Pick-up in economic activity in the areas of construction, automobile, furniture, etc. and continued weakness in raw material prices should benefit Pidilite in the months ahead. At current price levels however, the upside remains limited. We maintain our HOLD rating on the stock with a revised TP of Rs. 1,674 based on 60x FY22E adj. EPS. Topline back on pre-COVID levels, beats expectations Pidilite saw its Q2FY21 consolidated revenue shoot up to Rs. 1,880cr (+114.2% QoQ, +4.1% YoY) on account of substantial recovery seen across all its business segments....