Pidilite Industries. Source: Company Data; PL Research

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1 Bountiful margin expansion in a tepid demand scenario February 03, 2016 Amnish Aggarwal Gaurav Jogani Rating Accumulate Price Rs567 Target Price Rs585 Implied Upside 3.2% Sensex 24,223 Nifty 7,362 (Prices as on February 03, 2016) Trading data Market Cap. (Rs bn) Shares o/s (m) M Avg. Daily value (Rs m) Major shareholders Promoters 69.73% Foreign 14.48% Domestic Inst. 5.20% Public & Other 10.59% Stock Performance (%) 1M 6M 12M Absolute Relative How we differ from Consensus EPS (Rs) PL Cons. % Diff Price Performance (RIC: PIDI.BO, BB: PIDI IN) (Rs) Feb 15 Apr 15 Source: Bloomberg Jun 15 Aug 15 Oct 15 Dec 15 Feb 16 PIDI reported 50.2% Adj. PAT growth on 700bps expansion in EBITDA, volume growth improved to 10% (1% in Q2) as impact of late Diwali, festival and marriage season and impact of tactical pricing boosted volumes. Gross margins expanded by 780bps due to gains from decline in prices of VAM and other crude linked inputs. Near term margin outlook looks strong, given further softening of crude prices. However, nearterm demand outlook is uncertain, given the impact of slowdown in housing/commercial segments and erratic monsoons. We estimate 39% PAT growth in FY16 and 21.5% PAT CAGR over FY We value the stock on SOTP (32xDec17 Standalone EPS) and arrive at price target of Rs585. We expect premium valuations to sustain, given strong brands and long term growth potential. Retain Accumulate. Standalone Q3 Sales up 8.8% on 10% volume growth: PIDI s volumes grew ~10% led by 11.5% volume growth in Consumer & Bazaar products and recovery in Industrial chemicals sales. Gross margins at 52.3% increased 780bps YoY (up 80bps QoQ) aided by benign input costs. EBITDA increased 52.4% to Rs2.8bn as margins expanded 700bps to 24.4%. 101% higher other income and 61% lower interest cost enabled 64.7% growth in PBT. 680bps higher tax rate curtailed PAT growth to 50.2%. Concall Takeaways: 1) Demand conditions have seen some improvement; however, the current trend cannot be extrapolated due to shift of festive season to Q3FY16 2) VAM prices declined to US$900/ton in Q3 v/s 950US$/ton Q2, current prices are ~900US$/ton 3) Input costs continue to remain soft YoY and margins will continue to remain robust in the short term. However, in the long term, such high margins are not sustainable 4) PIDI had undertaken trade initiatives like rebates and higher trade margins in a few products, which boosted Q3 volumes 5) Q3 ad spends were higher than H1FY16 and are expected to rise, going ahead 6) Product rationalisation activity taken in H1FY16 has impacted sales to some extent in Q3 7) Industrial sales recovery was more a function of recovery in domestic industrial markets as exports continue to remain impacted. Key financials (Y/e March) E 2017E 2018E Revenues (Rs m) 43,981 46,582 53,619 62,836 Growth (%) EBITDA (Rs m) 7,606 10,980 12,061 13,533 PAT (Rs m) 5,195 7,242 8,065 9,175 EPS (Rs) Growth (%) Net DPS (Rs) Profitability & Valuation E 2017E 2018E EBITDA margin (%) RoE (%) RoCE (%) EV / sales (x) EV / EBITDA (x) PE (x) P / BV (x) Net dividend yield (%) Source: Company Data; PL Research Q3FY16 Result Update Prabhudas Lilladher Pvt. Ltd. and/or its associates (the 'Firm') does and/or seeks to do business with companies covered in its research reports. As a result investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of the report. Investors should consider this report as only a single factor in making their investment decision. Please refer to important disclosures and disclaimers at the end of the report

2 Exhibit 1: Standalone: Q3FY16 Volumes up 10%, 780bps gross margin expansion enabled 50.2% Adj. PAT growth Particulars Q3FY16 Q3FY15 YoY gr. (%) Q2FY16 9MFY16 9MFY15 YoY gr. (%) Net Revenue 11,767 10, ,652 36,476 34, Gross Profit 6,150 4, ,996 18,588 15, Margin (%) Other Expenditure 3,282 2, ,191 9,636 8, EBITDA 2,868 1, ,806 8,952 6, Margin (%) Depreciation Interest (61.0) (30.1) Other Income (15.3) PBT 2,651 1, ,623 8,352 5, Tax ,466 1, Tax rate (%) Adj. PAT 1,864 1, ,831 5,886 4, Exhibit 2: Gross margins expands 790bps on benign raw materials Exhibit 3: Adj. PAT up 50.2%, sales up 8.8% Gross Margins % EBIDTA Margins % Sales Growth (%) PAT Growth (%) Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY Q4FY15 Q1FY16 Q2FY16 Q3FY Q3FY Q4FY14 Q1FY15 Q2FY15 Q3FY15 Q4FY Q1FY Q2FY16 Q3FY16 Exhibit 4: Consumer & Bazaar Volumes up ~11.5% YoY Sales Gr. Volume Gr QFY14 3QFY14 4QFY14 1QFY15 2QFY15 3QFY15 4QFY15 1QFY16 2QFY16 Exhibit 5: Q3FY16; VAM prices down 31.5% YoY and 5.7% QoQ USD/MT Mar 13 May 13 Jul 13 Sep 13 Dec 13 Feb 14 Apr 14 Jun 14 Aug 14 Nov 14 Jan 15 Mar 15 May 15 Aug 15 Oct 15 Dec 15 Source: Bloomberg, PL Research February 03,

