29-Oct-2026 07:54:13

CITI ON PIDILITE ; SELL | TP ₹1,300 VS ₹1,550 EARLIER

• Target Cut: Citi reduces target price by 16.13% to ₹1,300 from ₹1,550. • Q2 Performance: Revenue UP 21% YoY, while EBITDA UP just 3% and PAT UP 6%. • Margin Pressure: Gross margin contracted 648 bps YoY due to raw material inflation. • Earnings Downgrade: Citi cuts FY27–29 EPS estimates by 2–5%. • Valuations: Stock valuations remain expensive despite earnings pressure. • Impact: Negative 🔴

PIDILITE INDUSTRIES LTD

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