ICICI Direct's research report on Aarti Industries
Established in 1984 by first generation technocrat Rajendra Gogri, Aarti Industries is a leading benzene-based speciality chemical company globally. The company primarily operates in two segments – speciality chemicals (84%) and pharma (14%). Pharma is further divided into APIs, intermediates and xanthine derivatives Aarti ranks among the top five globally for 75% of its portfolio. Its 200+ products are sold to 700+ domestic and 400+ export customers across the globe in 60 countries with a major presence in the US, Europe and Japan
Outlook
We retain BUY rating on the back of better growth outlook from both speciality chemical and pharma segments We value Aarti Industries at 35x P/E FY23E EPS to arrive at a revised target price of Rs 1085/share (earlier Rs 960/share)..
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