Pidilite Industries Limited is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY products and polymer emulsions in India. Most of the products have been developed through strong in-house R&D. Our brand name Fevicol has become synonymous with adhesives to millions in India and is ranked amongst the most trusted brands in the country. Some of our other major brands are M-Seal, Fevikwik, Fevistik, Roff, Dr. Fixit, Fevicryl, Motomax, Hobby Ideas, Araldite.[1]
Revenue BreakupCompany earns about 53% of its revenues from adhesives & sealants category, followed by Construction & paint chemicals (20%), industrial resins & construction chemicals (7%), art & craft materials (6%), industrial adhesives (6%), and pigment & preparation (6%)..It has its business divided into 2 divisions, consumer & bazaar products which account for ~80% of revenues, and B2B products segment which accounts for ~20% of revenues[1]In total,the company produces ~6500 products for its brands.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Pidilite Inds. | 1477.20 | 67.38 | 150336.73 | 0.67 | 585.90 | 8.10 | 3287.31 | 10.43 | 30.51 | 12716.55 | 23.81 | 2231.31 | 585.90 | 15.97 | 16.96 | 0.03 |
| 2. | Gujarat Fluoroch | 3415.00 | 55.19 | 37513.80 | 0.09 | 179.00 | 47.93 | 1210.00 | 1.85 | 9.89 | 4864.00 | 26.89 | 680.00 | 179.00 | 4.91 | 5.51 | 0.23 |
| 3. | Navin Fluo.Intl. | 6144.05 | 70.87 | 31486.72 | 0.20 | 148.37 | 152.24 | 758.42 | 46.26 | 11.68 | 2790.96 | 27.91 | 444.09 | 148.37 | 8.75 | 6.27 | 0.33 |
| 4. | Deepak Nitrite | 1546.90 | 39.72 | 21098.62 | 0.48 | 118.75 | -38.87 | 1901.89 | -6.40 | 16.28 | 7874.86 | 11.16 | 531.41 | 118.71 | 3.81 | 9.86 | 0.23 |
| 5. | Atul | 6003.00 | 32.61 | 17673.87 | 0.42 | 182.37 | 31.01 | 1551.85 | 11.42 | 12.81 | 5898.32 | 16.11 | 542.25 | 179.24 | 3.01 | 7.48 | 0.03 |
| 6. | Vinati Organics | 1586.65 | 35.38 | 16448.10 | 0.47 | 129.02 | 21.59 | 546.27 | -1.27 | 20.61 | 2258.65 | 29.70 | 464.92 | 129.02 | 5.57 | 13.64 | 0.00 |
| 7. | BASF India | 3631.35 | 40.85 | 15718.54 | 0.54 | 101.05 | -21.02 | 3904.04 | -8.09 | 18.02 | 14603.55 | 4.17 | 384.69 | 101.05 | 4.13 | 6.07 | 0.04 |
| – | Median: 92 Co. | 279.48 | 27.06 | 830.69 | 0.33 | 7.21 | 2.98 | 134.38 | 5.61 | 15.16 | 512.22 | 13.09 | 26.07 | 7.24 | 2.69 | 7.88 | 0.11 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 2,715 | 2,710 | 2,382 | 2,964 | 2,780 | 2,834 | 2,589 | 3,146 | 2,977 | 3,099 | 2,851 | 3,479 | 3,287 |
Expenses | 2,251 | 2,242 | 1,946 | 2,292 | 2,138 | 2,126 | 2,061 | 2,375 | 2,246 | 2,350 | 2,267 | 2,591 | 2,480 |
Operating Profit | 464 | 468 | 436 | 671 | 643 | 708 | 528 | 771 | 731 | 749 | 584 | 888 | 807 |
Other Income | 28 | 3 | 21 | 27 | 36 | 60 | 49 | 52 | 72 | 55 | 96 | 84 | 69 |
Profit before tax | 433 | 403 | 389 | 630 | 609 | 694 | 470 | 742 | 720 | 718 | 585 | 879 | 780 |
Tax % | 22% | 27% | 25% | 26% | 25% | 25% | 25% | 26% | 25% | 26% | 24% | 26% | 25% |
Net Profit | 337 | 296 | 291 | 468 | 455 | 523 | 354 | 552 | 542 | 534 | 446 | 650 | 586 |
EPS in Rs | 3.31 | 2.91 | 2.86 | 4.60 | 4.47 | 5.14 | 3.48 | 5.42 | 5.33 | 5.25 | 4.38 | 6.39 | 5.76 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,878 | 4,398 | 4,731 | 4,865 | 5,354 | 6,094 | 6,333 | 6,216 | 8,896 | 10,597 | 11,167 | 12,073 | 12,717 |
Expenses | 3,205 | 3,637 | 3,636 | 3,638 | 4,061 | 4,800 | 4,849 | 4,663 | 7,115 | 8,742 | 8,608 | 9,237 | 9,689 |
Operating Profit | 673 | 761 | 1,095 | 1,227 | 1,293 | 1,294 | 1,484 | 1,554 | 1,781 | 1,855 | 2,559 | 2,836 | 3,028 |
Other Income | 36 | 25 | 68 | 14 | 136 | 189 | 93 | 67 | 32 | 63 | 164 | 273 | 303 |
Interest | 10 | 10 | 6 | 6 | 6 | 7 | 13 | 17 | 27 | 29 | 29 | 35 | 39 |
