Target (Rs) Upside % Buying range Stop Loss Risk %
₹ 4,610
CMP-₹ 3,914
₹ 3,767

Avenue Supermarts Ltd., known as DMart, started in 2000 as a grocery store chain. They have a smart way of growing, opening stores in specific clusters. DMart sells everyday things in three main groups: Foods, Non-foods, and General Merchandise and Apparel. Since opening their first store in 2002 in Mumbai, they’ve grown to 324 stores in various Indian states, covering 13.4 million square feet by March 2023.

Why Investing in DMart is a Good Idea?

  • DMart is really good at managing its supply network. They have 49 distribution centres and ten packing centres. They saw a big increase in sales from 18.1 crore in FY 21-22 to 25.8 crore in FY 22-23.
  • Their ability to get products at low prices and sell them cheaply brings in lots of customers. This means they sell a lot of products quickly and make good money per square foot in their stores.
  • DMart plans to grow its store space by about 20% per year, reaching over 14 million square feet by FY24. They make enough money (Rs. 2,500 – 3,000 crores per year) to pay for this expansion without borrowing much. They also have plenty of cash on hand.
  • They opened nine new stores in Q2FY24, bringing the total to 336 stores. At the end of the quarter, they had 13.9 million square feet of retail space, an increase of 0.4 million square feet.

Looking Ahead

The retail market is expected to grow by 10-11% annually from 2023 to 2028. As the economy improves and inflation stays low, people will likely spend more money. DMart has done well over the years because they keep costs down and offer good value to customers. They expect to keep making a good profit because their stores start making money quickly, they earn more per store than their competitors, they sell a lot of products quickly, and they keep a steady profit margin of about 15%. However, they need to watch how well they do in selling higher-profit items like General Merchandise and Apparel to improve their overall profit margins. Overall, DMart looks like a solid choice for investment based on these points.

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Shriram Properties Ltd-BUY

Target (Rs) Upside % CMP Investment Horizon:
₹ 121
One year

Shriram Properties Ltd. (SPL), focuses on making homes in South India that are affordable and also has projects in other areas like luxury houses and office spaces. They are good at working with different business models and have completed 36 projects in over 20 years. SPL works in five big cities: Bengaluru, Kolkata, Chennai, Vizag, and Coimbatore. By September 30, 2023, they have plans for 42 projects covering a huge area, with 24 projects ongoing and 18 planned for the future. They make money from these projects and have reduced their debts. SPL has also teamed up with ASK Property Fund, bringing in a lot of money to work with.

Why is SPL a Good Choice for Investment?

  • Strong Performance: They have finished 36 projects well and on time. In one year, they completed seven projects, handing over 2,000 homes/plots.
  • Many Projects in Progress: They have a lot of ongoing projects, covering a big area.
  • Asset-Light Model: SPL makes projects for other builders and gets paid a percentage of the sales. This strategy means they can make more money without needing a lot of capital.
  • Good Future Plans: They have new projects coming, like Shriram 122 West, and are gaining more from Shriram Park63.
  • Balanced Business Model: They mix real estate development with providing services, which is financially smarter.

Looking Ahead:

Despite challenges like higher loan rates and global inflation, India’s housing market is still strong because of factors like more people wanting to own homes, higher incomes, more nuclear families, and more people moving to cities. The affordable housing sector is doing particularly well. SPL manages its money wisely and has shifted from relying on non-banking financial companies to banks, reducing their loan costs. With their strong sales and project execution, presence in major cities, and financial stability, SPL is expected to grow, especially in the second half of the financial year. Therefore, it’s recommended to buy SPL stock, expecting a 15% increase in its price in 12 months.

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Landmark Cars LTD.-BUY

Target (Rs) Upside % CMP
₹ 1000

Technical View

Here’s why we think Landmark Cars is a good investment:

  • Big Market Opportunity: Landmark Cars are worth 3000 crore right now, but they can become much more valuable because the luxury car market in India has a lot of potential to grow.
  • More People Can Buy Expensive Cars: As people in India earn more money and want nicer things, more of them will buy cars that cost over Rs 15 lakh. New electric vehicles from companies like MG Motor and Mahindra & Mahindra will also help Landmark Cars make more money starting from 2025.
  • Better Earnings Ahead: In the second quarter, Landmark Cars earned Rs 5 per share and had a debt of Rs 400 crore. We expect their earnings per share to increase soon, especially from 2025. The company is working to reduce its debt, which is mainly to fund day-to-day operations.
  • Good Investment Value: Right now, Landmark Cars’ stock is trading at 25 times its predicted earnings for 2025. We believe the company can consistently increase its earnings by 25% each year, with good returns on investment and a strong business in services after selling a car, which has high profit margins and is reliable.

