KR Choksey's research report on Tatva Chintan Pharma Chem
Tatva Chintan Pharma Chem’s revenue and profitability missed our estimates significantly due to muted demand across business segments, lower price realization, and an increase in fixed costs. We believe short term pain will persist as Q3FY25E is expected to have similar performance; However, mid-term may improve gradually with a pick-up in global demand and commercialization of new products. We have revised our estimates on the lower side due to slowdown in recovery, logistical challenges, and Chinese competition affecting the company’s MNC customers.
Outlook
We reduce the P/E multiple to 26.0x (previously: 28.0x) on FY26E EPS of INR 31.1 (previously: INR 36.5) to arrive at a target price of INR 809/share (previously: INR 1,021/share),
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