12 Annual Global Investor Conference
BSE Sensex
28,532
S&P CNX
8,810
th
Pidilite Industries
TP: INR850 (+22%)
Mr. Bharat Puri
Managing Director
Pidilite Industries
Company update | Sector: Consumer
CMP: INR696
Buy
CEO TRACK
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1,6,12 Rel. Perf. (%)
M.Cap. (INR b)
M.Cap. (USD b)
12M Avg Val (INR M)
Free float (%)
PIDI IN
512.7
770/521
-8/1/13
356.8
5.4
370
30.4
Pioneering through insights and innovation
Takeaways from CEO track
We hosted Mr. Bharat Puri, MD of Pidilite as part of CEO track at our conference.
Here are the key takeaways from his presentation.
Emphasis on Pidlilte’s key strength of category creation:
According to Mr. Puri,
Pidilite’s key strength historically has been its ability to create categories apart
from expanding them. The reasons which have driven this are:
Insights to the needs of consumers as a result of close association for
generations
Innovation ability to fulfill the need
Investments abetting the insights and innovation
Perseverance and patience to keep going until success is achieved.
Most companies lack one or more of these four attributes. Mr. Puri cited
various examples of the success achieved in the two largest brands, Fevicol and
M-Seal. Fevicol as a white glue was a revolutionary new category when it was
launched and M-Seal, the waterproofing product was acquired from the
Mahindras who were unable to gain any traction. After acquisition and due to
perseverance, Pidilite has been able to ramp up M-Seal massively in terms of
scale.
Expanding the categories that they have created:
‘Every carpenter wants to be
a contractor and every contractor wants to be an interior designer’.
Pidilite
aims to aid them in achieving their dream. Innovation is not just on the
category and initial products but also on the revolutionary nature of
communication (iconic Pidlite and M-Seal advertisements) and relationship with
craftsmen (Fevicol Furniture books, Fevicol Design ideas, training of carpenters
to use the products better as well as introducing newer and better product
variants). Mr. Puri’s experience as former head of Cadbury’s in India when his
team positioned Chocolates as a gifting product similar to Indian sweets through
‘Cadbury Celebrations’ packs will aid the company on its emphasis on both
category creation and category expansion. In every category that Pidilite is
present, management credo is to focus on expansion by continue doing what
they are doing right and keep doing it on a consistent basis.
Financial Snapshot (INR b)
Y/E Mar
2016 2017E 2018E
Sales
53.7
60.7
73.8
EBITDA
11.8
14.0
16.5
PAT
7.6
9.4
11.1
EPS (INR)
14.8
18.3
21.6
EPS Gr. (%)
46.6
23.0
18.2
BV/Sh.(INR)
53.4
68.0
82.9
RoE (%)
30.4
30.1
28.6
RoCE (%)
29.1
28.7
27.6
Payout (%)
28.3
26.6
26.4
Valuations
P/E (x)
46.9
38.1
32.3
P/BV (x)
13.0
10.2
8.4
EV/EBITDA (x)
29.6
24.6
20.7
Div. Yield (%)
0.6
0.7
0.8
Relative to Index
Krishnan Sambamoorthy
(Krishnan.Sambamoorthy@MotilalOswal.com); +91 22 6129 1545
Gautam Duggad
(Gautam.Duggad@MotilalOswal.com); +9122 61291522 /
Vishal Punmiya
(Vishal.Punmiya@motilaloswal.com); +9122 39804261
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
1
September 2016

Pidilite Industries
12 Annual Global Investor Conference
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Some iconic and recent advertisement of Pidilite Industries (Click on the link)
Focus on low priced but critical products in their focus area of adhesives and
sealants:
Of the overall cost of the furniture, Fevicol may be small in terms of
cost salience (less than 5% of total cost) but is critical in terms of sustaining the
edifice. Thus the emphasis among users is on best quality rather than nitpicking
on small cost savings. Increasing uses of adhesive product requirements for
automobiles, including aircrafts, which are moving away from nuts and bolts to
adhesives is already being met by Pidilite and will be a large growth category of
the future. Similarly need for specialised products is also being met. Recently,
Pidilite became the first Indian company to provide the adhesives required for
Cigarette rolls and has commenced supplies to Philip Morris. Similarly in the
medical industry, stitches and sutures are also being replaced by adhesives
where Pidilite aims to be large player.
India is the market to be in terms of consumer products
for the next 15 years.
Apart from the immense growth potential, India also has low cost of
experimentation. With its scale, cash flows and extensive reach, Pidilite can
keep innovating and test marketing new products in select markets taking
advantage of the low impact of failures in India.
