Asia NDR Takeaways: Creating Innovation Platforms

研报英文原文证据摘录

Asia NDR Takeaways: Creating Innovation Platforms

2.5

improve plant health reducing need for fertilizers and are registered in the US, Mexico and 2.0 R&D expenses (Rs bn)

Brazil. PI has changed its Go-To-Market (GTM) strategy by moving away from single distributor 1.5

per geography to multiple distributors to drive product acceptance to accelerate growth. 1.0

Restriction on biological sales in India have also been lifted. The company aspires for US$ 0.5

100mn of global sales (US$ 13mn in FY26) by 2030. - PI SRF NFIL

FY21 FY22 FY23 FY24 FY25

Pharma - Capability building to continue: The company is developing capabilities in small .Source: Company reports, Jefferies

molecule CRDMO encompassing drug discovery up to commercial manufacturing. They have

invested in senior resources in business development and R&D. They expect to achieve EBITDA Exhibit 2 - PI 1-yr fwd consensus PE band

chart

breakeven in 3 years (at Rs 6bn in revenues). Segment revenues may dip initially as generic 60

supplies are discontinued before recovering as innovator engagements scale up. 53 PI Band Chart

Incubating electronic chemicals vertical: PI has developed a portfolio of semiconductor 38

30grade products including photo resist, super engineering plastics, organic semiconductors and

solvents. The vertical will remain in investment phase with PI aspiring to achieve US$ 100mn 23

in annual sales in 5 years. 15 Jan-20 Jun-20 Nov-20 Apr-21 Sep-21 Feb-22 Jul-22 Jan-23 Jun-23 Nov-23 Apr-24 Sep-24 Feb-25 Aug-25 Jan-26 Jun-26

Maintain estimates, retain Buy: Management guided for high-single-digit to low-double-digit .Source: Bloomberg,PI 1-yrJefferiesfwd PE Avg +1 SD -1 SD

y/y revenue growth in FY27. Ramp-up in innovator insecticide sales and biologicals will help

growth recover over FY27-28E.