Hold Pidilite Industries; target of Rs 2640: 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 B2B segment (industrial adhesive, resins and pigments) contributes ~20% to topline • Has 4700+ distributors, strong balance sheet (RoE, 20%, RoCE, 24%).

Outlook

We maintain our HOLD rating on the stock. We value Pidilite at Rs 2640, 75x P/E of FY24E EPS.

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