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Subscribe to Tatva Chintan Pharma Chem: KR Choksey

KR Choksey has come out with its report on Tatva Chintan Pharma Chem. The research firm has recommended to ''Subscribe'' the ipo in its research report as on July 15, 2021.

July 16, 2021 / 02:00 PM IST
 
 
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KR Choksey IPO report on Tatva Chintan Pharma Chem


Tatva Chintan Pharma Chem Limited (“TCPC”) is a specialty chemicals manufacturer dealing with a variety of products including structure directing agents (“SDAs”), phase transfer catalysts (“PTCs”), pharmaceutical and agrochemical intermediates, and other specialty chemicals (“PASCs”). It is the largest and only commercial manufacturer of SDAs for Zeolites in India (second globally). TCPC’s products, totalling over 154, have wide applications across automotive, petroleum, agrochemicals, dyes and pigments, paints and coatings, pharmaceutical and personal care. It exports to over 25 countries which contributed over 70% of total revenues from operations for FY 2021. Revenues have grown at a CAGR of 21.7% over last 2 years, while the EBITDA margins have improved by 600bps to 23% over the same period.


Valuation and Outlook


On account of strong growth potential, dominant manufacturer status, potential play on ‘green chemistry’ and discounted valuation compared to its peers, we recommend a ‘SUBSCRIBE’ rating for long term gains for TCPC IPO.


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