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Subscribe to Heranba Industries: Anand Rathi

Anand Rathi has come out with its report on Heranba Industries. The research firm has recommended to ''Subscribe'' the ipo in its research report as on February 19, 2021.

February 19, 2021 / 02:26 PM IST
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Anand Rathi IPO report on Heranba Industries

The company is a crop protection chemical manufacturer, exporter and marketing company based out of Vapi, Gujarat, with Corporate and Administration Offices in Mumbai. It manufactures Intermediates, Technicals and Formulations & is one of the leading domestic producers of synthetic pyrethroids like cypermethrin, alphacypermethrin, deltamethrin, permitherin, lambda cyhalothrin etc. Its Pesticides range includes insecticides, herbicides, fungicides and public health products for pest control.

Valuation and Outlook

At the upper end of the IPO price band, it is offered at 22.67x its TTM EPS earnings, with a market cap of Rs. 2509 crores. Considering the company’s dominant position in pyrethroids market, strong balance sheet, high RoNW of 30.47% as per FY20 financial statements, strong management and reasonable valuations; we give this IPO a "Subscribe" rating.

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