	579	618
YOY Profit Growth %	32%	35%	68%	24%	21%	19%	8%	26%	19%	8%	13%
EPS in Rs	4.60	4.43	5.02	2.96	5.57	5.26	5.43	4.15	6.61	5.69	6.07
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	6,078	7,078	7,294	7,293	9,921	11,799	12,383	13,140	14,159
Sales Growth %	8.22%	16.44%	3.06%	-0.02%	36.04%	18.93%	4.95%	6.12%
Expenses +	4,737	5,707	5,718	5,606	8,065	9,813	9,675	10,130	10,841
Manufacturing Cost %	2.77%	2.68%	3.02%	4.05%	3.90%	3.62%	4.20%	4.46%
Employee Cost %	11.73%	11.83%	12.72%	13.46%	11.22%	10.56%	11.84%	13.26%
Other Cost %	15.93%	15.46%	16.01%	13.06%	11.29%	11.70%	13.69%	13.74%
Operating Profit	1,341	1,371	1,576	1,686	1,856	1,986	2,708	3,011	3,317
OPM %	22%	19%	22%	23%	19%	17%	22%	23%	23%
Other Income +	153	130	97	74	39	55	63	221	251
Exceptional items	7	-20	-53	-9	-9	1	-73	-23
Other income normal	146	150	150	83	48	54	135	244
Interest	16	26	34	37	42	48	51	50	55
Depreciation	120	133	170	201	240	270	341	358	394
Profit before tax	1,359	1,342	1,470	1,522	1,614	1,723	2,379	2,823	3,120
Tax %	29%	31%	24%	26%	25%	25%	27%	26%
Net Profit +	966	928	1,122	1,126	1,207	1,289	1,747	2,096	2,314
Profit from Associates	0	0	0	0	0	0	0	0
Minority share	-4	-3	-6	5	1	-16	-18	-20
Exceptional items AT	5	-14	-39	-7	-7	0	-53	-17
Profit excl Excep	961	942	1,161	1,133	1,214	1,288	1,801	2,113
Profit for PE	958	939	1,155	1,138	1,214	1,273	1,782	2,093
Profit for EPS	962	925	1,116	1,131	1,208	1,273	1,729	2,076
Profit Growth %	11%	-2%	23%	-1%	7%	5%	40%	17%
EPS in Rs	9.48	9.10	10.99	11.13	11.88	12.52	17.00	20.41	22.52
Dividend Payout %	32%	36%	32%	38%	42%	44%	47%	49%

🏦 Balance Sheet Source: Screener ↗

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	51	51	51	51	51	51	51	51	102
Reserves	3,523	4,097	4,405	5,542	6,353	7,161	8,356	9,704	9,452
Borrowings +	125	113	288	331	416	391	382	454	443
Long term Borrowings	7	9	25	12	2	0	0	0	0
Short term Borrowings	115	103	144	210	286	163	131	147	142
Lease Liabilities	0	0	111	108	128	227	251	307	301
Other Borrowings	2	2	7	0	0	0	0	0
Other Liabilities +	1,500	1,643	1,779	2,890	2,675	2,902	3,286	3,775	3,901
Non controlling int	175	207	216	240	199	234	210	203	202
Trade Payables	544	581	621	1,007	1,049	1,064	1,148	1,390	1,311
Advance from Customers	31	28	41	28	26	28	28	14
Other liability items	750	827	902	1,615	1,401	1,576	1,901	2,167	2,388
Total Liabilities	5,199	5,904	6,523	8,814	9,494	10,505	12,076	13,984	13,898
Fixed Assets +	1,342	1,448	1,807	4,418	4,703	4,914	5,451	5,705	5,760
Land	84	85	194	225	253	281	290	311
Building	321	391	605	697	860	1,087	1,521	1,743
Plant Machinery	1,090	1,187	1,346	1,509	1,766	1,926	2,105	2,377
Equipments	110	120	143	150	169	182	217	231
Furniture n fittings	84	89	99	103	109	110	131	140
Vehicles	25	25	26	23	24	27	26	30
Intangible Assets	568	576	575	3,048	2,831	2,835	2,846	2,842	2,856
Other fixed assets	57	63	68	77	288	290	290	284
Gross Block	2,340	2,537	3,057	5,834	6,301	6,738	7,427	7,958
Accumulated Depreciation	998	1,089	1,250	1,416	1,597	1,824	1,977	2,253
CWIP	228	242	259	294	225	406	148	129	155
Investments	1,246	1,548	1,186	516	459	881	2,235	3,551	3,304
Other Assets +	2,383	2,666	3,270	3,586	4,107	4,304	4,242	4,598	4,679
Inventories	804	934	929	1,234	1,695	1,817	1,415	1,685	1,513
Cash Equivalents	164	190	703	451	355	327	533	336	265
Loans n Advances	85	54	78	96	90	101	112	169	102
Other asset items	391	431	471	483	536	524	507	597	656
Total Assets	5,199	5,904	6,523	8,814	9,494	10,505	12,076	13,984	13,898