Depreciation | 69 | 108 | 88 | 90 | 91 | 100 | 126 | 147 | 194 | 222 | 289 | 308 | 329 |
Profit before tax | 631 | 669 | 1,070 | 1,145 | 1,331 | 1,376 | 1,437 | 1,457 | 1,591 | 1,668 | 2,404 | 2,766 | 2,963 |
Net Profit | 469 | 502 | 747 | 774 | 955 | 979 | 1,102 | 1,081 | 1,191 | 1,257 | 1,799 | 2,074 | 2,216 |
EPS in Rs | 4.57 | 4.89 | 7.28 | 7.55 | 9.41 | 9.64 | 10.84 | 10.64 | 11.72 | 12.37 | 17.69 | 20.39 | 21.78 |
Dividend Payout % | 30% | 30% | 28% | 31% | 32% | 34% | 32% | 40% | 43% | 44% | 45% | 49% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 51 | 102 |
Reserves | 1,988 | 2,298 | 2,599 | 3,348 | 3,513 | 4,136 | 4,414 | 5,510 | 6,293 | 7,057 | 8,287 | 9,626 | 9,341 |
Borrowings | 8 | 6 | 1 | 0 | 0 | 0 | 73 | 122 | 198 | 187 | 212 | 272 | 265 |
Other Liabilities | 842 | 912 | 815 | 896 | 1,064 | 1,163 | 1,281 | 1,940 | 2,196 | 2,385 | 2,822 | 3,322 | 3,430 |
Total Liabilities | 2,889 | 3,267 | 3,467 | 4,296 | 4,628 | 5,350 | 5,819 | 7,623 | 8,738 | 9,680 | 11,371 | 13,271 | 13,137 |
Fixed Assets | 611 | 828 | 917 | 940 | 940 | 951 | 1,249 | 1,423 | 4,235 | 4,437 | 4,935 | 5,202 | 5,239 |
Gross Block | 1,206 | 1,544 | 1,624 | 1,729 | 1,811 | 1,881 | 2,291 | 2,581 | 5,555 | 5,939 | 6,589 | 7,087 | – |
Accumulated Depreciation | 594 | 716 | 707 | 790 | 871 | 930 | 1,041 | 1,158 | 1,320 | 1,501 | 1,654 | 1,886 | – |
CWIP | 431 | 460 | 152 | 127 | 164 | 229 | 248 | 282 | 207 | 351 | 135 | 106 | 151 |
Investments | 574 | 700 | 1,103 | 1,793 | 1,786 | 2,190 | 1,824 | 3,482 | 1,085 | 1,447 | 2,813 | 4,173 | 3,936 |
Other Assets | 1,273 | 1,278 | 1,296 | 1,436 | 1,738 | 1,980 | 2,498 | 2,438 | 3,211 | 3,445 | 3,487 | 3,791 | 3,812 |
Total Assets | 2,889 | 3,267 | 3,467 | 4,296 | 4,628 | 5,350 | 5,819 | 7,623 | 8,738 | 9,680 | 11,371 | 13,271 | 13,137 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | 398 | 573 | 907 | 809 | 799 | 853 | 1,228 | 1,201 | 857 | 1,432 | 2,586 | 2,229 |
Cash from Investing Activity | -140 | -445 | -469 | -791 | 24 | -488 | 133 | -1,679 | -540 | -754 | -1,736 | -1,515 |
Cash from Financing Activity | -221 | -173 | -409 | -37 | -803 | -371 | -858 | 19 | -436 | -673 | -623 | -882 |
Net Cash Flow | 37 | -44 | 29 | -19 | 19 | -6 | 504 | -459 | -119 | 6 | 227 | -168 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 43 | 43 | 42 | 46 | 47 | 46 | 46 | 59 | 50 | 45 | 46 | 47 |
Inventory Days | 110 | 101 | 79 | 90 | 91 | 87 | 91 | 126 | 107 | 93 | 85 | 98 |
Days Payable | 65 | 56 | 51 | 53 | 62 | 54 | 62 | 102 | 70 | 56 | 70 | 83 |
Cash Conversion Cycle | 88 | 88 | 71 | 82 | 76 | 80 | 76 | 82 | 87 | 82 | 60 | 62 |
Working Capital Days | 26 | 23 | 31 | 36 | 43 | 41 | 32 | 15 | 41 | 38 | 15 | 14 |
ROCE % | 33% | 31% | 43% | 41% | 38% | 35% | 35% | 29% | 27% | 24% | 31% | 31% |
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Stock Analysis
Pidilite Industries Limited is a leading manufacturer of adhesives and sealants, construction chemicals, craftsmen products, DIY products, and polymer emulsions in India. It has strong in-house R&D capabilities, with brands like Fevicol being synonymous with adhesives and ranked among the most trusted brands. The company earns approximately 53% of its revenues from adhesives & sealants, followed by Construction & paint chemicals (20%), industrial resins & construction chemicals (7%), art & craft materials (6%), industrial adhesives (6%), and pigment & preparation (6%). Its business is divided into two main divisions: consumer & bazaar products (~80% of revenues) and B2B products (~20% of revenues).
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Currently no data available for Order Book.
Currently no data available for Key Red Flags.
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