Accumulate Pidilite Industries; target of Rs 1163: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Pidilite Industries

PIDI has given cautiously optimistic outlook on demand post 6th consecutive quarter of double digit volume growth (13.4%) in C&B products while 24% decline in VAM prices from the peak and stabilization in USD/INR will aid margin expansion from current levels. PIDI is well placed to capitalize on the growth opportunity in adhesives, sealants and waterproofing given strong brand like Fevicol and Dr. Fixit under its belt. International subsidiaries except in USA and Brazil are performing well. PIDI is looking at strategic alternatives in USA and Brazil. Long term outlook looks robust as emerging businesses like Nina, Percept (waterproofing services), ICA (wood coatings), Dr. Fixit (waterproofing), Roff (tiling solutions) and CIPY JV's (floor coatings) will emerge as key growth drivers in coming years.

Outlook

We value the stock at 43xDec20 EPS and arrive at SOTP based target price of Rs1163 (Rs1121 earlier). Retain Accumulate.

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