With organic levers of growth amidst changing business profile in favour of more speciality chemical play including niche battery chemical business, aspiration to clock 5x PAT in 5 years i.e. (~₹ 2,500 crore in FY29E vs. ~₹ 500 in FY24), we remain positive on PCBL and retain our BUY rating on the stock with revised target price of ₹ 515 i.e. 25x P/E on FY27E
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