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 the next 2-3 years). Management has guided for revenue growth of 20-22% and margin improvement of 50-100 BPS for FY2020E. We expect the company to post a revenue and earnings CAGR of 20.6% and 31.1% over FY2019-FY2021E, respectively. Strong performance continued with revenue, EBITDA and PAT registering robust growth of 28.7%, 27.6% and 18% y-o-y, respectively, during FY2019.
Outlook
We maintain our Buy rating on PI Industries with a revised PT of Rs. 1,280/share.
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