Vinati Organic (VO)'s FY21 Annual Report highlights its ability to adapt to change, while delivering robust results during the year. Despite these trying times, the company was able to maintain its status as market leader in the ATBS and IBB segments. With the capacity expansion of ATBS, the addition of Butyl Phenols, and ongoing capex for other IB derivatives, the company is confident of delivering growth, along with stronger synergies. We maintain a BUY rating on the stock, with Target Price of INR2,170....