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

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

Thematic (Sector/Industry)

<ul><li>Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3Q</li><li>Prices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in margins</li><li>However, increase in freight costs may offset the benefit of falling prices of chemicals</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 9.3% YoY while it could fall marginally QoQ in 3QPrices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in marginsHowever, increase in freight costs may offset the benefit of falling prices of chemicalsContent 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 (Q3FY25 Results Preview): Volume-driven growth

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

India

Vinati Organics Limited produces organic intermediates and monomers.

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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

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

Chemicals (Q3FY25 Results Preview): Volume-driven growth

Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3Q. Prices of industrial solvents and...

HDFC Securities

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

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