InCred Equities - Pidilite Industries Limited

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue (Rsm)	131,403	145,895	162,967	182,106
Operating EBITDA (Rsm)	30,125	34,753	39,591	44,755
Net Profit (Rsm)	20,762	23,762	27,342	32,218
Core EPS (Rs)	41.2	46.7	53.8	63.3
Core EPS Growth	17.5%	13.4%	15.1%	17.8%
FD Core P/E (x)	75.42	65.90	57.27	48.60
DPS (Rs)	17.3	20.7	24.9	29.9
Dividend Yield	0.52%	0.67%	0.81%	0.97%
EV/EBITDA (x)	51.04	44.22	38.77	34.10
P/FCFE (x)	274.88	138.59	106.74	64.80
Net Gearing	(30.6%)	(27.5%)	(25.8%)	(28.9%)
P/BV (x)	16.05	14.14	12.48	10.99
ROE	23.1%	22.8%	23.2%	24.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Net Revenues	131,403	145,895	162,967	182,106
Gross Profit	71,440	80,416	90,950	102,890
Operating EBITDA	30,125	34,753	39,591	44,755
Depreciation And Amortisation	(3,585)	(4,250)	(4,280)	(4,270)
Operating EBIT	26,540	30,503	35,311	40,485
Financial Income/(Expense)	1,969	1,200	1,163	2,501
Pretax Income/(Loss) from Assoc.	(33)	(36)	(40)	(44)
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	28,476	31,667	36,434	42,942
Exceptional Items	(249)
Pre-tax Profit	28,227	31,667	36,434	42,942
Taxation	(7,265)	(7,885)	(9,073)	(10,705)
Exceptional Income - post-tax
Profit After Tax	20,962	23,782	27,362	32,238
Minority Interests	(199)	(20)	(20)	(20)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	20,762	23,762	27,342	32,218
Recurring Net Profit	20,947	23,762	27,342	32,218
Fully Diluted Recurring Net Profit	20,947	23,762	27,342	32,218

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
EBITDA	30,125	34,753	39,591	44,755
Cash Flow from Invt. & Assoc.	(33)	(36)	(40)	(44)
Change In Working Capital	(713)	(9,539)	(9,785)	(5,162)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(504)	(225)	(225)	(225)
Tax Paid	(7,265)	(7,885)	(9,073)	(10,705)
Cashflow From Operations	21,611	17,067	20,469	28,620
Capex	(5,940)	(7,000)	(7,000)	(7,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(10,691)	1,095	1,058	2,396
Cash Flow From Investing	(16,631)	(5,905)	(5,942)	(4,604)
Debt Raised/(repaid)	717	136	143	150
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(8,134)	(10,546)	(12,656)	(15,187)
Preferred Dividends
Other Financing Cashflow	715	(20)	(20)	(20)
Cash Flow From Financing	(6,702)	(10,430)	(12,533)	(15,057)
Total Cash Generated	(1,722)	732	1,994	8,959
Free Cashflow To Equity	5,697	11,299	14,670	24,165
Free Cashflow To Firm	5,484	11,388	14,752	24,240

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Cash And Equivalents	34,982	35,714	37,709	46,667
Total Debtors	18,112	20,132	24,114	26,960
Inventories	16,851	21,037	25,521	28,525
Total Other Current Assets	7,594	7,226	8,685	9,715
Total Current Assets	77,538	84,108	96,029	111,867
Fixed Assets	45,520	48,270	50,990	53,720
Total Investments	3,894	4,224	4,554	4,884
Intangible Assets	12,822	12,822	12,822	12,822
Total Other Non-Current Assets	441	368	410	458
Total Non-current Assets	62,677	65,684	68,776	71,884
Short-term Debt	1,472	1,472	1,472	1,472
Current Portion of Long-Term Debt
Total Creditors	28,102	25,768	25,646	27,061
Other Current Liabilities	14,201
Total Current Liabilities	43,775	27,239	27,118	28,533
Total Long-term Debt	3,070	3,206	3,349	3,499
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	3,070	3,206	3,349	3,499
Total Provisions	7,616	6,554	6,860	7,209
Total Liabilities	54,461	36,999	37,326	39,241
Shareholders Equity	97,545	110,760	125,447	142,477
Minority Interests	2,033	2,033	2,033	2,033
Total Equity	99,578	112,793	127,480	144,510

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Revenue Growth	6.1%	11.0%	11.7%	11.7%
Operating EBITDA Growth	11.3%	15.4%	13.9%	13.0%
Operating EBITDA Margin	22.9%	23.8%	24.3%	24.6%
Net Cash Per Share (Rs)	59.85	61.02	64.66	81.98
BVPS (Rs)	191.79	217.77	246.65	280.14
Gross Interest Cover	52.71	135.57	156.94	179.93
Effective Tax Rate	25.7%	24.9%	24.9%	24.9%
Net Dividend Payout Ratio	38.7%	44.4%	46.3%	47.1%
Accounts Receivables Days	48.41	47.84	49.55	51.18
Inventory Days	94.35	105.60	117.98	124.51
Accounts Payables Days	(159.10)	(150.14)	(130.29)	(121.43)
ROIC (%)	45.0%	36.3%	36.4%	38.5%
ROCE (%)	26.6%	26.8%	27.7%	28.2%
Return On Average Assets	14.7%	15.6%	16.7%	17.1%

(91) 22 4161 1561 rohan.kalle@incredresearch.com

(91) 22 4161 1564 nishant.bagrecha@incredresearch.com

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Market Data

Source: Bloomberg