Neutral Pidilite Industries; target of Rs 2035: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Pidilite Industries

Sales in 4QFY22 were in line. Its revenue performance was commendable, given the COVID-led disruptions in Jan’22 and a high base of 44.7% in 4QFY21. Two/three-year CAGR was also healthy at 27.5%/15.2%. Higher than expected raw material prices eroded gross margin, resulting in a significant miss on EBITDA in 4QFY22. While some price hikes were taken in May’22, the management expects VAM prices to remain elevated over the next three-to-four months before softening in 2HFY23.

Outlook

The rich multiple of 57x FY24E EPS adequately captures the stock’s fair value. We maintain our Neutral rating.

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