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Accumulate Vinati Organics; target of Rs 1983: CD Equisearch

CD Equisearch recommended accumulate rating on Vinati Organics with a target price of Rs 1983 in its research report dated June 23, 2022.

June 24, 2022 / 01:43 PM IST
 
 
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CD Equisearch's research report on Vinati Organics


As per Crisil Research, the Indian specialty chemicals industry is expected to outpace its Chinese counterpart and almost double its global market share to ~6% by 2026. Much of this growth will be powered by solid export tailwinds due to a shift in the global supply chain driven by the China+1 policy of vendors and demand recovery in domestic end-user segments. Currently, the industry is confronted with a sharp rise in input costs, including fuel costs, and facing logistical challenges emerging from China. Beyond the ‘Chine plus one’ opportunity within agrochemical and pharmaceutical manufacturing, tailwinds from the imminent investment cycle in e-mobility, batteries, and renewables have further expanded the total addressable market that has to be catered to. Investments across the chemical value chain are set for a significant leg-up in the coming years.



Outlook


Though the product basket would expand, increased specialization in existing products (ATBS, IBB, etc) would be key for global leadership and maintaining its competitive advantage. Pending visibility of growth catalyst in ATBS business, we assign an ‘accumulate’ rating on the stock with a target price of Rs 1983 (previous target Rs. 1639) based on 50x FY24e EPS of Rs. 39.66.

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At 13:39 hrs Vinati Organics was quoting at Rs 1,859.80, up Rs 40.55, or 2.23 percent.

It has touched an intraday high of Rs 1,859.80 and an intraday low of Rs 1,799.40.

It was trading with volumes of 3,273 shares, compared to its thirty day average of shares, a decrease of percent.

In the previous trading session, the share closed up 2.29 percent or Rs 40.75 at Rs 1,819.25.

The share touched its 52-week high Rs 2,289.55 and 52-week low Rs 1,675.00 on 25 April, 2022 and 24 February, 2022, respectively.

Currently, it is trading 18.77 percent below its 52-week high and 11.03 percent above its 52-week low.

Market capitalisation stands at Rs 19,115.41 crore.

For all recommendations report, click here

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first published: Jun 24, 2022 01:43 pm
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