ICICI Direct's research report on Pidilite Industries
Pidilite is a market leader in the adhesive and sealants business. The company’s consumer & bazaar (C&B) segment (adhesives & sealants, construction & paint chemical, art & craft materials) contributes 80% to topline while the B2B segment (industrial adhesive, resins and pigments) contributes ~20% to topline. Has 4800+ distributors, strong balance sheet (RoE, 19%, RoCE, 22%).
We maintain our HOLD rating on the stock. We value Pidilite at Rs 2000, 62x P/E of FY24E EPS.
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