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ICICI Direct is bullish on Vinati Organics has recommended a buy rating on the stock with a target price of Rs 2300 in its research report dated August 02, 2021.
ICICI Direct's research report on Vinati Organics
Vinati Organics may be a leading manufacturer of specialty chemical and organic intermediaries with global market leadership in its two key products- 2- Acrylamido 2 Methylpropane sulfonic acid (ATBS) and Isobutyl Benzene (IBB). Starting with IBB and subsequent forays into IB, ATBS, Butyl phenols, the corporate is now moving towards antioxidants. the corporate has two manufacturing facilities at Mahad and Lote In terms of revenue contribution, ATBS constitutes ~40-50% of overall revenue followed by IBB of 20-30% while the remainder is from other segments like IB, Butyl phenols, and derivatives
Outlook
We retain a BUY rating on the rear of a far better growth outlook from ATBS and newer products like Butyl phenols and antioxidants We value Vinati Organics at 50x P/E FY23E EPS to reach a revised target price of Rs 2300/share (earlier Rs 2220/share).