New Research Reports

Strong order book to maintain CSM momentum About the stock: Incorporated in 1947, PI Industries focuses on complex chemistry The company maintains a strong research presence through its R&D facility...

UPL Ltd is a global agriculture Solutions Company engaged in the agrochemicals and industrial chemicals business with manufacturing sites across the world. Through recent expansion, the company has become a...

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INDIA l Institutional Research l Chemicals l 01st November 2021 Valiant Organics l BUY l TP: 1,975 Robust revenue growth, margins play spoilt sport We maintain a BUY rating with a revised TP of Rs1,975 (earlier Rs2,100); revision is largely on account of increase in RMAT costs, which has led to downgrade in earnings for FY22E/FY23E. The company posted impressive revenue growth of 64% YoY and 12% QoQ driven by improved realisation rates and increasing utilisation of enhanced capacities; we believe that this strong revenue growth should sustain. However, high RMAT and freight...

(accounting for 94.20% of total sales). Sales of Non-Agro Activities segment has gone up 33.77% to Rs 618.00 crore (accounting for 5.80% of total sales). Inter-segment sales rose Rs 59.00 crore to Rs 87.00 crore. Operating profit margin has declined from 18.65% to 18.27%,...

CSM segment going from strength to strength! PI's FY21 Annual Report highlights its intention to build multiple growth engines and take PI to the next level in the global arena, with more substantive participation in the Life Sciences domain. Here are the key insights:...

INDIA l Institutional Research l Chemicals l 18th August 2021 Valiant Organics l BUY l TP: 2,100 Strong revenue growth, margins impacted We maintain BUY rating and TP of Rs2,100 with no revisions in our FY22/FY23 estimates as we expect revenue and margins to improve in subsequent quarters. Valiant's revenue growth is in line with our expectations as the company posted revenue growth of 65.5% YoY and 4.3% QoQ. Gross and EBITDA margins witnessed contraction due to non-favorable raw material prices coupled with the loss of production days at the Jhagadia plant. Going...

PI Industries manufactures plant protection & specialty plant nutrient products and solutions under its agri-inputs business. It is also one of India's leading custom synthesis (CSM) companies engaged in providing contract...