Growth and Earnings Potential:

  • Similar to a Successful Company: Just like Trent, a company that did well by moving from unorganised to organised retail and saw its stock price double in six months, Landmark Cars has a similar opportunity for growth.
  • Comparison with China: India sold 38,000 luxury cars last year, while China sold 20 lakh (50 times more). Out of India’s sales, Mercedes Benz sold 16,000 cars, and Landmark Cars sold 2,500 of these, which is 15% of Mercedes’ total sales in India.
  • Big Potential in a Small Market: Compared to the huge potential of the luxury car market, Landmark’s current market value of Rs 3200 crore seems small.
  • Earnings are Key: The best time to invest is when a company’s earnings are about to jump. Landmark Cars is at this point now because they had some issues with supply and new products in the first two quarters, but things are looking up with new car launches and partnerships with other car companies.
  • Strong After-Sales Business: Their after-sales service is a big part of their profit and cash flow. As they sell more cars, this part of the business will grow too, which should make the company more valuable.
  • Partnerships and Future Plans: Landmark Cars has good partnerships with car makers like M&M and MG Motor. The global CEO of Mercedes Benz said that new models will come to India faster because the 21st century belongs to India, and Mercedes plans to grow a lot in India due to its strong brand and the wealth in the country.
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SBFC Finance Ltd-BUY

CMP Target (Rs) Upside %
₹ 87
SBFC, a financial company, is doing really well and looks like it will keep growing strong. Its stock is currently priced at 91 with a target of reaching 140. Here’s why:
  • Safe Loans: SBFC focuses mostly on secure loans, which means they lend money with properties as a safety net. About 98% of their loans are secure, and 84% of these are against houses where people live. This makes their business pretty safe and reliable.
  • Smart Management: Their CEO, Mr. Aseem Dhru, is well-known for making smart business decisions. He used to work at HDFC Bank and is good at spotting when the economy might be getting weaker. He can then make sure the company doesn’t take too many risks.
  • Not Bothered by New Rules: The Reserve Bank of India (RBI) recently made it harder for companies to give out unsecured loans (loans without any safety like property). But since SBFC mostly does secure loans, these new rules don’t really affect them.
  • Banks Like Them: Because SBFC has good management and focuses on safe, secure loans, banks are more likely to lend them money. This means they can borrow money at better rates compared to other companies that take more risks.
  • Growing Fast: SBFC has an Asset Under Management (AUM) of ₹5800 crores and they’re growing at 30% per year. They’re getting more efficient and saving costs as they grow, which means they can make more money.
  • Safe Loan Sizes: Their average loan is ₹9.9 lakhs, and they only lend about 42.6% of a property’s value. Most of these loans are for houses that people actually live in, which adds an extra layer of safety.
  • Expanding Reach: They have 171 branches in 16 states, and they’re planning to open more. There’s a lot of potential for growth because they’re not even in all parts of the country yet.
  • Good Profits: They make good money from the loans they give out (16.5%) compared to what they pay to borrow money (9.5%). This difference (spread) of 7% is likely to stay the same while their overall money management (AUM) grows by 30%.
  • Stock Value and Growth: The stock is trading at three times its expected book value for the financial year 2025 and 30 times its expected earnings. They’re expecting their earnings per share (EPS) to grow by 35-40% with a return on assets (ROA) of 4%. There’s a lot of room for them to grow in the market.
  • Trusted by Big Investors: Big investors like SBI MF and Ipru MF, who know the Indian market well, have invested in SBFC. This shows that they are a trusted company.
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Target (Rs) Upside % CMP Stop Loss Risk %
₹ 459
₹ 395

Technical View

Building a Strong Base: The stock is making a strong base, meaning it’s getting ready for potential growth after a big rise from a low point (known as a double bottom pattern).

Sharp Drop and Bounce Back: There was a quick drop in the stock price by 22.6% just after it hit a really high point, but it bounced back, showing it’s still strong.