Meeting product requirements across the consumer range:
Pidilite will
continue to focus on product requirements across customer categories, the rich
middle class as well as the mass segment, thereby ensuring that they do not lose
out on opportunities for growth.
September 2016
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Pidilite Industries
12 Annual Global Investor Conference
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Combination of professional leadership and promoter guidance:
It has been
anecdotally observed that the combination of professional leadership with
guidance from experienced promoters is a great enabler of the patience and
perseverance required to generate longer term value. With Mr. Bharat Puri
taking over as MD last year, Pidilite is well placed to take advantage of the
benefit.
Overseas businesses:
The company is attaining scale in its core areas in the
overseas market as well. It is now the largest adhesives player in Bangladesh
and has also bought the largest adhesives player in Sri Lanka recently. The
company seeks to utilise the learnings from India to other emerging markets.
Story in charts
Exhibit 1: Sales growth better than peers despite slowdown
Revenues (INR mn)
20.2
16.0
10.4
Revenue growth (%)
21.6
18.3 17.9
15.9
12.2 10.8
14.3
12.8
Exhibit 2: Volume growth still close to double digits
Volume Growth (%)
11.4
8.9
8.0
9.0
13.1
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E
Source: Company, MOSL
FY12
FY13
FY14
FY15
FY16
1QFY17
Source: Company, MOSL
Exhibit 3: Margins shored up by lower crude...
Gross Margin (%)
48.7
42.1
47.4
51.8 52.8 51.7
Exhibit 4: ... and pricing power
EBITDA Margin (%)
22.0
23.1
22.3
44.9 45.9 45.3 44.9
18.2 17.9
16.3
17.2
16.3 16.0
10.9
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E
Source: Company, MOSL
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E
Source: Company, MOSL
September 2016
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Pidilite Industries
12 Annual Global Investor Conference
Exhibit 5: PAT growth higher than peers
PAT (INR m)
147.8
PAT growth (%)
35.1
31.5
46.6
14.5
8.0
26.8
23.0 18.2
16.9
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E
Source: Company, MOSL
28.3
25.2 24.6
th
Exhibit 6: RoEs remain healthy even in consumer downturn
RoE
30.4 30.1
28.6
30.2
12.3
4.6
-35.2
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E
Source: Company, MOSL
Exhibit 7: Quarterly sales growth remains decent
Sales growth (%)
Exhibit 8: Healthy gross margins...
Gross Margins (%)
Source: Company, MOSL
Source: Company, MOSL
Exhibit 9: ... and healthy EBITDA margins...
EBITDA growth (%)
Exhibit 10: ....are ensuring strong PAT growth despite
challenging base
PAT Growth (%)
Source: Company, MOSL
Source: Company, MOSL
September 2016
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Pidilite Industries
12 Annual Global Investor Conference
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Investment Thesis
Pidilite has an immaculate track record on category creation and expansion
using its strengths of insights, innovation, investments as well as perseverance
and patience. These strengths put the company among the Top Tier companies
in India. Pidilite’s distribution reach, cash flows and scale facilitate its innovation
pipeline. Low penetration in its categories and Pidilite’s dominance result in
huge growth opportunities. As a result of these strengths, the core Consumer
and Bazaar Segment has consistently reported double digit or close to double
digit volume growth even in the current environment where consumer peers
have struggled to grow volumes.
Pidilite possesses deep and wide moats in its core consumer bazaar business,
with brand Fevicol enjoying generic status in the adhesives category. Near-
monopoly position (with 70% market share in adhesives), unmatched brand
equity and recall, innovative advertising campaigns and strong influence over
trade bestow superior pricing power to Pidilite.
The company’s remarkable culture of innovation and learning has been fortified
by hiring Mr. Bharat Puri as Managing Director, a new R&D head, over 100
management graduates from IIMs as well as strengthening of the board of
directors. It has been widely observed that a combination of professionally led
management with the backing of highly experienced promoters create more
value for shareholders. Mr. Puri’s strategy of looking at underserved customers
and meeting the unmet needs of consumers across Pidilite’s core areas opens
up further growth opportunities.
Pidilite’s quasi-monopoly share in mainstay adhesives, strong balance sheet and
track record of brand creation provide ample medium- to long-term earnings
visibility and should sustain its valuations, in our view. Mr. Puri’s strategy of
making Pidilite an innovative Indian MNC and his agenda of expanding product
portfolio augur well from long-term growth viewpoint. The stock trades at 30.4x
June 2018 EPS. We have a
Buy
rating on the stock with a target price of INR850,
(37xJune 2018 EPS), 22% upside to CMP. Pidilite has an impeccable record of
generating long-term shareholder value over multiple periods with 3 year, 5
year, 10 year and 20 year CAGR returns in all higher than 30%.
