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Nirmal Bang Report
We present Q4 FY23 preview of our midcap coverage universe. We have divided our coverage universe into three sections: Specialty chemicals, specialty ingredients and others. Specialty Chemicals coverage is expected to witness a muted quarter amid uncertain external environment.
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While the contract development manufacturing organisation businesses are expected to continue the quarterly run-rate, companies namely, Navin Fluorine International Ltd., Clean Science and Technology Ltd. and Vinati Organics Ltd. are expected to deliver better operating performance vis-a-vis other companies, led by commencement of contracts, scale of specific products etc.
On the profitability front, we expect operating margins at similar level on a sequential basis for most coverage companies and overall ~100 bps decline YoY for our specialty chemicals coverage.
We believe that only Navin Fluorine, Clean Science and Vinati Organics are expected to grow Ebitda in excess of revenue growth on YoY basis in Q4 FY23.
For Oleochemicals companies, we expect normalisation of per/kg margin to continue. While Fine Organic Industries Ltd. is expected to maintain the volume growth trajectory, Galaxy Surfactant Ltd.'s overall volume continues to be under pressure.
Non-chemicals coverage is expected to deliver revenue/Ebitda/adjusted profit after tax growth of 35%/32%/37% YoY and we continue to remain positive on all the three names – CCL Products India Ltd., Mold-Tek Packaging Ltd. and La Opala RG Ltd.
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