More Buying at High Prices: The stock is seeing more buying even at higher prices, which suggests that smart investors believe it’s going to keep doing well.

Steady, Not Shaky: Looking at the stock’s movements over the past 50 weeks, it’s been pretty steady without too many wild swings, which is also true on a day-to-day basis.

Strong Momentum: The stock’s momentum, how fast and in what direction it’s moving, is looking really strong. This is shown by something called the RSI, which is above 60 on both daily and longer views.

Improving Earnings and Interest from Buyers: The company is making more money (better EPS) and more people want to buy the stock, which are good signs for future growth.

Overall, a Good Buy: Considering all this, the stock seems like a good choice to buy, especially for JSW Energy at a price of 414, with the potential to gain 10% while risking only 5%.

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Westlife Foodworld Ltd. – Q2FY24 Result Update

Westlife Foodworld Ltd. – Q2FY24 Result Update

Sector Outlook – Neutral

Westlife Foodworld Ltd. (WFL) reported a 7.4% year-on-year increase in revenue, reaching Rs 614.7 crores in Q2FY24. However, this fell short of market expectations, which were around Rs 648.0 crores. The growth was driven by a 1% year-on-year increase in Same Store Sales Growth (SSSG) and an improvement in Average Daily Sales (ADS), which rose to Rs 6.65 crores in Q2FY24 from Rs. 6.19 crores in the same quarter last year.

The company’s focus on premiumization and innovation in desserts and beverages, as well as strong growth in the McSpicy range in the South, contributed to its positive performance. Gross profit margins expanded by 93 basis points year-on-year to 70.1% due to stabilised input costs, cost-saving efforts, and a better product mix. However, EBITDA margins contracted by 105 basis points year-on-year to 16.2% in the quarter. This was primarily due to higher payroll and royalty expenses, falling below the company’s sustainable range of 18-20% EBITDA margin.

PAT experienced a decline of 22.4% quarter-on-quarter and 29.1% year-on-year, reaching Rs 22.4 crores. This figure was significantly lower than market estimates of Rs 33.5 crores, leading to a PAT margin decrease to 3.6% in Q2FY24 from 5.5% in Q2FY23.

Key Concall Highlights

  • In Q2FY24, WFL added 9 stores, taking its total store count to 370 stores across 59 cities with 88% of these restaurants having McCafes, 74% of them being EOTF stores and 19% being drive-thrus. 
  • The company aims to grow its drive-thrus mix to about 25-30% of its total stores by FY27 as the model enjoys an inherently higher throughput leading to better brand penetration.
  • The business remained committed to adding a total of 40-45 stores (the majority expected in the south) by the end of FY24.
  • Average sales per store increased to Rs 6.65 crores in Q2FY24, registering a 7% YoY growth as compared to Rs. 6.19 crores in Q2FY23. 
  • The company launched a Shravan special menu which saw good traction in key markets during July-August.
  • Capex requirements for FY24 continue to remain in the given range of Rs 200-250 crores for the opening of new stores in the year and 30-35 stores going under reinvestment.

Key Takeaway

  • The company already has emerged as the leader in the western markets and is now targeting to achieve this position in the Southern markets.
  • Gross margins are expected to remain broadly in the range of 70.1% recorded this quarter for the year.
  • Same-store sales growth remained positive at 1%/3% in Q2FY24/H2FY24 despite overall weak consumer sentiment in the informal eating-out space.

Read more about the other results declared in Q2FY24 

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HDFC BANK-Quarterly Result Update

Sector Outlook: Positive

In Q2FY24, the bank’s Net Interest Income was Rs. 27,385 crores, slightly lower than market expectations of Rs. 28,000 crores. The Pre-provision operating profit (PPOP) for the same period stood at Rs. 22,694 crores. Provisions in Q2FY24 amounted to Rs. 2,904 crores. However, the bank’s quarterly net profit in Q2FY24 exceeded market expectations, reaching Rs. 15,976 crores, surpassing the anticipated Rs. 14,000 crores.

After accounting for the debt-funded cost related to additional liquidity and merger management, the Net Interest Margin (NIM) for Q2FY24 was 3.6%. Gross Non-Performing Assets (NPA) were at 1.34% in Q2FY24, down 7bps based on a proforma merged basis as of June 30, 2023. Net NPA stood at 0.35% in Q2FY24. The Capital Adequacy Ratio in Q2FY24 was 19.5%.