September 2016
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Pidilite Industries
12 Annual Global Investor Conference
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Financials and Valuations
Income Statement
Y/E March
Net Sales
Change (%)
Raw Materials
Gross Profit
Margin (%)
Operating Expenses
EBITDA
Change (%)
Margin (%)
Depreciation
Int. and Fin. Charges
Other Income
Profit before Taxes
Change (%)
Margin (%)
Tax
Tax Rate (%)
Adj PAT
Change (%)
Margin (%)
FY11
26,714
20.2
14,047
12,666
47.4
7,884
4,783
18.1
17.9
595
314
158
4,031
29.6
15.1
947
23.5
3,084
12.3
11.5
FY12
31,590
18.3
17,403
14,187
44.9
9,026
5,161
7.9
16.3
637
307
110
4,327
7.3
13.7
1,100
25.4
3,226
4.6
10.2
FY13
37,255
17.9
20,152
17,103
45.9
10,698
6,405
24.1
17.2
686
155
231
5,795
33.9
15.6
1,595
27.5
4,200
30.2
11.3
FY14
43,166
15.9
23,613
19,553
45.3
12,504
7,048
10.1
16.3
812
163
115
6,188
6.8
14.3
1,653
26.7
4,536
8.0
10.5
FY15
48,441
12.2
26,686
21,756
44.9
14,017
7,739
9.8
16.0
1,178
157
482
6,886
11.3
14.2
1,694
24.6
5,192
14.5
10.7
FY16
53,695
10.8
25,863
27,832
51.8
16,044
11,787
52.3
22.0
1,331
136
510
10,830
57.3
20.2
3,221
29.7
7,609
46.6
14.2
(INR Million)
FY17E
60,726
13.1
28,682
32,045
52.8
18,028
14,017
18.9
23.1
1,088
67
508
13,369
23.4
22.0
4,011
30.0
9,358
23.0
15.4
FY18E
73,835
21.6
35,673
38,163
51.7
21,700
16,463
17.5
22.3
1,186
67
591
15,801
18.2
21.4
4,740
30.0
11,060
18.2
15.0
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Loans
Deferred Liability
Minority Interest
Capital Employed
Gross Block
Less: Accum. Depn.
Net Fixed Assets
Capital WIP
Goodwill
Others
Investments
Curr. Assets, L&A
Inventory
Account Receivables
Cash and Bank Balance
Others
Curr. Liab. and Prov.
Account Payables
Provisions
Net Current Assets
Application of Funds
E: MOSL Estimates
FY11
506
10,341
10,847
3,356
420
2
14,625
10,599
4,960
5,639
3,500
0
0
2,363
8,897
4,092
3,460
380
966
5,774
4,590
1,184
3,123
14,625
FY12
508
12,698
13,206
3,213
468
5
16,892
11,792
5,616
6,177
3,938
0
10
983
12,536
4,541
3,952
2,732
1,311
6,751
5,463
1,288
5,784
16,892
FY13
513
16,003
16,515
1,112
499
10
18,136
12,623
6,370
6,253
4,280
205
48
2,941
12,434
5,236
4,305
1,506
1,387
8,024
5,785
2,239
4,410
18,136
FY14
513
19,014
19,526
459
537
42
20,565
14,212
7,150
7,062
4,580
230
59
2,603
14,750
5,997
5,244
1,772
1,737
8,719
6,510
2,209
6,031
20,565
FY15
513
22,193
22,706
584
566
51
23,907
17,867
8,298
9,570
4,618
215
68
3,599
15,077
6,410
5,861
860
1,946
9,240
6,933
2,308
5,837
23,907
FY16
513
26,876
27,389
842
670
89
28,990
20,072
9,630
10,443
4,618
239
139
8,490
16,472
6,289
7,294
349
2,540
11,411
8,568
2,843
5,061
28,990
(INR Million)
FY17E
513
34,332
34,845
842
670
89
36,445
22,935
11,081
11,854
4,618
239
139
9,990
21,727
8,305
7,973
2,526
2,923
12,123
8,851
3,271
9,604
36,445
FY18E
513
41,973
42,486
842
670
89
44,087
25,830
12,662
13,168
4,618
239
139
11,490
29,153
10,101
9,697
5,981
3,374
14,721
10,866
3,855
14,432
44,087
September 2016
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Pidilite Industries
12 Annual Global Investor Conference
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Financials and Valuations
Ratios
Y/E March
Basic (INR)
EPS
Cash EPS
BV/Share
