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Nirmal Bang Report
Tatva Chintan Pharma Chem Ltd. Q2 FY24 operating performance missed our estimates on slower than expected recovery in structural directing agents and pressure in other segments.
Tatva Chintan is banking on acceleration in overall activity during FY25 and has guided for ~70-100% revenue growth on the base of single digit growth in FY24.
With a lack of clarity on the timing of recovery and multiple moving parts, there could be a downside risk to our FY25/26 earnings.
Upgrade to 'Accumulate' mainly considering the recent ~20% correction in the stock price.
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