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Motilal Oswal Report
Vinati Organics Ltd.'s FY23 Annual Report highlights its long-term relationships with clients as well as its focus on research and development expertise. These have helped the company amplify the value for all its stakeholders, despite cyclicality and macro headwinds.
Vinati Organics is facing demand challenges in its key product, ATBS, due to inventory build-up by customers because of high offtake during H2 FY23.
However, management expects the launch of new products in FY24 and healthy demand in rest of the products to partially offset the ATBS weakness.
Even in the face of short-term challenges encountered by the company, the long-term prospects continue to remain bright. Hence, we reiterate our 'Buy' rating on the stock with a target price of Rs 2,150 (premised on 40 times FY25E earnings per share of Rs 54).
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