3 Consumer and Bazaar Products 11.5% Volume growth Consumer and Bazaar products sales grew by 10.8% led by 11.5% volume growth as PIDI resorted to tactical trade discounting to prop up volumes. Sales growth was aided partially due to shift of festival and marriage season in Q3. EBIT was up 49.2% largely contributed by 750bps expansion in margins led by lower VAM prices, packaging and other inputs and improved sales mix. PIDI also took some price adjustments in few products in Q2FY16 which required intervention. Industrial Products: Sales increases 3.1%, EBIT up 46.5% Industrial product sales grew 3.1% (9.1% decline in Q2) as sales to domestic industrial consumers improved, while B2B customers who cater to the export markets continued to remain impacted. We note that 25 30% of Industrial chemical sales are linked to export of finished products which are reeling under global slowdown. EBIT has increased by 46.5% as margins increased to 17.5% due to benign costs (flat QoQ), we estimate 10% volume growth and ~6 7% price decline, given that industrial clients usually have an upper hand when it comes to pricing decisions. Exhibit 6: Sales rebound on festival and marriage season, margins expands as low crude oil prices enable lower RM costs Segmental Q3FY14 Q4FY14 Q1FY15 Q2FY15 Q3FY13 Q4FY15 Q1FY16 Q2FY16 Q3FY16 Consumer and Bazaar Sales (Rs m) 7,822 6,988 10,169 9,135 8,803 7,668 10,921 9,612 9,751 Growth (%) EBIT (Rs m) 1,559 1,228 2,413 1,997 1,893 1,373 3,270 2,756 2,825 % Contribution EBIT Growth % (1.8) (10.0) (0.1) EBIT margin % Industrial Products Sales (Rs m) 1,939 2,193 2,169 2,327 2,039 2,157 2,185 2,116 2,102 Growth (%) (1.6) 0.7 (9.1) 3.1 EBIT (Rs m) % Contribution EBIT Growth % (1.2) (21.0) (16.0) EBIT margin % Others Sales (Rs m) Growth (%) (6.8) 24.6 (16.0) (27.1) EBIT (Rs m) (37) (31) (33) (12) (28) (35) (39) 10 (11) % Contribution (2.2) (1.8) (1.3) (0.3) (1.3) (2.1) (1.1) 0.3 (0.4) EBIT margin % (54.1) (29.2) (29.5) (10.0) (22.5) (35.5) (28.1) 10.1 (12.6) February 03,

4 International Business Q3FY16 Sales up 26.3%, EBITDA up 133% International business sales are up 26.3% in constant currency terms. EBITDA increased by 133% to Rs79.2m aided mainly due to good performance in North America and South East Asia. South America: Constant currency sales declined 16.7%. EBITDA loss, however, declined to Rs2.5m due to lower input prices and cost control initiatives. North America reported 22% increase in revenues and EBITDA of Rs51.9m due to 450bps margins expansion due to benign input costs. South East Asia sales increased 60.6%. EBITDA was up 70.7% aided by distribution expansion and new launches in Bangladesh, project segment in Thailand and acquisition and beginning of distribution business in Srilanka. Middle East sales are up 116.4% due to takeover of distribution of Pidilite Inds products, adjusted for this, sales would have declined YoY. EBITDA loss increased to Rs37.1m due to higher selling and advertising expenses. Exhibit 7: Constant currency sales growth at 26.3% for Q3, EBITDA at Rs79.2m, Brazil and Middle east continues to drag profitability International Subsidiaries FY14 Q2FY15 Q3FY15 Q4FY15 FY15 Q1FY16 Q2FY16 Q3FY16 Sales (Rs m) 4,251 1,119 1,179 1,149 4,895 1,435 1,343 1,489 North America 1, , South America 1, , Middle East & Africa South & South East Asia Sales growth (YoY) 10.8 (0.9) North America (6.8) South America 1.6 (33.2) (30.6) (6.8) (1.8) (16.7) Middle East & Africa South & South East Asia EBITDA (Rs m) (36.4) North America (11.2) South America (140.7) (13.1) (11.2) (23.0) (86.1) (10.7) (8.4) (2.5) Middle East & Africa (51.4) (5.5) (13.3) (27.6) (48.5) (18.9) (29.6) (37.1) South & South East Asia EBITDA (margin %) (3.2) North America (2.8) South America (11.4) (5.4) (4.1) (7.4) (6.8) (4.4) (3.5) (1.1) Middle East & Africa (14.9) (4.8) (8.3) (12.4) (7.7) (8.7) (12.0) (14.2) South & South East Asia February 03,

