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Hold Pidilite Industries ; target of Rs 2610: Prabhudas Lilladher | CPT PPP Coverage

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Hold Pidilite Industries ; target of Rs 2610: Prabhudas Lilladher appeared on www.moneycontrol.com by .

Hold

Prabhudas Lilladher’s research report on Pidilite Industries

We adjust our FY24/25 EPS estimates by 2.6%/-4.6% given 1) stable VAM prices of USD 850-900/ton enabling 770/660bps of gross/EBITDA margin expansion over FY23-25, 2) double-digit growth in rural India and 3) tactical price corrections to maintain 10-15% price premium vs peers will keep incremental margin expansion under check. Long term demand trends remain favorable with 1) pick up in real estate, infra, repair & renovation activity 2) sustained traction in innovations with rising base of pioneer and growth segments from current 33% to 50% over next 3 years and 3) gains from deeper distribution reach in rural India and small towns.

Outlook

We estimate 34% EPS CAGR over FY23-25 and assign DCF based target price of Rs2610 (Rs2664 earlier). We expect moderate returns in near term given PE of 53.4xJun25 EPS. Maintain Hold.

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Pidilite Industries – 15 -08 – 2023 – prabhu



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