The note is the current scenario (Base). Download PDF renders this page on the server, fonts and colours exact; Print uses the browser.
Model Note · PIDILITE INDUSTRIES LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
PIDILITE INDUSTRIES LTD Discounted cash flow · base FY26
PIDILITE INDUSTRIES LTD
Value per share, this model₹445
CMP 2026-09-10₹1,566.90
Difference(71.6)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of PIDILITE INDUSTRIES LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
11% a year
FY26 11.1% · 5-yr CAGR 14.9%
EBITDA margin
24%
FY26 24.0% · 5-yr average 20.7%
Depreciation · capex, % of revenue
2.7% · 4.1%, fading to 1.2× depreciation
FY26 2.7% · 4.1%
Working capital, % of added revenue · tax
16.3% · 25.6%
60 working-capital days · effective 25.6%
Discount rate
11.00%
1-yr beta 1.01
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(127) · ₹0 · ₹0 cr
FY26 net debt ₹(127) cr
Shares
101.78 crore
101.78 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
14,601
16,207
17,990
19,969
22,165
24,603
growth %
11.1
11.0
11.0
11.0
11.0
11.0
EBITDA
3,505
3,890
4,318
4,792
5,320
5,905
Depreciation
(395)
(438)
(486)
(539)
(598)
(664)
NOPAT
2,314
2,568
2,851
3,164
3,513
3,899
less capex
(593)
(664)
(699)
(733)
(766)
(797)
less working-capital build
—
(262)
(291)
(323)
(358)
(397)
Free cash flow to firm
—
2,080
2,347
2,648
2,987
3,369
Present value
1,974
2,007
2,040
2,073
2,106
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · PIDILITE INDUSTRIES LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
10,200
PV of the terminal value (77% of EV)
34,985
Enterprise value
45,185
less net debt
127
less non-controlling interest
0
add non-operating investments
0
Equity value
45,312
÷ 101.78 crore shares
₹445
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
460
494
535
586
648
10.5%
424
453
486
527
576
11.0%
393
417
445
478
518
11.5%
367
387
411
438
470
12.0%
343
361
381
404
431
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
