InCred Equities - Pidilite Industries Limited

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue (Rsm)	123,830	131,403	145,895	162,967
Operating EBITDA (Rsm)	27,073	30,125	34,753	39,591
Net Profit (Rsm)	17,294	20,762	23,762	28,145
Core EPS (Rs)	35.0	41.2	46.7	55.3
Core EPS Growth	39.9%	17.5%	13.4%	18.4%
FD Core P/E (x)	89.67	74.71	65.28	55.11
DPS (Rs)	14.4	17.3	20.7	24.9
Dividend Yield	0.36%	0.52%	0.68%	0.82%
EV/EBITDA (x)	56.61	50.55	43.80	38.38
P/FCFE (x)	178.53	272.28	137.28	100.25
Net Gearing	(23.5%)	(30.6%)	(27.5%)	(26.3%)
P/BV (x)	18.45	15.90	14.00	12.29
ROE	22.8%	23.1%	22.8%	23.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Net Revenues	123,830	131,403	145,895	162,967
Gross Profit	63,890	71,440	80,416	90,950
Operating EBITDA	27,073	30,125	34,753	39,591
Depreciation And Amortisation	(3,407)	(3,585)	(4,250)	(4,280)
Operating EBIT	23,666	26,540	30,503	35,311
Financial Income/(Expense)	885	1,969	1,200	2,244
Pretax Income/(Loss) from Assoc.	(41)	(33)	(36)	(40)
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	24,510	28,476	31,667	37,515
Exceptional Items	(717)	(249)
Pre-tax Profit	23,794	28,227	31,667	37,515
Taxation	(6,319)	(7,265)	(7,885)	(9,350)
Exceptional Income - post-tax
Profit After Tax	17,474	20,962	23,782	28,165
Minority Interests	(180)	(199)	(20)	(20)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	17,294	20,762	23,762	28,145
Recurring Net Profit	17,820	20,947	23,762	28,145
Fully Diluted Recurring Net Profit	17,820	20,947	23,762	28,145

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
EBITDA	27,073	30,125	34,753	39,591
Cash Flow from Invt. & Assoc.	(41)	(33)	(36)	(40)
Change In Working Capital	6,905	(713)	(9,539)	(9,785)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(512)	(504)	(225)	(225)
Tax Paid	(6,319)	(7,265)	(7,885)	(9,350)
Cashflow From Operations	27,106	21,611	17,067	20,192
Capex	(6,194)	(5,940)	(7,000)	(7,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(12,145)	(10,691)	1,095	2,139
Cash Flow From Investing	(18,339)	(16,631)	(5,905)	(4,861)
Debt Raised/(repaid)	(81)	717	136	143
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(5,597)	(8,134)	(10,546)	(12,656)
Preferred Dividends
Other Financing Cashflow	(306)	715	(20)	(20)
Cash Flow From Financing	(5,984)	(6,702)	(10,430)	(12,533)
Total Cash Generated	2,783	(1,722)	732	2,797
Free Cashflow To Equity	8,686	5,697	11,299	15,473
Free Cashflow To Firm	9,279	5,484	11,388	15,555

(Rs mn)	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Total Cash And Equivalents	24,035	34,982	35,714	38,512
Total Debtors	16,747	18,112	20,132	24,114
Inventories	14,149	16,851	21,037	25,521
Total Other Current Assets	6,112	7,594	7,226	8,685
Total Current Assets	61,043	77,538	84,108	96,832
Fixed Assets	43,170	45,520	48,270	50,990
Total Investments	3,649	3,894	4,224	4,554
Intangible Assets	12,817	12,822	12,822	12,822
Total Other Non-Current Assets	419	441	368	410
Total Non-current Assets	60,055	62,677	65,684	68,776
Short-term Debt	1,312	1,472	1,472	1,472
Current Portion of Long-Term Debt
Total Creditors	24,172	28,102	25,768	25,646
Other Current Liabilities	12,696	14,201
Total Current Liabilities	38,180	43,775	27,239	27,118
Total Long-term Debt	2,513	3,070	3,206	3,349
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	2,513	3,070	3,206	3,349
Total Provisions	6,589	7,616	6,554	6,860
Total Liabilities	47,282	54,461	36,999	37,326
Shareholders Equity	84,072	97,545	110,760	126,250
Minority Interests	2,099	2,033	2,033	2,033
Total Equity	86,170	99,578	112,793	128,283

	Mar-24A	Mar-25A	Mar-26F	Mar-27F
Revenue Growth	4.9%	6.1%	11.0%	11.7%
Operating EBITDA Growth	36.4%	11.3%	15.4%	13.9%
Operating EBITDA Margin	21.9%	22.9%	23.8%	24.3%
Net Cash Per Share (Rs)	39.74	59.85	61.02	66.24
BVPS (Rs)	165.30	191.79	217.77	248.23
Gross Interest Cover	46.23	52.71	135.57	156.94
Effective Tax Rate	26.6%	25.7%	24.9%	24.9%
Net Dividend Payout Ratio	31.1%	38.7%	44.4%	45.0%
Accounts Receivables Days	47.31	48.41	47.84	49.55
Inventory Days	98.40	94.35	105.60	117.98
Accounts Payables Days	(139.82)	(159.10)	(150.14)	(130.29)
ROIC (%)	41.9%	45.0%	36.3%	36.4%
ROCE (%)	27.1%	26.6%	26.8%	27.6%
Return On Average Assets	15.3%	14.7%	15.6%	16.4%

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

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

(91) 2241611558 saurabh.singh@incredresearch.com

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Market Data

Source: Bloomberg