We value VO at 25x Jun-20 EPS and resume coverage with a TP of Rs 1,185. Vinati Organics (VO IN) is a diversified chemicals manufacturer with an impeccable product selection history, superior return ratios (FY18 RoE/RoIC: 19.5/25.6%), strong environmental practices and a robust earnings trajectory. VO is a leader in its key products like 2-Acrylamido-2-Methylpropane Sulfonic Acid (ATBS-45% global share), Iso Butyl Benzene (IBB-65% global share) & Iso Butylene(IB-70% domestic share) with technology tie-ups with leading national institutes.