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Hold Pidilite Industries; target of Rs 2965: ICICI Direct

ICICI Direct recommended hold rating on Pidilite Industries with a target price of Rs 2965 in its research report dated November 11, 2022.

November 23, 2022 / 02:47 PM IST
 
 
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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%).

Outlook

We maintain our HOLD rating on the stock. We value Pidilite at Rs 2965, 72x P/E of FY24E EPS.