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Swing Capital

Pidilite Industries Ltd

NSE: PIDILITIND BSE: 500331Infra

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]

₹1,453
52W: ₹1259 — ₹1575
PE 61.8 · Book ₹105 · +1284% vs book
Market Cap₹1,47,878 Cr
Stock P/E61.8Price to Earnings
ROCE31%Return on Capital
ROE23.5%Return on Equity
Div. Yield0.68%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 62.0%

Weaknesses

  • −Stock is trading at 13.9 times its book value
  • −Working capital days have increased from 47.3 days to 113 days

Shareholding Pattern

Promoters69.32%
FIIs11.75%
DIIs9.56%
Public9.29%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters69.75%69.6%▼0.269.59%▼0.069.49%▼0.169.35%▼0.169.33%▼0.069.32%▼0.069.32%
FIIs11.59%11.96%▲0.411.79%▼0.211.6%▼0.212.13%▲0.512.08%▼0.112.01%▼0.111.75%▼0.3
DIIs8.97%8.89%▼0.19.15%▲0.39.43%▲0.39.15%▼0.39.15%9.21%▲0.19.56%▲0.3
Public9.71%9.55%▼0.29.46%▼0.19.47%▲0.09.36%▼0.19.43%▲0.19.4%▼0.09.29%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,8342,5893,1462,9773,0992,8513,4793,2873,4363,285
Expenses2,1262,0612,3752,2462,3502,2672,5912,4802,5962,519
Operating Profit708528771731749584888807840766
OPM %25%20%25%25%24%20%26%25%24%23%
Net Profit523354552542534446650586601547
EPS ₹5.143.485.425.335.254.386.395.765.915.38

AI Insights

Revenue Trend

Mar 2026 revenue at ₹13,488Cr, up 11.7% YoY. OPM at 24%.

Debt Position

Borrowings at ₹276Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹327Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 9.56% (+1.64pp change). FIIs: 11.75% (+0.41pp change). Promoters hold 69.32%.

Margin & Efficiency

ROCE improving from 31% (Mar 2015) to 31% (Mar 2026). Working capital days: 113.

Valuation

PE 61.8x with 31% ROCE. Price is 1284% above book value of ₹105. Dividend yield: 0.68%.

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