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HDFC Securities Retail Research
Chemcon Speciality Chemicals Ltd. has leadership position in its key products with large market share in India as well as in the world. We remain positive on the company on the back of strong position in top products and expected launch of new products, which is expected to drive growth in the next two years.
We estimate strong double digit revenue growth along with robust operating margin at around 32-33.5% in the next two years on the back of capacity expansion and strong demand.
We expect Chemcon to register 25% compound annual growth rate in revenue led by strong growth in volumes. We estimate Ebitda and profit after tax CAGR of 26.5%/23% respectively over FY22-24E.
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