Buy NCL Industries; target of Rs 242: Anand Rathi

"India’s specialty chemicals industry is a decadal growth opportunity and it is still not too late to participate in the value creation process. We prefer CRAMS/CSM players Navin Fluorine (Navin) and PI Industries (PI) as they provide long-term earnings visibility. We also like UPL due to robust growth outlook and reducing debt concerns and SRF due to rising contribution from the chemicals business," JM Financial research report.

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Anand Rathi's research report on NCL Industries

Despite volumes dipping across divisions (except energy), NCL’s Q4 revenue was the highest, given a fillip by healthy realisation growth. However, the inflationary situation pummelled operating performance. A pending environmental clearance continues to delay the expansion of the Vishakhapatnam GU. In the prevailing high-cost context, passing on costs will be key to watch.

Outlook

We retain our Buy rating, with a lower TP of Rs242 (earlier Rs264).

For all recommendations report, click here

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