Clean Science Q4 Results Review: IDBI Capital Upgrades To 'Buy' On Impressive HALS Road Map

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IDBI Capital Report

Clean Science and Technology Ltd. reported results which were in line with our expectations. The management stated that the growth is majorly led by volumes as realisations are steady. Ramp up in HALS segment was impressive with the company clocking in volume of 1,900 tons in FY25 with better realisations than anticipated at ~$5 per kg and total revenue of Rs 800 million Management commentary on the roadmap for HALS ramp up seemed positive coupled with steady growth expected from base products such as MEHQ and BHA.

We fine tune our estimates to factor in better offtake and realisations from the HALS series.

We are positive on the company’s growth prospects and capex aimed towards capturing import substitution opportunities.

As valuations have turned attractive after the recent correction we upgrade our rating from Hold to Buy with revised target price of Rs 1,641 at 35 times FY27 expected earnings.

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