PI Industries Latest Research Reports

HDFC Sec: Robust growth and tax benefits should lead to a PAT CAGR of ~25% over FY15-FY17E. Stock price rose by ~45% post 3Q results. There might be near term pressure owing to monsoon uncertainty and muted agri commodity prices. However, we maintain BUY led by strong fundamentals and robust growth trajectory. TP revised to Rs 800/sh (30x FY17E EPS).

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First Call: At the current market price of Rs. 677.35 the stock P/E ratio is at 35.22 FY16E and 31.79 x FY17E respectively. Earnings per share (EPS) of the company for FY16E and FY17E are seen at Rs. 19.23 and Rs. 21.31 respectively. Net Sales and PAT of the company are expected to grow at a CAGR of 21% and 32% over 2014 to 2017E respectively. On the basis of EV/EBITDA, the stock trades at 21.49 x for FY16E and 19.21 x for FY17E. Price to Book Value of the stock is expected to be at 8.41 x and 77.03 x respectively for FY16E and FY17E. We recommend ‘BUY’ in this particular scrip with a target price of Rs. 760.00 for Medium to Long term investment.

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Emkay: Momentum in the CSM business & agro chemical business to be driven by ramp up in volumes of existing products and 1-2 new product launches. Revenue growth guidance for FY16 tapered to 18-19% on the back of higher base and commissioning of new plants only towards the end of FY16. We have revised our target price upwards to Rs 684 while reducing our rating to Hold from Accumulate

PI Industries Q4FY15 Result Update