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Last Updated on: 22 December, 2024
Author: Getaka|Social: Getaka Financial Technology X (Earlier Twitter) Profile Getaka Financial Technology LinkedIn Logo
Stock Ticker - BSE: 500331 | NSE: PIDILITIND

Pidilite Industries Ltd: Fundamental Analysis, Share Price Insights & Intrinsic Value (2024)

Share Price and Basic Stock Data

Last Updated: December 21, 2024, 2:59 am

Market Cap 1,51,414 Cr.
Current Price 2,977
High / Low 3,415/2,488
Stock P/E77.2
Book Value 171
Dividend Yield0.54 %
ROCE29.7 %
ROE22.8 %
Face Value 1.00
PEG Ratio8.66

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for

Competitors of

Stock NameMarket CapCurrent PriceHigh / LowStock P/EBook ValueDividend YieldROCEROEFace Value
HP Adhesives Ltd 725 Cr. 78.9 131/75.035.2 19.20.38 %17.7 %12.6 % 2.00
Haryana Leather Chemicals Ltd 44.4 Cr. 90.5 124/56.89.83 87.21.10 %8.96 %7.25 % 10.0
Hardcastle & Waud Mfg Co Ltd 61.8 Cr. 909 1,355/45132.4 6630.00 %7.00 %5.98 % 10.0
Grauer & Weil (India) Ltd 4,577 Cr. 101 120/63.528.6 19.20.50 %26.1 %19.6 % 1.00
DMCC Speciality Chemicals Ltd 972 Cr. 390 453/24573.3 85.40.26 %10.8 %5.68 % 10.0
Industry Average12,868.59 Cr928.7458.01173.840.31%14.09%10.82%6.44

All Competitor Stocks of

Quarterly Result

MonthJun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024
Sales1,9372,6262,8512,5073,1013,0112,9982,6893,2753,0763,1302,9023,395
Expenses1,5892,0772,3022,1062,5722,5112,5022,2322,5692,3982,3882,3272,583
Operating Profit348550549401529500496458706678742575812
OPM %18%21%19%16%17%17%17%17%22%22%24%20%24%
Other Income8159161414723233237-2354
Interest101211991215121213131312
Depreciation576060626164697673757911384
Profit before tax290491487346473439419393644622687426770
Tax %25%24%26%26%24%23%27%27%26%26%26%29%26%
Net Profit218376359254358338308286474459511304571
EPS in Rs4.337.377.055.006.966.545.985.579.218.8510.045.9111.15

Last Updated: Unknown

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: Unknown

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales3,1273,6784,2834,8445,3615,6176,0787,0787,2947,2939,92111,79912,170
Expenses2,6413,1203,6114,0734,1884,3554,7375,7075,7185,6068,0659,8139,586
Operating Profit4855586727711,1731,2621,3411,3711,5761,6861,8561,9862,585
OPM %16%15%16%16%22%22%22%19%22%23%19%17%21%
Other Income4210738408111515313097743955115
Interest31161616131416263437424850
Depreciation646981118100115120133170201240270304
Profit before tax4335816126781,1411,2481,3591,3421,4701,5221,6141,7232,346
Tax %25%27%27%25%29%31%29%31%24%26%25%25%
Net Profit3254244505148078639669281,1221,1261,2071,2891,729
EPS in Rs6.398.278.7710.0015.6616.7718.9518.2121.9722.2623.7625.0533.67
Dividend Payout %30%31%31%29%26%28%32%36%32%38%42%44%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2012-20132013-20142014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-2023
YoY Net Profit Growth (%)30.46%6.13%14.22%57.00%6.94%11.94%-3.93%20.91%0.36%7.19%6.79%
Change in YoY Net Profit Growth (%)0.00%-24.33%8.09%42.78%-50.06%5.00%-15.87%24.84%-20.55%6.84%-0.40%

has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2012-2013 to 2022-2023.

Growth

Compounded Sales Growth
10 Years:11%
5 Years:12%
3 Years:19%
TTM:5%
Compounded Profit Growth
10 Years:15%
5 Years:14%
3 Years:16%
TTM:30%
Stock Price CAGR
10 Years:20%
5 Years:17%
3 Years:7%
1 Year:13%
Return on Equity
10 Years:24%
5 Years:22%
3 Years:21%
Last Year:23%

Last Updated: Unknown

Balance Sheet

Last Updated: November 15, 2024, 1:50 am

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Sep 2024
Equity Capital51515151515151515151515151
Reserves1,6001,9012,2192,5873,4203,5234,0974,4055,5426,3537,1618,3568,664
Borrowings11146588098125113288331416391382379
Other Liabilities8539309869961,2021,5001,6431,7792,8902,6752,9023,2863,662
Total Liabilities2,6162,9283,3153,7144,7705,1995,9046,5238,8149,49410,50512,07612,755
Fixed Assets6467299781,1371,2751,3421,4481,8074,4184,7034,9145,4515,499
CWIP428458462158148228242259294225406148161
Investments2942603707061,4431,2461,5481,1865164598812,2352,546
Other Assets1,2481,4811,5051,7131,9042,3832,6663,2703,5864,1074,3044,2424,550
Total Assets2,6162,9283,3153,7144,7705,1995,9046,5238,8149,49410,50512,07612,755

