ICICI Direct's research report on PI Industries
Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences. The company maintains a strong research presence through its R&D facility in Udaipur, where it has a dedicated team of over 300 scientists The revenues of the company can be subdivided into custom synthesis manufacturing (CSM) and domestic formulation business with the former contributing ~73% to overall revenue in FY21 and the rest coming from the domestic formulations business
Outlook
We retain BUY on the back of better growth outlook of CSM business We value PI Industries at 50x P/E FY23E EPS to arrive at a revised target price of Rs 3855/share (earlier Rs 3010/share).
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