External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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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>We are upgrading Vinati Organics (VO) from REDUCE to BUY with target price of INR 2,308</li><li>Projects worth INR8bn will be capitalised over the next one year</li><li>VO is expanding its ATBS capacity by a whopping 50% to 60KTPA (~investment of INR3bn)</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.

We are upgrading Vinati Organics (VO) from REDUCE to BUY with target price of INR 2,308Projects worth INR8bn will be capitalised over the next one yearVO is expanding its ATBS capacity by a whopping 50% to 60KTPA (~investment of INR3bn)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: Expanding and reinforcing. Upgrade to BUY

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Read Business Not Stock Prices

<ul>
<li>Vinati Organics reported a 24% QoQ increase in net income, driven by strong growth in ATBS and antioxidants.</li>
<li>The company's focus on capacity expansion and product diversification positions it for sustainable growth in FY26.</li>
<li>Continued leadership in specialty chemicals and a clear Capex roadmap reinforce confidence in future growth.</li>
</ul>


Vinati Organics reported a 24% QoQ increase in net income, driven by strong growth in ATBS and antioxidants.
The company's focus on capacity expansion and product diversification positions it for sustainable growth in FY26.
Continued leadership in specialty chemicals and a clear Capex roadmap reinforce confidence in future growth.


Vinati Organics Q4 FY25 Update: Strong Growth with Robust Performance Across Key Segments

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vinati-organics-ltd" target="_blank" data-smartkarma-citation="entities:4621:1" rel="noopener">Vinati Organics (VO IN)</a> dominates the global market with a 65% share in ATBS and IBB, offering strong profitability driven by high-demand sectors like water treatment and pharmaceuticals.</li>
<li>With a INR570 crore capex investment, Vinati is expanding its ATBS capacity by 50%, diversifying into high-growth segments such as MEHQ, Guaiacol, and Antioxidants, positioning itself for long-term revenue growth.</li>
<li>Vinati is strategically increasing its domestic revenue share (45% of FY24 sales), while strengthening its export presence, capitalizing on India’s “Make in India” initiative and reducing currency volatility risks.</li>
</ul>



Vinati Organics (VO IN) dominates the global market with a 65% share in ATBS and IBB, offering strong profitability driven by high-demand sectors like water treatment and pharmaceuticals.
With a INR570 crore capex investment, Vinati is expanding its ATBS capacity by 50%, diversifying into high-growth segments such as MEHQ, Guaiacol, and Antioxidants, positioning itself for long-term revenue growth.
Vinati is strategically increasing its domestic revenue share (45% of FY24 sales), while strengthening its export presence, capitalizing on India’s “Make in India” initiative and reducing currency volatility risks.


The Beat Ideas: Vinati Organics- A Niche Giant in Specialty Chemicals

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>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

Thematic (Sector/Industry)

<ul>
<li>
Global chemical inventory levels are at decade lows, and product prices have begun stabilizing across key segments, signaling the early stages of a demand-led recovery. </li>
<li>The capex cycle is largely behind us, setting the stage for strong free cash flow generation even as select sub-segments like amines, fluorine, and pyridines see pricing and volume tailwinds. 
</li>
<li>We adopt a selective bullish view, with momentum expected in companies that have strategically aligned capex, strong product-market fit, and established global customer relationships. 
</li>
</ul>



Global chemical inventory levels are at decade lows, and product prices have begun stabilizing across key segments, signaling the early stages of a demand-led recovery. 
The capex cycle is largely behind us, setting the stage for strong free cash flow generation even as select sub-segments like amines, fluorine, and pyridines see pricing and volume tailwinds. 

We adopt a selective bullish view, with momentum expected in companies that have strategically aligned capex, strong product-market fit, and established global customer relationships. 



Thematic Report on What’s Different About the Chemical Recovery This Time?

India

Vinati Organics Limited produces organic intermediates and monomers.

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Vinati Organics (VO IN)

Vinati Organics: Expanding and reinforcing. Upgrade to BUY

We are upgrading Vinati Organics (VO) from REDUCE to BUY with target price of INR 2,308. Projects worth INR8bn will be capitalised over the next...

HDFC Securities

Vinati Organics Q4 FY25 Update: Strong Growth with Robust Performance Across Key Segments

Vinati Organics sees 24% QoQ net income rise fueled by ATBS and antioxidants, with focus on capacity expansion and product diversification for...

Sudarshan Bhandari

The Beat Ideas: Vinati Organics- A Niche Giant in Specialty Chemicals

Vinati Organics dominates global market with 65% share in ATBS and IBB, expanding capacity and diversifying to drive long-term revenue growth.

Sudarshan Bhandari

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

Thematic Report on What’s Different About the Chemical Recovery This Time?

Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...

Sudarshan Bhandari

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Vinati Organics: Expanding and reinforcing. Upgrade to BUY

We are upgrading Vinati Organics (VO) from REDUCE to BUY with target price of INR 2,308. Projects worth INR8bn will be capitalised over the next...

HDFC Securities

Vinati Organics Q4 FY25 Update: Strong Growth with Robust Performance Across Key Segments

​Vinati Organics sees 24% QoQ net income rise fueled by ATBS and antioxidants, with focus on capacity expansion and product diversification for...

Sudarshan Bhandari

The Beat Ideas: Vinati Organics- A Niche Giant in Specialty Chemicals

​Vinati Organics dominates global market with 65% share in ATBS and IBB, expanding capacity and diversifying to drive long-term revenue growth.

Sudarshan Bhandari

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

Thematic Report on What’s Different About the Chemical Recovery This Time?

​Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...

Sudarshan Bhandari

Vinati Organics sees 24% QoQ net income rise fueled by ATBS and antioxidants, with focus on capacity expansion and product diversification for...

Vinati Organics dominates global market with 65% share in ATBS and IBB, expanding capacity and diversifying to drive long-term revenue growth.

Global chemical inventory levels are at decade lows, signaling the early stages of a demand-led recovery. Selective bullish view on companies with...