DPS
Payout %
Valuation (x)
P/E
Cash P/E
EV/Sales
EV/EBITDA
P/BV
Dividend Yield (%)
Return Ratios (%)
RoE
RoCE
RoIC
Working Capital Ratios
Debtor (Days)
Creditor (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
FY11
6.1
10.6
21.4
1.8
28.6
FY12
6.4
11.4
26.0
1.9
29.8
FY13
8.2
13.8
32.2
2.6
31.6
FY14
8.8
15.3
38.1
2.7
30.3
FY15
10.1
17.4
44.3
2.9
28.7
FY16
14.8
25.6
53.4
4.2
28.3
FY17E
18.3
29.5
68.0
4.9
26.6
FY18E
21.6
34.4
82.9
5.7
26.4
114.2
65.5
13.2
73.8
32.5
0.3
109.5
60.9
11.2
68.4
26.8
0.3
85.0
50.3
9.5
55.2
21.6
0.4
78.7
45.4
8.2
50.1
18.3
0.4
68.7
40.0
7.3
45.6
15.7
0.4
46.9
27.2
6.5
29.6
13.0
0.6
38.1
23.6
5.7
24.6
10.2
0.7
32.3
20.2
4.6
20.7
8.4
0.8
31.5
23.4
39.7
47
76
3.0
26.8
21.9
38.3
46
75
2.6
28.3
24.6
44.5
42
68
3.5
25.2
24.1
43.5
44
66
3.3
24.6
23.9
37.4
44
62
3.1
30.4
29.1
48.4
50
75
3.5
30.1
28.7
51.9
48
69
2.8
28.6
27.6
51.8
48
69
2.7
0.3
0.2
0.1
0.0
0.0
0.0
0.0
0.0
Cash Flow Statement
Y/E March
PBT before Extra Ord
Add: Depreciation
Interest Paid
Less: Taxes Paid
Interest income
(Incr)/Decr in WC
CF from Operations
Extra ordinary items
CFO after extraordinary
Incr in FA
Free Cash Flow
Pur of Investments
CF from Invest.
Change in Networth
Incr in Debt
Dividend Paid
Interest Paid
Others
CF from Fin. Activity
Incr/Decr of Cash
Add: Opening Balance
Closing Balance
E: MOSL Estimates
FY11
4,031
595
314
947
158
-435
3,401
10
3,411
-1,344
2,067
314
-1,030
-2,008
-1,331
1,029
-314
175
-2,449
-68
449
380
FY12
4,327
637
307
1,100
110
-309
3,751
0
3,751
-1,614
2,138
1,381
-233
-1,959
-143
1,122
-307
121
-1,167
2,352
380
2,732
FY13
5,795
686
155
1,595
231
149
4,958
18
4,977
-1,104
3,873
-1,958
-3,062
-2,459
-2,100
1,559
-155
14
-3,141
-1,226
2,732
1,506
FY14
6,188
812
163
1,653
115
-1,355
4,041
-65
3,976
-1,921
2,055
338
-1,583
-3,068
-653
1,619
-163
138
-2,127
266
1,506
1,772
FY15
6,886
1,178
157
1,694
482
-718
5,327
-107
5,219
-3,723
1,496
-996
-4,719
-3,705
125
1,789
-157
536
-1,411
-912
1,772
860
FY16
10,830
1,331
136
3,221
510
266
8,832
-48
8,784
-2,205
6,579
-4,891
-7,095
-5,285
258
2,519
-136
445
-2,199
-510
860
350
FY17E
13,369
1,088
67
4,011
508
-2,367
7,639
-4
7,635
-2,500
5,135
-1,500
-4,000
-4,800
0
2,909
-67
499
-1,459
2,176
349
2,526
(INR Million)
FY18E
15,801
1,186
67
4,740
591
-1,373
10,350
0
10,350
-2,500
7,850
-1,500
-4,000
-3,411
0
0
-67
583
-2,895
3,455
2,526
5,981
September 2016
7

Pidilite Industries
12 Annual Global Investor Conference
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Our recent reports on Pidilite Industries
Our recent reports on Consumer sector
Our recent reports on other Consumer companies
September 2016
8

Pidilite Industries
12 Annual Global Investor Conference
th
NOTES
September 2016
9

Disclosures
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Pidilite Industries
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inducement to invest in securities or other investments and Motilal Oswal Securities Limited (hereinafter referred as MOSt) is not soliciting any action based upon it. This report is not for public distribution and has been furnished to
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September 2016
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