PL Capital continues to remain positive on Fine Organics (capacity addition planned in FY27), Navin Fluorine (recovery seen in HFO and CDMO demand) and Vinati Organics (strong demand for ATBS and growth in antioxidants). These companies also have low exposure to agrochemicals and are also safeguarded from Chinese competition to a large extent.
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PL Capital Report
Chemical companies across the globe saw moderate growth or de-growth in CY24, post bumper earnings in CY22 and CY23. Global chemical output was up by 3.9% in CY24, driven by 6.8% growth in China, which constituted 86% of the global chemical production.
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Production in the EU was largely stagnant. Demand continues to remain weak in other key markets, leading to pressure on realizations, especially for agrochemicals. Recent commentaries and outlook of global chemical giants suggest that that recovery is not expected in CY25.
We continue to maintain our cautious stance on the sector considering muted demand recovery and pricing pressure, especially for agrochemicals.
Out of our coverage universe, we remain positive on Fine Organics, Navin Fluorine and Vinati Organics due to their lower exposure to agrochem.
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