External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>The management indicated that in their diphenols capacity, mix between HQ and Catechol cannot be skewed beyond a point (say, 55:45) and hence it has to produce Catechol, which is undergoing demand and pricing pressure.</li><li>Currently, CFIN is operating at US$1.5/kg loss in Catechol.</li><li>Vanillin capacity is expected to be commissioned in July’22, post which Catechol would be used for captive use and the same would arrest margin pressure.</li></ul></div></div></div></div><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>

The management indicated that in their diphenols capacity, mix between HQ and Catechol cannot be skewed beyond a point (say, 55:45) and hence it has to produce Catechol, which is undergoing demand and pricing pressure.Currently, CFIN is operating at US$1.5/kg loss in Catechol.Vanillin capacity is expected to be commissioned in July’22, post which Catechol would be used for captive use and the same would arrest margin pressure.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.

Camlin Fine Sciences - Execution Is the Key

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>Camlin Fine Sciences (CFS) Q4 FY22 performance was lower than our expectations as the company witnessed severe raw material inflation as increased gas prices affected the CFS Euro subsidiary due to the ongoing Russia-Ukraine conflict.</li><li>Consolidated Revenues stood at Rs 389 Cr, up 19% YoY (our estimate: Rs 377 Cr).</li><li>With regards to the Lockheed Martin deal, the pilot project with a 1,500-ton capacity has the potential to generate Rs 120-140 Cr revenue with contribution kicking in from FY24 onwards.</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>

Camlin Fine Sciences (CFS) Q4 FY22 performance was lower than our expectations as the company witnessed severe raw material inflation as increased gas prices affected the CFS Euro subsidiary due to the ongoing Russia-Ukraine conflict.Consolidated Revenues stood at Rs 389 Cr, up 19% YoY (our estimate: Rs 377 Cr).With regards to the Lockheed Martin deal, the pilot project with a 1,500-ton capacity has the potential to generate Rs 120-140 Cr revenue with contribution kicking in from FY24 onwards.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.

Camlin Fine Sciences: RM Pressure Weighs on Performance; Structural Change Underway

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>CFS manufactures hydroquinone and catechol from phenol by using oxidation reaction.</li><li>Further, the reaction of hydroquinone with methanol produces mono methyl ether of hydroquinone (MEHQ).</li><li>Depressed prices of catechol, another product formed by the reaction, poses an economical challenge to the company's MEHQ synthesis process through the hydroquinone route.</li></ul><div class="content-highlight"><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></div>

CFS manufactures hydroquinone and catechol from phenol by using oxidation reaction.Further, the reaction of hydroquinone with methanol produces mono methyl ether of hydroquinone (MEHQ).Depressed prices of catechol, another product formed by the reaction, poses an economical challenge to the company's MEHQ synthesis process through the hydroquinone route.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.

Camlin Fine Sciences (Update): Capturing the entire value chain

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<div>
<h3>In this Insight </h3>
<p>Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. </p>
<p><strong>Domestic Chemicals: </strong>We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. </p>
<p><strong><a href="https://www.smartkarma.com/entities/sudarshan-chemical-inds-ltd" target="_blank" data-smartkarma-citation="entities:12968:1" rel="noopener">Sudarshan Chemical Inds (SCHI IN)</a> :</strong> Highly regarded and respected management along with interesting product line up is poised well for growth. </p>
<p><a href="https://www.smartkarma.com/entities/camlin-fine-sciences-ltd" target="_blank" data-smartkarma-citation="entities:17667:1" rel="noopener"><strong>Camlin Fine Sciences (CFIN IN)</strong></a><strong>:</strong> Historical performance has been good and acquisitions offer good growth potential </p>
<p><strong>Clean Science and Technology Limited (Private):</strong> Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its <a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/clean-science-and-technology-limited-drhp_49777.html" target="_blank" rel="noopener">DRHP</a>. Our channel interactions indicate a robust growth plan ahead. </p>
<h3>About India Channel Insight</h3>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. </p>
</div>


In this Insight 
Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. 
Domestic Chemicals: We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. 
Sudarshan Chemical Inds (SCHI IN) : Highly regarded and respected management along with interesting product line up is poised well for growth. 
Camlin Fine Sciences (CFIN IN): Historical performance has been good and acquisitions offer good growth potential 
Clean Science and Technology Limited (Private): Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its DRHP. Our channel interactions indicate a robust growth plan ahead. 
About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. 


India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

India

Camlin Fine Sciences Limited is an international chemicals manufacturing company.  The Company specializes in bulk drugs, fine chemicals, and food grade products.

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Camlin Fine Sciences (CFIN IN)

Camlin Fine Sciences - Execution Is the Key

We hosted the management of Camlin Fine Sciences (CFIN) at our Annual Investor Conference in order to understand the overall demand outlook across...

Nirmal Bang

Camlin Fine Sciences: RM Pressure Weighs on Performance; Structural Change Underway

With regards to the Lockheed Martin deal, the pilot project with a 1,500-ton capacity has the potential to generate Rs 120-140 Cr revenue with...

Axis Direct

Camlin Fine Sciences (Update): Capturing the entire value chain

CFS manufactures hydroquinone and catechol from phenol by using oxidation reaction. Further, the reaction of hydroquinone with methanol produces...

HDFC Securities

India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

In this insight, we present our takeaways from chemical channel interactions that are focused on the chemical industry and specific companies.

Pranav Bhavsar

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