In terms of deposits, the bank had Gross Deposits totaling Rs. 21,72,858 crores in Q2FY24. This included savings account deposits of Rs. 5,69,956 crores, current account deposits of Rs. 2,47,749 crores, and time deposits of Rs. 13,55,153 crores. Gross Advances for the same period were Rs. 23,54,633 crores. The CASA (Current Account and Savings Account) ratio stood at 37.6% in Q2FY24.

Key Concall Highlights

  • The merger resulted in some one-time events related to debt-funded liquid assets to meet banking liquidity norms.
  • The bank had accumulated extra liquidity to adhere to liquidity coverage ratio norms and be prepared for unforeseen situations. The recent announcement of incremental Cash Reserve Ratio (CRR) was beneficial, but the excess liquidity and additional CRR affected the bank’s Net Interest Margin (NIM) by about 25 basis points.
  • The bank believes that one of the non-retail loan portfolios from the former HDFC Ltd., previously restricted by RBI norms, won’t lead to significant additional costs in the bank’s profit and loss statement going forward. However, there may still be some lingering issues with this portfolio.
  • The bank will now focus on the construction finance segment, which wasn’t a primary area of focus before the merger. They plan to develop strategies to grow this segment steadily, contributing to revenue and margins.
  • HDFC Bank intends to reduce its leasing, renting, and development (LRD) loan portfolio while continuing to grow the construction finance loan portfolio inherited from HDFC Ltd.
  • The management doesn’t foresee major changes in the bank’s fee income, which accounts for 65% of its Other Income

Valuation and Outlook

India’s largest private sector bank recently reported its Q2FY24 results following its merger with one of the largest housing finance lenders, HDFC Ltd., in July 2023. The bank delivered solid numbers, exceeding market expectations for net profit in Q2FY24. However, it’s important to note that the merger made it challenging to make direct comparisons with previous results.

Given the prevailing high-interest rate environment leading to NIM contraction across the banking sector this quarter, HDFC Bank also experienced a noticeable decline in NIMs due to the merger’s impact, which brought in extra liquidity, and the incremental Cash Reserve Ratio (CRR). Nevertheless, its profitability improved, primarily driven by treasury gains and robust business growth. Going forward, thanks to the bank’s strong credit profiling history, we do not foresee any significant deterioration in asset quality; it should remain stable. Moreover, prudent loan restructuring and adequate provisions should prevent a significant increase in non-performing assets.

With the bank’s strategic focus on expanding branches in semi-urban and rural areas, we expect it to perform well in the coming quarters. Additionally, the bank’s extensive branch network provides ample cross-selling opportunities for its subsidiaries, indirectly supporting revenue growth. Consequently, our long-term outlook for the bank remains positive.

Key Takeaways:

  • The management expects return ratios to improve going forward.
  • The bank’s management feels that the current retail account offers them a huge opportunity and are focused on encashing the opportunity.
  • The bank is confident that they will be able to recoup some of the margins due to the substitution of high-cost bonds with the bank’s deposits and restructuring of their business loans mix, which will be more focused on retail advances where the yields are higher.

Read more about the other results declared in Q2FY24

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Super 7 Stocks for October Month

Here are 7 stocks for October 2023 for your portfolio based on strong fundamental and sound technical levels

Biocon Ltd.
Diversified business mix with capabilities across the value chain
Biocon is a company that does a lot in the pharmaceutical world. They do research and development (R&D), make drugs, and sell them. They generate revenues from different parts of the world like the US, Europe, India, and other places and from segments like active pharmaceutical ingredients (APIs), and formulations (23% of their revenue in FY23), biosimilars (49%), and research services (28%). This diversity helps them when one part of their business is slow, so they always have revenue visibility.

New product launches along with product development and research contracts in the pipeline
Biocon has a good list of biosimilar drugs, especially in cancer, like Trastuzumab, Pegfilgrastim, Bevacizumab, and others. They also have some for diabetes and other diseases. They are also working on making more drugs, with seven secret ones and three they’ve talked about like Pertuzumab, Ustekinumab, and Denosumab. They also have plans to make an ophthalmology drug called Aflibercept, which is set to launch in FY25. With the demand for biosimilar drugs growing and people wanting their research services, Biocon is set to make more money and keep growing.

