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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Vinati Organics (VO)’s 3QFY25 revenue came in a tad above our estimate at INR5.2b.</li><li>Gross margin expanded 180bp YoY to 49%, while EBITDAM was up 180bp YoY at 27.4%.</li><li>EBITDA increased 24% YoY to INR1.4b and PAT grew 24% to INR956m (our est.</li></ul>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)’s 3QFY25 revenue came in a tad above our estimate at INR5.2b.Gross margin expanded 180bp YoY to 49%, while EBITDAM was up 180bp YoY at 27.4%.EBITDA increased 24% YoY to INR1.4b and PAT grew 24% to INR956m (our est.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 - Operational Performance In-Line; Guidance Intact

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

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

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>Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth.</li><li>It has maintained 20% revenue growth guidance for FY25. ATBS, the company’s key product, contributed to 36% of total revenue in Q2FY25.</li><li>Antioxidants segment revenue, which is expected to double in FY25 from Rs1.3bn in FY24, stood at Rs1bn in H1FY25.</li></ul>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) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth.It has maintained 20% revenue growth guidance for FY25. ATBS, the company’s key product, contributed to 36% of total revenue in Q2FY25.Antioxidants segment revenue, which is expected to double in FY25 from Rs1.3bn in FY24, stood at Rs1bn in H1FY25.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 Expansion to Align with Demand

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Shiva Pharmachem Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shiva-pharmachem-limited" target="_blank" data-smartkarma-citation="entities:40109:1" rel="noopener">Shiva Pharmachem Limited (9155347Z IN)</a> is looking to raise around US$110m in its India IPO.</li>
<li>It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Shiva Pharmachem Limited (9155347Z IN) is looking to raise around US$110m in its India IPO.
It is a manufacturer in the Indian specialty chemicals business and was the largest manufacturer of acid and alkyl chlorides by volume in CY22 in India, as per Frost&amp;Sullivan .
In this note, we talk about the company’s historical performance.


Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>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>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) 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

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aarti-industries-limited" target="_blank" data-smartkarma-citation="entities:6583:1" rel="noopener">Aarti Industries (ARTO IN)</a>  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.</li>
<li>Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.</li>
<li>Introducing new products in the value chain, which has high-value added and high margins.</li>
</ul>



Aarti Industries (ARTO IN)  is planning a huge capex of 2500 Cr, which will increase their PPE by more than 50% from current CWIP and new capex.
Company is targeting 1450 to 1700Cr EBITDA in next year which is almost 1.5x to 2x of the existing EBITDA.
Introducing new products in the value chain, which has high-value added and high margins.


The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

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 - Operational Performance In-Line; Guidance Intact

Vinati Organics (VO)’s 3QFY25 revenue came in a tad above our estimate at INR5.2b. Gross margin expanded 180bp YoY to 49%, while EBITDAM was up...

Motilal Oswal

Vinati Organics - ATBS Expansion to Align with Demand

Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth. It has maintained 20% revenue growth guidance for...

Prabhudas Lilladhar

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

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

The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

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Vinati Organics - Operational Performance In-Line; Guidance Intact

Vinati Organics (VO)’s 3QFY25 revenue came in a tad above our estimate at INR5.2b. Gross margin expanded 180bp YoY to 49%, while EBITDAM was up...

Motilal Oswal

Vinati Organics - ATBS Expansion to Align with Demand

Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth. It has maintained 20% revenue growth guidance for...

Prabhudas Lilladhar

Shiva Pharmachem Pre-IPO - High Borrowings Along with Expansion Plans Leading to Liquidity Concerns

Shiva PharmaChem is looking to raise around US$110m in its India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

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

The Beat Ideas: Aarti Industries Ltd.- Capex, Growth, Value Addition!

The Beat Ideas: Aarti Industries - ​Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.

Sudarshan Bhandari

The Beat Ideas: Aarti Industries - Aarti Industries plans significant capex to boost EBITDA and expand product offerings with high margins.