On Friday, September 12, 2025, Nuvama maintained its buy rating on Pidilite Industries with a target price of ₹3,785, implying a potential upside of nearly 23% from the current market price (CMP) of ₹3,083.00.
The brokerage said tile adhesives remain a high-growth segment, driven by low penetration and a strong product portfolio. It also noted that Haisha Paints’ performance was slightly below initial expectations but is showing steady improvement both quarter-on-quarter and month-on-month.
Nuvama expressed confidence that Pidilite can deliver double-digit revenue growth while aiming for double-digit volume growth as well. It expects EBITDA margins to remain at the higher end of the 20–24% range.
The brokerage added that Pidilite’s focus on category creation in underpenetrated markets supports its long-term compounding story.
Disclaimer: The views and investment recommendations expressed in this article are those of Nuvama. Business Upturn does not endorse or recommend any investment decisions. Investors are advised to consult financial experts before making investment choices.
