Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences.
Numbers were above our estimates, led by strong growth from CSM.
The stock appreciated at 24% CAGR in last three years.
We retain BUY on the back of better growth outlook of CSM business
We value PI Industries at 45x FY24E EPS to arrive at a revised target price of ₹ 3710/share (earlier ₹ 3155/share).
Apart from PI Industries, in our chemical coverage, we also like Neogen Chemical.
|Particulars||FY19||FY20||FY21||FY22||5 Year CAGR(FY17-FY22)||FY23E||FY24E||2 Year CAGR (FY22-FY24E)|
|EBITDA Margins (%)||20.3||21.3||22.1||21.6||-||21.9||22.6||-|
|Adj. EPS (₹)||29.7||33.1||48.6||55.5||-||67.2||82.4||-|
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