Pidilite Industries (PIDI IN) – Q1FY27 Result Update – Positive demand outlook, expect steady returns – Downgrade to ‘ACCUMULATE’
Published on 05 Aug 2026
PIDI is well positioned to sustain growth, driven by continuous innovations, strategic tie-ups to introduce technologically advanced products, and 2–4x growth in pioneer and growth categories (50% of sales). Near-term margin outlook remains uncertain given volatile crude prices amidst ongoing geopolitical issues. We estimate 18.1% EPS CAGR over FY26–28 and assign a target price of Rs1739 (Rs1729 earlier) as we shift from DCF to 50xJune28 EPS. We expect steady returns and assign Accumulate rating.
