Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 18 Sep - Allotment of Equity shares pursuant to Employee Stock Option Plan 2016
Source: Bse
Pidilite Industries Limited (PIDILITIND)
Large CapChemicals stocks · Large cap · NSE
Pidilite is a pioneer in Consumer & Specialty Chemicals, operating in Adhesives & sealants, construction chemicals, art & craft products, and polymer emulsions. Key brands include Fevicol, M-Seal, Fevikwik, Roff, and Dr. Fixit. The company operates 32 plants, 6 international setups, and serves 80+ countries.
Data qualityFresh enough for analysisQuote updated 21 Oct, 09:17 am ISTDetails
Quote21 Oct, 09:17 am IST
Base fundamentals14 Oct 2026 · screener
Latest result04 Aug, 07:45 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
42NeutralSMA20 -6.6% / mo · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 39
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
PIDILITINDD candles · FIT view+6.5%TODAY · PROVISIONALLatest price ₹1483.30 on 2026-10-21
Today's candle is provisional from the latest intraday quote; completed-candle scans remain unchanged.
Bar
+0.0%
RSI
41
MACD hist
4.53
52W pos
50%
2026-10-21O ₹1482.60H ₹1485.20L ₹1470.50C ₹1483.30Vol 11,154 shIntraday candle
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
PIDILITINDNifty ChemicalsNifty 500
- PIDILITIND
- -5.3%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- +0.3 pp
Chart stats
19 Oct 2026- From 52W high
- -13.2%
- 52W range position
- 50%
- ATR (14)
- 2.2%
- Volume vs 20D
- 0.59x
- Avg traded value
- ₹99.4 Cr
- 20D price channel
- ₹1,456.8 - ₹1,598
₹1,707.5
₹1,259 - ₹1,707.5
₹32.1
Latest completed session
20-session average
25.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE56
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +21.3% · PAT +30.4% YoY
Technical
Neutral42
Price trend and sector-relative-strength timing.
Valuation
Legacy model-26.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +21% YoY · PAT +30% YoY · margin expansion · +27% QoQ · operating leverage
Filed 04 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,552 Cr | +21.3% | +27.0% |
| EBITDA | ₹1,194 Cr | +26.9% | +43.7% |
| Operating margin | 26.0% | +100 bps | +300 bps |
| PAT | ₹884 Cr | +30.4% | +51.4% |
| PAT margin | 19.4% | +135 bps | +312 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 58.00
- P/B
- 14.21
- EV/EBITDA
- 36.99
- Market Cap
- 153618.00Cr
Profitability
- ROE
- 23.90%
- ROCE
- 31.00%
- ROA
- 17.38%
- Dividend Y
- 0.77%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- 17.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 25.00%
Balance Sheet
- Debt/Equity
- 0.04
- Interest Coverage
- 69.80×
- Altman Z
- 9.04
- Book Value
- 106.00
Cash Flow
- FCF Yield
- 1.04%
- FCF Positive Y
- 10/5
- OCF
- 2828.00 Cr
- EPS TTM
- 26.02
Shareholding
- Promoter Hold
- 69.24%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 4,552+27.0% vs prev
Net Profit
₹ CrLatest: 884+51.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 41.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~7.1% over last month) — short-term momentum negative.
- RSI(14) at 41 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 13% off 52W high · 18% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
67
RS percentile
Stage 1 Base / Transition
1M return
-5.7%
3M return
-5.3%
6M return
+4.5%
1Y return
-0.6%
RS 1D
+1
RS 20D
+6
Sector rank
#13
Industry rank
-
Stage evidence
- Price is within 2.0% of the 30-week proxy.
- The 30-week proxy changed +0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 104.28-0.32%
RS vs Nifty 500104
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 56 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Premium Compounder
Fundamental score breakdown
U band · FAIR VALUEValuation0/30
Growth14/25
Quality19/20
Balance Sheet11/15
Cash Flow7/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
56
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
56/100 · legacy band FAIR VALUE
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 19/20 to the score.
- Balance sheet contributes 11/15 to the score.
Main drags
- Fair-value margin of safety is negative at -26.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 14/25; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
58.0
PB
14.2
EV/EBITDA
37.0
ROE
23.9%
ROCE
31.0%
FCF Yield
1.0%
Debt/Equity
0.0
MoS
-26.7%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
56
Previous: 56
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-26.7%
Previous: -26.6%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
56
56
56
56
56
56
56
56
56
56
56
56
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹249.11
-495.4% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹1,170.9
-26.7% MoS
PEG
2.87
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
PIIND
Mid
PI Industries Limited
Retail
match 95
38
30.7
11.2%
+10%
WATCHLIST
REFEX
Micro
Refex Industries Limited
Retail
match 93
70
12.8
17.8%
+69%
UNDERVALUED
RAIN
Micro
Rain Industries Limited
Retail
match 93
37
14.3
0.6%
-1153%
WATCHLIST
LXCHEM
Micro
Laxmi Organic Industries Limited
Retail
match 92
25
38.9
4.1%
-833%
OVERVALUED
LTFOODS
Large
LT Foods Limited
Retail
match 87
57
22.7
14.7%
+51%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:24:48.684Z
Management commentary snapshot
Pidilite reports strong Q4 FY26 with 15.3% standalone revenue growth, driven by 15.3% UVG. Gross Margins improved by 100 bps to 55.6%, and EBITDA Margins expanded by 280 bps to 23.4% YoY. Full-year FY26 revenue grew 11.8% with 11.1% UVG and 100 bps EBITDA margin expansion.
