PI Industries Ltd. share price target

PI Industries reported another strong result led by robust growth across the segments. Revenues stood at Rs 5.4bn ( 48% YoY). Lower other expenses led to an EBITDA margin of 17.7% ( 342 bps) and EBITDA grew to Rs 953mn ( 83%).

Background: PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under two main segments a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 29 products, which includes 5-6 in-licensed products in tie up with MNCs such as Bayer, BASF & Kumiai chemicals. Company manufactures products from its three formulations & two technical facilities based in Jammu and Panoli. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points. Company derives 80% of its agrichemical revenue from its top 10 products. Its...

Valuation: PI trades at 25.5x/20.1x of FY16/17e.We believe the stock could get further re-rated on non-infringing differentiated business model, stability in certainty in higher earnings as PI remains preferred partner for global innovator...

Background: PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under two main segments a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 29 products, which includes 5-6 in-licensed products in tie up with MNCs such as Bayer, BASF & Kumiai chemicals. Company manufactures products from its three formulations & two technical facilities based in Jammu and Panoli. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points. Company derives 80% of its agrichemical revenue from its top 10 products....

PI Industries (PI) reported a strong 3QFY15 result led by strong growth across the segments. Revenues stood at Rs 5.0bn ( 39% YoY. Better product mix led to an improvement in gross margins and consequently the EBITDA margin expanded to 18.6% ( 139 bps)).

Background: PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under two main segments a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 29 products, which includes 5-6 in-licensed products in tie up with MNCs such as Bayer, BASF & Kumiai chemicals. Company manufactures products from its three formulations & two technical facilities based in Jammu and Panoli. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points. Company derives 80% of its agrichemical revenue from its top 10 products. Its key products...

PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under two main segment s a) agric ulture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 29 products, whic h includes 5-6 in-licensed products in tie up with MNCs such as Bayer, BASF & Kumiai chemicals. Company manufactures products from its three formulations & two technical facilities based in Jammu and Panoli. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points. Company derives 80% of its agrichemical revenue from its top 10 products. Its...

PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under tw o main segment s a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a nic he portfolio of 29 products, which includes 5-6 in-licensed products in tie up w ith MNCs such as Bayer, BASF & Kumiai chemicals. Company manufactures products from its three formulations & two technic al facilities based in Jammu and Panoli. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points. Company derives 80% of its agrichemical revenue from its top 10 products. Its key products are...

Custom Synthesis segment to drive growth forward PI Industries has exhibited a strong CAGR of 57% in exports between 2010-13, led by its custom synthesis segment. In the...

PI Industries' is one of the leading players in the Crop protection industry. Company largely operates under tw o main segment s a) agriculture inputs, b) custom synthesis and contract manufacturing. Company has a niche portfolio of 29 products, which includes 5-6 in-licensed products in tie up w ith MNCs such as Bayer, BASF & Kumiai chemicals. Company manufactures products from its three formulations & two technic al facilities based in Jammu and Panoli. PI has a strong distribution network of 8,000 dealers / distributors; 35,000 retailers and 27 stock points. Company derives 80% of its agrichemical revenue from its top 10 products. Its...