Gland Pharma
Strong visibility on the business trajectory
Gland Pharma had good things to say about their business in 1QFY24. They relaunched 23 products, got better prices for their drugs in the US, and benefited from drug shortages. They plan to launch more than 60 products in the US, keep an eye on drug shortages, and explore opportunities in cancer treatment. They are also working on making their operations better and cheaper to make more profit.

Focus on integrating Cenexi and driving synergistic benefits
Gland Pharma bought Cenexi, and this added Rs. 3.2 billion to their earnings in the first two months of Q1FY24. They see many good things coming from this, like new technologies, access to new markets, and cost savings. They expect Cenexi to become more profitable in a few quarters, but it might take some time to reach high profits.

Granules India
Focus on strengthening the core API portfolio
Granules India is working on making important drugs stronger by making their ingredients and chemicals. They are also working on new enzyme and biotransformation drugs. They want to make these drugs and sell them by the end of FY25. Once these drugs are successful, they plan to make ingredients for most of their other drugs. They are doing many things to make more money and profit over the next 2-3 years.

Expansion in key markets to accelerate growth
Granules India wants to make more money in important markets like the US and Europe. They plan to sell special drugs there and make more profit in the next 1-2 years. They are also selling drugs like Paracetamol and Metformin in some European countries and want to sell them in more places. They are also looking for ways to make more valuable drugs for the US and Europe where there isn’t much competition.

One-stop solution for passengers across the country
IRCTC is a company that helps people who travel by train in India. They can sell train tickets online, provide food on trains and at stations, and sell bottled water. They also work with other companies like MMP, IXIGO, Paytm, Goibibo, and Railofy to make it easier for people to book train tickets on their mobile phones.

Launch of special trains to promote tourism
IRCTC runs special trains for tourists and pilgrims to visit different places in India. They also have special luxury trains like the Maharajas’ Express that give people a taste of India’s royal history. They are trying to make train travel more exciting and comfortable.

One 97 Communications
Payments business continues to maintain momentum
One 97 Communications is making good money from their payments business. They had a 31.2% growth in revenue in Q1FY24, thanks to more people using their payment services. They are also making more profit from this business, with a 12% increase in profit margin. They are charging some people a small fee to use their platform, which is helping them make even more money.

Strong adoption of subscription services and revival of commerce business growth 
They have services like Paytm Soundbox and POS machines that more businesses are using. They are also bringing more businesses onboard. While their commerce business hasn’t been doing great recently, they expect it to do better in the future, especially with more people going to the movies and buying things online.

Torrent Power
Strong market position in the power distribution business with a diverse consumer base
Torrent Power is good at distributing electricity in places like Ahmedabad, Surat, Gandhinagar, and others. They also supply electricity to industries and businesses. This helps them collect money from customers because most people pay their bills on time.

Strategic acquisitions and expansion plans focused on expanding clean energy portfolio
They want to make more electricity from clean sources like solar and wind. They are also looking at making green hydrogen. They have bought some companies to help them do this, and they now have around 4.1 GW of electricity generation capacity.

Robust performance driven by food delivery business
Zomato made a lot of money in Q1FY24, with a 54% growth in revenue. They made a profit for the first time. They plan to keep making more money with a 40%+ growth in the next few years and better profit margins. They are also doing well with their Gold program, which gives customers special deals.

Alternate business segments to augment business prospects
Zomato has other businesses like Blinkit for quick delivery and Hyperpure for supplying businesses. Blinkit is growing and adding more delivery locations. Hyperpure might not be making much money now, but they think it will soon. They are also looking at charging some users a small fee to make more money.

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Shyam Metalics and Energy Ltd-BUY

Target -533
CMP- 457

Investing in Excellence: SMEL’s Commitment to Quality and Efficiency
Shyam Metalics and Energy Limited (SMEL) is a prominent Indian company operating in the metal and steel industry. The company has established a strong presence in this sector, focusing on long steel products and ferroalloys. SMEL operates three manufacturing plants strategically located in Sambalpur, Odisha, as well as Jamuria and Mangalpur in West Bengal. A key advantage for SMEL is its proximity to raw material sources, which reduces transportation costs and streamlines logistics. With well-connected road, rail, and port infrastructure, SMEL efficiently transports raw materials and finished goods, minimising freight costs and turnaround times. This strategic advantage also enables SMEL to export its products to international markets in a cost-effective manner.

Why should one invest in SMEL?