5 Income Statement (Rs m) Net Revenue 43,981 46,582 53,619 62,836 Raw Material Expenses 24,281 22,773 27,246 32,844 Gross Profit 19,699 23,808 26,373 29,992 Employee Cost 4,094 4,402 4,908 5,628 Other Expenses 7,999 8,426 9,404 10,831 EBITDA 7,606 10,980 12,061 13,533 Depr. & Amortization 1,077 1,224 1,364 1,524 Net Interest Other Income ,150 Profit before Tax 6,861 10,236 11,481 13,107 Total Tax 1,667 2,994 3,416 3,932 Profit after Tax 5,195 7,242 8,065 9,175 Ex Od items / Min. Int. (352) Adj. PAT 5,195 7,242 8,065 9,175 Avg. Shares O/S (m) EPS (Rs.) Cash Flow Abstract (Rs m) C/F from Operations 5,827 7,625 9,094 10,016 C/F from Investing (4,268) (5,294) (6,353) (6,997) C/F from Financing (1,997) (2,080) (2,563) (2,991) Inc. / Dec. in Cash (438) Opening Cash Closing Cash FCFF 2,532 5,822 7,042 7,713 FCFE 2,513 5,885 7,072 7,763 Key Financial Metrics Growth Revenue (%) EBITDA (%) PAT (%) EPS (%) Profitability EBITDA Margin (%) PAT Margin (%) RoCE (%) RoE (%) Balance Sheet Net Debt : Equity (0.2) (0.3) (0.3) (0.4) Net Wrkng Cap. (days) Valuation PER (x) P / B (x) EV / EBITDA (x) EV / Sales (x) Earnings Quality Eff. Tax Rate Other Inc / PBT Eff. Depr. Rate (%) FCFE / PAT Balance Sheet Abstract (Rs m) Shareholder's Funds 23,495 28,572 34,012 40,098 Total Debt Other Liabilities Total Liabilities 24,097 29,311 34,867 41,103 Net Fixed Assets 12,881 13,608 14,444 15,370 Goodwill Investments 3,504 3,684 3,864 4,044 Net Current Assets 7,644 11,952 16,491 21,621 Cash & Equivalents 3,982 7,397 11,548 15,943 Other Current Assets 12,236 13,310 15,230 17,752 Current Liabilities 8,573 8,755 10,287 12,074 Other Assets Total Assets 24,097 29,312 34,867 41,103 Quarterly Financials (Rs m) Y/e March Q4FY15 Q1FY16 Q2FY16 Q3FY16 Net Revenue 9,681 13,057 11,652 11,767 EBITDA 1,393 3,278 2,806 2,868 % of revenue Depr. & Amortization Net Interest Other Income Profit before Tax 1,130 3,078 2,623 2,651 Total Tax Profit after Tax 772 2,195 1,828 1,857 Adj. PAT 857 2,192 1,831 1,864 Key Operating Metrics Y/e March Conusmer Bazaar Sales Gr.(%) E 2017E 2018E Adhesives and Sealants Construction chemicals Arts and others Industrial & Speciality Chemicals Sales Gr.(%) Industrial resins 6.1 (7.0) 10.0 Industrial Adhesives 6.2 (6.0) 10.0 Organic Pigments 6.3 (6.0) February 03,

6 Prabhudas Lilladher Pvt. Ltd. 3rd Floor, Sadhana House, 570, P. B. Marg, Worli, Mumbai , India Tel: (91 22) Fax: (91 22) Rating Distribution of Research Coverage PL s Recommendation Nomenclature % of Total Coverage 50% 40% 30% 20% 10% 0% 46.7% 41.1% 12.1% 0.0% BUY Accumulate Reduce Sell BUY : Over 15% Outperformance to Sensex over 12 months Accumulate : Outperformance to Sensex over 12 months Reduce : Underperformance to Sensex over 12 months Sell : Over 15% underperformance to Sensex over 12 months Trading Buy : Over 10% absolute upside in 1 month Trading Sell : Over 10% absolute decline in 1 month Not Rated (NR) : No specific call on the stock Under Review (UR) : Rating likely to change shortly DISCLAIMER/DISCLOSURES ANALYST CERTIFICATION We/I, Mr. Amnish Aggarwal (MBA, CFA), Mr. Gaurav Jogani (MBA, Bcom), Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our views about the subject issuer(s) or securities. 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PL or its research analysts or its associates or his relatives do not have actual/beneficial ownership of one per cent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report. PL or its research analysts or its associates or his relatives do not have any material conflict of interest at the time of publication of the research report. PL or its associates might have received compensation from the subject company in the past twelve months. PL or its associates might have managed or co managed public offering of securities for the subject company in the past twelve months or mandated by the subject company for any other assignment in the past twelve months. PL or its associates might have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months. 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