Jubilant Ingrevia, Laxmi Organic - Poised For Healthy Growth: Prabhudas Lilladher Initiates Coverage

Prabhudas Lilladher Report

We initiate coverage on Jubilant Ingrevia Ltd. and Laxmi Organic Industries Ltd., pivoting around acetyls and radically shifting to specialty.

Together, Jubilant Ingrevia and Laxmi Organic have large common business interests as both generate more than 50% revenue from acetyls (ethyl acetate, acetic anhydride etc.) and fuel grade ethanol and both plan to scale their presence in specialty chemicals (diketene derivatives, fluorochemicals and others).

Jubilant Ingrevia is a leading global player of acetic anhydride, pyridine and its derivatives along with other products across three business segments - specialty chemicals, nutrition and health solutions and chemical intermediates. With an expertise in 35 technology platforms, the company is steadily expanding its product portfolio by leveraging business synergies.

Laxmi Organic, on the other hand, a leading acetyl intermediates player is leveraging its core chemistry to scale up specialty intermediates portfolio (ketene/ diketene derivatives), while its fluorochemicals plant is facing time and cost overruns and will gradually scale up once commissioned in H2 FY23, in our view.

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