PI Industries Ltd.

July 6, 2017 . Equities Desk

Differentiated business model

Incorporated in 1947, PI Industries PI Industries has emerged as the leading player in the domestic agri-input industry and is primarily engaged in providing plant protection & speciality plant nutrient products and solutions under its agri-inputs business. The company is also one of India’s leading custom synthesis companies engaged in providing contract research and contract manufacturing services to global innovators.

Valuations: With continued traction in comercialisation of molecules and robust ore book position, we expect the growth to remain strong. As a result, we expect consolidated revenue/PAT to grow at a CAGR of 12%/6% over FY17-19E. Hence, we recommend BUY rating on the stock with a target price of Rs.937 (based on 25x FY19E EPS), implies a potential upside of 12% over the next 1 year.

Research Report PI Industries

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