Acquisition of Araldite to strengthen product portfolio Pidilite acquired HAMSPL for a cash consideration of ~| 2100 crore. The acquisition valued at ~5x sales (~50% discount to Pidilite's TTM MCap/sales) is fairly valued. HAMSPL manufactures and sells adhesives, sealants and other products under well-known brands such as Araldite, Araldite Karpenter and Araseal in India with a market share of ~30% (market leader in the epoxy adhesive category). We believe strong margin profile of HAMSPL (in line with Pidilite) and product profile would help expand...