Buy PI Industries; target of Rs 1835: Motilal Oswal

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Motilal Oswal 's research report on PI Industries

Operating performance of PI Industries (PI) was subdued due to the COVID-19 pandemic, resulting in deferment of revenue. This in turn, led to decline in domestic agrochemicals' segment with some growth moderation in Custom Synthesis and Manufacturing (CSM) business. PI has successfully marked its entry into the pharma value chain, which it has worked on since the last 4-5 years. The company has tied up with a few large pharma companies in Japan and India (supplies should start from 1QFY21), which we believe is a commendable feat.

Outlook

We maintain our estimates for FY21/FY22E and value the stock at 30x FY22E EPS to arrive at a TP of INR1,835, implying 15% upside. We maintain our estimates for FY21/FY22E and value the stock at 30x FY22E EPS to arrive at a TP of INR1,835, implying 15% upside.

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