India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

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Equity Bottom-Up

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<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>
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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

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.

<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), 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.

Thematic (Sector/Industry)

<ul><li>Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQ</li><li>Prices of industrial solvent and basic chemicals remain flattish during the quarter</li><li>Agrochemical end-user industry is running on thin inventory</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.

Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQPrices of industrial solvent and basic chemicals remain flattish during the quarterAgrochemical end-user industry is running on thin inventoryContent 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.

Chemicals (Q4FY25 Results Preview): Landing the Year Amidst the Uncertainty

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

<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

Vinati Organics Limited produces organic intermediates and monomers.

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Vinati Organics (VO IN)

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

Chemicals (Q4FY25 Results Preview): Landing the Year Amidst the Uncertainty

Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQ. Prices of industrial solvent and basic chemicals remain flattish during...

HDFC Securities

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

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Chemicals (Q4FY25 Results Preview): Landing the Year Amidst the Uncertainty

Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQ. Prices of industrial solvent and basic chemicals remain flattish during...

HDFC Securities

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

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