💰 Cash Flow Statement Source: Screener ↗

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	794	796	845	1,280	1,392	955	1,558	2,724	2,287
Profit from operations	1,307	1,401	1,433	1,616	1,736	1,928	2,048	2,798	3,220
Receivables	-71	-148	-127	-38	-176	-123	-84	-144	-156
Inventory	-82	-64	-136	0	-279	-460	-143	389	-278
Payables	15	130	31	42	355	76	32	103	239
Loans Advances	0	4	3	-6	-0	-1	-11	-9	-9
Other WC items	-3	-99	50	59	127	-3	128	236	4
Working capital changes	-140	-177	-179	57	27	-510	-79	574	-201
Direct taxes	-373	-428	-409	-393	-371	-462	-412	-648	-733
Cash from Investing Activity +	-879	39	-513	103	-1,688	-558	-899	-1,769	-1,542
Fixed assets purchased	-133	-273	-263	-467	-354	-375	-505	-559	-452
Fixed assets sold	11	1	9	23	2	1	8	6	4
Investments purchased	-3,157	-2,169	-2,310	-1,439	-2,932	-101	-1,851	-2,708	-4,499
Investments sold	2,496	2,458	2,079	1,910	3,639	170	1,448	1,421	3,419
Interest received	6	7	9	12	17	5	5	12	15
Dividends received	7	16	10	12	1	1	1	0	0
Redemp n Canc of Shares	0	0	0	0	0	0	0	67	0
Acquisition of companies	0	0	0	0	0	0	0	0	-13
Other investing items	-108	-1	-47	52	-2,061	-259	-4	-9	-16
Cash from Financing Activity +	41	-790	-361	-849	-76	-468	-656	-742	-918
Proceeds from shares	0	0	0	0	0	0	0	0	2
Proceeds from borrowings	6	4	1	33	28	103	0	0	35
Repayment of borrowings	-1	-4	-10	0	-11	-18	-81	-13	0
Interest paid fin	-14	-16	-17	-25	-29	-33	-48	-37	-34
Dividends paid	-32	-293	-363	-825	-1	-432	-508	-560	-813
Financial liabilities	0	0	0	-34	-34	-49	-36	-82	-80
Other financing items	81	-481	29	3	-29	-39	16	-51	-27
Net Cash Flow	-45	46	-29	533	-372	-71	2	212	-173
Free Cash Flow	671	524	591	836	1,040	581	1,060	2,171	1,839
CFO/OP	92%	91%	91%	106%	105%	76%	99%	124%	100%

📈 Key Financial Ratios

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	50	56	54	54	66	53	47	49	50
Inventory Days	100	102	95	100	133	114	98	86	103
Days Payable	54	69	59	67	109	70	57	70	85
Cash Conversion Cycle	96	89	90	88	91	96	88	66	68
Working Capital Days	40	49	48	36	23	43	40	19	19
ROCE %	39%	36%	33%	33%	28%	25%	24%	30%	30%

