PI Industries Ltd.

NSE: PIIND | BSE: 523642 | ISIN: INE603J01030 |Industry: Agrochemicals
|Expensive Star
2197.20 39.05 (1.81%)
NSE Oct 30, 2020 15:31 PM
Volume: 533.0K

PI Industries Ltd.    
23 Jun 2020
Nirmal Bang Institutional
CSM major with rich valuations offsetting future growth We initiate coverage on PI Industries Ltd with Accumulate rating and a target price (TP) of Rs1,668 (+8.36% upside form CMP) derived using a target PE of 31.6 on FY22E EPS. The stock has surged 31% in the last one year and looks richly valued at 29.41x PE on FY22E at CMP. We also have concerns regarding a likely lead time of 5-6 years in stabilizing the CSM business, as per NBIE pharma team. This underpins our Accumulate rating. PI does offer long term growth prospects as India's top custom synthesis and manufacturing (CSM) company in crop protection chemicals, which has an estimated global market size of US$57bn. PI has a track record in building CSM...
Institutional Investors have increased their holdings by 9.72% of holdings in Sep 2020 qtr.
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