We upgrade SUMICHEM to ACCUMULATE (from HOLD) with revised target price of Rs 336 (Previous 307) based on 38x FY23 EPS of Rs 8.8. We increase EBITDA/APAT estimates of SUMICHEM by 7%/7% for FY21, 7%/6% for FY22 and 13%/11% for FY23 to factor in better margins. The company reported strong results driven by better realisations for Glyphosate (prices up 20% YoY in Q3), traction in PGR (Plant growth regulator) sales and healthy growth in branded sales. SUMICHEM may continue to earn better margins on...