KR Choksey's research report on Ami Organics
Ami Organics’ revenue beat our estimates significantly due to strong growth in Advanced Intermediates. This is reflected in EBITDA and Adj. PAT performance, which beat our estimates primarily due to lower-than-expected employee expenses. We increase our FY26E EPS estimates to INR 46.4 (previously: 37.1) anticipating strong revenue growth across business segments aligned with the revised guidance and EBITDA margin improvement in both the near and long term, supported by high-margin product contributions. We increase the PE multiple to 43.0x (previously: 37.0x) showing our confidence that the company’s CDMO pipeline remains robust, with projects at various stages in regions like Europe, the USA, and Japan, many of which are expected to scale up in the coming quarters, supporting future revenue growth.
Outlook
Therefore, we arrive at a target price of INR 1,994/share (previously: 1,374/share) and maintain our “ACCUMULATE” rating.
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