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PL Capital Report 

Pidilite Industries Ltd. is well positioned to sustain growth, driven by continuous innovations, strategic tie-ups to introduce technologically advanced products, and 2–4x growth in pioneer and growth categories (45% of sales).

Near-term margin outlook remains stable given benign raw material prices; however, expansion looks unlikely as Pidilite continues to invest in new categories and brand building.

PL Capital estimates 10% earnings per share CAGR over FY26–28 and assign a discounted cash flow-based target price of Rs 1,734 (Rs 1714 earlier).

The stock trades at rich valuations of 48.5xFY28, however given 15% correction from peak and steady outlook, it offers scope for mid teen returns in next 12-15 months. Hence the brokerage retain Buy rating.

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