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• Pidilite - leading adhesive and specialty chemical company in India
with strong household brands. Fevicol brand is synonymous with
adhesives in India (70% mkt share). Key to success - new products /
applications, smart advertising and focus on retail rather than bulk
• Consumption beneficiary - well placed to benefit from rising
consumption among Indian households and construction activity
(both new as well as repairs) in India with its wide product portfolio
and dominant market share in most of the segments in which it
operates
• Product portfolio: consumer products (78% of rev. - adhesives,
sealants, construction chemicals) & Specialty industrial chemicals
(22% of rev. - organic pigments, industrial resins and adhesives).
• Key catalysts - Turnaround in international operations and Elastomer
project (niche synthetic rubber, technology not available widely)
• Strong FY11-13E earnings CAGR of 25% and core ROCE/ROE for
the India business at 61%/68%
• MCap:US$1.8bn, < ADV US$1m, Promoter shareholding - 71%
• Valuation: 21x FY13E PE
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