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Bodal Chemicals: Diversification towards benzene chemistry – a structural shift

Import for select benzene-based chemicals is on an uptrend and hence offers a good import substitution opportunity for Bodal Chemicals

January 01, 2021 / 01:19 PM IST
Bodal Chemicals: Diversification towards benzene chemistry – a structural shift

GMM Pfaudler share price performance each of the second half of the calendar year. 2HCY17: 37% | 2HCY18: 48% | 2HCY19: 40%

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights - Rs 360 crore capex for benzene and sulphuric acid derivatives - Partly adds to backward integration; taps into a huge import substitution play - Foray into paracetamol value chain – a key development to watch Dye major Bodal Chemicals (CMP: Rs 81, Mkt cap: Rs 988 crore) recently announced its diversification into benzene-based downstream products and capacity addition of sulphuric acid and its derivatives. Given this development, we weigh the prospects for the company and deliberate on what’s in it for investors. Entry into benzene-based...

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