'Sell' Vinati Organics Says Dolat Capital After Q2 Results

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Dolat Capital Report.Vinati Organics Ltd.’s Q2 FY25 revenue/Ebitda grew 20%/28% YoY and 5%/7% QoQ in-line with our estimates, while adjusted profit after tax (+46% YoY/ 23% QoQ) was above our estimate on higher other income. Management maintained its FY25/26E revenue/Ebitda/PAT growth guidance at ~20%, targetting Ebitda margins of 26%-27%. New antioxidants to be launched in H2 FY25 are expected to report revenue between Rs2-2.5 billion for FY25. Additionally, ATBS expansion to 60,000 millon tonnes per annum is anticipated by late H2 FY25 (Feb-25) with revenue contribution expected from FY26. Vinati Organics products are set to commission in ~6months; potential revenue is around Rs 5 billion. Management's revenue guidance remains intact with ATBS expansion and antioxidants being the key growth drivers. However, delays in ATBS and Veeral Organics Pvt. Ltd. revenues along with lower-than-expected revenues from antioxidants remain key risks. Accordingly, we trim our EPS estimates for FY25/26 by 7%/5% and maintain a ‘Sell’ rating with target price of Rs 1,630 (32 times Dec’26), as we roll forward..Click on the attachment to read the full report:.Ipca Labs Q2 Results Review - Operating Performance Inline: Dolat Capital.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

'Sell' Vinati Organics Says Dolat Capital After Q2 Results

Commissioning, ramp-up of new projects will be key monitorables for the company, says the brokerage.

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'Sell' Vinati Organics Says Dolat Capital After Q2 Results

Commissioning, ramp-up of new projects will be key monitorables for the company, says the brokerage.

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