Reserves and Borrowings Chart

Cash Flow

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Cash from Operating Activity +4723945529077947968451,2801,3929551,5582,724
Cash from Investing Activity +-144-99-436-491-87939-513103-1,688-558-899-1,769
Cash from Financing Activity +-339-242-165-37141-790-361-849-76-468-656-742
Net Cash Flow-1254-4945-4546-29533-372-712212

Free Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Free Cash Flow485.00447.00626.00713.00-79.00-97.00-124.00-112.00-287.00-330.00-415.00-390.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024
Debtor Days434544485056545466534749
Inventory Days95938889100102951001331149886
Days Payable4554455354695967109705770
Cash Conversion Cycle928486849689908891968866
Working Capital Days233331424656544535544724
ROCE %34%33%32%45%39%36%33%33%28%25%24%30%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthDec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
Promoters69.98%69.94%69.94%69.93%69.93%69.94%69.91%69.86%69.84%69.78%69.75%69.60%
FIIs11.66%11.57%11.13%11.34%11.08%10.61%11.34%11.44%11.49%11.31%11.59%11.96%
DIIs7.48%7.30%7.48%7.73%8.12%8.45%7.92%8.01%8.32%8.93%8.97%8.89%
Public10.88%11.19%11.45%10.98%10.85%10.98%10.82%10.70%10.36%10.00%9.71%9.55%
No. of Shareholders4,84,5975,62,8106,20,8755,75,4795,86,0756,18,3275,97,0296,00,1175,77,3825,41,1145,23,2925,08,966

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Axis ELSS Tax Saver Fund5,108,3604.111397.65387,2302024-12-201219.21%
Axis Focused 25 Fund3,429,0486.93938.19387,2302024-12-20785.53%
Axis Bluechip Fund1,869,8851.57511.6387,2302024-12-20382.89%
UTI Flexi Cap Fund982,7281.09268.87387,2302024-12-20153.78%
Mirae Asset Large Cap Fund634,0000.46173.46387,2302024-12-2063.73%
ICICI Prudential Balanced Advantage Fund400,0000.2109.44387,2302024-12-203.3%
Nippon India ETF Nifty Next 50 Junior BeES387,2302.35105.95387,2302024-12-200%
ICICI Prudential Nifty Next 50 Index Fund362,7342.3699.24387,2302024-12-20-6.33%
HDFC Arbitrage Fund - Regular Plan356,2500.8997.47387,2302024-12-20-8%
HDFC Arbitrage Fund - Wholesale Plan356,2500.8997.47387,2302024-12-20-8%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 24Mar 23Mar 22Mar 21Mar 20
FaceValue1.001.001.001.001.00
Basic EPS (Rs.)34.0125.0523.7622.2621.98
Diluted EPS (Rs.)33.9825.0323.7622.2421.97
Cash EPS (Rs.)41.1330.5328.2226.0325.37
Book Value[Excl.RevalReserv]/Share (Rs.)169.43146.49129.90114.7891.94
Book Value[Incl.RevalReserv]/Share (Rs.)169.43146.49129.90114.7891.94
Revenue From Operations / Share (Rs.)243.47232.13195.18143.50143.56
PBDIT / Share (Rs.)55.9840.0237.0634.6333.96
PBIT / Share (Rs.)49.2834.7132.3430.6830.61
PBT / Share (Rs.)46.8633.7731.5129.8828.87
Net Profit / Share (Rs.)34.4425.2323.5122.0822.02
NP After MI And SOA / Share (Rs.)34.0025.0523.7622.2621.97
PBDIT Margin (%)22.9917.2318.9824.1323.65
PBIT Margin (%)20.2314.9516.5721.3821.32
PBT Margin (%)19.2414.5416.1420.8220.10
Net Profit Margin (%)14.1410.8612.0415.3815.34
NP After MI And SOA Margin (%)13.9610.7912.1715.5115.30
Return on Networth / Equity (%)20.5717.6518.8520.2225.05
Return on Capital Employeed (%)26.9321.7422.8624.3831.61
Return On Assets (%)14.2812.0912.6912.8117.08
Long Term Debt / Equity (X)0.000.000.000.000.01
Total Debt / Equity (X)0.010.020.040.030.03
Asset Turnover Ratio (%)1.091.100.960.871.08
Current Ratio (X)2.091.891.731.442.33
Quick Ratio (X)1.581.140.990.931.75
Inventory Turnover Ratio (X)3.163.283.202.593.03
Dividend Payout Ratio (NP) (%)32.3439.9235.760.0061.42
Dividend Payout Ratio (CP) (%)27.0132.9429.840.0053.31
Earning Retention Ratio (%)67.6660.0864.24100.0038.58
Cash Earning Retention Ratio (%)72.9967.0670.16100.0046.69
Interest Coverage Ratio (X)55.6142.6944.7647.2751.35
Interest Coverage Ratio (Post Tax) (X)36.6227.9129.4031.2435.95
Enterprise Value (Cr.)153137.90119713.90124936.5191984.1468612.91
EV / Net Operating Revenue (X)12.3710.1512.5912.619.41
EV / EBITDA (X)53.7958.8666.3352.2639.77
MarketCap / Net Operating Revenue (X)12.3810.1412.5812.619.45
Retention Ratios (%)67.6560.0764.2399.9938.57
Price / BV (X)18.2416.5919.4916.4515.47
Price / Net Operating Revenue (X)12.3810.1412.5812.619.45
EarningsYield0.010.010.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of as of December 22, 2024 is: 3,026.13

