Neutral Pidilite Industries; target of Rs 2440: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Pidilite Industries

Sales growth was ahead of our estimate (three-year growth CAGR of 15% is healthy) and led to comfortable beat on our forecasts despite a higher than expected material cost impact. The management indicated continued pressure on margin in 2Q (likely to be worse than 1Q), before recovering in 2HFY23 on lower crude-related RM costs going forward While the earnings outlook is healthy, valuations are rich at 64x FY24E EPS. We maintain our Neutral rating.

Outlook

While the structural investment case remains intact, valuations are expensive at 64x FY24E EPS. We maintain our Neutral rating, with a TP of INR2,440 per share (premised on 55x Jun’24E EPS).

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Pidilite Industries - 120822 - moti