We are valuing Vinati Organics 25xSept'20 EPS with a revised target price of Rs 1,700. We upgrade our rating to Buy. Vinati Organics (VO) reported a strong set of numbers with Sales/EBITDA/PAT coming in at Rs 2.53bn/Rs 9.5bn/Rs 650mn growing at 57.3/107.3/123.1% respectively. VO reported the highest ever quarterly EBITDA margin of 37.7% (expansion of 9.0 percentage points YoY).