Pidilite Indisutries Limited (PIL) is India's dominant player in the adhesives & sealants segment, with its flagship product Fevicol' and other legacy products (M-Seal, Dr. Fixit, etc) that command ~70% of domestic market share and contributes around 50% to its topline. The Company operates through two major segments Consumer and Bazaar Products and Industrial Products contributing on an average of ~80% and ~20% respectively. We expect PIL to benefit over the near future on the back of (i) the strong Indian consumption story, (ii) rising demand from semi-urban and rural India, (iii) large investment in infrastructure and Housing for All by 2020 and (iv) a foreseeable surge in industrial activity. We expect...