Pidilite Industries Limited (PIDILITIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-10.7%

₹1,348.28

vs ₹1,509.30 price

Levered DCF

₹1,608.56

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

21.35

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	53.39×	69.24×	89.75×	94.04×	103.3×	81.36×	61.71×	68.75×
P/B	12.07×	14.77×	18.47×	16.59×	19.49×	16.45×	15.47×	15.35×
P/S	8.95×	10.97×	12.54×	10.14×	12.58×	12.62×	9.45×	8.99×
EV / EBITDA	34.74×	47.71×	57.07×	59.28×	66.48×	54.42×	43.36×	45.97×
Gross margin	40.0%	53.8%	51.0%	42.2%	44.5%	53.0%	52.8%	48.8%
Operating margin	21.9%	35.6%	34.4%	28.2%	30.3%	36.1%	34.9%	32.0%
Net margin	16.8%	15.8%	14.0%	10.8%	12.2%	15.5%	15.3%	13.1%
Current ratio	2.38×	2.27×	2.09×	1.89×	1.73×	1.44×	2.33×	2.75×
Debt / equity	0.04×	0.05×	0.05×	0.05×	0.06×	0.06×	0.06×	0.03×
Interest coverage	58.98×	92.99×	83.09×	89.26×	71.48×	70.72×	75.69×	86.89×
Dividend yield	1.2%	0.6%	0.4%	0.4%	0.3%	0.0%	1.2%	0.6%
Payout ratio	62.3%	39.2%	32.4%	39.9%	35.8%	0.1%	73.9%	39.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.6%	21.3%	20.6%	17.7%	18.9%	20.2%	25.1%	22.3%
Return on invested capital	19.8%	31.7%	32.9%	29.9%	30.0%	29.4%	38.1%	33.2%
Return on assets	15.9%	14.8%	14.3%	12.1%	12.7%	12.8%	17.1%	15.6%
Free cash flow yield	1.7%	1.3%	1.4%	0.9%	0.5%	1.1%	1.2%	0.9%
Earnings yield	1.9%	1.4%	1.1%	1.1%	1.0%	1.2%	1.6%	1.5%
Enterprise value	₹1.3T	₹1.4T	₹1.6T	₹1.2T	₹1.2T	₹919.1B	₹685.2B	₹636.4B
Net debt / EBITDA	0.05×	0.04×	-0.05×	0.04×	0.03×	-0.07×	-0.26×	-0.01×
Cash conversion cycle (days)	64	69	68	91	98	95	92	93