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ICICI Securities Report
Q1 FY22 revenue growth for specialty chemical companies under our coverage is expected to be strong on YoY basis due to the low base of Q1 FY21.
On QoQ basis, revenues would be boosted due to higher feedstock prices. Though margins for most companies will be optically lower due to higher revenues but stable spreads, we have not factored-in any upside risk from inventory gains.
We expect revenue growth in SRF Ltd.'s chemical business to remain strong, and its packaging films spreads to remain stable.
Navin Fluorine International Ltd. would benefit from higher domestic refrigerant gas sales and lower fluorspar prices.
Galaxy Surfactants Ltd. should see QoQ Ebitda growth on normalisation of costs.
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