Calculation basis:

  • Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of December 22, 2024, is Undervalued by 1.65% compared to the current share price 2,977.00

Intrinsic Value of as of December 22, 2024 is: 3,295.87

Calculation basis:

  • Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
  • P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
  • Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
  • Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
  • Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
  • EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of December 22, 2024, is Undervalued by 10.71% compared to the current share price 2,977.00

Last 5 Year EPS CAGR: 8.91%

*Investments are subject to market risks

Strength and Weakness

StrengthWeakness
  1. The stock has a high average ROCE of 32.67%, which is a positive sign.
  2. The company has higher reserves (4,602.15 cr) compared to borrowings (216.77 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (6.38 cr) and profit (178.00 cr) over the years.
  1. The stock has a high average Working Capital Days of 40.83, which may not be favorable.
  2. The stock has a high average Cash Conversion Cycle of 87.50, which may not be favorable.
  • Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in :
    1. Net Profit Margin: 14.14%
      • Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
    2. ROCE: 26.93% (Industry Average ROCE: 14.09%)
      • ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
    3. ROE%: 20.57% (Industry Average ROE: 10.82%)
      • ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
    4. Interest Coverage Ratio (Post Tax): 36.62
      • Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
    5. Quick Ratio: 1.58
      • Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
    6. Stock P/E: 77.2 (Industry average Stock P/E: 58.01)
      • Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
    7. Total Debt / Equity: 0.01
      • Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
    The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
    Stock Rating:

About the Company - Qualitative Analysis

Pidilite Industries Ltd. is a Public Limited Listed company incorporated on 28/07/1969 and has its registered office in the State of Maharashtra, India. Company’s Corporate Identification Number(CIN) is L24100MH1969PLC014336 and registration number is 014336. Currently Company is involved in the business activities of Manufacture of gelatine and its derivatives, resinoids, glues, prepared adhesives, including rubber-based glues and adhesives. Company’s Total Operating Revenue is Rs. 8340.17 Cr. and Equity Capital is Rs. 50.83 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Chemicals - Speciality - OthersRegent Chambers, 7th Floor, Mumbai Maharashtra 400021investor.relations@pidilite.co.in
http://www.pidilite.com
Management
NamePosition Held
Mr. M B ParekhExecutive Chairman
Mr. A B ParekhExecutive Vice Chairman
Mr. A N ParekhExecutive Vice Chairman
Mr. Bharat PuriManaging Director
Mr. Sudhanshu VatsDeputy Managing Director
Mr. Sandeep BatraDirector - Finance & CFO
Mr. Joseph VargheseDirector - Operations
Mr. N K ParekhNon Executive Director
Mr. B S MehtaIndependent Director
Mr. Meher PudumjeeIndependent Director
Mr. Rajeev VasudevaIndependent Director
Mr. Sanjeev AgaIndependent Director
Mr. Uday KhannaIndependent Director
Mrs. Meera ShankarIndependent Director
Mr. Vinod DasariIndependent Director
Mr. Piyush PandeyIndependent Director

FAQ

What is the latest intrinsic value of ?

The latest intrinsic value of as on 21 December 2024 is ₹3026.13, which is 1.65% higher than the current market price of ₹2,977.00. The stock has a market capitalization of 1,51,414 Cr. and recorded a high/low of 3,415/2,488 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹8,664 Cr and total liabilities of ₹12,755 Cr.

What is the Market Cap of ?

The Market Cap of is 1,51,414 Cr..

What is the current Stock Price of as on 21 December 2024?

The current stock price of as on 21 December 2024 is 2,977.

What is the High / Low of stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of stocks is 3,415/2,488.

What is the Stock P/E of ?

The Stock P/E of is 77.2.

What is the Book Value of ?

The Book Value of is 171.

What is the Dividend Yield of ?

The Dividend Yield of is 0.54 %.

What is the ROCE of ?

The ROCE of is 29.7 %.

What is the ROE of ?

The ROE of is 22.8 %.

What is the Face Value of ?

The Face Value of is 1.00.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in . Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE