Business
Vinati Organics is a specialty chemicals maker. It is the world's largest producer of ATBS, a global leader in IBB, and the sole Indian maker of butyl phenols and antioxidants.
Price
About 31% below its 52-week high when picked.
Bear case
Margins compressed (Q1 FY27 operating margin about 24.5% vs 29.5%), and Chinese antioxidant pricing is a pressure. In FY22 operating cash flow (about Rs 127 Cr) lagged reported profit (about Rs 347 Cr). Heavy capex is eating free cash flow.
Gem rating
7/10
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