Hold Pidilite Industries; target of Rs 2535: ICICI Direct

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 4898+ distributors, strong balance sheet (RoE, 19%, RoCE, 22%).

Outlook

We maintain our HOLD rating on the stock. We roll over our valuation on FY25E and value the stock at 62x P/E of FY25E EPS with a revised target price of Rs 2535.

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