🏭 Industry Peers — Specialty Chemicals

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Pidilite Inds. ★	₹1,397	61.5	₹142,224	29.8%	+12.6%	77
2	Clean Science	₹812	31.8	₹8,629	29.3%	-30.0%	59
3	Fine Organic	₹4,782	37.5	₹14,660	26.4%	-10.6%	57
4	Styrenix Perfor.	₹2,348	24.2	₹4,130	26.5%	-62.5%	54
5	Epigral	₹1,222	15.6	₹5,272	24.9%	-62.2%	54
6	Vinati Organics	₹1,310	28.4	₹13,581	20.6%	+13.5%	53
7	Atul	₹6,785	29.4	₹19,976	14.9%	+66.1%	50
8	Elantas Beck	₹9,800	52.6	₹7,769	21.2%	+32.4%	49
9	Privi Speci.	₹3,327	43.3	₹12,995	16.4%	+75.5%	49

★ PIDILITIND is the top-ranked techno-fundamental pick in Specialty Chemicals

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	69.59%	69.49%	69.35%	69.33%	69.32%	69.32%
FIIs	11.79%	11.60%	12.13%	12.08%	12.01%	11.75%
DIIs	9.15%	9.43%	9.15%	9.15%	9.21%	9.56%
Government	0.00%	0.00%	0.00%	0.00%	0.04%	0.08%
Public	9.46%	9.47%	9.36%	9.43%	9.40%	9.29%
No. of Shareholders	5,08,918	5,17,618	5,02,257	5,17,120	5,21,850	5,20,440

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 10.1% YoY.

💹High ROE (21.3%): Above sector norm of 18% — efficient capital use.

🔀Healthy Margins (16.2%): Above sector norm of 15%.

🇮Analyst Upside (11%): Mean target of ₹1550 above current price.

🇳Low Beta (0.35): Less volatile than market — defensive play.

🔬Earnings Growth (12%): Above sector norm — strong profit expansion.

🔴 RISKS

📜High P/E (62.4x): Well above sector expensive threshold of 30x — leaves little room for error.

💰High P/B (14.9x): Well above sector expensive threshold of 6x.

🔓Market Risk: Broader market correction or sentiment shift could impact stock.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +8.9%, 6M -7.2%, RSI 55, MACD bullish, Below 200DMA

Sentiment 7/10
Analyst upside +10.8%, Rec: buy

Value 0/10
P/E 62.4, P/B 14.9, PEG 3.08, EV/EBITDA 43.2

Quality 6/10
Margin 16.2%, D/E 5

Low Volatility 10/10
Beta 0.35, Ann. vol 20%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 10.8% analyst upside; strong 30% ROCE compounds	OPM of 21% provides margin buffer; P/E 62x vs sector median 32x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-0.26%)	Miss further upside if momentum continues; 1M return of +8.9% shows momentum
SELL	Lock in -6.2% 1Y return; redeploy into Clean Science at lower P/E	Avoid further drawdown; P/E compression risk at 62x

REASONS TO BUY

Analyst upside of 10.8% with mean target of ₹1,550
ROCE at 30% indicates strong capital efficiency
ROE of 21.3% above sector norm of 18%
Revenue growing at 10.1% YoY (sector norm: 5%)

REASONS TO SELL / AVOID

P/E of 62.4x is 2.0x the sector median of 32x
FII stake falling (-0.26%) — institutional exit signal
Clean Science offers lower P/E (31.8) with ROCE of 29.3% in the same sector

📰 Latest News

Pidilite Industries Ltd (BOM:500331) Q3 2026 Earnings Call Highlights: Strong Domestic Growth ...

GuruFocus.com · 2026-02-04T17:03

Lower input costs drive profit rise at India's Pidilite Industries

Reuters · 2026-02-03T13:40

Indian adhesives maker Pidilite's quarterly profit grows on strong demand

Reuters · 2025-10-30T14:12

Pidilite Industries Ltd (BOM:500331) Q4 2025 Earnings Call Highlights: Strong Revenue Growth ...

GuruFocus.com · 2025-05-10T07:02

RECOMMENDATION

HOLD

COMPOSITE SCORE

52/100

Pidilite Industries Limited trades at ₹1,399.20 with a composite risk score of 52/100. The stock scores 2/25 on valuation, 18/25 on financial health, 16/25 on growth, and 16/25 on technicals. The company is currently profitable with strong return on equity.

Analyst consensus suggests upside of 10.8% with a mean target of ₹1550. Revenue growth is at 10.1%.

Bottom Line: Neutral for Basic Materials — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE HIGH ROE UPSIDE POTENTIAL EXPENSIVE