like 1) waterproofing 2) construction chemicals and aids 3) Wood coatings and 4) Floor coatings etc. we believe investment in Papperfry and Tenex India Stone Products will open further growth opportunities in its core categories. We would watch out for trends in Gross margins in FY22/23 as Pidilite had retained 500bps gross margin expansion during previous low raw material cycle. We estimate 1.2% decline in FY21 EPS and 19.1% PAT CAGR over FY21-23. We value the stock at Rs1415 based on SOTP (45x Sep-22 to...