Value-Accretive Diversification Plans:SMEL has displayed a strong market diversification strategy to enhance its market position and ensure long-term profitability. The company plans to invest Rs. 39.2 billion in expanding its product portfolio, targeting stainless steel, parallel flange beams, and narrow HR strips. This strategic move aims for high double-digit revenue and EBITDA growth by FY25. The focus on expanding finished steel capacity, especially in high-growth areas, aligns with SMEL’s vision to capture emerging market opportunities. The adoption of advanced technologies like the ‘ladle refining furnace’ (LRF) and ‘continuous casting machine’ (CCM) underscores the company’s commitment to product quality and process efficiency, giving it a competitive edge. Furthermore, SMEL’s entry into battery-grade aluminium foil production anticipates rising demand from Indian companies venturing into advanced batteries, further diversifying its product range.

Prudent Capital Allocation:SMEL plans to invest Rs 12.3 billion in increasing its power capacity through conventional and renewable sources, aiming to reduce operational costs and ensure sustainability. This investment is projected to result in a payback period of less than four years, highlighting the company’s commitment to shareholder value creation. The integration of a coal-based captive thermal power plant (220MW) and a 110 MW solar power plant reflects SMEL’s focus on sustainable practices, operational cost optimization, and environmental sustainability. With an estimated IRR of approximately 20% on these projects and a capital allocation policy allocating 70% for growth, 20% for reinvestment, and 10% for dividends, SMEL demonstrates a disciplined approach to generating shareholder value.


Valuation and Outlook

SMEL’s focus on expanding downstream and value-added capacities, along with a comprehensive cost-reduction strategy, positions it well to capitalise on evolving market dynamics. The company’s consistent execution of expansion plans and diversification into niche segments is expected to contribute to sustained revenue and EBITDA growth. Despite potential challenges related to pricing, SMEL’s resilient business model and robust expansion plans are likely to support margins and strengthen its industry position.
Considering its projected trajectory of sustained growth, we recommend a “Buy” for SMEL. Based on the company’s prudent capital allocation, diversified product mix, and low-intensity capex plan, we value the company at a conservative FY25E EV/EBITDA multiple of 4.5x. This valuation suggests a target price of Rs 533, indicating a potential upside of 16.8% from the current market price. This recommendation comes with an investment horizon of 12 months.

Key Takeaways:

  •   SMEL is a well-established player in the metal and steel industry with a strategic focus on growth, diversification, and sustainable practices.
  •  Its prudent capital allocation and value-accretive diversification plans make it an attractive investment opportunity
  • The company plans to invest Rs 39.2 billion in expanding its product portfolio, this strategic move aims for high double-digit revenue and EBITDA growth by FY25.

Click here to read the full report 

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Auto Wholesales Update – September 2023

Which chemical stocks to bet on this festive season?

In September, the chemical industry experienced a notable increase in prices, primarily driven by a surge in crude oil prices and a revival in demand. Certain basic chemicals, such as soda ash, refrigerant gas, and phenol, witnessed price hikes during this period, while others like Ethyl Acetate-Acetic Acid, PVC, and TDI saw price declines. This uptick in chemical prices is a positive sign for the sector, signalling potential recovery in the coming months.

Globally, the chemical industry has been grappling with challenges, including weak global demand and inventory destocking. The ongoing economic slowdown in Europe and inflationary trends in the United States and Europe have contributed to subdued chemical demand. Despite this, China has continued to aggressively supply chemicals, leading to a subdued pricing environment. The global demand distress, particularly in developed markets like Europe and the US, has impacted the exports of Indian chemical manufacturers. However, domestic demand has provided some support to mitigate declining volumes.

The ongoing festive season has played a role in strengthening demand trends in the chemical industry, though caution remains regarding the near and medium-term outlook. Nonetheless, several factors are expected to support the sector’s positive long-term outlook. These include stable crude oil prices, demand recovery from end-user industries, and a potential increase in volumes.

Key beneficiaries of this chemical price uptick include companies such as Archean Ltd., Tata Chemicals, Deepak Nitrite, GHCL Ltd., Aarti Industries, and Nocil Ltd. Additionally, specialty chemical companies with a focus on value-added products, like SRF and Navin Fluorine, are expected to perform well in the long run compared to those primarily dealing in basic chemicals. However, competition from China remains a concern in the commodity chemicals segment.

Click here to read the full report 
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