Motilal Oswal IPO report on Tatva Chintan Pharma Chem
Tatva Chintan Pharma Chem Ltd (TCPCL) is a specialty chemicals manufacturer, with a diverse portfolio of structure directing agents (SDAs; 40% of revenues), phase transfer catalysts (PTCs; 27%), electrolyte salts (ES; 1%) for super capacitor batteries (SCB) and pharmaceutical/ agrochemical intermediates and other specialty chemicals (PASC; 30%).
Valuation and Outlook
The issue is valued at 45.9x FY21 P/E on post issue basis, which appears reasonable compared to peers (avg. P/E of 59x), as it enjoys higher earnings growth (62% CAGR vs. avg. 38% CAGR for peers over FY18-21). Hence, we recommend Subscribe.
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