Hold Pidilite Industries; target of Rs 900: ICICI Direct

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26 Aug, 2025 12:21

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 ICICI Direct's research report on Pidilite Industries

During Q 3 FY18, Pidilite recorded consolidated sales growth of ~ 16 % YoY (~ 17 % excluding sales of cyclo division).  On the low base of Q3FY17, standalone revenue grew ~ 20 % YoY led by volume & mix growth of ~ 22 %. Consumer & bazaar (C&B) and industrial product segment recorded sales growth of ~20% each YoY supported by volume, mix growth of ~23%, ~18% YoY, respectively. Overseas business recorded muted topline growth of ~ 3 % YoY (constant currency basis) revenue on the back of 29% decline in US revenues.

Outlook

We roll over our valuation on FY20E and value the company at 20x FY20E earnings. We maintain our HOLD rating on the stock with a target price of RS 900/shareFor all recommendations report, click here

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