External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onPidilite Industries We increase our FY25/26 EPS estimates by 2.0%/1.2% given strong volume outlook across pioneer and growth segments (45% of sales, includes waterproofing, construction chemicals etc), benign raw material prices and strong tailwinds from growth in both residential and commercial Real estate.</li><li>Low penetration and higher growth in Tier3/rural than urban, makes PIDI uniquely placed to gain from broad based upsurge in demand.</li><li>We believe margins have limited scope to increase given that GM is already above 53% (4Q exit), however 1H margin outlook remain strong.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Prabhudas Lilladher's research report onPidilite Industries We increase our FY25/26 EPS estimates by 2.0%/1.2% given strong volume outlook across pioneer and growth segments (45% of sales, includes waterproofing, construction chemicals etc), benign raw material prices and strong tailwinds from growth in both residential and commercial Real estate.Low penetration and higher growth in Tier3/rural than urban, makes PIDI uniquely placed to gain from broad based upsurge in demand.We believe margins have limited scope to increase given that GM is already above 53% (4Q exit), however 1H margin outlook remain strong.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pidilite Industries (PIDI IN) - Strong Growth Visibility but Steep Valuations

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate</li><li>The meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry experts</li><li>Our primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estateThe meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry expertsOur primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reality Check: Festive checks—positive trend

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul>
<li>Pidilite is a market leader in the adhesive and sealants business</li>
<li>The company’s consumer &amp; bazaar (C&amp;B) segment (adhesives &amp; sealants, construction &amp; paint chemical, art &amp; craft materials)</li>
<li>Target Price and Valuation: We value Pidilite at Rs 2640, 75x P/E of FY24E EPS</li>
</ul>
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>


Pidilite is a market leader in the adhesive and sealants business
The company’s consumer &amp; bazaar (C&amp;B) segment (adhesives &amp; sealants, construction &amp; paint chemical, art &amp; craft materials)
Target Price and Valuation: We value Pidilite at Rs 2640, 75x P/E of FY24E EPS

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pidilite Industries: Strong Topline Growth; Margin Under Pressure

India

Pidilite Industries Ltd. manufactures products which can be segmented into consumer products: art materials & stationary, publications, food & fabric care, car products and adhesives & sealants; specialty industrial products: industrial adhesives, industrial pigments, industrial & textile resins and leather chemicals.

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Pidilite Industries (PIDI IN) - Strong Growth Visibility but Steep Valuations

We believe margins have limited scope to increase given that GM is already above 53% (4Q exit), however 1H margin outlook remain strong.

Prabhudas Lilladhar

Reality Check: Festive checks—positive trend

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate

HDFC Securities

Pidilite Industries: Strong Topline Growth; Margin Under Pressure

Pidilite is a market leader in the adhesive and sealants business. The company’s consumer & bazaar (C&B) segment (adhesives & sealants,...

ICICI Securities Limited