#ROE
The return on equity also moderated from FY20. In FY22, excluding termination income ROE stood at ~15%. In FY25, ROE declined to ~6% because of decline in net profit.
The return on equity also moderated from FY20. In FY22, excluding termination income ROE stood at ~15%. In FY25, ROE declined to ~6% because of decline in net profit.
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#COMPANY #POTENTIAL
โข The global speciality chemicals market is estimated to grow at a CAGR of 3%-4% to $830-850 billion by FY25. โข The Indian chemical industry is witnessing a remarkable transformation. From a $186 billion market in FY20 (around 4% of the global share), itโs projected to reach a staggering $330 billion by FY25. This growth is fueled by a booming specialty chemicals sector, expected to climb at a stellar 11% CAGR, reaching $148 billion by FY25. Notably, this will contribute nearly half (~47%) of the total Indian chemical market value. โข The growth would drive by end-user industries like food, automobiles, construction, textiles, and cosmetics. โข The increasing pace of urbanization and growing young population with a disposable income will translate into a growing demand for end-user industries such as food processing, personal care and home care. This will add to the growth in the speciality chemicals sector.
โข The China plus one strategy of global enterprises, higher domestic and export demand, import substitution on the back of government strategies such as โMake in Indiaโ and โvocal for localโ and enhanced budgetary allocations augur well for the Indian CASE STUDY
โข The global speciality chemicals market is estimated to grow at a CAGR of 3%-4% to $830-850 billion by FY25. โข The Indian chemical industry is witnessing a remarkable transformation. From a $186 billion market in FY20 (around 4% of the global share), itโs projected to reach a staggering $330 billion by FY25. This growth is fueled by a booming specialty chemicals sector, expected to climb at a stellar 11% CAGR, reaching $148 billion by FY25. Notably, this will contribute nearly half (~47%) of the total Indian chemical market value. โข The growth would drive by end-user industries like food, automobiles, construction, textiles, and cosmetics. โข The increasing pace of urbanization and growing young population with a disposable income will translate into a growing demand for end-user industries such as food processing, personal care and home care. This will add to the growth in the speciality chemicals sector.
โข The China plus one strategy of global enterprises, higher domestic and export demand, import substitution on the back of government strategies such as โMake in Indiaโ and โvocal for localโ and enhanced budgetary allocations augur well for the Indian CASE STUDY
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#COMPANY #OUTLOOK
โข In FY26, the volume growth would be largely from the existing capacity which has already been stabilized and ramp-up. โข The management expects an EBITDA of ~โน1,800-โน2,200 cr by FY28, led by volume ramp-up, cost optimization and capex led growth. โข In FY25, the company successfully completed several variable and fixed cost optimization initiatives. Hybrid Power Phase-1 achieved full scale utilization which will help in reducing carbon footprint along with cost savings. โข The company expects Para Phenylene Diammine (PDA), Nitro Chloro Benzene (NCB), nitro-toluene (NT) and Ethylation capacity utilization to improve in FY26. The PDA capacity utilization to improve, led by increasing demand in USA because of tariff issue. โข The zone-4 projects execution is progressing as per plan and is expected to commission gradually through FY26. Under zone-4 projects, the first block of pilot plant already commissioned. The next block which is of multipurpose plant and calcium chloride plant are expected to commission soon. The remaining block which are mainly of chloro toluene value chain would be commission by Q1 FY27. โข The company is focusing on three value chains, i.e., chloro toluene value chain, dichloro toluene value chain and toluene for the fluorination value chain. It has a product portfolio of ~25-30 products under these value chains. These products mainly cater to agrochemical, pharma and dyes market. The domestic and exports split stood at ~60:40. โข The company expects the margin to improve from FY26-27 with the commissioning and ramp up of chloro toluene value chain products which has higher margin. โข The company signed agreement with Cleanmax & Prozeal for renewable power purchase. Aarti Industries renewable share in total power purchase will exceed 75% and is expected to achieve significant cost savings from Q1 FY27.
