Sharekhan's research report on Sudarshan Chemical Industries
Revenues reached Rs. 696 crore, marking a 16% y-o-y increase and a 10% q-o-q rise, with exports growing by 44% y-o-y. EBITDA stood at Rs. 94 crore, up 44% y-o-y and 17% q-o-q, driven by growth in the specialty pigments portfolio. Margins improved to 14%, up 266 bps y-o-y and 86 bps q-o-q, while PAT reached Rs. 30 crore, up 67% y-o-y and 2% q-o-q. Recovery in export demand and ramp-up of new projects would drive growth. We have tweaked our estimates for FY25-26 and introduced FY27.
Outlook
Hence, we maintain a Buy rating with a revised PT of Rs. 1,224, ascribing a multiple of 24x on FY27 EPS.
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