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ICICI Securities Report
We estimate our specialty chemical coverage universe's revenue to dip 7% YoY in Q1 FY24E due to destocking and weak demand. Ebitda is expected to decline 16.4% YoY on weaker spreads and operating deleveraging.
SRF Ltd.'s Ebitda to dip (-29%) YoY due to pressure on revenue for ref-gas, packaging films and technical textiles while fluoro-specialty to continue its good show;
Navin Fluorine International Ltd. (+65%) to benefit from the commissioning of high-performance product plant and higher specialty / contract research and manufacturing services revenue;
Gujarat Fluorochemicals Ltd.'s Ebitda may decline (-20% YoY) due to lower ref-gas and fluoropolymers volume,
Clean Science and Technology Ltd. (-14% YoY) is likely to be impacted by destocking in performance chemicals segment, but margin is likely to remain healthy,
EPL Ltd. (+30.8% YoY) to benefit from lower input prices,
Tatva Chintan Pharma Chem Ltd.'s performance continues to be hurt by higher input cost, while structure directing agent sales are likely to be stable QoQ,
Galaxy Surfactants Ltd.' volumes may grow, but on low base; Ebitda/kg may dip,
Chemplast Sanmar Ltd.'s volumes may grow on low base; however, PVC spreads to contract,
PCBL Ltd.'s volumes to grow led by Chennai plant commissioning and gross profit/kg to be stable QoQ,
Sudarshan Chemical Industries Ltd.'s revenue to benefit from very low base, and margin to improve on lower input cost,
Rossari Biotech Ltd.'s Ebitda may grow moderately, and
Archean Chemical Industries Ltd. is likely to see subdued demand in bromine volume; Ebitda may slightly drop YoY.
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