12-Jun-2026 19:06:12
JP Morgan On Pidilite Industries (Management Meet)
Maintain Overweight-TP Rs 1630 Medium-term growth outlook remains constructive, underpinned by strong India consumption and housing/construction tailwinds Strategically, the company is prioritizing sustainable Underlying Volume Growth (UVG) over pure pricing Deepening its moat through premiumization in core adhesives, faster growth in underpenetrated categories such as tile adhesives and waterproofing Further expansion of its Growth & Pioneer portfolio, which now contributes nearly half of the business and could add ~100bps to UVG annually. Expect mid-teens+ revenue growth in FY27, supported by 10%+ pricing, resilient underlying demand, and operating leverage to partly offset gross margin pressure Keeping EBITDA margins around the mid-point of the guided band of 20-24%
PIDILITE INDUSTRIES LTD