I made a follow up presentation on the agchem space where I categorized cos by different criterias like: complexity of core molecules, end selling markets, business model and level of backward integration. I compared 6 cos in this presentation (Punjab chemicals, India Pesticides, Meghmani Organics, Heranba, Bharat Rasayan, Astec). Key takeaways are summarized below.
Molecule complexity: Punjab Chemicals ~ India Pesticides >> Meghmani ~ Heranba ~ Bharat Rasayan >> Astec
End markets: Punjab Chemicals ~ Meghmani ~ India Pesticides ~ Bharat Rasayan >> Astec >> Heranba
Business model: Punjab Chemicals >> Astec >> India Pesticides >> Bharat Rasayan ~ Meghmani >> Heranba
Backward integration: Heranba ~ Punjab Chemicals ~ Meghmani >> India Pesticides >> Bharat Rasayan >> Astec
The presentation is also available at the link below. I will be happy to discuss further as this space is seeing good growth and valuations are also reasonable.
https://www.youtube.com/embed/vAZn9I4De0c
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