Buy Shree Pushkar Chemicals; target of Rs 245: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Shree Pushkar Chemicals

Dye intermediates find application in manufacture of dyes, which, in turn, are used as colouring agents in textiles. As per industry estimates, the global industry size for dyestuff & dye intermediates (FY16) was at 800,000 and 620,000 tonne per annum (TPA), respectively, growing at a CAGR of 2-3%.

Outlook

Furthermore, SPCL realises a healthy 15%+ EBITDA margins and 2.5x asset turnover resulting in impressive return ratios profile with FY17-19E average RoCE & RoIC at 25% & 29%, respectively. We value SPCL at Rs 245, i.e. 15.0x P/E on FY19E EPS of Rs 16.4 and assign a BUY rating to the stock.

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