New Research Reports

SCI provides solutions for insecticide, herbicide, fungicide, plant growth regulator (PGR) under agro segment. Under animal nutrition, it manufactures methionine for feed additive use In terms of revenue contribution, insecticide constitutes ~51% while around...

further capacities in the medium term. Molecule-wise commercialisation should commence FY23 onwards. SUMICHEM also plans to buy 2 land parcels of 70 acres in total for its future expansion plans. We increase topline/EBITDA/APAT estimates by 2% for each of FY22 & FY23. Due to recent run-up in stock price, we downgrade the stock to REDUCE' (from HOLD), as upside looks capped because of expensive valuations (@ 43.5x FY23E EPS). We assign TP of Rs 376 (Previous 369) based on 38x FY23E EPS of Rs 9.9....

We initiate coverage on Valiant Organics, a chemicals manufacturer having a modest but niche product portfolio, with a BUY and TP of Rs2,100. Valiant's proven expertise in niche chemistries, agile manufacturing and innovative product selection strategy have helped it stand out in a congested chemicals space. Its remarkably large market shares in small but critical products undergirds its indispensability to clients. Our conviction is further bolstered by its sustainably high margins, superior return ratios and low leverage, and at the...

Earning below estimates, but strong show on high base PI Industries (PI)'s operating performance during the quarter was impacted by one-time expenses pertaining to (i) COVID management, (ii) consulting fees, and (iii) other costs related to various strategic projects. Thus, despite...

We value PIIND at 36x (PE its FY24E EPS) given the strong performance on the export and domestic front and wait for more clarity on ramping up of newly acquired business that could be value accretive for shareholders.

Ind-Swift Labs (ISLL) on slump sale basis for Rs 15.3 bn. Further, market, lower than anticipated CSM exports and cost overruns. The company management highlighted scope of improvement from (a) existing ISLL...

Gross margins improved 180 bps YoY to ~43.8% while EBITDA margin contracted 80 bps YoY to 20.8%, due to higher employee (up 20% YoY) and other operating cost (up 32% YoY)...

Background: Incorporated in 1947, PI (erstwhile Pesticides India) focuses on agri-input, custom synthesis and polymer compounding with strength of over 1,100 employees. The company currently operates three formulation and two manufacturing facilities as well as five multi-product plants across Gujarat and Jammu, and one R&D; unit in Rajasthan at Udaipur. PI is one of India's leading players in the agri-input industry, primarily dealing in agro-chemicals, specialty fertilizers, plant nutrients and seeds. The company has a strong product portfolio as a result of exclusive tie-ups with leading agro-chemical, pharmaceutical and fine chemical...

We downgrade rating from BUY to HOLD in light of 1) Higher channel inventory and raw material inflation, 2) Inability to pass on RM prices to consumers, and 3) Below-normal monsoon. We value DAGRI at 17x FY24E EPS to arrive at TP of Rs 940/share (previous Rs 1010/share).

sales). Sales of Non Agro segment has gone up 22.49% to Rs 501.00 crore (accounting for 5.82% of total sales). Inter-segment sales rose Rs 69.00 crore to Rs 88.00 crore. Operating profit margin has slumped from 23.39% to 20.83%, leading to 3.17% decline in operating profit...