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Nirmal Bang Report
Nirmal Bang Institutional Equities has identified a bunch of specialty chemicals stocks as buying opportunities even as the sector continues to navigate weak global demand, Chinese competition and pressure on returns.
The brokerage has Buy ratings on Navin Fluorine International, Galaxy Surfactants, Rossari Biotech, Fine Organic Industries, Clean Science and Technology, SRF and Vinati Organics, according to its latest specialty chemicals sector thematic.
The brokerage, however, remains selective on the sector. It cautioned that China's aggressive capacity expansion continues to weigh on the global chemicals market, while the country's push towards higher-value specialty chemicals could intensify competition further. Nirmal Bang said China's anti-involution policy may moderate fresh investment but is unlikely to eliminate the existing overcapacity problem.
Galaxy Surfactants: 37% Upside Seen
Nirmal Bang has a Buy rating on Galaxy Surfactants with a target price of Rs 3,200, translating into potential upside of around 37% from the Rs 2,335 price cited in the report.
The brokerage expects normalisation in consumption, growth in premium products and new launches to help the company return to its growth trajectory from FY27.
It expects India and rest-of-world markets to deliver strong volume-led growth, alongside a gradual recovery in the AMET region. Nirmal Bang has pencilled in volume and Ebitda CAGRs of 9% and 23%, respectively, during FY26-28.
Rossari Biotech: Target Rs 660
Rossari Biotech is another Buy-rated stock, with Nirmal Bang assigning a target price of Rs 660, implying approximately 32% upside from Rs 501.
While demand challenges continue to affect its core business in the near term, the brokerage highlighted the company's focus on volume growth and balance-sheet improvement.
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