Sharekhan's research report on PI Industries
The start of the multiyear upcycle in the global agrochem market, which has been good, augurs well for the business visibility of the CSM business (expected to grow by 20%+ in next 2-3 years). Management has reiterated its guidance and is confident of achieving revenue growth of 20%+ and EBITDA margin of ~21% over the next two-three years. The company is expected to post revenue and earnings CAGR of 21.6% and 23.4%, respectively, over FY2018-FY2021E.
Outlook
With industry-leading return ratios coupled with healthy balance sheet and strong earnings visibility, we expect further re-rating in the stock. We reiterate our Buy rating on PI Industries with an upward revised PT of Rs. 1,200/share.
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