InCred Equities - Pidilite Industries Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	123,830	136,544	153,401	172,407
Operating EBITDA (Rsm)	27,073	31,809	37,909	43,263
Net Profit (Rsm)	17,294	21,516	25,742	30,219
Core EPS (Rs)	35.0	42.3	50.6	59.4
Core EPS Growth	39.9%	20.7%	19.6%	17.4%
FD Core P/E (x)	88.26	70.96	59.31	50.52
DPS (Rs)		17.3	20.7	24.9
Dividend Yield	0.37%	0.58%	0.69%	0.83%
EV/EBITDA (x)	55.71	47.38	39.63	34.50
P/FCFE (x)	175.73	144.63	98.46	67.70
Net Gearing	(23.5%)	(22.1%)	(23.4%)	(27.7%)
P/BV (x)	18.16	15.77	13.63	11.78
ROE	22.8%	23.8%	24.7%	25.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	123,830	136,544	153,401	172,407
Gross Profit	63,890	69,389	79,002	89,966
Operating EBITDA	27,073	31,809	37,909	43,263
Depreciation And Amortisation	(3,407)	(3,750)	(4,250)	(4,280)
Operating EBIT	23,666	28,059	33,659	38,983
Financial Income/(Expense)	885	801	860	1,534
Pretax Income/(Loss) from Assoc.	(41)	(45)	(49)	(54)
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	24,510	28,815	34,470	40,463
Exceptional Items	(717)
Pre-tax Profit	23,794	28,815	34,470	40,463
Taxation	(6,319)	(7,279)	(8,707)	(10,224)
Exceptional Income - post-tax
Profit After Tax	17,474	21,536	25,762	30,239
Minority Interests	(180)	(20)	(20)	(20)
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	17,294	21,516	25,742	30,219
Recurring Net Profit	17,820	21,516	25,742	30,219
Fully Diluted Recurring Net Profit	17,820	21,516	25,742	30,219

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	27,073	31,809	37,909	43,263
Cash Flow from Invt. & Assoc.	(41)	(45)	(49)	(54)
Change In Working Capital	6,905	(9,006)	(7,286)	(4,754)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(512)	(225)	(225)	(225)
Tax Paid	(6,319)	(7,279)	(8,707)	(10,224)
Cashflow From Operations	27,106	15,255	21,641	28,006
Capex	(6,194)	(5,500)	(7,000)	(7,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	(12,145)	696	755	1,429
Cash Flow From Investing	(18,339)	(4,804)	(6,245)	(5,571)
Debt Raised/(repaid)	(81)	106	111	117
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(5,597)	(8,789)	(10,546)	(12,656)
Preferred Dividends
Other Financing Cashflow	(306)	(20)	(20)	(20)
Cash Flow From Financing	(5,984)	(8,703)	(10,455)	(12,559)
Total Cash Generated	2,783	1,748	4,941	9,876
Free Cashflow To Equity	8,686	10,556	15,507	22,551
Free Cashflow To Firm	9,279	10,676	15,621	22,660

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	24,035	25,782	30,723	40,599
Total Debtors	16,747	18,506	21,439	24,094
Inventories	14,149	18,302	22,447	25,227
Total Other Current Assets	6,112	6,200	7,333	8,241
Total Current Assets	61,043	68,790	81,942	98,161
Fixed Assets	43,170	44,920	47,670	50,390
Total Investments	3,649	3,979	4,309	4,639
Intangible Assets	12,817	12,817	12,817	12,817
Total Other Non-Current Assets	419	374	420	473
Total Non-current Assets	60,055	62,090	65,216	68,319
Short-term Debt	1,312	1,312	1,312	1,312
Current Portion of Long-Term Debt
Total Creditors	24,172	22,700	23,494	24,913
Other Current Liabilities	12,696
Total Current Liabilities	38,180	24,011	24,806	26,225
Total Long-term Debt	2,513	2,619	2,730	2,847
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	2,513	2,619	2,730	2,847
Total Provisions	6,589	5,352	5,528	5,751
Total Liabilities	47,282	31,983	33,064	34,823
Shareholders Equity	84,072	96,799	111,995	129,559
Minority Interests	2,099	2,099	2,099	2,099
Total Equity	86,170	98,898	114,094	131,657

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	4.9%	10.3%	12.3%	12.4%
Operating EBITDA Growth	36.4%	17.5%	19.2%	14.1%
Operating EBITDA Margin	21.9%	23.3%	24.7%	25.1%
Net Cash Per Share (Rs)	39.74	42.96	52.46	71.65
BVPS (Rs)	165.30	190.33	220.20	254.74
Gross Interest Cover	46.23	124.71	149.59	173.26
Effective Tax Rate	26.6%	25.3%	25.3%	25.3%
Net Dividend Payout Ratio	31.1%	40.8%	41.0%	41.9%
Accounts Receivables Days	47.31	47.12	47.52	48.20
Inventory Days	98.40	88.19	99.96	105.54
Accounts Payables Days	(139.82)	(127.38)	(113.31)	(107.16)
ROIC (%)	41.9%	35.8%	38.0%	40.5%
ROCE (%)	27.1%	28.2%	29.6%	30.0%
Return On Average Assets	15.3%	16.5%	17.9%	18.3%

(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