Nirmal_Bang_sees_38%_UPSIDE_in_Fine_Organic_Industries_Overseas.pdf (1001.4 KB)
please refer to attached Nirmal Bang report on Fine Organics
The management expects at least one quarter of pain in the US and
Europe markets due to subdued demand in the respective segment(s).
Considering the near-term demand outlook, we believe that capacity
shortage is not really very bad news. However, timely commissioning of
Maharashtra SEZ capacity is the key.
As far as expansion in
Maharashtra SEZ is concerned, the management expects final go-ahead for
land allotment in Mar’24. Post completion of EC, the new capacity spread over
30 acres can take 18-24 months for commissioning.
Target price of 6000, based on 40x PE on Dec’25 earning.
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