Pidilite delivered robust Q4 and FY26 results, marked by strong underlying volume growth across both Consumer & Bazaar and Domestic B2B segments. Significant margin expansion was achieved due to lower input costs. Management expresses confidence in continued domestic demand and disciplined execution, focusing on profitable volume-led growth and strategic investments, despite potential input cost volatility.
Current business mix
Standalone Results - % of Total Sales based on FY 2025-26
Latest issuer-disclosed distribution across 3 reported categories.
Consumer & Bazaar products81.6%
Business to Business products18.0%
Others0.4%
Growth engines
Consumer & Bazaar (C&B) Segment
C&B segment recorded strong UVG of 15.4% in Q4 FY26 and 11.1% for FY26, showing continued acceleration.
Domestic Business to Business (B2B)
Domestic B2B recorded robust UVG of 21.5% in Q4 FY26, maintaining double-digit growth momentum.
New Product Innovation
Introduced advanced adhesives for challenging substrates and high-performance footwear adhesives, targeting premium segments.
Brand Building & Marketing
Engaged in impactful marketing initiatives like 'Jodi Salamat Rahe' for Fevicol Shoefix and partnerships with TATA WPL for Dr Fixit, winning multiple awards.
Tailwinds
Strong Domestic Demand Momentum
Management expects the momentum in domestic demand to continue in the year ahead.
Lower Input Costs
Gross Profit margin expanded by 90 bps in FY26, primarily on account of lower input costs.
Headwinds
Lower B2B Exports
B2B exports UVG declined by 21.8% in Q4 FY26, impacting overall B2B revenue growth.
Potential Input Cost Volatility
Management anticipates a potential impact on input costs in the year ahead.
Lower Other Income
Other Income, as a percentage of sales, is lower by ~230 bps due to lower investment returns (MTM Impact) and nil dividend from subsidiaries in Q4 FY26.
Risk radar
General Economic Conditions
Future results could differ materially due to factors like general economic conditions.
Foreign Exchange Fluctuations
Potential risks and uncertainties include foreign exchange fluctuations.
Competitive Pressures
Competitive product and pricing pressures are identified as potential risks.
Regulatory Developments
Regulatory developments could cause actual results to differ materially.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The earnings presentation primarily provides Q4 and full-year results compared to the previous year. This comparison is more relevant for a consumer business to account for seasonality and assess underlying performance trends.
Sector KPIs management disclosed
Underlying Volume Growth (UVG)
Q4 FY26 Standalone UVG was 15.3%. C&B recorded 15.4% UVG, while B2B recorded 14.8% UVG (Domestic B2B 21.5%, Exports -21.8%). FY26 Standalone UVG was 11.1%.
Gross Margins
Gross Margins for Q4 FY26 were 55.6%, an improvement of ~100 bps over Q4 FY25 (54.6%). For FY26, Gross Profit margin was 54.7%, expanding by 90 bps.
EBITDA Margins
EBITDA Margins for Q4 FY26 were 23.4% (Standalone), improving by ~280 bps over Q4 FY25 (20.6%). Consolidated EBITDA margin was 23.3%, improving ~310 bps. FY26 Standalone EBITDA margin was 24.6%, expanding ~100 bps.
Input Costs
Gross Profit margin expanded in FY26 due to lower input costs. Management expects potential impact on input costs in the year ahead.
Management forward view
Confidence in Execution
Management is confident of disciplined execution as they navigate the current supply side environment.
Strategic Focus
Strategic focus remains on driving consistent, profitable, volume-led growth through continued investments in innovation, brand building, and strengthening supply chain capabilities.
Risk Mitigation
A balanced approach will help sustain momentum while mitigating risks from external volatility.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Underlying Volume Growth (UVG) | Q4 FY26 Standalone UVG: 15.3% | Sustained double-digit UVG across C&B and Domestic B2B segments, indicating continued market penetration and demand. |
| Gross Margins | Q4 FY26 Gross Margins: 55.6% | Ability to maintain or further expand gross margins, especially in light of anticipated input cost volatility. |
| B2B Exports Performance | Q4 FY26 B2B Exports UVG: -21.8% | Signs of recovery and positive growth in the B2B export segment, which was a drag in Q4 FY26. |
| Other Income Contribution | Q4 FY26 Other Income as % of sales: Lower by ~230 bps YoY | Reversal of negative MTM impact on investment returns and resumption of subsidiary dividends to support other income. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Chemicals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
224 docs text-extracted · 78 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Chemicals: 98th pctile, median 73 · Large: 94th pctile, median 73
Evidence depth
Financial-only
224 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
82
strong · capital discipline
Results
87
strong · quarterly consistency
Trust positives
- ▸Promoter holding is 69.2%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1%.
- ▸10 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Pidilite Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 15 Sep
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Sep - Newspaper publication regarding Special Window for transfer and dematerialisation of physical securities
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep - Intimation of Schedule of Analyst/Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Aug - Intimation of Schedule of Analyst/Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.