External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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<ul><li>Vinati Organics (VO) will be commercialising projects worth approximately INR 8bn over the next two quarters, which will fuel the company’s growth from FY25 to FY27E</li><li>Revenue and EBITDA CAGR over FY24-27E are expected to be 19%/20%</li><li>The addition of a new range of products in its subsidiary, Veeral Organics Pvt Ltd (VOPL), will help Vinati Organics (VO) diversify its customer base</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Vinati Organics (VO) will be commercialising projects worth approximately INR 8bn over the next two quarters, which will fuel the company’s growth from FY25 to FY27ERevenue and EBITDA CAGR over FY24-27E are expected to be 19%/20%The addition of a new range of products in its subsidiary, Veeral Organics Pvt Ltd (VOPL), will help Vinati Organics (VO) diversify its customer baseContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vinati Organics: Committed to Innovation. Maintain SELL

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

Geojit BNP Paribas

Geojit BNP Paribas is a leading Indian investment services company with a strong presence in the Gulf Cooperation Council countries. 

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<ul><li>Geojit's research report onVinati Organics Vinati Organics Ltd.</li><li>(VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2-Methylpropane Sulfonic Acid).</li><li>In 9MFY24, revenue dipped by 15% YoY, due to ATBS destocking and fall in realization.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Geojit's research report onVinati Organics Vinati Organics Ltd.(VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2-Methylpropane Sulfonic Acid).In 9MFY24, revenue dipped by 15% YoY, due to ATBS destocking and fall in realization.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vinati Organics Ltd. - ATBS Destocking Hurts Earnings...recovery Seen in FY25.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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<ul><li>Prabhudas Lilladher's research report onVinati Organics We recently met with the management of Vinati Organics (VO IN).</li><li>Based on our interaction, Q4FY24 performance is expected to be slightly better than Q3FY24, but significant improvement will be visible only in FY25.</li><li>Destocking is largely over and ATBS, IBB, IB and Butyl phenols plants have ramped up their capacity utilization.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Prabhudas Lilladher's research report onVinati Organics We recently met with the management of Vinati Organics (VO IN).Based on our interaction, Q4FY24 performance is expected to be slightly better than Q3FY24, but significant improvement will be visible only in FY25.Destocking is largely over and ATBS, IBB, IB and Butyl phenols plants have ramped up their capacity utilization.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vinati Organics (VO IN) - Focus on Existing Strengths

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Oil drilling activities remain vigorous globally as the countries move away from their dependence on Russian oil and gas.</li><li>Average global rig counts have risen 10% since the Russia-Ukraine conflict started in Mar’22.</li><li>In line with the above, Vinati Organics (VO)’s management outlook for ATBS remains robust and it has announced a 50% capacity expansion to 60ktpa (from 40ktpa), which is likely to come online in 2HFY24.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Oil drilling activities remain vigorous globally as the countries move away from their dependence on Russian oil and gas.Average global rig counts have risen 10% since the Russia-Ukraine conflict started in Mar’22.In line with the above, Vinati Organics (VO)’s management outlook for ATBS remains robust and it has announced a 50% capacity expansion to 60ktpa (from 40ktpa), which is likely to come online in 2HFY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vinati Organics - ATBS Demand Outlook Robust; Realizations Firm

<div><div><div><div><ul><li>Our SELL recommendation on Vinati Organics with a discounted cash flow- based target price of INR 1,765 (WACC 11%, terminal growth 5%) is driven by a shift in the revenue mix towards lower-margin iso butyl benzene (IBB), butyl phenol, and other products as compared to ATBS, which has a higher margin.</li><li>We believe the current valuation is contextually high at ~36x FY24E EPS.</li><li>Q1 EBITDA/APAT were 12/6% below our estimates, owing to a 5% fall in revenue, higher-than-anticipated raw material cost, offset by higher-than-expected other income.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Our SELL recommendation on Vinati Organics with a discounted cash flow- based target price of INR 1,765 (WACC 11%, terminal growth 5%) is driven by a shift in the revenue mix towards lower-margin iso butyl benzene (IBB), butyl phenol, and other products as compared to ATBS, which has a higher margin.We believe the current valuation is contextually high at ~36x FY24E EPS.Q1 EBITDA/APAT were 12/6% below our estimates, owing to a 5% fall in revenue, higher-than-anticipated raw material cost, offset by higher-than-expected other income.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Vinati Organics - ATBS Witnessing Strong Demand

India

Vinati Organics Limited is a prominent Indian manufacturer of specialty chemicals and organic intermediates. The company is a global leader in producing Isobutyl Benzene (IBB) and 2-Acrylamido-2-Methylpropane Sulfonic Acid (ATBS), serving pharmaceutical, agrochemical, personal care, water treatment, and polymer industries. Headquartered in Mumbai, India, the company was founded in 1989.

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Vinati Organics (VO IN)

Vinati Organics: Committed to Innovation. Maintain SELL

Vinati Organics (VO) will be commercialising projects worth approximately INR 8bn over the next two quarters, which will fuel the company’s growth...

HDFC Securities

Vinati Organics Ltd. - ATBS Destocking Hurts Earnings...recovery Seen in FY25.

(VOL) enjoys global leadership in two specialty chemicals, with a market share of 70% in IBB (isobutyl benzene) and 80% in ATBS (2-Acrylamindo 2...

Geojit