PI inds has got agrichem plus CDMO business. And CDMO business has now achieved scale with order book consistently remaining above 1 Billion dollars and company showing good growth in segment.
This factor has lent a lot of stability to an otherwise cyclical agrichem business. Hence PI inds is akin to a consistent compounder inspite of having a cyclical segment…
In many cyclical sectors, there will be an odd company that will be an outlier, which will have that X factor that seperates it from the rest. PI is one such company in an otherwise cyclical sector.
Bharat Rasayan did seem to hold promise based on its capex plans, but has not delivered yet. So the next PI inds still remains PI inds. ,
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