Vinati Organics Q3 Results Review - Motilal Oswal Reiterates 'Buy' On The Stock, Sees 49% Upside — Here's Why

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Motilal Oswal Report

Vinati Organics Ltd.’s Q3 FY25 revenue came in a tad above our estimate at Rs 5.2 billion. Gross margin expanded 180 bp YoY to 49%, while Ebitdam was up 180bp YoY at 27.4%. Ebitda increased 24% YoY to Rs 1.4 billion and PAT grew 24% to Rs 956 million (our estimate Rs 1 billion).

Management earlier indicated that H2 of the year generally is better than H1.

The new ATBS line, with a capex of Rs 3 billion, is expected to be ready by Mar/Apr’25. Veeral Organics' Rs 5 billion capex, spread over two years, has already seen the launch of Monomer Inhibitor and a pharma intermediate. The company is adding three more products: a skincare intermediate, Tertiary Amyl Alcohol, and BHA (for the food industry).

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