PI Industries Ltd.

NSE: PIIND | BSE: 523642 | ISIN: INE603J01030 |Industry: Agrochemicals
|Expensive Star

PI Industries Ltd.    
30 Oct 2020
Nirmal Bang Institutional
We maintain Accumulate on PI Industries (PI) after raising our PE-based target price (TP) by 8.7% to Rs2168 post results, which was a beat vs. NB and street estimates. We have also raised our base case FY21E-23E EPS estimates based on the company's guidance for higher margins. Our new TP is based on higher target PE of 34.7x (5% increase from our old PE of 33.2x) on our pro-forma FY22E-23E average EPS estimate, assuming that potential earnings from the proposed investments in capacity building through M&A; will be funded using the Rs20bn raised through QIP last month. The management has a crack team working full time on potential targets in non-agro CSM,...
PI Industries Ltd.'s price crossed below SMA30 today
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