Pidilite partners with Hwaseung Chemical as Motilal Oswal rates Pidilite stock Neutral

Published on 10/05/2026 at 07:23 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Footwear adhesives are the target. Revenue rose 21.00 percent to INR 45.5 billion, with an INR 1,700 target for Pidilite stock.

Pidilite, INE318A01026, Illustration mit AI erstellt.

Pidilite Industries entered a strategic partnership with South Korea's Hwaseung Chemical on September 28, 2026, to bring footwear bonding technology to Indian manufacturers, according to AlfaFinder. On August 5, 2026, Motilal Oswal Financial Services retained a Neutral rating and an INR 1,700 target for Pidilite stock, as reported by DSIJ.

Footwear technology expands the portfolio

The agreement targets high-performance adhesives for sports footwear production and combines Hwaseung Chemical's formulations with Pidilite's local distribution and technical support. The AlfaFinder report says the products are designed for Indian manufacturers seeking performance and sustainability standards used by international brands.

Pidilite's website describes a portfolio spanning adhesives, waterproofing, tile and stone fixing, maintenance products, industrial chemicals and decorative paints. The company reports INR 14,553 crore in net sales, 8,835 employees, operations in more than 80 countries and 68 manufacturing units in India on its corporate website.

Revenue growth meets margin pressure

In the first quarter of fiscal 2027, consolidated revenue reached INR 45.5 billion, up 21.00 percent year on year, while adjusted profit after tax rose 28.00 percent to INR 8.6 billion, according to DSIJ. Consolidated EBITDA margin reached 26.20 percent versus a 24.40 percent estimate, but gross margin fell 70 basis points year on year to 53.50 percent as raw-material costs increased.

The same report says management retained medium-term EBITDA-margin guidance of 20.00 percent to 24.00 percent. That spread captures the central operating tension: volume growth and pricing support demand, while input costs can restrain profitability.

NSE quote and valuation

Pidilite traded at INR 1,466.30 on NSE India on October 5, 2026 at 10:51 a.m. IST, up INR 2.30 or 0.16 percent versus the prior close of INR 1,464.00. The 52-week range was INR 1,259.00 to INR 1,707.50, while market capitalization stood at INR 1.5 trillion.