Deven Choksey's research report on Acutaas Chemicals
For Q2FY26, revenue from operations rose 24.1% YoY (+47.8% QoQ) to INR 3,062 Mn, primarily driven by sustained traction in the Advanced Pharmaceutical Intermediates segment and stable contributions from Specialty Chemicals. The growth was underpinned by robust order execution, improving end-market demand, and a steadily expanding CDMO pipeline, reflecting strong business momentum across key verticals.
Outlook
We have rolled forward our valuation basis to Sept’27 estimates. We value Acutaas Chemicals at a 42.0x Sept’27 EPS, implying a target price of INR 1,783 and downgrade our rating to “ACCUMULATE” from“ BUY”, acknowledging elevated valuations while maintaining a constructive long-term outlook.
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