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About Pidilite Industries

History

Pidilite Industries Limited, founded in 1959, stands as an Indian multinational company specialising in the production of adhesives, with its headquarters located in Andheri (East), Mumbai. In a mere four years after its inception~1963, the company established its first manufacturing facility in Kondivita Village, Mumbai. Remarkably, this same facility is now the proud home of the company's Corporate Head Office. Fast forward to 1990, when the company made a significant move towards establishing its brand recognition by incorporating the name Pidilite Industries Private Limited. Pidilite made its debut on the Bombay Stock Exchange, becoming a publicly listed entity in 1993. In 2000, Pidilite made an acquisition of the brand M-seal (known for its epoxy compounds) that laid the foundation for a new division, the Maintenance Division, to its portfolio. 2001 was a year of diversification as Pidilite launched Dr. Fixit, an extensive line of Construction Chemicals, thereby expanding its product offerings. Dr. Fixit was purposefully developed as a waterproofing solution suitable for both new constructions and the repair of existing structures. But Pidilite came into the limelight when the iconic Fevicol 'Bus ad' captured the hearts of the Indians. This ad also achieved international acclaim by winning the prestigious Silver Lion award at the Cannes Lions International Festival of Creativity in 2003. Since then, Pidilite has expanded territories with its extensive product range spanning various sectors, from art supplies and stationery to automotive products, adhesives, and specialised industrial solutions like pigments and construction chemicals. Notably, their Fevicol adhesive range is well-known, and they manage brands like FeviKwik, Dr Fixit, Roff, and more. Pidilite also manufactures and markets WD-40, an American rust protection spray, in the Indian market. Across the expanse of India, Pidilite maintains manufacturing facilities situated in locations such as Mahad (Maharashtra), Vapi (Gujarat), Baddi, and Kala Amb (both in Himachal Pradesh).

Business Segments

Pidilite Industries has two major business segments:

Branded Consumer & Bazaar: This segment includes products such as adhesives, sealants, art materials, and stationery that are sold to consumers through retail channels. Some of the popular brands in this segment include Fevicol, Fevikwik, Fevistik, M-Seal, and Dr. Fixit.
Business to Business (B2B): This segment includes products such as industrial adhesives, industrial resins, construction chemicals (projects), organic pigments, and pigment preparations that are sold to businesses. Pidilite's B2B products are used in a variety of industries, including packaging, joinery, textiles, paints, printing inks, paper, and leather.

Subsidiaries of Pidilite Industries

There are several subsidiaries, joint ventures and associated companies under the umbrella of Pidilite Industries. Some of them are listed below:

Fevicol Company Ltd: Fevicol Company Ltd is a fully owned subsidiary of Pidilite Industries Ltd. It is the largest manufacturer of adhesives in India, with a strong brand presence in the consumer and industrial markets. Fevicol Company Ltd offers a wide range of adhesives, including white glue, wood glue, epoxy glue, and construction adhesives.
Pagel Concrete Technologies Pvt. Ltd.: Pagel Concrete Technologies Pvt. Ltd. is a wholly-owned subsidiary of Pidilite Industries Ltd. It is a leading manufacturer of concrete admixtures and construction chemicals in India. Pagel Concrete Technologies Pvt. Ltd. offers a wide range of products, including superplasticisers, water reducers, and concrete curing compounds.
Tenax Pidilite India Pvt. Ltd.: Tenax Pidilite India Pvt. Ltd. is a wholly-owned subsidiary of Pidilite Industries Ltd. It is a leading manufacturer of geosynthetics, including geotextiles, geogrids, and geomembranes. Tenax Pidilite India Pvt. Ltd.'s products are used in a wide range of applications, including road construction, railway construction, and slope stabilisation.

Key Personnel

Madhukar B. Parekh, Chairman

Madhukar B. Parekh embarked on his journey with Pidilite back in 1972, following his tenure at Abbot Laboratories in the U.S. Mr Parekh’s endeavours have transformed a seemingly mundane product into one of the most esteemed brands in the country – Fevicol. Notably, other prominent brands under Pidilite's umbrella, such as 'Fevikwik,' 'Dr. Fixit,' and 'M-seal,' have achieved significant market dominance within their respective segments. His leadership not only propelled the company to the forefront in the adhesives and sealants sector in India but also facilitated Pidilite's expansion as a true Indian multinational corporation on the global stage.

Corporate Actions

Buyback

On February 12, 2018, Pidilite Industries Limited carried out a buyback of 49,99,056 fully paid-up equity shares, each with a face value of ₹1, in accordance with the Buyback Regulations.

Bonus

On March 17, 2010, Pidilite Industries Limited issued a 1:1 bonus.

Management Outlook

The Indian economy presents a significant opportunity for the company, suggesting potential revenue growth. Increased spending on government programs and infrastructure, as well as higher disposable income, implies the potential for increased consumer demand and sales.
The anticipation of economic growth driven by government initiatives and increased disposable income suggests the potential for increased market demand, which could translate to higher sales and revenues.
The focus on affordable housing, new construction, and renovation indicates growth potential in this sector, which could positively impact the company's financial performance.
However, there are concerns about increased borrowing interest rates, and their impact on market growth suggests potential challenges in maintaining profitability.
Overseas subsidiaries are also vulnerable to political and economic uncertainties, implying potential risks to the company's financial performance in those markets.