โข In FY26, the volume growth would be largely from the existing capacity which has already been stabilized and ramp-up. โข The management expects an EBITDA of ~โน1,800-โน2,200 cr by FY28, led by volume ramp-up, cost optimization and capex led growth. โข In FY25, the company successfully completed several variable and fixed cost optimization initiatives. Hybrid Power Phase-1 achieved full scale utilization which will help in reducing carbon footprint along with cost savings. โข The company expects Para Phenylene Diammine (PDA), Nitro Chloro Benzene (NCB), nitro-toluene (NT) and Ethylation capacity utilization to improve in FY26. The PDA capacity utilization to improve, led by increasing demand in USA because of tariff issue. โข The zone-4 projects execution is progressing as per plan and is expected to commission gradually through FY26. Under zone-4 projects, the first block of pilot plant already commissioned. The next block which is of multipurpose plant and calcium chloride plant are expected to commission soon. The remaining block which are mainly of chloro toluene value chain would be commission by Q1 FY27. โข The company is focusing on three value chains, i.e., chloro toluene value chain, dichloro toluene value chain and toluene for the fluorination value chain. It has a product portfolio of ~25-30 products under these value chains. These products mainly cater to agrochemical, pharma and dyes market. The domestic and exports split stood at ~60:40. โข The company expects the margin to improve from FY26-27 with the commissioning and ramp up of chloro toluene value chain products which has higher margin. โข The company signed agreement with Cleanmax & Prozeal for renewable power purchase. Aarti Industries renewable share in total power purchase will exceed 75% and is expected to achieve significant cost savings from Q1 FY27.
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Aarti Industries 300-370
Expected level 450
Support 250
Expected level 450
Support 250
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Bharat forge 1000-1120 Expected level 1400 Support 850
1458๐ฅ๐ฅLong term level hit
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Maruti Suzuki 11000-12300 Expected level 16000 Support 9800
16700๐ฅLong term level hit
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๐๐ผ๐ป๐ด ๐ง๐ฒ๐ฟ๐บ ยฎโข
Bajaj Auto 7400-8200 Expected level 9500 Support 6900
9700๐ฅLong term level hit
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Apollo Hospital Enterprise Ltd company details report
Apollo Hospital Enterprise Ltd (AHEL) is one of the leading integrated healthcare service providers in Asia. It has a presence in hospital, pharmaceutical, primary care & diagnostic clinics. It also has telemedicine units across 10 countries, health insurance services, global projects consultancy, colleges of nursing and hospital management and a research foundation, epidemiological studies, stem cell & genetic research. As on 31st March 2025, it has a total of 73 hospitals, of which 45 are owned including subsidiaries, JVs, and associates, 6 managed and 22 hospitals are towards cradles day surgeries (AHLL). The census bed capacity as on date is 10,187 beds with ~9,458 beds being operational. Besides its hospital-based pharmacies, AHEL runs pharmacy operations under the name โApollo Pharmacyโ through a retail pharmacy chain of 6,626 outlets as on 31st March 2025. Apollo Healthcare and Lifestyle (AHLL) subsidiary covers the retail healthcare business of the Apollo group, comprising Apollo Clinics, Apollo Sugar, White Dental, Apollo Day Surgery centres and Apollo Cradle.
Apollo Hospital Enterprise Ltd (AHEL) is one of the leading integrated healthcare service providers in Asia. It has a presence in hospital, pharmaceutical, primary care & diagnostic clinics. It also has telemedicine units across 10 countries, health insurance services, global projects consultancy, colleges of nursing and hospital management and a research foundation, epidemiological studies, stem cell & genetic research. As on 31st March 2025, it has a total of 73 hospitals, of which 45 are owned including subsidiaries, JVs, and associates, 6 managed and 22 hospitals are towards cradles day surgeries (AHLL). The census bed capacity as on date is 10,187 beds with ~9,458 beds being operational. Besides its hospital-based pharmacies, AHEL runs pharmacy operations under the name โApollo Pharmacyโ through a retail pharmacy chain of 6,626 outlets as on 31st March 2025. Apollo Healthcare and Lifestyle (AHLL) subsidiary covers the retail healthcare business of the Apollo group, comprising Apollo Clinics, Apollo Sugar, White Dental, Apollo Day Surgery centres and Apollo Cradle.
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